National Car Insurance Companies

National Insurance Company, one of the premier insurance firms in India, offers a third-party liability policy and a comprehensive car insurance policy. The company also offers benefits like cashless claims settlement, discounts, etc., to customers.

National Insurance Company Limited (NICL) is a fully central government owned general insurance company based in India. The company headquartered at Kolkata was established in 1906 and nationalised in 1972. NIC’s gross direct premium income has steadily grown to about INR9000 crores rupees in the financial year 2015-13.

The company lists over 15,000 skilled employees in its rolls, with 1,340 offices and 373 business centers across India, and is operational in Nepal too. The company has been recognized as ‘Best in Service’ in the Motor and Health classes of the insurance business which comprise of 63% of the Indian non-life insurance market. In terms of Motor Insurance, the company has extensive tie-ups with leading automobile makers including Maruti, Tata Motors, Nissan, Honda, etc. When it comes to insurance in India, NIC is definitely a leading choice.

 

Private Car Insurance from National Insurance Company Ltd.

The Motor Insurance policy from National Insurance Company (NIC) is highly pro-customer and brings in a range of features that provide 100% protection to your cherished set of wheels. With regular features such as protection against unintentional loss or damage caused to your car, theft, or the involvement of your vehicle in accidents that could have caused injury, loss of property or death of a third party, a network of experts who give new meaning to the concept of customer support and the simplicity of purchasing the policy online, make the private car insurance from NIC a hearty proposition.

 

Key Highlights & Features of NIC Motor Insurance

Covers vehicles used for social, domestic, and professional purposes (excluding carriage of goods by a driver other than the registered owner) as used by the insured or the insured’s employees. This excludes the use of the vehicle in cases such as for hire or reward, speed tests, reliability trials, pace setting, racing, and any scenario involving motor trade.

Additional cover for loss of accessories, legal liability to paid driver, personal accident to the owner and other occupants of the car, and increased legal liability to property damage concerning a third party to the tune of Rs.7.5 lakhs.

Provision for ‘No Claims Bonus’ if no claims are issued through the policy tenure. Also, discounts are applicable when opting for higher voluntary excess.

Generally, annual policy tenures are issued. However, exceptions do exist to this rule.

Purchasing the Motor Insurance is very simple- Buy online using credit/debit card or net banking. It takes just 5 minutes!!

Avail discount for approved anti-theft equipment installed in the vehicle. There is also concession for custom designed vehicle that would be used by blind, handicapped or mentally challenged people.

 

FAQs for National Car Insurance

What is the extent of damages covered for a self driven vehicle under the Comprehensive coverage car insurance plan?Under a National insurance comprehensive coverage plan, damages to own car caused by the the following are covered.

Damage caused due to Fire(external means), Explosion, Lightning & Self Ignition.

Natural perils such as Floods, Earthquakes, Storms, Landslides and Rockslides

Theft, Housebreaking & Burglary

Riots, Strikes, Terrorism & other malicious acts

Transit by Road, Rail , Air, Inland Waterway, Lift

I read some literature about “No Claim Bonus”. What is this and how does it work?No Claim Bonus is a monetary benefit passed to the insured for not making any claims during the previous policy period. It is a mandatory rebate given by the insurer to the insured during the time of policy renewal for “zero”claims during the antecedent policy term.The NCB starts at a minimum of 20% and can go up to 50% of the policy premium renewal value.

What is the procedure for making changes to my existing car insurance policy from National insurance?It is paramount that you keep the insurer informed on changes with regard to communication address and phone numbers, modification in name, alterations made to the car etc. It is done by means of an Endorsement by the insurer.You can either call or visit one of the local offices of National insurance to gather more information regarding any modifications to the existing policy. Some of these changes may require support of relevant documents.

I do not use my car very often. Is it necessary to get an insurance cover for it?The Indian Motor Vehicles Act mandates that all vehicles in the country are insured with at least a minimum insurance cover, i.e., the third-party liability insurance. Since it is the law, you are expected to abide by it. You can approach National Insurance Company Limited to buy a liability-only policy for your vehicle that provides adequate coverage for your needs at a nominal cost.

What are the advantages of using the National car insurance premium calculator?The National car insurance premium calculator tool is a very useful proposition as it helps you in determining the amount you will have to set aside towards the premium on an annual basis. This is key in coming up with a realistic budget for your annual expenses.If you are using the National car insurance premium calculator tool on neutral financial websites such as BankBazaar, you can also compare motor insurance plans between providers. This is useful in identifying the most cost-effective plan for your needs.

Does National Insurance Company offer car insurance for used cars?Yes, National Insurance Company offers car insurance for all private cars that have IDV less than Rs.25 lakh. You can get further details on this by contacting the insurer.

GST Update: GST of 18% is applicable on car insurance effective from the 1st of July, 2017

 

National Car Insurance Claim Process

In order to raise a claim with National Insurance, you can follow these steps:

 

After the loss has occurred, you should contact the police and file an FIR. It is mandatory to produce an FIR at the time of a claim for the following events:

Fire

Burglary

Theft

Damage to third-party

Accident

It is not necessary to file a claim when the loss has occurred due to natural calamities, such as earthquakes, floods, inundation, etc.

 

You should also intimate the insurance company of the loss immediately. This is crucial in ensuring that your claim is honoured.

Collect the claim form from the insurer and fill it up accurately.

You should then submit the claim form at the office of the insurance company, either directly or through an authorised agent. Along with the claim form, ensure that you submit all the relevant documents, including:

Doctors’ prescriptions

Police reports

Pathological test reports

Medical shop bills

Admission and discharge certificates

Receipts from doctors, surgeon, etc.

Any other document requested by the insurer