New India Assurance Commercial Vehicle insurance Introduction
New India Assurance(NIA) was founded by Sir Dorabji Tata in 1919. Later it is nationalised in1980. New India Assurance is a 100% government owned multinational general insurance Company. It is headquartered in mumbai and it has branches in 22 countries. It is the only direct insurer in India rated A+ (Excellent – Stable outlook) by AM Best. This Company has nearly 20,000 employees to serve its customers.
New India Assurance Commercial vehicle Insurance Policy Covers loss caused due to damage of commercial vehicles. It covers the loss which has to be paid by the insured when he involves in any third party damage. New India Assurance Commercial vehicle insurance policy also provides coverage for co-passengers in your vehicle.
New India Assurance Commercial Vehicle Insurance Features and Benefits
- It covers the loss caused to your commercial vehicles.
- No Claim Bonus and Loading will be available as per Claim Experience of Insured.
- Extra premium will be charged for electrical fittings, CNG unit, LPG fuel tank, Fibreglass tank and Trailer attachment.
- Additional Discount will be available to you,if you are a member of Automobile Association.
- Discount will be provided for Anti-theft devices installed in your vehicle.
- Concession will be given for laid up vehicle, use of vehicle within Insured’s premises.
- It provides third party liability coverage facility.
- You can get no-claim discounts ranging from 20% to 50%, depending upon the type of vehicle and the number of years for which no claim has been made on renewing of your policy.
- It also pays for towing charges maximum of up to Rs.1500/- for commercial vehicles.
- The company will settle the bill directly to the garage in case of authorised garage, you have to submit the bills in case if you have repaired your vehicle in an unauthorised garage.
- New India Assurance Commercial vehicle Insurance Policy provides you two types of coverage facilities
- Liability only policy
- package policy
New India Assurance(NIA) Commercial Vehicle Insurance Policy Coverages
New India Assurance Commercial vehicle insurance policy offers you two types of coverages they are
- Liability only policy
- Package Policy
Liability only policy:
- This policy covers the vehicle owner’s legal liability to pay compensation for
- Death or bodily injury to a third party person.
- Damage to third party property.
- It covers the loss up to 7.5 lacs for third party damage under commercial vehicle.
- It covers an unlimited amount in case of death or permanent injury of third person.
Under this policy it covers both third party liability coverage and loss or damage to the vehicle and its accessories. It covers the loss caused due to:
- Fire, explosion, self-ignition or lightning.
- Burglary, housebreaking or theft.
- Riot and Strike.
- Malicious Act.
- Terrorist Act.
- Earthquake (Fire and Shock) Damage.
- Flood, Typhoon, Hurricane, Storm, Tempest, Inundation, Cyclone and Hailstorm.
- Accident by external means.
- Whilst in transit by road, inland waterway, lift, elevator or air.
- By landslide/Rockslide.
- By landslide/Rockslide.
New India Assurance(NIA) Commercial Vehicle Insurance Exclusions
The important exclusions under New India Assurance Commercial vehicle insurance policy are:
- It does not cover the loss caused due to Wear and tear,electrical or mechanical breakdowns.
- It does not cover Consequential loss.
- Loss caused to your vehicle when driving with invalid driving license.
- Loss caused due to driving the vehicle under the influence of alcohol or drugs.
- Any loss caused due to war, civil war, etc.
- It does not cover claims arising out of contractual liability.
- Use of vehicle in an unauthorised manner.
New India Assurance(NIA) Commercial Vehicle Insurance Policy Additional Coverages
- A restricted Cover is also available in New India Assurance Commercial Vehicle insurance to cover theft/fire in addition to the compulsory cover granted under Liability only policy.
- It provides you an additional Towing charges from the accident place to work shop up to 1500/- for commercial vehicles.
- It also Provides you higher towing charges by paying an extra premium.
- It covers the loss caused due to damage of accessories installed in your vehicle such as stereos,fans,Air-conditioners.
- It provides you an additional personal accident coverage facility for passengers and paid driver.
- It provides Legal liability to employees.
- It provides Legal liability to non-fare paying passengers in commercial vehicles.
- It provides you additional discount on Anti theft devices installed in your vehicle.
Personal Accident Coverage: The New India Assurance commercial vehicle insurance policy provides you Compensation for bodily injury or death of the owner / driver of the vehicle.
The Rate of Compensation under personal accident coverage is given below table
Nature of Injury
Scale of Compensation
Loss of two limbs or sight of two eyes or one limb and sight of one eye
|Loss of one limb or sight of one eye||
|Permanent total disablement from injuries other than named above.||
Rate of depreciation in New India Assurance Commercial vehicle Insurance
For all rubber / nylon / plastic parts, tyre and tubes batteries and air bags – 50%.
For fiberglass components – 30%.
