National Insurance – Buy/Renew or Compare Bike Insurance

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.

Why Choose National Insurance?

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.

• National Insurance is the second-largest general insurance company in the country
• The insurer employees a workforce of more than 14902 people
• In 2015, National Insurance managed to have the maximum share for motor insurance in India
• The insurer is known for a quick and efficient claim settlement system in place
• National Insurance has a variety of policies with a ton of customizations, which will ensure that you get a plan as per your needs
• The insurer has one of the highest claim settlement ratios in the country

Overview of National Two Wheeler Insurance Plans

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.

Features and benefits of National Insurance Two Wheeler Insurance Plans

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:

1. National Insurance offers bike policies at a lower cost without compromising on the services or coverage on offer
2. The insurer has several add-ons, which you can buy by paying an additional premium to improve your base policy
3. National Insurance has a dedicated team that handles claims, making way to quicker settlements and they work 24/7
4. You can buy bike insurance policies both online and offline with National Insurance
5. You can save money on insurance premiums via NCB or no claims bonus for every year that you do not make any claims
6. The insurer offers roadside assistance for its bike insurance policyholders, for the times you are stranded on the road
7. You will be able to buy National Insurance long term bike insurance policies at reasonable rates
8. The insurer boasts of an excellent customer support team, that can handle and reply to your queries in a very short span of time
9. The insurer offers a personal accident cover of INR 1 lakh for the co-passenger

National Insurance Two-Wheeler Plans on Offer:

The following are the different types of National Insurance two-wheeler policies that you can buy.

1. National Insurance Third Party Liability Only Two-Wheeler Plans

   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.

2. National Insurance Two-Wheeler Comprehensive Plans

   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.

3. National Insurance Two-Wheeler Long Term Plans

   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.

Eligibility for National Two Wheeler Insurance Plans

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.

Coverage and Exclusions of National Insurance Two Wheeler Insurance Plans

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.

Coverage:

National Insurance two wheeler policy offers the following coverage.

1. Liabilities arising out of accidents for third parties including individuals or properties
2. The plan offers a personal accident cover of INR 15 lakh for the death of the policyholder or in case of total permanent disability
3. Personal accident cover for pillion or co-passenger of INR 1 lakh
4. Cover the damages or loss, if the bike gets stolen
5. Cover the damages or loss if the bike meets with an accident due to external factors
6. Cover the damages or loss due to burglary, theft, housebreaking, etc.
7. Cover the damages or loss due to natural calamities like cyclone, flood, hurricane, earthquake, etc.
8. Cover the damages or loss due to fire or explosion
9. Cover the damages or loss due to man-made calamities such as riots, terrorism, malicious activities, strikes, etc.
10. Cover the damages to the bike while it is in transit, by rail, road, waterways or by air

Exclusions:

The exclusions of National Insurance two-wheeler plans are as follows:

1. Damages due to normal wear and tear of the mechanical or electrical parts of the bike or breakdowns
2. Any sort of consequential damages
3. Any loss or damages while the rider of the bike is under the influence of alcohol or intoxicants
4. Any loss or damages when the bike is not used as per its limitations (e.g. bike used for speed tests, reliability tests, etc.)
5. Any claims that arise out of contractual liabilities
6. Any loss or damages due to any wars or nuclear perils

Add-Ons of National Insurance Two Wheeler Insurance Plans

You can choose from the following add-ons for your bike insurance policy.

1. Consumables cover

   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.

2. Nil Depreciation Cover

   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.

3. Return to Invoice Cover

   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.

Rate of depreciation table of National Insurance Two Wheeler Insurance Plans

Should you buy the National Insurance two-wheeler insurance policy, the following depreciation rate will be applicable on the bike:

Discounts offered by National Insurance Two-wheeler Insurance Plans

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.

1. No Claim Bonus

   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.

2. AAI Membership

   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.

3. Installation of Anti-Theft Device

   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.

4. Voluntary Deductibles

   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.

The claims process for National Insurance Two Wheeler Insurance Plans

A policyholder must carry out the following steps if they wish to claim their National Insurance two wheeler policy.

1. Accidental Damage to the bike
   1. Inform the insurer or your TPA (Third Party Administrator) about the accident
   2. Lodge an FIR with the nearest police station or give a written intimation
   3. For major accident cases, the insurer will spend a surveyor for spot survey. It is recommended not to move the bike
   4. Submit a duly filled claim form along with the following documents
   1. Registration certificate copy
   2. A copy of the driving license of the person riding the bike at the time of the accident
   3. Repair estimates
2. Theft of Bike
   1. Lodge an FIR with the nearest police station or give a written intimation
   2. Inform National Insurance or your TPA (Third Party Administrator) at the earliest
   3. Inform the concerned RTO at the earliest
   4. Submit a duly filled claim form
   5. Submit the final policy report as soon as you receive it
   6. Offer support and cooperate with the insurance company during investigation and claim settlement
3. Third-Party Liability Claim

   For damage done to any third party person, vehicle or property

   1. Inform National Insurance or your TPA (Third Party Administrator) immediately about the accident
   2. On receiving any summons from a court, the policyholder must immediately forward it to the insurer or your TPA 
   3. Submit duly filled claims form along with a copy of the Registration Certificate, FIR and Driving License

Documents required to buy/renew a National Insurance Two-Wheeler Insurance Policy

To buy National Insurance two-wheeler insurance, you might have to submit the following documents:

1. Identity proof (PAN, Passport, Driving License, Aadhar, etc.) of the owner applicant
2. Registration number of the bike
3. Original Registration Certificate of the bike
4. Address proof (Passport, Driving License, Government identity card, etc.)
5. A photograph of the applicant

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:

1. Previous policy details, if there is no change in the same
2. Copy of the owner’s driving license

Factors affecting National Insurance Two-Wheeler Insurance Premium

Here are the major factors that decide the National Insurance two-wheeler insurance premium.

1. Coverage

   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.

2. IDV

   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.

3. Add-Ons

   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.

How to buy National Insurance Two-Wheeler Insurance Plans?

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.

• Visit https://www.turtlemint.com/two-wheeler-insurance
• Enter the registration number of your bike
• The website provides various available plans
• Provide details of your bike such as
• Manufacturer
• Model
• Year of manufacture
• Fuel type
• Variant
• Previous policy details
• Claims made during the previous policy
• Previous policy provider
• Assess the plans and premiums on offer
• Proceed with the purchase of the plan that you are most satisfied with

The renewal process for the National Insurance Two-Wheeler Insurance Policy

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.