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New India Assurance Two Wheeler Insurance
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The New India Assurance Company Limited is a Multinational Company which has its presence in 28 countries. Sir Dorabji Tata founded the company in 1919 and is now headquartered in Mumbai, India. In 1973, with the merger of Indian Companies, the New India Assurance Company Limited was nationalised. The company has 2395 offices across India, offering more than 250 products and over 16795 employees working from the various quarters to provide the best services to its customers.
New India Assurance Company Limited has been leading the market in business, dealing in non-life insurance products and have won innumerable awards and recognitions for their operations in India. The company established its presence overseas soon after they started their business in India and maintains the tradition, successfully, ever since.
The New India Assurance Company Limited aspires to be the most preferred, trusted and respected non-life insurance company in the market in which they operate. As a company, they strive to provide their services for the best of the society, as a whole and shield their customers by providing them with just the kind of financial security that they need.
New India Assurance Company Limited provides a very competitive range of two-wheeler Insurance policies available in the market. Their two-wheeler policies all kinds of motorcycles and scooters playing on the Indian Roads.
Types of New India Assurance Two-wheeler Insurance Plans:
There are two types of two-wheeler plans offered by New India Assurance Company Limited namely Third Party Only Liability Policy and New India Assurance Package Policy.
- New India Assurance Third- Party Liability Only Insurance Plan:
The Indian Government has made it mandatory for all two-wheeler owners to have a Third- Party Liability Only Plan for his / her motorcycles or scooters to get access to the Indian Roads. This has been sealed by the Motor Vehicles Act, 1988. For Scooters or bikes purchased after 1st September 2018, the vehicles need to have this policy in place for a minimum period of 5 years.
According to the terms and conditions of the Third-Party Liability Only Policy, any damage caused to the vehicle, property, bodily damage or even death of the third party involving the insured bike, are covered. For any accident with the insured vehicle giving rise to any such damage as mentioned above, this policy provides protection to the owner of the vehicle for the financial loss he might have to incur while compensating the legal liabilities towards the third party.
New India Assurance Third Party Liability Only Policy provides unlimited cover in case of bodily injury or death of the third party. In case of damage to third party property, a cover of INR 1 lakh is extended by the policy.
- New India Assurance Two-Wheeler Package Policy:
New India Assurance Package Policy is all-inclusive in nature. In addition to the cover provided for the third-party property, bodily damage or death, this cover also provides protection for any damage caused to the vehicle of the owner-driver and any bodily damage (permanent or partial) or in case of the death of the owner-driver owing to any unforeseen incident.
There are two types of Package policies offered by New India Assurance Company Limited. They are:
- New India Assurance short term Package Policy for Two Wheelers:
New India Assurance Short Term Package Policy provides protection against both Third-party liability and own damage for only 1 year.
- New India Assurance long term Package Policy for Two Wheelers:
New India Assurance Long term Package Policy, as is evident from its name, provides financial protection to both the insured vehicle and its owner-driver and third-party liabilities for a long time of 5 years. This policy covers all financial losses arising from an incident of accidental damage to the insured bike, bodily injuries or death of the owner-driver or even the pillion rider, over and above the cover for damage to third- party vehicle, property, bodily injuries or death of the third-party driver.
New India Assurance Package policy for two-wheelers also includes the towing charges incurred for transporting the damaged vehicle from the site of the accident to the network garage, under its cover. The maximum amount that can be claimed as towing charges is capped at INR 300 for scooters or motorcycles. If you choose to opt for a higher cover for towing charges, you can do so, in lieu of payment of a higher premium amount.
The Package policy includes all damages to the insured bike, owner-driver, or third-party vehicle and its riders in case of any unfortunate accidental incident, theft or burglary, natural disasters or man-made disasters. The extensive covers under the Package policy of New India Assurance Company Limited include the damages arising out of any of the following situations:
- External accidental means
- Theft, burglary or housebreaking
- While in transit by air, road, waterway, elevator or lift
- Earthquake (Fire and shock) damages
- Flood, Cyclone, Hurricane, Storms, etc.
