For many of us, our two-wheeler is a vital part of our life. It is our object of admiration, source of pride and a symbol of monetary achievement. Isn’t it upon us to protect our most cherished possessions? To keep your two-wheeler safe and secured, you must invest in a two-wheeler insurance policy. Not only is it mandatory in India, but it also offers financial liability to help you cover the costs of any damage.
The New India Assurance Two-wheeler insurance policy is a comprehensive scheme that is provided under the motor policy umbrella. With countless benefits like No-Claim Bonus (NCB) ranging up to 50%, cover against all major risks and a hassle free claims policy, The New India Assurance’s two-wheeler insurance will guarantee that you are secured when unpredictable events occur.
Features and Benefits of the New India Assurance Bike Insurance
- This policy comes under the “Motor Policy” umbrella and offers coverage for all types of vehicles including private cars, commercial vehicles and vehicles in garages and showrooms.
- The covers are categorized into liability only and package policy which makes it even more extensive.
- No-Claim discounts are offered upon policy renewal and ranges from 20% to 50% which will help the policyholder save on the premium amount.
- The New India Assurance also offers add-on covers on payment of extra premium.
- Policyholders are guaranteed a hassle-free claims process. Also, they can renew the policy online.
New India Assurance 2 Wheeler Insurance Coverage
The New India Insurance Motor Policy offers two major categories of covers – Liability only and package policy. Here is the list of risks included under each type.
This type covers the damage or loss to the vehicle or its accessories caused by the following risks:
- Fire, self-ignition, explosion
- Strike and Riot
- Burglary, theft or housebreaking
- Malicious and terrorist acts
- Damages caused by earthquake (fire and shock)
- Rockslide, landslide
- Damages caused while in transit by inland waterway, air, road, elevator or lift
- Calamities including typhoon, flood, storm, tempest, hailstorm, cyclone and inundation
- Accidental external means
Liability Only Policy
Under this policy, cover is offered for the owner’s legal liability to monetarily compensate for the following:
- Death or bodily injury caused to a third-party
- Damage caused to a third party property
New India Assurance Two Wheeler Insurance Exclusions
The following risks are not covered under the two-wheeler insurance policy offered by New India Assurance:
- Damage caused by breakdowns, wear & tear
- Loss or damage caused when driving under the influence of alcohol or with no or invalid driving license.
- Loss caused by civil war or war
- Claims arising out of contractual liability
- Use of vehicle which is not accordance with “limitations as to use”, for e.g, using a private car as taxi will not be considered.
Depending on the type of vehicle and the number of years for which no claim has been made by the insured, No-Claim discounts are offered on policy renewal. NCB ranges from 20% to 50%.
The following are the additional covers offered by the New India Assurance and the policy can be extended to cover these additional risks on payment of extra premium.
- Damage or loss caused to accessories in vehicle like stereos, fan etc.
- Legal liability to employees
- Legal liability to non-fare paying passengers travelling in commercial vehicles
How to file a Claim with the New India Assurance
- If the vehicle is stolen
In case your vehicle is stolen, you must immediately file an F.I.R with the police. Also, you must inform the policy issuing office and provide a copy of F.I.R for insurer’s reference. You will be required to submit the final police report. An investigator and a surveyor will be appointed by the company to assess the loss. After claim approval, you must hand over the vehicle keys, get the registration certificate transferred to the company’s name and submit a letter of subrogation and indemnity on a duly notarized stamp paper.
- For a Liability Claim
The insurance company must be informed of any incident that might give rise to a liability claim. On receipt of the court summon, the same should be sent to insurer. FIR, driving license and the claim form along with copies of registration certificate must be submitted.
- In case of Accidental Damage to the Vehicle
Get a claim form which will be provided upon intimation to the nearest office. After submission of claim form along with driving license, estimate of repairs and a copy of registration certificate, the vehicle will be surveyed by an appointed surveyor. A spot survey will also be arranged in case of major damage. Duly signed final cash bills are to be submitted by the insured. After claim approval, salvage of the damaged parts might be required to be deposited with the insurer.
Documents Required for Filing a Claim
Depending on the type of claim, the policyholder will require the documents like:
- First Information Report
- Vehicle’s Registration Certificate
- Driving license of the driver
- Bills and estimates of damage
Do enquire with the nearest NIA office for a comprehensive list of documents required.