For all parts made of glass – NIL.
Rate of depreciation for all other parts including wooden parts will be as per the following table:
|Age of Vehicle||% of depreciation|
|Not exceeding 6 months||NIL|
|Exceeding 6 months,but not exceeding 1 year||5%|
|Exceeding 1 year but not exceeding 2 years||10%|
|Exceeding 2 years,but not exceeding 3 years||15%|
|Exceeding 3 years,but not exceeding 4 years||25%|
|Exceeding 4 years,but not exceeding 5 years||35%|
|Exceeding 5 years, but not exceeding 10 years||40%|
|Exceeding 10 years||50%|
Sum Insured Declared value(IDV):
The IDV of the vehicle is fixed based on manufacturers listed selling price of the brand and model of the vehicle.
Depreciation for fixing the IDV of the vehicle in New India Assurance(NIA) Commercial Vehicle Insurance
Age of the Vehicle
|% of depreciation for fixing IDV|
Not exceeding 6 months
Exceeding 6 months but not exceeding 1 year
|Exceeding 1 year but not exceeding 2 years||
|Exceeding 2 years but not exceeding 3 years||
|Exceeding 3 years but not exceeding 4 years||
|Exceeding 4 years but not exceeding 5 years||50%|
New India Assurance(NIA) Commercial vehicle Insurance Claim Process
In the event of an incident giving rise to a claim under the policy, the following steps should be taken
In case of accidental damage to the vehicle:
- Intimate Immediately to the nearest office, they will issue a Claim Form.
- Fill the Claim form and submit along with copy of Registration Certificate and driving license of the driver of the vehicle at the time of accident as also estimate of repairs.
- Vehicle will be surveyed by a Surveyor, appointed by the insurance company.
- Surveyor will submit his report to the company.
- In case of a major damage to the vehicle, a spot survey, at the site of accident, would also be arranged by the company.
- A duly signed Final bills/cash memos are to be submitted by the insured to the company.
- Salvage of the damaged parts may be required to be deposited with the insurance company after approval of the claim.
In case of theft of the vehicle:
- File an F.I.R. in the nearest police station immediately.
- Inform the policy issuing office with a copy of FIR.
- Submit the Final Police Report as soon as it is received.
- Extend full cooperation to the surveyor and/or investigator appointed by the company.
- After approval of the claim by the company, get the Registration Certificate transferred in the name of the company.
- Hand over the keys of the vehicle, submit a letter of Subrogation and Indemnity on stamp paper duly notarized.
In case of liability claim:
- Inform insurance company immediately of any incident likely to give rise to liability claim.
- On receipt of summons from Court, the same should be sent to the company immediately.
- Claim Form duly filled in along-with copies of Registration Certificate, Driving License, FIR are to be submitted.
New India Assurance Commercial vehicle Insurance Claim Form
New India Assurance Commercial Vehicle Claim Forms
For Accidental Claims:
- Duly Filled Claim Form.
- Registration Certificate.
- Driving license.
- Estimate of repairs.
For Theft Claims:
Duly filled Claim form.
Copy of FIR.
Stamp paper duly notarized.
For Liability Claims:
Copy of FIR.
Duly filled Claim Form.
New India Assurance Commercial Vehicle Insurance Policy Premium And Maturity Calculator
By Using New India Assurance Commercial vehicle Insurance Premium and Maturity calculator you can calculate the minimum premium has to be paid to buy New India Assurance Commercial vehicle Insurance Policy. By using this you can also compare your policy with other policies and you can take your prefered scheme.The below information is required to calculate the premium
- GeoGraphical Zone
- Cubic Capacity
- Age of the Vehicle.
- Gross Vehicle Weight(GVW) Rating in case of Commercial vehicle.
- Add on Covers.
- Add on Covers.
New India Assurance Company Call Center Details
Customer care number: 1800-209-1415.
The New India Assurance co.Ltd,
FAQ on New India Assurance Commercial Vehicle insurance
1.Who can take the policy?
Ans: Any vehicle owner whose vehicle is registered in his/her name with the Regional Transport Authority in India.
2.How to select the sum insured?
Ans: The sum insured of a vehicle in a Motor Policy is referred to as the IDV. which stands for Insured declared Value. In case of theft of the vehicle or damaged in an accidental the claim amount will be determined on the basis of IDV. The IDV of the vehicle is fixed on the basis of manufacturers selling price of the brand and model of the vehicle.
3.What are the different covers available in New India Assurance Commercial vehicle policy?
Ans: There are 2 coverage facilities available in New India Assurance Commercial Vehicle policy they are
- Liability only policy.
- package policy.
New India Assurance Additional Documents and Forms
New India Assurance Commercial Vehicle proposal form for liability only
New India Assurance Commercial vehicle Proposal Form for package policy