National Insurance Company Limited is one of the most renowned insurers of the country. However, not many would be aware that it is the oldest insurer in the country when it comes to non-life insurance products. And it belongs to an elite group of only four PSUs (Public Sector Units) that handle General Insurance in India. One of the core reasons why the brand has managed to stay relevant and a strong insurer is due to its several first in the market products.
National Insurance was the first insurers for general insurance in India to provide customizable products. It has been at the forefront of several ideas and implementations surrounding customers. National Insurance was founded on the 5th of December 1906 in Kolkata. During the initial days, National Insurance was a subsidiary of General Insurance Corporation. National Insurance got the status of a Nationalized insurer in 1972 and has been run by the government ever since.
If you are not too sure whether to buy your policy from National Insurance, here are some reasons which might help you cement the decision.
A few years back, one of the tyre manufacturers in the country came up with a campaign, Roads are filled with idiots. It holds good even today. In your day to day riding or driving, you will come across people who are just way too careless. Such people are prone to causing accidents, either directly or indirectly. And the number of accidents in India doesn’t help the cause as well.
If you are a bike owner you might be worried about the increasing accidents, growing traffic menace, worsening road conditions, etc. One of the easiest ways to handle such situations is to buy National Insurance two wheeler policy. While National insurance two wheeler policy might not be able to physically keep you away from traffic menace, accidents or even minor incidents, it can aid you financially. You will be better equipped to tackle such situations with a bike insurance policy.
Should you decide to buy the National Insurance two-wheeler insurance policy, the following are some of the features and benefits that you will get instant access to:
The following are the different types of National Insurance two-wheeler policies that you can buy.
Third-Party liability insurance is one of the most basic forms of bike insurances. It is also mandated by the Motor Vehicle Act of India. The policy provides liabilities against damages or injuries caused to other individuals or properties by your two-wheeler. The policy has your back in the event of bodily injuries, death of an individual or damages to property.
Since the coverage on offer is not very exhaustive, the premiums of a third-party liability policy are low as well. The Motor Vehicle Act has undergone an amendment that now requires all new bikes to be sold with a mandatory 5-year third party liability policy.
As the name suggests, it offers comprehensive coverage for your bike. National Insurance two-wheeler comprehensive plan includes third party liability cover and builds on it. It offers coverage for Own Damage along with Third-Party Liability. National Insurance two-wheeler comprehensive plan offers coverage against natural calamities such as cyclones, earthquakes, hurricanes, etc.
It also covers man-made calamities in the form of strikes, riots, etc. The plan also offers a personal accident cover of INR 15 lakhs. However, policyholders who already have a personal accident cover of INR 15 lakh can choose not to take this cover.
National Insurance offers long term plans as well. These plans usually last up to a maximum of 3 years and are ideal undercut any price hike or inflation. A policyholder can buy one of these long term plans and don’t have to worry about renewing it every year.
Any individual or bike owner who has their bike registered with any RTO or Regional Transport Office in their name is eligible to buy National Insurance two wheeler policy. The name of the vehicle owner as per the government records and the bike insurance policy must match.
Policyholders usually tend to ignore going through the policy documents either before buying a policy or immediately after buying it. While it might seem boring, it is extremely important from a long term perspective. You don’t have to go through each line of the policy document, but at least through some of the major portions. For starters, a policyholder must be aware of the coverage and exclusions. As the name suggests, coverage is all the scenarios where your policy has your back and exclusions are all those scenarios, where it doesn’t.
National Insurance two wheeler policy offers the following coverage.
The exclusions of National Insurance two-wheeler plans are as follows:
You can choose from the following add-ons for your bike insurance policy.
During every repair or service, your needs consumables which do not have any significance after an accident. Getting a consumables add-on for your policy would ensure that you don’t have to pay for the consumables from your pockets. Common examples of consumables include grease, brake oil, engine oil, washers, screws, etc.
Nil or Zero depreciation add-on also aims at reducing any payments that you might have to do otherwise. For repairs or replacement, insurance companies usually consider the depreciated amount of a product. Thus, leaving you to pay the difference between the actual price and depreciated price. However, under this cover insurance company must pay the full amount for repairs.
This add-on comes in handy if the bike is stolen. Insurers pay the IDV or the insured declared value of the bike in the case of theft. But with this cover, the insurer will pay the total amount to you.
