New India Assurance Two-Wheeler Insurance

The New India Assurance Bike Insurance policy is the comprehensive scheme provided under the umbrella of a motor insurance policy. With countless benefits such as No-Claim Bonus (NCB) ranging up to 50%, cover against all significant risks and a hassle-free claims policy, The New India Assurance’s two-wheeler insurance will guarantee that you are secured when unpredictable events occur.

Benefits of the New India Assurance Two-Wheeler Insurance

This policy offers the insurance coverage for all kinds of vehicles including private cars, commercial vehicles, and the vehicles in garages and the showrooms.

The insurance covers are divided into third-party liability and package policy which makes it substantial.

No-Claim discounts are offered upon the policy renewal and range from 20%-50% which helps the policyholder in saving on the premium amount.

The New India Assurance also provides add-on covers on extra premium payment.

The policyholders are guaranteed a hassle-free claim process. They can also renew the policy online.

Exclusions

The following points are not covered under the two-wheeler insurance policy offered by New India Assurance:

• Wear and tear of the two-wheeler due to aging.
• Electrical and mechanical breakdown.
• The vehicle being used beyond restrictions.
• The damage was done to/by an individual riding the bike without having a valid driving license or under the influence of alcohol/drugs.
• Damage caused to the two-wheeler due to mutiny, war, or any nuclear risk.
• Damage incurred in the vehicle accessories as a result of the housebreaking, burglary, or theft (except the case where the vehicle is also stolen).

How to File the Claim with the New India Assurance in Case of Theft?

In case the two-wheeler is stolen, immediately report an F.I.R with the police. Also, inform the insurance provider and provide a copy of F.I.R for the reference. The policyholder will also be required to submit the final report of the police. An investigator, as well as a surveyor, will be appointed by the insurer to inspect the loss. After the approval of the claim, hand over the vehicle keys to the insurer and get the registration certificate transferred.

For a third-party liability claim

The insurer must be informed of any incident that may lead to a liability claim. The court summons that has been received by the policyholder should be sent to the insurer by him. The FIR, driving license and the claim form along with the copies of registration certificate must be submitted as well.

Filing claim in case of accidental damage to the vehicle

Collect the claim form from the nearest insurer's office. After submitting the claim form along with the driving license, provide an estimate of the repairs and a copy of the registration certificate, and the vehicle will be surveyed through an appointed surveyor. A spot inspection will also be arranged in case of the significant damage. The duly signed cash bills should also be submitted by the insured. After the approval of the claim, the damaged parts might be required to be deposited with the insurer.

Documents Required for Filing the  Claim

Depending on the claim type, the policyholder will require the following documents such as:

• First Information Report
• Vehicle’s Registration Certificate
• Driving license of the driver
• Bills and the damage estimates

Rating factors

There are many rating factors taken into consideration to determine the amount of risk a two-wheeler possess and to calculate the premium amount required to be paid by the policyholder.

These rating factors include:

• Insured Declared Value (IDV): It is the sum assured for the vehicle during the policy issuance. It takes the selling price of the vehicle by a manufacturer into account subtracting the cost of taxes, registration costs, and the premium of the health insurance policy. If a policyholder wants a higher IDV, the person will have to pay a higher premium to equalize the costs.
• Cubic capacity: The cubic capacity or CC  of a vehicle is considered while determining the risk amount that a two-wheeler possess. The reason behind is that insurance companies believe the higher cc vehicles are more susceptible to the damages consequently leading to insurance claims. It also has an impact on the premiums a policyholder is expected to pay.
• Geographical zone: The location in which a prospective buyer lives will also have a bearing on the premiums they are likely to spend. This is because an individual residing in the city is more prone to get involved in an accident than the person living in a remote village. Also, a person living in the conflict-ridden region is more likely to claim for damages, as compared to the people from other areas.
• Age of the vehicle: If the two-wheeler is older, the insurer will consider it a substantial liability as compared to a new vehicle due to which the policyholder will be required to pay more premium.
• Add-on covers: As mentioned before, an add-on cover is added to a vehicle above the comprehensive policy. It means that an individual who is looking to buy an add-on cover must pay a much higher premium as compared to an individual who doesn’t opt for an add-on cover.

How to Check the Payment Status?

Check the status of the payment through the ‘Check Payment Status’ option under the ‘Quick Help’ tab. One may be required to enter the necessary details such as customer Id and policy number.

FAQs

Q1. What is the eligibility criteria for obtaining two-wheeler insurance through NIA?

Any vehicle owner, whose vehicle is registered with the Regional Transport Authority (RTA) of India can apply for the two-wheeler insurance with the New India Assurance.