- Fire, explosion, lightning or self-ignition
- Riots or strike
- Malicious act
- Terrorist act
- Personal Accident Cover for Owner Driver:
The Personal accident cover for Owner driver comes under the optional cover plan of New India Assurance Company Limited. The limit for coverage of Personal accidents is INR 15 lakhs. This plan protects the owner rider or the pillion rider against any bodily injury, partial or permanent disability or death in case of an unfortunate accident involving the insured bike.
A unique Road Safety Policy known by the name of Rasta Apatti Kavach Policy is offered by The New India Assurance Company Limited, which covers the hospitalisation expenses in case of an accident involving the insured bike.
The proportion of compensation in accordance with the type of injury in case of Personal Accident Cover is as per the following schedule:
|Type of Injury||Level of Compensation|
|Loss of 2 limbs or sight of 2 eyes or loss of 1 limb and sight of 1 eye||100%|
|Loss of 1 limb or sight of 1 eye||50%|
|Permanent total disablement from injuries other than mentioned above||100%|
It is extremely vital to fill up the nominee details in your Personal accident cover policy without fail as the payment will be made to the nominee in case of accidental death of the owner-driver.
Benefits of New India Assurance Two Wheeler Insurance
- Unique Add On Benefits:
New India Assurance Company Limited offers a unique range of add on benefits to your two-wheeler insurance policies for an additional amount of premium.
- Cover for Accessories:
Any kind of damage caused to the accessories attached in the two-wheeler owing to an accident involving the two-wheeler is covered for a higher premium.
- Personal Accident Cover to Owner driver and the pillion rider:
Additional coverage for any bodily injury, disabilities or death of the owner rider and the pillion rider, over and above the coverage of the Package policy can be availed in lieu of higher premium payment.
- Additional cover for Theft/Burglary:
A restricted additional cover for theft and burglary of the bike is available at an additional cost. This is over and above the coverage of the Package Policy of the bike.
- Cover for Accessories:
- Cover for Financed Two-wheelers:
New India Assurance Company Limited offers covers for the two-wheelers which are purchased under the various finance schemes.
- Discounted Offers
- No Claim Discount:
New India Assurance offers No Claim Discount between 20% to 50% over five consecutive claim-free years on the renewal of the existing policy. The No Claim Discount depends on the type of two-wheeler and the number of claim-free years.
The NCB bonus is paid according to the following schedule:
- No Claim Discount:
|Number of claim-free years||% of Bonus|
|First, claim-free year||20%|
|Second claim-free year||25%|
|Third claim-free year||35%|
|Fourth Claim Free year||45%|
|Fifth Claim Free year||50%|
- Installation of Security devices:
In case ARAI approved anti-theft devices are installed in your bike, you are eligible to get an additional 2.5% discount on the premium of your Own Damage cover.
- AAI Membership:
A membership to any of the recognised Automobile Associations of India of your bike makes you eligible for an added discount in your premium.
- Simple and Seamless Process:
The Online issuance and renewal of the policy from New India Assurance is an extremely customer-friendly process involving simple and seamless steps.
- Insurance Covers to Bikes less than fifteen years old:
New India Assurance offers policies to bikes which are less than fifteen years old.
What is Covered Under New India Assurance Bike Insurance Plans?
- Third-Party Liability:
New India Assurance covers all third party liabilities that arise out of any accident involving the insured bike. This cover gives protection to the owner of the bike against any damage to the third party bike, property, bodily damages or death caused.
- All-inclusive Package Policy:
In addition to the cover against third party liabilities, New India Assurance offers an all-inclusive package policy which extends the cover to any damages caused to its own bike as well.
- Optional Personal Accident Cover for owner-driver:
New India Assurance provides additional protection to the owner-driver for any bodily injuries, partial or permanent disablement caused by an accidental incident or death. The personal cover offers compensation in case of loss of eyesight, any body parts or both as per a set scale.
- Road Safety Policy:
Raasta Apatti Kavach or a unique road safety policy is offered by New India Assurance Company Limited to cover the hospitalisation cost of the injuries arising out of an accident involving the insured bike.
