newindia.co.in Motor Insurance Policy : New India Assurance

Organisation : The New India Assurance Co. Ltd
Facility : Motor Insurance Policy
Website : http://www.newindia.co.in/Content.aspx?pageid=59
Buy Online Here : https://web.newindia.co.in/NIABancsPortal/index.html

Motor Insurance Policy :

This policy covers all types of vehicles plying on public roads such as :
** Scooters & Motorcycles
** Private cars

Related : New India Assurance CSR Policy Corporate Social Responsibility : www.statusin.in/23048.html

** All types of commercial vehicles
** Motor Trade (vehicles in show rooms and garages)

As per the Motor Vehicles Act, 1988 it is mandatory for every owner of a vehicle plying on public roads, to take an insurance policy, to cover the amount, which the owner becomes legally liable to pay as damages to third parties as a result of accidental death, bodily injury or damage to property.

A Certificate of Insurance must be carried in the vehicle as a proof of such insurance.

Two types of covers are available :
** Liability only policy. This covers third party liability for bodily injury liability and / or death and property damage. Personal Accident cover for Owner-driver is also included.

** Package policy. This cover loss or damage to the vehicle insured in addition to (1) above.

No- claim discounts are available on renewal of policy, ranging from 20% to 50%, depending upon the type of vehicle and the number of years for which no claim has been made.

Scope :
Liability Only policies :
The policy covers the vehicle owner’s legal liability to pay compensation for :
** Death or bodily injury to a third party person.
** Damage to third party property.

Liability is covered for an unlimited amount in respect of death or injury and damage to third party property for Rs.7.5 lacs under Commercial vehicle and private and Rs. 1 lakh for Scooters / Motor Cycles.

Package Policy :
In addition to the coverage under liability only, this policy covers loss or damage to the insured vehicle and its accessories due to :
** Fire, explosion, self-ignition or lightning.
** Burglary, housebreaking or theft.

** Riot and Strike.
** Malicious Act.
** Terrorist Act.

** Earthquake (Fire and Shock) Damage.
** Flood, Typhoon, Hurricane, Storm, Tempest, Inundation, Cyclone and Hailstorm.
** Accidental external means.

** Whilst in transit by road, inland waterway, lift, elevator or air.
** By landslide/Rock slide

The policy also pays for towing charges from the place of accident to the workshop up to a maximum limit of Rs.300/- for Scooters/Motorcycles and Rs.1500/- for cars and commercial vehicles.

It is also permissible to opt for higher towing charges subject to payment of extra premium.

A restricted cover is also available covering the risk of Fire and/or Theft only, in addition to the compulsory cover granted under “Liability Only Policy”. However the same is not available in case of vehicle ratable under Class D, Tariff for Miscellaneous and special types of vehicles.

The important exclusions under the policies are :
** Wear and tear, breakdowns
** Consequential loss
** Loss when driving with invalid driving license or under the influence of alcohol.

** Loss due to war, civil war, etc.
** Claims arising out of contractual liability.

** Use of vehicle otherwise than in accordance with `limitations as to use ‘ (e.g. private car being used as a taxi)

Rating factors :
Rating depends upon the following factors :
** IDV.
** Cubic capacity
** Geographical zone
** Age of the vehicle
** GVW of in case of commercial vehicles
** Add on Covers

Add on covers :
The New India Assurance Co. Ltd, which is the premier General Insurance Company of India and owned by Govt. of India,in its endeavor to provide more protection to its esteemed customer sis providing certain Add-on Covers along with its standard Motor Package Policy.

Such add-on covers are available for Private Cars(PC), Two Wheeler(TW) and Commercial Vehicles(CV).

Nil Depreciation Cover (For PC, TW & CV)
** Nil Depreciation Cover relieves the customers from bearing the depreciation of 5% – 50%on various parts (metal, plastic, fiber or rubber) in the event of loss due to accident.

Almost all the expenses associated with the repairs of loss would be taken care of by the company. There will be no need to pay depreciation from your savings in case of partial losses. This will be possible with New India’s Add-on cover of NIL Depreciation.

The cover is available for PC, TW and CV as follows :
** Private Car Package Policy – Enhancement Cover (up to 5 years of vehicle age)
** Two Wheeler Package Policy – Enhancement Cover (up to 5 years of vehicle age)

** Commercial Vehicle Package Policy- Enhancement Cover {upto 5 years of age, applicable only for Goods Carrying Vehicle & Passenger Carrying Vehicle(1+9 seater only.)}

Inclusion of Road Tax Cover (For PC)
** The cover provides protection against the Road Tax (to the extent covered) that insured may have to pay while replacing the car due to major accident to his present car.

Under this cover where the claim is finalized on Total loss basis, the Road Tax to the Extent covered in the policy shall be reimbursed. The cover is available for Private Car upto5 years of age.

Return to Invoice (For PC)
** This cover is available upto 3 years of age of the car, and allows the insured to be indemnified towards the difference between the IDV of the vehicle as per policy and the dealer listed selling price (Ex-Showroom price) of same make and model on the date of accident at the place of registration of the vehicle. This cover is available for cars with Invoice price up to Rs. 20 Lakhs.

NCB Protection Cover (For PC)
** The cover allows customer to be entitled to the next slab of No Claim Bonus even after payment of an OD Claim. The cover is valid up to 2 admissible OD claims and available for Private cars up to 7 years of age.

The cover will ensure saving of OD premium in range of 20%-50% at the time of renewal, except where insured takes more than 2 OD Claims during the policy period.

Engine Protect Cover (For PC)
** This cover provides protection against any consequential losses to the engine (one of the costliest part of your car) and its parts due to ingress of water due to any reason, thus indemnifying losses to Engine of your car on water logged roads in monsoon. The cover is available up to 5 years of age of the car.

Additional Towing Charges (For PC)
** This extension provides increased towing charges as it allows reimbursement of towing charges up to Rs.10,000in 2 admissible claims for private Car. The cover is available up to 7 years of age.

This cover is over and above the normal payable towing charges of Rs. 1500, which is provided with a standard package policy.