How Zero Depreciation Add-On Covers Works in New India Assurance:
New India Assurance offers an add-on cover for its comprehensive policyholders called the No Depreciation Cover. Here’s how it works.
The cover basically relieves the policyholder from paying for the depreciation of 5% to 50% on various parts of their vehicle which include plastic, metal, rubber, or fibre if a loss occurs due to an accident. When a policyholder has this cover, almost all expenses associated with the repair of their vehicle will be covered by the company. There is a limitation to this cover, however, as it is only available for vehicles that are less than 5 years old.
Rating factors for New India Assurance Two-wheeler Insurance
New India Assurance has a number of rating factors which it takes into consideration to to assess the amount of risk a two-wheeler poses and also to decide on the premiums. These rating factors include:
- Insured Declared Value (IDV): This is basically the sum insured for the vehicle at the inception of the policy. It takes into account the selling price of the vehicle by a manufacturer minus the cost of taxes, registration costs, and health insurance policy premium. If an individual wants a higher IDV, they will have to pay a higher premium so as to offset the costs.
- Cubic capacity: The cubic capacity of a vehicle is also taken into consideration when determining the amount of risk a two-wheeler poses. This is because insurance companies believe that higher cc vehicles are more likely to be susceptible to damages subsequently leading to insurance claims. This can also have an impact on the premiums a policyholder is likely to pay,
- Geographical zone: The location a prospective buyer lives in will also have a bearing on the premiums they are likely to pay. This is because an individual living in the city is more likely to get into an accident than a person living in a remote village. Also, a person living in a conflict-ridden region is more likely to claim for damages, when compared to people from other regions.
- Age of the vehicle: How old a vehicle is has a say in the liability an insurer is up against. If the vehicle is older, the insurer is likely to consider it a bigger liability as compared to a new vehicle.
- Add-on cover: As mentioned earlier, an add-on is a cover that is added to a vehicle over and above the comprehensive policy. This means that an individual looking to buy an add-on cover should pay a much higher premium as opposed to an individual who doesn’t opt for an add-on cover.
FAQs-Frequently Asked Questions
- What is the eligibility criteria for obtaining a two-wheeler insurance with NIA?
Any vehicle owner, who has his/her vehicle registered with the Regional Transport Authority (RTA) of India can apply for a two-wheeler insurance with the New India Assurance.
- What are the rating factors for a vehicle?
The rating is given based on the Insured Declared Value, Cubic Capacity. Geographical zone,. Vehicle’s age, add-on covers and GVW for commercial vehicles.
- Explain the meaning of IDV.
IDV or the Insured Declared Value is the sum insured for a vehicle. The claim amount is decided based on the IDV.
- Does this policy cover charges incurred from the place of accident to the workshop?
Yes. The maximum limit of this towing charge is Rs.300 for two-wheelers. Also, by paying extra premium, higher towing charges can be opted for.
- How is the IDV of my vehicle calculated?
The IDV is computed based on the manufacturer’s listed selling price for that particular brand and model of vehicle. For vehicles over 5 years and for obsolete models, the IDV is essentially an understanding between the insured and the insurer.
- Is No Claim Bonus available on this policy?
Yes. No claim bonus is available on this policy and it ranges between 20%-50% depending upon the number of claimless years.
- What is the liability coverage limit under this policy?
The New India Assurance Two Wheeler policy offer a liability cover of Rs.1 lakh for scooters and motorcycles.
- Who can opt for this policy?
Any individual who has his/her vehicle registered in their Regional Transport Office (RTO) can buy this policy.
- Do I get any add-on covers with this policy?
There’s only one add-on cover available under this policy, which is known as Nil Depreciation Cover.
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News About The New India Assurance Two Wheeler Insurance
New India Introduces Long-term Two Wheeler Insurance Policy
Clients can go for two or three-year auto insurance policy terms as per the newest product launched by New India. Offering a zero-depreciation protection if you pay an extra premium, this is the first long-term all-inclusive policy for bikes and two-wheelers in India.
Insurance Regulatory and Development Authority of India (IRDAI) has permitted insurance providers to design this policy for up to three years. G Srinivasan (Chairman and MD of New India Assurance) has said that the company has made INR 16,000 crore from premiums alone.
The firm had previously presented another long-term motor third party insurance. Srinivasan is confident that in time, the policy term will be prolonged to five years. Plans to introduce long-term insurance policies for individual cars are in the pipeline, waiting for approval from IRDAI.
5th August 2015