New India Comprehensive Car Insurance Policy
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New India Comprehensive Car Insurance
A third party liability insurance policy has a very narrow coverage as it insures the policyholder only against third party liabilities. This limitation of the third party cover is met by a comprehensive car insurance plan which provides insurance for the car’s own damage in addition to all third party liabilities. A comprehensive car insurance plan offered by New India Assurance is a great comprehensive plan which comes with an instant and paperless purchase and renewal process.
The New India Assurance comprehensive car insurance policy also offers an option to purchase beneficial add-ons which provide additional coverage against extra premiums. A comprehensive car insurance plan is a great way of getting your car insured.
New India Comprehensive Car Insurance vs Third Party Car Insurance
Basis | Comprehensive Car Insurance | Third Party Policy |
Coverage | New India Comprehensive policy cover own damage of the insured car along with third party liabilities. | New India third-party policy insures the policyholder only against third party liabilities. |
Add-ons | Several add-on covers are available with New India comprehensive car insurance to enhance the protection of the vehicle. | No add-on covers are available with the New India third party liability policy |
Cost | Comprehensive car insurance policy costs a little more than a third-party policy due to wider coverage. | Third party policy costs comparatively less than a comprehensive policy due to its limited coverage. |
What All Is Covered Under New India Comprehensive Car Insurance Plan?
New India comprehensive car insurance policy offers coverage for the following:
- It provides compensation for third party property damage up to Rs.7.5 lakh.
- It offers an optional personal accident insurance for the policyholder up to Rs. 15 lakh.
- New India Comprehensive Car Insurance Policy safeguards and covers own damage of the insured car occurred due to road accidents, natural calamity as well as man-made calamities like floods, road landslide, burglary, theft riots etc.
- It provides a cover for all third party liabilities. This includes 50-50 compensation by the policyholder and the company in case of partial blindness or loss of a limb. 100% coverage of the compensation expenses is granted by the company in case of death/complete blindness or loss of both limbs of a third party.
What All Is Not Covered Under New India Comprehensive Car Insurance Plan?
New India Assurance comprehensive car insurance policy does not provide coverage for the following:
- Normal wear and tear
- In case of willful negligence
- Driving without a valid licence
- Mechanical or electrical breakdown
- Any damage caused due to contractual liability
- Driving under the influence of alcohol or intoxicating drugs
- Damage occurred during war, nuclear risk, mutiny rebellion or any such situation.
New India Comprehensive Car Insurance Benefits
New India Assurance comprehensive car insurance policy offers various benefits to the policyholders which are as follow:
- Easy, quick and convenient issuance and renewal of policies.
- New India comprehensive policy bears towing charges of the car after an accident up to Rs.150.
- Get compensation for the damages sustained by the insured vehicle in a road mishap or from atural or man-made calamities.
- Policyholders can enjoy additional benefits by purchasing the add-on covers alongside the standard policy by paying an extra premium.
- No Claim Bonus (NCB) discounts are provided to the policyholder as a reward when not a single claim is filed during an insurance tenure. This discount accumulates over years up to a maximum of five years.
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New India Comprehensive Car Insurance FAQs
What is No Claim Bonus (NCB)?
NCB is a discount offered to a policyholder when no claim is filed during the tenure of the policy. Moreover, the discount accumulates over the years (up to 5 years) for every claim-free year.
What is Underwriting?
It is an assessment of material facts and the risks to decide whether to accept an insurance contract and also the rate of premium.
How does comprehensive plan differ from a third-party liability policy?
A comprehensive policy offers much more than basic third-party liability coverage. Besides covering third-party liability, it also covers the vehicle against for its own damages incurred in an accident or any other mishap.
What is excluded from New India comprehensive car insurance policy?
Situations which are not covered under the New India comprehensive car insurance policy are Wear and tear of the car, Electrical or Mechanical breakdown, Damages caused to tyre, tube, or engine, Accidents occurred while driving without driving license, and Accidents occurred under the influence of intoxicants like liquor or drugs.
Can I transfer my car insurance policy?
Yes, you can transfer your car insurance policy to a new owner after filing a written request to the company following a process called ‘policy endorsement’. There is a nominal fee that is applicable in case of transfer of the vehicle.
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