- Natural disasters:
In case the insured bike is damaged in any natural disasters like earthquakes, floods, cyclones, storms, fires, lightning etc, the financial losses incurred for the repair is covered by the plans of New India Assurance Company.
- Man-Made Disasters:
In case the insured bike is damaged in any man-made disaster like riots, strikes, some malicious acts, etc the financial burden arising out of it is covered under New India Assurance Two-wheeler Insurance plans.
- Theft, Burglary or Housebreaking:
In case of any damage caused or loss of the bike by way of theft, burglary or housebreaking, then the New India Assurance Company Two-wheeler policy provides cover for the replacement or repair of the bike.
What is not Covered Under New India Assurance Bike Insurance Plans?
There are certain exclusions in the Two-wheeler policies offered by The New India Assurance Company Limited, in accordance with the rules laid down by the Insurance Regulatory Development Authority of India. They are:
- Electrical or Mechanical breakdown:
The financial losses arising due to any technical fault, viz. electrical or mechanical breakdown of the bike, is not included in the covers provided by New India Assurance Company.
- Regular Wear and Tear:
New India Assurance Company is not liable to pay any cost incurred by the owner of the bike for regular wear and tear of the two-wheeler. Regular maintenance of the bike is the complete onus of the owner for a smooth ride on the road.
- Absence of Required Documents at the time of riding:
Important documents such as a valid driver’s licence, the registration certificate of the bike, the valid policy document and PUC (Pollution Under Control) certificate should be in possession of the rider at the time of damage to the bike. The claim can be deemed invalid by the company in absence of such valid documents.
- Consequential Loss:
No compensation is covered by the New India Assurance insurance plans in case further damage is caused to an already damaged bike (in an accident, flood, earthquake, etc.) by way of trying to start the bike.
- Driving Under the Influence of alcohol:
No compensation will be sanctioned by the New India Assurance policy in case the driver is found to be under the influence of alcohol or any other banned drug at the time of the accident.
- If the driver is not 18 years old or does not have a valid license to drive:
New India Assurance Company Limited will not be granting any claims in case the driver of the bike is underage or is not in possession of a valid driving licence at the time of the accident.
- Damage caused outside the Geographic Area:
Any damage caused beyond the specified geographical borders of India is not covered under the New India Assurance Two-Wheeler policies.
- Loss due to war or civil war:
In case the damage inflicted to the bike is owing to some war or civil war-related activities, then, the financial loss arising out of it is not covered under any policies offered by the New India Assurance Company.
- Damage arising out of a Contractual Liability:
In case the owner of the bike enters into any kind of contract involving the insured bike and it is damaged as a result of or during the period of contract by way of an accident, New India assurance Company will not be liable to pay any compensation for such damage.
How to Apply for the New India Assurance Bike Insurance Policy?
Step 1: Visit the official website to get an approved quote
You can visit the official website of the New India Assurance Company Limited and register yourself on the portal. Click on the hexagon-shaped icon of the ‘Motor’ icon. Browse through the specified details of the policy and get a quote best suited for your bike.
Step 2: Fill up the form with the required details:
Once you have got the quote, fill-up the form with your required details and the details of your bike like the model name, number, make, etc.
Step 3: Quick Payment:
You need to convert the approved quote into an active policy by making a payment of the same by way of credit or debit card or the banks’ net banking, or vide other online payments gateways. Once the premium is paid, you get your policy issued and the document is instantly sent to your registered mail id.
Note: New India Assurance Two-wheeler Insurance policy can be purchased by any vehicle owner whose bike is registered in his or her name with The Regional Transport Authority in India.
How to Renew your New India Assurance Bike Insurance Policy?
You can make a quick renewal of your New India Assurance Two-wheeler policy by going through the following steps:
- Quick Renewal-
You need to enter your Customer Id and Renewed quote number (received vide SMS on your registered phone number) or Old Policy Number.
- View Your Details-
You can view your details on keying in the customer Id and save your quote for proceeding further.
