Bike Insurance 2864 views April 11, 2020

New India Assurance Two Wheeler Insurance Plan

New India Assurance Company Limited is a leading general insurance company in India. The company offers a wide range of general insurance products to cater to the insurance needs of its customers. The company product portfolio consists of insurance products ranging from health insurance, car insurance, travel insurance, and two-wheeler insurance. The two-wheeler insurance is one of the most popular products offered by the company. Read on to know more about New India Assurance Two Wheeler Insurance.

Highlights of the Two Wheeler Insurance Plan

The two-wheeler insurance plan by New India Assurance is designed to cover the damages caused to various two-wheeled vehicles. The two-wheeler vehicles include all the scooters, mopeds, and motorcycle.

This policy is designed to cover the damages caused to the third party on account of damages to the property, accidental death, physical injury. Two-wheeler insurance has been made mandatory, under the Motor Vehicle Act 1988, to all vehicle owners using two-wheelers for commutation. A two-wheeler policy must be carried by the owner in the vehicle to prove the existence of such insurance.

The New India Assurance two-wheeler insurance plan offers the following two types of damage cover:

  1. Liability only Policy: Under this type, a third party cover is offered to cover the expenses related to bodily injury and/or death and expenses related to property damage. Additionally, a ‘Personal Accident Cover’ is offered to the owner-driver.
  2. Package Policy: This is comprehensive insurance that covers the expenses related to bodily injury and/or death and expenses related to property damage of the third party. Additionally, the policy also covers for the damages incurred to the insured vehicle and the policy includes personal accident cover to the owner-driver.

Scope and Benefits of the policy

The scope of the new India Assurance Two-wheeler Insurance is holistic as it takes care of most of the expenses. The scope of the policy refers to the coverage offered by the insurance policy to cover the vehicle owner’s legal liability towards compensation payment of:

  1. Death or physical injury to third party person
  2. Third-party property damage
  3. In the event of death or physical damage to the third party person, the entire liability amount is compensated
  4. In the event of third party property damage a compensation up to Rs 7.50 lakhs for a commercial and private vehicle, whereas Rs 1 Lakh is offered for scooters, mopeds, and Motor Cycles
  5. For every claim-free year, No-Claim Discount is offered to range between 20% to 50%.
  6. Apart from offering coverage for liability the Two Wheeler Insurance Policy of New India Assurance also provides coverage to overcome the loss or damage caused due to:
    1. Fire
    2. Burglary
    3. Riot
    4. Malicious Act
    5. Terror Act
    6. Earthquake
    7. Flood
    8. Landslide
  7. The policy pays for towing charges from the point of the accident to the servicing station. A maximum of Rs 300 for two-wheelers and Rs 1500 for cars and commercial vehicles

Exclusions of the policy

The cost of the following expenses is not covered under the policy

  1. Wear and tear of the vehicle,
  2. Vehicle Breakdown expenses
  3. Consequential Loss
  4. Any loss incurred in the event of driving vehicle without driving license or under alcohol influence
  5. Any loss incurred in the event of war, civil war outbreak, etc.

Thus, above are some of the major exclusions under two-wheeler insurance. It is highly recommended to read the policy wordings to know the entire list of exclusions under the policy

Add-on Covers

Like life insurance, even two-wheeler insurance offers the opportunity to strengthen the insurance coverage by opting add-on covers. The extent of the policy can be enhanced using Add-on Cover by paying an additional premium amount. The following extended cover can be opted using Add-ons

  1. Expenses related to the loss or damage to vehicle accessories
  2. Additional personal accident cover for paid driver and passengers
  3. To cover legal liability to employees
  4. To cover the legal liability towards non-fare paying passengers

Who can avail two-wheeler insurance?

Any individual who is a vehicle owner and has a vehicle registered with RTO under his / her name has to purchase a two-wheeler insurance policy.

Final Words

Two Wheeler Insurance is mandatory and every vehicle owner has to purchase the same. New India Assurance is a trusted name and it offers one of the most popular two-wheeler insurance plans.

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