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Why should you buy bike insurance new India assurance?

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Why should you buy bike insurance new India assurance?

Bike Insurance New India Assurance Company was founded by the Government of India on 23 July 1919. The company is located in Mumbai and operates in about 28 different countries around the world. Due to improved customer service and their accessibility in the micro, rural, and social areas of the country, the company is a great alternative to two-wheeled insurance.

The bike insurance new India Assurance Company Limited provides two-wheeler insurance covers which are available in two types:

Liability only policy that covers third-party liability for death, physical injury, and property damage. It also includes an individual accident cover for the owner/driver.

Package policy which will cover damage or loss to the insured vehicle with the benefits covered under the policy.

Renewal of bike insurance New India Assurance

You can renew your bike insurance new India assurance on the insurance provider website. These steps are as follows:

  • Go to the quick renewal link
  • Enter the customer ID and the renewal quote number that you will receive via SMS. You can enter the old policy number instead of the old quote number to start the process.
  • You can view your details and save the quotes to go to the next step.
  • You can pay an approved quote, using debit card/credit card / net banking and you can convert it into an active policy by paying an online premium.
  • Upon successful completion of online payments, your policy will be issued or renewed.

Features and benefits of bike insurance New India assurance

The package policy of two-wheeled insurance includes damage to the vehicle in which its belongings were insured with:

  • Theft or Homeclash.
  • Malicious act.
  • Fire, self-ignition, explosion, or lightning.
  • Riot and strike.
  • Earthquake damage (fire and shock).
  • Thunderstorms, cyclones, hail, and floods.
  • Landslides and Stones
  • When in transit by railway, road, air, or waterway
  • Any external contingency tool.

The package policy pays the charges incurred on transporting the vehicle from the accident site to the garage. The maximum cost is 300 for motorcycles and scooters.

Option to choose restricted cover with liability-only policy. This cover will only protect a two-wheeled vehicle in the event of theft or fire.

Buying and renewing online is simple.

Bike insurance new India assurance waives no-claim. It is available at the time of renewal of the policy with rates ranging from 20% to 50%. Getting this discount depends on the type of vehicle you have and how many years the owner has not claimed any insured vehicle.

Add-on benefits

The two-wheeler insurance policy provides the following add-on cover at an additional premium payment:

Personal Accident Cover: which will provide protection to all passengers and paid drivers in case of accident.

Baggage loss: All items in the vehicle will be covered.

Legal Liability for Employees: In case of an accident this add-on will be covered.

Bike insurance New India assurance Premium Calculation

Insured Declared Value: This is the price that is predetermined by the insurance provider for your vehicle model. This is the rate of insurance that can be declared against your two-wheeler vehicle and will be compensated in case of total loss of your vehicle.

Cubic Capacity: The higher the cubic capacity of the engine, the higher the premium rate of the vehicle.

Geographic Area: High premium rates are charged from vehicles in areas with theft or natural disaster.

Vehicle age: The higher the age of the vehicle, the higher its premium rate.

Vehicle weight in the case of commercial vehicles: The weight of a fully-loaded vehicle, as it also carries passengers.

Add-on cover: Those that were purchased with your insurance policy will be added to the premium cost payable at the time of purchase.

What is the claim process for a bike insurance New India assurance policy?

If you are required to file a claim due to an incident, you can take the following steps according to the nature of the incident:

Also Read – Why is auto insurance important

Full video version is also available
please see bottom of the article.

In case of accidental vehicle damage:

  • Immediately inform the nearest office about the accident and damage. They fill the claim form.
  • You have to fill in all the details in the claim form and submit a copy of the driver’s registration certificate and driving license at the time of the accident.
  • An inspector will be appointed by the insurance provider to inspect your vehicle, which will detect or assess the damage. In case of major damage to the vehicle, the accident site will be inspected.
  • You have to submit the final bill/cash memo duly signed to the insurance provider.
  • You may have to submit damaged parts with the insurance provider after approval of your claim.

In case of two-wheeler theft:

  • File an FIR with the police against theft.
  • Inform the insurance provider about the theft with a copy of the FIR and duly fill out the form of the claim.
  • The FIR report must be submitted to the insurance provider as soon as it is received.
  • Cooperate with inspectors appointed by the insurance company.
  • Once your claim is approved, you should transfer a certificate of registration in the name of the insurance company, hand over the key to your vehicle, submit a letter of compensation and subordination on a stamp that is duly notarized.

In case of liability:

  • You should immediately inform the insurance company about any incident that claims liability.
  • As soon as you receive it, you will have to send a summons receipt from the court to the insurance company.
  • You will have to fill and submit the claim form along with copies of your driving license, FIR, and registration certificate.

To accept your claim you will need to submit all or some of the following documents:

  • Copy of claim notice
  • Copy of policy and premium receipt
  • Duly filled claim form
  • Copy of the insured vehicle registration certificate
  • Copy of the driving license of the person driving at the time of the incident
  • Estimated cost of repair from repairer and stamped receipt
  • Verification of road tax
  • Bill and Cash Memo of Repair
  • FIR or Police Panchnama
  • Fitness certificate and permit

Why is bike insurance important in India?

India’s vehicle market is very large. The auto industry contributes significantly to the total GDP of the country. Most of the auto companies in India have opened their shops. India is the third-largest exporter of two-wheelers after China and Japan. As the economy grows, so will the auto industry. With this, the two-wheeler industry will grow rapidly.

Auto companies and other related firms are constantly looking for new ways to serve customers better. Now that one in two vehicles in the two-wheeler market is without insurance, it is clear that there is a huge market lying here. The facility to renew a break in policy has allowed biking insurance enthusiasts of all types. Two-wheeler is used in every way in our country.

Motor insurance law is mandatory in India. While buying a two-wheeler, not only should you get insurance, but it should also be renewed at the right time every year. Many types of security coverage can be availed for an indefinite future by taking two-wheeler insurance. With this, you can also ensure the safety of the rear seat along with your safety. Many companies have also started assisting in case of an accident or bike failure on the road.

If someone suddenly comes to your aid in case of a bad bike in the middle road, then what else can be a big deal. Most importantly, this insurance policy provides you with financial security. It is a better way to avoid financial loss from accidents or theft. Another advantage of getting insurance for a two-wheeler is that you avoid many kinds of legal difficulties.

For example, if there was an accident and someone was injured, then the insurance company would deal with the compensation issue. Although always keep in mind one thing, insurance is there to help you, but your protection is in your hands. So always pay attention to safe driving.

Full video version of the article:

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