- Payment of Premium-
You can make the payment of your premium by Debit card/Credit card/ Net Banking. Once your payment is made, the policy will be renewed online.
Note: Premium is calculated inclusive of Goods and Services tax. In case you are eligible for exemption from the mentioned tax, you will need to visit your nearest New India Assurance branch with the necessary documents for the application of the exemption.
You can mail at email@example.com for any further queries.
Customer Id and your login ID are not the same. Customer Id is clearly mentioned in your policy document.
Claim Process of New India Assurance Bike Insurance
The step-by-step process for claim settlement of New India Assurance Bike Insurance are as follows:
Step 1: Immediate Intimation to the New India Assurance Company
The New India Assurance Company needs to be intimated immediately about the place and incident of the damage. You need to either call at the specified number, send an email or visit the nearest branch of the New India Assurance Company, fill and submit the claim form.
Step 2: Immediate submission of claim form along with necessary documents
The claim form duly filled, has to be submitted with immediate effect along with the Driving licence of the driver, registration certificate and also the original copy of the estimate of the cost for the repairs.
In case of theft or burglary of the insured bike, FIR has to be lodged at the nearest Police station and a copy of the same needs to be furnished along with the claim form. The full and final police report also needs to be submitted to the company.
Step 3: Survey of the damaged vehicle to be conducted by the company:
A surveyor, appointed by New India Assurance Company will survey the damage and the impact of damage to the bike. In case of severe damage, a spot verification of the damage can also be done by the surveyor.
Step 4: Repair to be done at a network garage:
Once the damage has been surveyed by the company appointed surveyor, you can proceed with the repair of the damages of your bike in any of the network garages listed in the New India Assurance company policy document/ website. In the case of a cashless option, you need to submit the original, final bills to the company.
In case you bear the expenses of the repair of your bike, you need to submit the original cash memos to the company for the settlement of your claims.
How to Revive a Lapsed/ Expired New India Assurance Bike Insurance Policy?
You need to make the payment of your premium, without fail, within the grace period, which is 30 days from the date of renewal of your policy, so that it remains active. In case, the premium is not paid within that time, the policy lapses and cannot be renewed. In such a situation, you need to call the toll-free customer helpline number to apply for a fresh policy with a newly approved quote for premium.
Review of New India Assurance Two-wheeler Insurance Plan:
New India Assurance Company two-wheeler insurance plans come with an extremely clean record of 100% hassle-free claim settlements. They have a super-efficient surveyance team who make the process of survey absolutely seamless for all its customers when the time arises. The company also has a dedicated customer support team working round the clock. The customers of New India Assurance are absolutely satisfied with their products and the add on covers which help them to customise the products as per their needs.
New India Assurance Company Limited Contact Details:
|Registered Office Address||New India Assurance Building #87, M.G. Road, Fort,Mumbai 400001|
|24 * 7 Toll-Free Number||1800-209-1415|
Add ons for your Two Wheeler Insurance
New India Assurance Two Wheeler Insurance FAQs
1. What are the documents required at the time of claim?
Documents required at the time of claim settlement are:
- Copy of the claim intimation letter
- Copy of the policy document and the latest premium receipt
- Duly filled claim form
- Registration certificate of the bike
- Driving Licence of the driver
- Estimate of repairs from the repairer and the stamped receipts
- Verification of Road Tax
- Police Panchnama / FIR
- Fit certificate
- Bills and cash Memos of repairs
2. What is the amount of expenses the customers have to bear?
The customer has to bear the depreciation cost, compulsory excess and in case the salvage is not surrendered to the company, the reasonable value of the same.
3. Can the cost of repair be paid to the repairer directly?
The cost of repair can be directly paid to the repairer in case the repair is done from a cashless/network garage. In case of any other garage other than an approved garage, payment cannot be made directly to the repairer.
4. What is the Solatium Fund Scheme?
Solatium Fund Scheme is a central government scheme which provides a cover to the victims of ‘Hit and Runs’ motor accidents to the extent of INR 25,000 in case of death or INR 12,500 in case of serious injury.
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