New India Assurance Company is the largest public sector general insurance company in India. Founded in 1919 by Sir Dorabji Tata, the company has a presence all over the country as well as internationally in 28 other countries. In India, New India Assurance Company has more than 2450 offices, more than 1300 micro offices along with 17,702 employees and 68,389 tied agents. The company offers almost 230 insurance products. Being an expert in the non-life insurance business, New India Assurance Company has received many awards and accolades. Following are some of them:
With its product diversity and wide-spread presence, the company has been consistently recognised for its contribution to the growth of the Indian insurance sector. New India Assurance Company offers a wide range of non-life insurance products that include car insurance, bike insurance, health insurance, travel insurance, rural insurance, commercial insurance and many more.
Car is one of the valuable assets that everyone dreams to own. When a person buys this precious asset, it’s a responsibility to secure it from all possible dangers. Insurance is the only way to protect it from all kinds of risk. Indian Motor Vehicle Act also makes it mandatory to have motor vehicle insurance before plying the car on Indian roads. Driving a car on the road involves a variety of risks such as the risk of third party vehicle/property damage, bodily injury/death, own car damage caused by accidents, losses by man-made or natural calamities etc. Car insurance covers them all and provides financial protection against all such risks. Having comprehensive car insurance has become imperative for every car owner.
New India Assurance Company offers comprehensive financial protection to the car against various risks. The company also offers flexibility to choose the cover based on the requirement.
There are various types of car insurance coverage are made available with the New India Assurance Company. Following are the New India Assurance car insurance plans available:
This policy covers all types’ of private cars plying on India road against various risks. As per Motor Vehicle Act, 1988, it’s mandatory for every vehicle owner to avail third party insurance coverage in order to make the payment to a third party in case the car owner becomes legally liable for any damages or losses caused to a third party resulting from death/bodily injury or property damage caused during an accident. There are two types of private car insurance policies offered:
New India Assurance Company offers a standalone policy for availing own damage cover to the car which covers various risks that could cause loss or damage to the insured car.
Personal accident cover is compulsory under the Motor Vehicle Act with effect from 1st January 2019. This cover is provided to owner-driver whilst driving the vehicle including mounting and dismounting from or travelling in the vehicle as a co-driver. The policy comes with the sum insured of INR 15 lakhs.
The scope of coverage under New India Assurance car insurance varies depending on the type of policy chosen.
Following are the coverages offered under liability only car insurance policies:
Following are the coverages offered under package car insurance policies:
If the car is involved in the accident, policy compensates for vehicle owner’s legal liabilities in the event of:
In addition to liability only cover, package policies cover insured vehicles from various man-made and natural calamities, such as –
This cover aims to provide protection against accidental injuries resulting in death and disabilities to owner-driver. The whole amount of capital sum insured is payable in case of death. In the case of dismemberment, the percentage of compensation payable will be defined in the policy schedule depending on the type of disability, the extent of disability and loss of earning capacity.
Nature of injury
Scale of compensation
Loss of two limbs or sight of two eyes or one limb and sight of one eye
Loss of one limb or sight of one eye
Permanent total disablement from injuries other than named above
Following are the covers offered under Standalone compulsory personal accident policy:
Compensation payable (as a % of sum insured)
Loss of two limbs or loss of sight of two eyes or one limb and sight of one eye
Loss of one limb or sight of one eye
Permanent total disablement from injuries other than above
Coverage under the policy will extend to all the vehicles owned by the owner-driver under the same policy.
Following are the exclusions under New India Assurance car insurance policy:
Following are the key features and benefits of New India Assurance car insurance policy:
New India Assurance car insurance coverage can be extended and enhanced with the help of additional optional add-ons. Following are the add-ons offered by the company which can be availed at an additional cost of the premium.
Insured declared value (IDV) is an important concept in car insurance. Basically, insured declared value is the maximum amount that is payable by the car insurance company in the event of total loss i.e. total damage to the car or if the car is stolen. Insured declared value (IDV) is the current market value of the car after factoring out depreciation on all parts. Depreciation rates are applicable as per the standard depreciation schedule effectively followed across the motor insurance industry. For non-factory fitted accessories, the insured declared value is calculated separately. Following is the depreciation schedule used for the calculation of insured declared value
Age of the vehicle
% of Depreciation for adjusting Insured Declared Value (IDV) of the car
New car – between o to six months
Between six months to one year
Between one year to two years
Between two years to three years
Between three years to four years
Between four years to five years
6th year onwards
IDV is mutually agreed between insured and insurance company
For cars older than five years of age, insured declared value or IDV is fixed based on an assessment of the car’s condition by the surveyor and not by the depreciation.
Following is the process –
New India Assurance car insurance plans can be bought/renewed online without any hassles through Turtlemint. Following are the simple steps to follow for purchase or New India Assurance car insurance renewal online:
Buying or renewing car insurance requires only minimal paperwork. Following are the details and documents that need to be provided for purchase or renewal of car insurance:
The premium for car insurance is calculated by taking into consideration various factors. Following are some of the important factors considered for premium calculation:
The premium for New India Assurance car insurance or for New India Assurance car insurance renewal can be calculated instantly using an online premium calculator.
No claim bonus is the discount offered on the premium to the car insurance policyholder for not making any claim during the policy year.New India Assurance car insurance plans offer no claim bonus as per below table.
% of discount on premium
At the end of 1st claim-free year
At the end of 2nd claim-free year
At the end of 3rd claim-free year
At the end of 4th claim-free year
It is the scheme formed by the Government of India to provide compensation to the victims of ‘’hit and run’’ accident cases. The amount of compensation payable under the scheme is INR 25,000 in the event of death and INR 12,500 for grievous hurt.
The consequential loss basically means an indirect loss which is not directly caused by insured perils but resulting in the insured’s inability to the vehicle. For example, waterlogging in monsoon season can cause car breakdowns when parked in waterlogged areas. Damages caused due to this is referred to as consequential loss.
Contractual liability in New India Assurance car insurance refers to any claim that is arising due to policyholder entering into a contract. For example, a car owner has taken a loan by pledging a car for a certain period of time. Let’s say, the car gets stolen/damaged during this period. Then, such losses or damages are referred to as contractual liability.