new-india-insurance

New India Assurance Two Wheeler Insurance

New India Assurance Co.Ltd is one of the oldest General Insurance providers in India and has been the market leader in this segment for over 50 years. They have more than 2214 branches spread all over the country and have more than 15000 employees and 1 Lakh + agents providing insurance service to the customers. New India Assurance was nationalized in the year 1973.

New India Assurance offers a range of insurance products (250+) including Bike Insurance, Car Insurance, Health Insurance, Travel Insurance, Marine Insurance, and Business Insurance catering to the needs of all sections of the society across the country. As on 31st March 2021, Net worth of the New India Assurance at Rs.36451 crores, Investments at Market value is Rs.68639 crores and Asset base at Rs.90189 crores.

Being a Public sector insurance provider adds an edge in terms of trustability to New India Assurance. You can easily purchase two wheeler insurance policies with the satisfaction of having bought from a reliable insurance provider that has a good record in claim settlements.

Types of Two Wheeler Insurance Policies available at New India Assurance

As Per Motor Vehicle Act 1988, every vehicle plying on Indian roads must have a valid Insurance Policy. New India Assurance offers two types of coverages for Indian motorcycle owners,

  • Third Party Liability – Applicable to only third party vehicles/ persons who were damaged/injured due to your vehicle
  • Package Policy  –  It covers damage to the Insured vehicle apart from third party mandatory cover

Who can take New India Assurance’s Two Wheeler Policy?

Anyone who vehicle is registered with his/her name with Regional Transport Authority of India can avail their Two Wheeler Insurance policy

Features of New India Assurance Two Wheeler Insurance Policy

While a third party cover only covers the third party vehicle and rider during an accident that involves your bike, a package policy comes with a number of features some of which are listed below:

  • Fire, Explosion, Self-igniting 
  • Burglary or Theft
  • Terrorist act
  • Malicious acts by miscreants
  • Riots and Strike
  • Natural Disasters like earthquake, storm, flood, and cyclone
  • Whilst in transit by road, waterway, air, lift, elevator or air
  • The company also provides a towing charge of Rs. 300 from the site of accident. You can opt for higher premium charges by paying a additional premium

Exclusions in a Two Wheeler Insurance Policy

Following are the list of events which comes under the exclusions of New India Assurance’s bike insurance policy,

  • Wear and Tear
  • Mechanical/Electrical Breakdown
  • Intoxicated Driving
  • Loss due to war, nuclear conflicts
  • Claims arising out of contractual liability
  • Usage of vehicle for other purposes than what it is intended for
  • Driving without a valid license

Add-on Covers for Two Wheelers at New India Assurance

You can strengthen your coverage with the following add-ons. The choice is yours. You can add the ones which will benefit you likely,

  • Accessories cover – Loss or damage to accessories like stereo, ACs, and fans etc
  • Personal Accident Cover for Passengers and Drivers
  • Legal Liability to employees
  • Coverage for Co-passengers (commercial vehicle)

How to Raise a Claim for Two Wheeler Insurance?

For accident, follow the below mentioned steps,

  • Intimate the nearest branch office immediately after the accident
  • Submit the duly-filled claim form along with the copy of RC and driving license and also give an estimate of the repair
  • A surveyor appointed by the company will inspect the damages and submit a report to the company
  • Final bills/cash receipts and memos are to be submitted duly signed by the policyholders
  • Salvage of damaged parts may have to deposited with the company, after the claim

For Theft or Burglary, follow the steps given below,

  • Lodge an FIR immediately after the incident
  • Inform the policy issuing branch along with a copy of FIR
  • Submit the final police report as soon as you receive it
  • Co-operate with the surveyor appointed by the company
  • After the claim is approved by the company, get the RC transferred to the name of company, hand over the keys, and submit a letter of abrogation and indemnity on stamp paper with notary signature
FAQs
What is covered under Liability only Policy?
A liability only policy covers damage to third party vehicle damage and personal injury.
What are the documents required at the time of claim?
Copy of claim intimation given to insurer with a copy of policy and premium receipt, duly filled claim form, driving license, RC, estimate of repairs, road tax receipt, FIR, and Fitness certificate.
What is the amount that the policyholder has to bear?
Consumables, Compulsary excess, and Depreciation.