Renewal of National Car Insurance Policy

National Insurance Company Ltd, India’s prominent state-owned general insurance service provider operates in the various portfolio which also consists of insurance coverage for the cars. It extends the benefits of the online renewal of policies, for not only the one which is issued by them but also the policies of other insurance companies, in a few simple steps.

National Motor Insurance:
The motor insurance plans provided by the National Insurance Ltd are as follows:

• Liability-only plan: Every vehicle on the Indian roads should at least have third-party liability insurance. The coverage provided by the National Insurance third-party liability plan is as follows:
  • It protects the policyholder against the legal liability to a third party in an accident.
  • However, this cover does not protect the insured vehicle.
  • The risks fall under the ambit of this plan are
    • Injury or death of the third-party.
    • Property damage of third-party.
• Comprehensive plan - The comprehensive car insurance plan from National Insurance provides a broader coverage when compared to the third party liability plan.
  • This plan offers own-damage and the third-party liability cover.
  • The policy also protects the owner or driver of the insured vehicle from the injuries or death.
  • The incidents covered by the comprehensive plan are
    • Accidents, fire, explosion, lightning, and the self-ignition.
    • Damages to the insured vehicle during transit through rail, road, air, lift, and inland waterways.
    • Theft, burglary, or house-breaking.
    • Terrorist activities, strikes, riots, and malicious acts.
    • The natural disasters such as the floods, earthquakes, storms, rockslides, and the landslides.

The National Insurance car insurance doesn't provide coverage for the below-mentioned events:

• Wear and tear of the vehicle as per age, consequential loss, electrical and mechanical breakdown.
• Damage to the tires of the car, unless the vehicle is also damaged in the process. In this case, the liability of the car insurance company is restricted to 50% of the costs of repair.
• Driving after getting intoxicated with alcohol or drugs.
• The policyholder can extend the coverage under the policy by choosing add-on insurance covers. It includes insurance for accessories loss, for an accident of the passengers, and the increased third-party property damage cover for up to Rs.7.5 lakh.

Discounts provided by National Insurance Company:

• The car insurance plan of the company offers No Claim Bonus (NCB) for the policyholders who don't raise any claims in the policy year. It is an excellent method of incentivizing the drivers to drive safe on the roads. The 'No Claim Bonus' can also be converted into a discount during insurance renewal for the consecutive policy year.
• Discounts are also offered for the vehicles that have installed anti-theft or other security devices.
• Along with this, the cars that are specifically designed or modified for the disabled/blind/and mentally challenged people are eligible for the premium discounts.

Premium Calculator:
It is advisable to calculate the premium by using the online calculator tool available at fin-tech websites such as mymoneykarma which will give unbiased results.

Through the online premium calculator tool, one can calculate the approximate amount of premium. It is beneficial while making a budget for financial needs.

The car insurance calculator tool utilizes the following parameters:

• The personal details, such as claim history, NCB earned age and the profession.
• The information on the car, such as the brand and model, engine capacity, the area of registration, and the date of filing.
• The tool provides an estimate of the premium in the form of an insurance quote.
• If you are agreed with the quote, then proceed with the purchase of the policy on the same website.
• The National car insurance premium calculator can also be used at the company's site for determining the motor insurance premium.

Insurance renewal process:
While renewing the existing car insurance policy, one can be eligible to receive the discount along with NCB (No Claim Bonus).  Visit the online portal of the insurance company to begin the process. The company notifies the policyholders to renew the insurance covers which are going to expire in the next 30 days. One can also switch the car insurance policies issued by other insurers and renew it online on the company's website. The policy renewals from the other insurers are eligible for 10% discount.

There are two different links on the website homepage for the renewal. One leads to restoration of the policies issued from National Insurance Company and other for the insurance cover released from other insurers. Just fill the relevant fields with the policy number and email id to initiate the procedure and follow the “on screen” instructions. Keep handy, the details of the bank account or credit card for the online payment. The encrypted technology secures the bank and the details of the credit card.

You receive an instant e-policy available for download in the printable format. The copy of the document is also emailed to the registered e-mail address. The policy document will be sent to the communication address with the company seal and signature in designated business days.

Why renew the insurance policy online?
The benefits of online policy renewal are

• Security- The insurance providers utilize the security systems that adhere to the global security standards on their online portals. It ensures that your confidential information is secured. It is also found that the fraud incidents are almost negligible while renewing the motor insurance online, unlike the process that involves an insurance agent.
• Cost-effective- Renewing car insurance online is profitable because the insurance provider offers various discounts for these online transactions. From the perspective of the insurer, when the policy is sold online, various cost parameters are eliminated from the flowchart of a process. It includes the distribution and processing costs. The insurer passes on these benefits to the customer in the form of discounts.
• Limited paperwork - The process of online policy renewal doesn't have the hassles of excessive paperwork.
• Comfortable and convenient- The most significant advantage of renewing the insurance online is that the entire process is convenient and quick as the policy can be issued instantly.
• Backup of the policy documents- Having an online repository with the policy documentation is beneficial as it can be stashed safely and is easily accessed as and when needed.

Documentation required for claim process:

The documents that are needed to be attached along with the claim form are

• Police reports and FIR
• Prescriptions from the doctor and the medical reports.
• Bills from the pharmacy.
• Admission and discharge records from the hospital.

The policy issuing company will send a surveyor to assess the loss. The insurance company may also hire the team of doctors to verify the claim filed by the insured.
After the investigation, the claim is eventually settled by the insurer. The payment is made to the owner of the car as a lump sum settlement.
The insurer may also release the provisional payment to the policyholder if the case is still under investigation. However, this is based on the merits of the situation.
The insurance company may request additional documentation on a case to case basis.
The insurer recommends lodging claims directly at the branch office rather than via the online method.

Why should you opt National Insurance Company?

The company was incorporated in 1906. It is one of the oldest general insurance company in India. The company was the first to introduce the product customization for the rural and the corporate customers. This concept has attained much popularity with the farmers’ package policy and is still prevalent today. The National Insurance was the first insurance provider to ally with the automobile giant Maruti and the two-wheeler company Hero MotoCorp.
Today, the National Insurance is India’s second-largest non-life insurance provider as per its gross direct written premiums (GDWP). The motor insurance is also the largest segment of the company. So while buying the protection for your vehicle, it is better to purchase it from the reliable player having a great track record and the accountability.

FAQs

Q1. By renewing the car insurance policy issued by other insurers through NII, can I be eligible for the NCB earned in the previous term?
Yes, you can avail the NCB by renewing the insurance with National Insurance online. The policy details will be automatically retrieved through sync information option, and the NCB rebate will be provided to the person even if it was issued through a different insurer.

Q2. I don't use my car too often on the roads. Do I still need to get it insured?
As per the Motor Vehicles act, any vehicle which is not insured, can't be taken on the road. The car must at least be protected by the minimum insurance or with the third-party liability cover. It applies to all the vehicles, even the ones which are not used very often.

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