New India Assurance Bike Insurance

New India Assurance Bike Insurance Policy - Key Features

*Disclaimer: The information provided in the above table is for general purposes only. For specific features, refer to the New India Assurance bike insurance policy document provided by the insurer.

Why Choose New India Assurance Bike Insurance Policy?

Here are a few captivating reasons explaining why you should choose the New India Assurance bike insurance policy:

• Easy and quick renewal/buying process for bike insurance online.
• Get access to authorised network garages available across India.
• Enjoy an efficient and faster claim settlement process.
• For insurance-related queries or issues, get 24x7-customer assistance from the dedicated team.
• Various add-ons are available at an affordable premium rate to customise your policy.
• Save up to 50% on your premiums while renewing your own-damage bike policy to maintain a claim-free record.
• Rated with 'CCR AAA' by CRISIL for timely servicing of financial obligations to their stakeholders and customers.

Types of New India Assurance Bike Insurance Policy

New India Assurance Company Limited, established in 1919, is India's premier general insurance provider. The company offers various insurance products, including a bike insurance policy with an array of add-ons.

Below are two types of two-wheeler insurance policies provided by the insurer:

1. Two-Wheeler Liability-Only Policy

   New India liability-only policy is a third-party bike insurance policy that covers only third-party liabilities for bodily injury or property damage caused to others in an accident by the insured bike. As per the Indian Vehicle Act, this type of policy is mandatory in India. It also allows you to get Personal Accident (PA) Coverage for the owner/driver of the two-wheeler.

2. Two-Wheeler Package Policy

   New India two-wheeler package policy is a comprehensive bike insurance policy offering complete coverage, including damage to your own bike and third-party liabilities. The policy gives convenience and enhanced protection to bike owners by covering damages/losses arising from theft, fire, natural calamities, etc. Moreover, it allows you to tailor the policy with additional or optional cover.

*Disclaimer: The inclusions and exclusions listed above are for reference only. For extensive details of the coverage, please refer to the policy document provided by the insurer.

Depreciation Rates for Different Parts of a Bike

Depreciation refers to reduction a bike's market value due to regular wear & tear or aging. There are different depreciation rates applicable for various parts:

1. Nylon, plastic, and rubber parts present in the two-wheeler: 50% depreciation applies
2. Fibreglass parts present in the two-wheeler: 30% depreciation applies
3. Paint material present in the two-wheeler: 50% depreciation applies
4. Glass parts present in the two-wheeler: No or Zero depreciation applies
5. Other parts present in the two-wheeler: depreciation rates as decided by the insurer.

Depreciation Based on the Age of the Bike

Since the bike is considered a fixed asset, its market value will decrease due to wear & tear. Here is a table deciding the depreciation based on its age:

*Disclaimer: The depreciation rates highlighted in the tables above are only for reference purposes. To know the exact terms & conditions, kindly check the policy wording.

Personal Accident (PA) Coverage for Bike Owners

New India Assurance bike insurance offers a PA cover of up to ₹ 15 lakh for the owner/driver for the permanent and total disability or death due to an accident. The following table describes the payout percentage based on the nature of the injury:

Points to Consider Under Personal Accident (PA) Cover

Here are two crucial points to avail the benefits of Personal Accident (PA) coverage:

• The compensation can be availed only for one condition per policy period with a maximum liability amount of ₹ 15 lakh to the owner/driver.
• The insurance company will not entertain the claims raised due to self-harm, suicide, pre-existing conditions, and accidents causing injuries/death due to the influence of alcohol, drugs, or any other intoxicated substance.

How to Buy/Renew New India Assurance Bike Insurance?

To buy or renew your New India Assurance bike insurance policy, visit Policybazaar.com and complete it in a few clicks. Follow the below procedure to buy it online:

• Step 1: Visit the official website of Policybazaar Insurance Brokers Private Limited, navigate to 'Insurance Products, ' and select the 'Bike Insurance' option.
• Step 2: In case of renewal, enter the details of your bike, such as its registration number. Select 'Bought a New Bike' if you insure a new motorcycle.
• Step 3: From the given options, select the relevant bike model, city, variant, and RTO details.
• Step 4: Choose coverage between a third-party bike policy and a comprehensive bike policy provided by New India Assurance Co. Ltd.
• Step 5: Pay the premium amount displayed on your screen using your preferred online payment method. Once you have successfully done so, the insurance provider will email the policy document to you.

How to File a New India Assurance Bike Insurance Claim?

To file a New India Assurance bike insurance claim, you must be aware of the process. Here are three distinguished cases with their respective claim process:

1. For Theft Claim

   To raise a claim for your stolen bike, follow the below procedure:

   • Step 1: Inform the nearest police station and obtain an FIR.
   • Step 2: Share the FIR with the insurance provider.
   • Step 3: An insurer-appointed surveyor will assess the case to determine the exact reason for theft or burglary.
   • Step 4: Inform the Regional Transport Office (RTO) where your bike is registered about the theft incident.
   • Step 5: Gather and submit the necessary documents as the insurer asks.
   • Step 6: If the stolen bike is untraceable for a month, obtain an 'untraceable report' from the local police to receive a claim payout amount.

2. For Accidental Claim

   To raise an accidental claim causing damage to your bike, follow the below procedure:

   • Step 1: Report the accident incident to the insurer, fill out the claim form on their website, sign it, and submit it.
   • Step 2: The insurer will appoint a surveyor to visit the accident site and assess the damages/losses caused to the insured bike.
   • Step 3: Keep the required documents and send them to the insurer.
   • Step 4: For cashless claims, send the bike to any network garage for repairs, and the insurer will pay the amount directly. For reimbursement claims, repair the bike anywhere, pay the repair bill upfront, and get reimbursed later by the insurer at your registered bank account.

3. For Third-Party Claim

   To raise third-party claims under your New India Assurance bike insurance policy, follow the below procedure:

   • Step 1: Inform the insurance provider about the incident.
   • Step 2: If applicable, provide a court summons.
   • Step 3: Fill out, sign, and submit the claim form.
   • Step 4: Provide all required documents for review to the insurer.
   • Step 5: The Tribunal court will review the case, decide the hearing date, and make a decision accordingly.

Documents Required for Raising New India Assurance Bike Insurance Claims

Here is a list of documents required for raising New India Assurance bike insurance claims for three different cases:

1. For Theft Claim

   The following documents are required for filing theft claims:

   • Filled & signed claim form
   • FIR for stolen bike
   • RC copy and original keys of stolen bike
   • Comprehensive or own-damage bike insurance policy
   • 'No-trace report' from the police
   • Driving License of the policyholder
   • FIR (First Information Report) from the police.

2. For Accidental Claim

   In case of accident claims, the following documents are required by the insurer:

   • Completed & signed claim form
   • DL of the one riding a bike at the time of the accident
   • RC of the vehicle
   • Repair invoice & bill payment receipt (for reimbursement claims)
   • Own-damage or comprehensive bike insurance policy
   • Motor Collision Report (MCR) or FIR
   • Original repair estimate

3. For Third-Party Claim

   In case of third-party claims causing damage to a third party/person/property, the following documents are required:

   • Filled and signed claim form
   • Driving License of the rider operating the bike during the accident
   • Police FIR
   • RC copy
   • At least a valid third-party bike insurance policy document
   • Company stamp if the vehicle is registered under a company name