Should you buy the National Insurance two-wheeler insurance policy, the following depreciation rate will be applicable on the bike:
Depreciation in %
Up to 6 months from buying the plan
Between 6 months and a year of buying the plan
Between 1 year and 2 years of buying the plan
Between 2 years and 3 years of buying the plan
Between 3 years and 4 years of buying the plan
Between 4 years and 5 years of buying the plan
Between 5 years and 10 years of buying the plan
Above 10 years of buying the plan
Buying National Insurance two wheeler policy grants you access to several discounts. These discounts aim at reducing your bike insurance policy premiums. To make matters a bit more interesting, you can club more than one of these discounts together.
No Claim Bonus or NCB is one of the most renowned discount types for bike insurance policies. For every year that you do not claim your bike insurance policy, you earn some discounts. The discount starts at 20% for the first year and goes all the way up to 50% or the fifth consecutive year. Should you decide to sell your bike, you can keep the NCB and use it on the new bike. The discounts are applicable only to the own damage component of the bike insurance.
You can become a member of Automobile associations and earn discounts. Being a part of any of the automobile associations of India brings a discount of 2.5% on the own damage component to the table.
A few places or areas are more prone to theft or vandalism than others. If you happen to stay in any such place, installing an anti-theft device on your bike might be one of the best ways out. Apart from keeping your bike secure, you will also provide a discount on your National Insurance renewal bike policy.
A voluntary deductible is an amount that a policyholder must pay during the policy claims. It might seem to be counterproductive at first but in reality, it isn’t. If you are someone who doesn’t claim their bike insurance policy, you can opt for a voluntary deductible. This will help you bring down the cost of your policy premium further down.
A policyholder must carry out the following steps if they wish to claim their National Insurance two wheeler policy.
For damage done to any third party person, vehicle or property
To buy National Insurance two-wheeler insurance, you might have to submit the following documents:
For National Insurance renewal bike policy, you just need to provide your existing bike insurance policy number, along with some other details. Under most circumstances, one does not have to submit any additional documents for renewal other than:
Here are the major factors that decide the National Insurance two-wheeler insurance premium.
The type of coverage that you opt for plays a crucial role in deciding the policy premium. For example, a two-wheeler third party liability policy will be lighter on your pockets when compared to a comprehensive policy. However, the coverage is also vastly different in both the plans.
The IDV or insured declared value of the bike is one of the leading factors that decides the policy premium. A higher IDV will warrant a higher policy premium. And a policyholder has the option to play around with the IDV. However, it is recommended not to keep the IDV at the lowest value, since it might have other consequences.
Add-ons are additional services that you can plug-in along with your policy. Opting for add-ons will increase the policy premium. Yet, at the same time, it enhances the capabilities of your bike insurance policy.
You can buy National Insurance two wheeler policy from the insurer’s website. You need to look for the buy option, look for the quote that they provide and if you are happy, you can proceed with the payment.
The easier alternative is to visit Turtlemint. The website will help you to buy a bike insurance policy with added convenience. Turtlemint allows its users to compare different policies and an enhanced search which makes things easier. To buy your policy from Turtlemint, you would need to do the following.
National Insurance renewal bike policy is relatively easier. You can either visit National Insurance’s website and look for the renewal option. You must enter the existing policy number for the insurer to check its validity. The next steps require you to enter additional details of your bike, personal details and get a quote.
While there is nothing wrong with renewing the policy from National Insurance’s website, doing it from Turtlemint has additional benefits. One of the major benefits of Turtlemint you can compare different policies and pick one that is ideal for your requirements and wallet. You can avail of a host of other features that Turtlemint offers such as help during claims even for people who haven’t bought their policies from Turtlemint.
Yes. You can renew your bike insurance policy either online or offline. There is no denying that renewing the policy online comes with a host of convenience and lower premiums.
National Insurance offers a host of payment options that you can choose from. You can make your payments through net banking, Debit card and Credit card. For the offline method, you can use all the above methods and pay by cash as well.
Yes, you can cancel your two-wheeler insurance from National Insurance at the time of need. To initiate the process, you must complete the surrender form and ask for cancellation. Once complete, the insurer will refund the policy premium after necessary deductions and the policy would stand cancelled.
If you have purchased your policy through Turtlemint, you will be able to see its status after logging into the portal. For purchases made directly through National Insurance, you can view the details after logging to the portal.
National Insurance – Buy/Renew or Compare Bike Insurance