What is New India Assurance Two-Wheeler Insurance Policy?
As per the Motor Vehicles Act, 1988 it is compulsory for every vehicle owner to take third party insurance policy to cover the amount to which he becomes legally liable to pay to third parties as a result of accidental death, bodily injury or damage to property. However, insuring your own vehicle and taking personal accident insurance is also important. New India Assurance Two Wheeler Insurance Policy is a motor insurance plan which covers third party liabilities as well as loss or damage to your own vehicle.
Types of Two Wheeler Insurance Policy
Liability only Policy: This policy provides coverage against the death and bodily injury sustained by a third party, and damage to the assets/property of a third party.
Package Policy: The Package policy covers losses incurred through own damage in a number of situations such as natural calamities or man-made causes or theft. in addition to the above mentioned coverage.
What All New India Assurance Two-Wheeler Insurance Policy Covers?
Liability only Policies: The policy covers the legal liability of the vehicle owner to compensate:
- A third party’s death or bodily injury.
- Damage to property of third parties.
The liability for Rs. 7.5 lakhs under commercial and private vehicle and Rs. 1 lakh for scooters or motorcycles shall be covered by an unlimited amount in respect of death or injury and damage to third party property.
Package Policy: This policy covers the insured vehicle and accessories loss or damage in addition to the coverage under liability only policy as a result of:
- Fire, explosion, self – ignition or lightning
- Burglary, housebreaking or theft
- Riot and strike
- Malicious act
- Terrorist act
- Earthquake (fire and shock) damage
- Hurricane, cyclone, flood, storm, tempest, inundation, typhoon and hailstorm
- Accidental external means
- While traveling by road, inland waterway, lift, elevator or air
- By landslide/ rockslide
The policy also pays for towing charges from the accident site to the workshop up to a maximum limit of Rs. 300 for scooters or motorcycles and Rs. 1500 for cars and commercial vehicles.
How to Apply Online for New India Assurance Two-Wheeler Insurance Policy?
To purchase a two-wheeler insurance policy from New India Two-Wheeler Insurance, you will need to do as follows:
- Visit the official website of New India
- Click on ‘Buy Now’ at the top of the page
- Select ‘Two Wheeler’ and enter the required details such as brand, model number, variant on the page
- After entering the details, click on ‘Get Quote’
- Afterwards, the policy will be issued and all the details will be sent to your registered Email ID
Following steps should be taken in case of loss/damage/ the event of an accident resulting in a claim under the policy.
In the event of accidental vehicle damage:
- Immediate intimation to the nearest policy issuing office should be made
- Follow it up with the written intimation and submit claim form, estimate of repairs from workshop
- In case of accident to two or more vehicles, spot survey would be required and insured can do emergency shifting of vehicle due to traffic provided S/he have taken photographs of the spot where the accident was taken place
- Insurance company will assign a surveyor to survey the vehicle and will submit the report. At the time of survey, the insured needs to ensure he have all the vehicular documents like RC book, D/L, permit, load challan etc. for verification with one set of photocopies for submission to the surveyor
- Final bills/ cash memos duly signed by the insured must be submitted.
- After approval of the claim, it may be necessary to deposit the damaged parts with the insurance company.
In the event of theft of the vehicle:
- Immediately lodge an FIR with the police and same should be sent it to the insurance company
In case of third-party liability claim:
- In case of third party deaths, injury, property damage, the insured needs to intimate the police immediately and lodge FIR and same should be sent to the insurance company along with details of the policy, date and time of accident, name of driver, his DL no. details of death/injury/property damaged
- Upon receipt of summons from Court, the same should be sent to the company immediately
- Claim Form duly filled in with copies of the certificate of registration, driving license, FIR should also be submitted.
Document Required For Claim Process
Following are the documents which should be submitted to the insurance company for reimbursement claim:
- Duly filled Claim Form
- Driving license
- Vehicle registration certificate
- Estimate of repairs from the repairer and stamped receipt
- Bills and cash memo of repairs
- Verification of road tax
- Police Panchanama or FIR
- Certificate of Permit and Fitness
- Any other documents deemed to be appropriate.
Cases Where You Can’t Claim New India Assurance Two-Wheeler Insurance Policy
If the claim arises because of following events, the insurance company is not liable to pay:
- Wear and tear, breakdowns
- Consequential loss
- Loss when driving under the influence of alcohol or with invalid driving license
- Loss due to war, civil war etc
- Claims resulting from contractual liability
- Use of vehicles otherwise than in accordance with ‘limited use’. For example, private car being used as a taxi.
Add on Covers On New India Assurance Two-Wheeler Insurance Policy
The policy can be extended to include the following risks when paying additional premiums:
- Loss or damage to vehicle; accessories such as stereos, fans, air conditioners and so on.
- Legal liability to employees
- Legal liability for passengers in commercial vehicles who are not paying fare
Insured Declared Value
The Insured Declared Value is the sum insured which is fixed at the starting of each policy period for the insured vehicle. It represents the value of the vehicle as per current market conditions and is fixed on the basis of the manufacturer’s listed selling price of the brand and model.
Below is the Schedule of age-wise depreciation for Fixing IDV of the Vehicle for the purpose of Total Loss/Constructive Total Loss (TL/CTL) claims only:
|Age Of The Vehicle||Percentage Of Depreciation For Fixing IDV|
|Not Exceeding 6 months||5%|
|Exceeding 6 months but not exceeding 1 year||15%|
|Exceeding 1 year but not exceeding 2 years||20%|
|Exceeding 2 years but not exceeding 3 Years||30%|
|Exceeding 3 years but not exceeding 4 years||40%|
|Exceeding 4 years but not exceeding 5 years||50%|
If the vehicle is five years old and obsolete, IDV would be determined on the basis of an understanding between the insurer and the insured.
New India Assurance Two Wheeler Insurance Renewal
One can now renew their insurance policy online by clicking the ‘Get Quote Option’ on the official website. Afterwards, the policyholder needs to enter the policy number and make the payment via debit, credit card and net banking. It is important for the policyholder to renew their policy before the expiry date to maintain the continuity or else, insured can lose their No Claim Bonus. The insured further needs to bring their vehicle to be physically inspected for fresh proposal form.
New India Assurance Cashless Garages
New India Assurance have tied up with authorised garages which is called network garages. In case of damage or loss to the vehicle, the policyholder have an option to choose from 1142 cashless garages to get their two-wheeler repaired.
Q1- What should I consider if I am selling my two-wheeler vehicle?
The insured first needs to transfer RC to the buyer’s name within 14 days of sale. Along with that, intimate the insurance company about the same and your wish whether to retain accumulated No claim bonus or transfer to your new vehicle.
Q2. Who can take this policy?
Any vehicle owner whose vehicle is registered in his/her name with the Regional Transport Authority in India is eligible to take this policy.