National Insurance is a public sector general insurance company which is wholly owned by the Government of India. The company was first established in the year 1906 in Kolkata was nationalised in the year 1972. Due to its history, the company is trusted and very popular among individuals looking to buy general insurance policies. The company not only offers general insurance solutions in India but in Nepal as well.
National Insurance offers a range of car insurance plans to its customers. These plans include the following –
You can choose to buy any policy offered by the company if it suits your requirements.
Car insurance policies offered by National Insurance come with a lot of features and benefits which include the following –
National Insurance offers two main types of car insurance policies. These are as follows –
The coverage offered by National Insurance’s car insurance plans depends on the type of policy you choose. Coverage under third party plans includes the following –
Comprehensive policies, on the other hand, cover the following instances –
Though car insurance policies offered by National Insurance Company offers a range of coverage benefits, there are some instances which are not covered under the plan. These instances are called exclusions and the common policy exclusions include the following –
The following add-ons are available under National Insurance’s car insurance policy –
The premium for National Insurance’s car insurance plans are calculated considering the following factors –
Effect on premium calculation
Age of the car
Age of the car determines the Insured Declared Value (IDV). IDV, on the other hand, directly affects the premium. Age of the car is determined from its year of registration. Older the car is, lower would be the IDV and vice-versa. Lower the IDV lower would be the premium and vice-versa.
Make, model and variant of the car
The make, model and variant of the car determines the market value of the car which is used in IDV calculation. The pricier the car is the higher would be its premium
The location where the car has been registered also affects the premium. Cars in metropolitan cities have higher premiums than cars in towns and other non-metro cities.
Type of policy opted
Third-party plans have lower premiums compared to comprehensive plans because of their limited scope of coverage. Moreover, long term policies have a higher premium than annual plans
Diesel cars have higher premiums than petrol cars because diesel cars are pricier. The premium for CNG cars would also be different
If any modifications are done on the car, the premium would be affected. If the modification increases the value of the car, the premium would increase and vice-versa
There is a range of premium discounts offered by car insurance policies. These discounts help in lowering the premium. The more discounts that you claim the lower would be your premium
Status of existing policy
If the existing policy has lapsed, the premium would be higher on subsequent renewals
The Insured Declared Value (IDV) of your comprehensive car insurance policy is the market value of the car minus the depreciation based on the car’s age. In the case of determining the market value, the cost of registration of the car and buying insurance would be excluded. Thus, the formula for calculating IDV is as follows –
IDV = market value of the car – (registration costs + insurance costs) – depreciation based on age
The rate of depreciation depending on the car’s age is as follows –
Up to 6 months
More than 6 months but less than 1 year
More than a year but less than 2 years
More than 2 years but less than 3 years
More than 3 years but less than 4 years
More than 4 years but less than 5 years
When the car is older than 5 years, the IDV is calculated depending on a mutual understanding between the insurance company and the car owner.
As stated earlier, the discounts available in National Insurance’s car insurance policy include the following –
The rates are as follows –
No claim in the first policy year
No claims after two consecutive policy years
No claims after three consecutive policy years
No claims after four consecutive policy years
No claims after five consecutive policy years
To buy National Insurance’s car insurance plans, you can approach the company or its agent and buy the plan. Alternatively, there is the online medium of buying the plan which is much easier and convenient. You can buy the car insurance policy online from National Insurance’s website using the following steps –
You can also buy the policy online from Turtlemint’s website which allows you comparison of leading car insurance policies before you make a purchase. Turtlemint’s platform is an easy way to buy car insurance policies. The process is as follows –
If you are an existing customer of National Insurance Company and want to renew its car’s insurance policy you can do so online. The process is simple and includes the following steps –
Turtlemint also offers you an easy solution for renewing your National Insurance car insurance policy. Through Turtlemint’s you can, in fact, renew your policy after assessing other available car insurance plans in the market. You can, therefore, get a policy which has the best coverage benefits and comes at a reasonable premium.
To renew your policy through Turtlemint, the following steps would have to be taken –
There are specific steps to raise a claim under National Insurance’s car insurance plans. These steps depend on the type of claim that you face. Let’s understand them –
If you have harmed a third party or damaged someone’s property, the claim process would be as follows:
If your car itself suffers damages, it is called own damage claim. In that case, the steps are as follows –
In case you lose your car to theft, the following steps would have to be taken –
Another alternative for getting your car insurance claim settlements is through Turtlemint. Turtlemint offers you easy assistance in getting your claim settled at the earliest possible time. All you have to do is inform Turtlemint at their toll-free number 1800 266 0101 or at their email id email@example.com. Once Turtlemint’s claim team is notified of the claim they would take the necessary steps to get your claim settled and you would be spared the hassles.
When you raise a claim for your car insurance policy, various documents are required. These include the following –
Once the documents are submitted, the company would process and settle your car insurance claims.
A compulsory deductible is a mandatory deductible applicable in your car insurance policy. It represents the part of the claim which you have to pay for yourself. Voluntary deductible, on the other hand, is optional. You can choose to pay a part of the claim yourself, over and above the compulsory deductible amount. If you choose a voluntary deductible you can earn a premium discount.
Yes, the rate of the compulsory deductible is fixed. It is INR 1000 for cars which have a cubic capacity of up to 1500 cc and INR 2000 for cars having a higher cubic capacity.
Yes, a lapsed car insurance policy can be renewed. However, before the renewal is allowed, the car would be inspected by the company and then the policy would be allowed to be renewed.
The calculation of depreciation is done using the following table –
Types of parts of the bike
Rate of depreciation applicable
Rubber, plastic or nylon parts, tyres and tubes, airbags or car batteries
Wooden parts and other parts not mentioned above
5% to 50% depending on the age of the car
National Insurance Car Insurance Policy