The New India Assurance Car Insurance Policy offers two types of coverage: Liability Only and Package Policy. The Liability Only policy covers third-party liability for bodily injury, death, and property damage, and also includes personal accident cover for the owner-driver. The Package Policy covers loss or damage to the insured vehicle in addition to the Liability Only Policy coverage.

Key features:

• Liability Only Policy:

  • Covers third-party liability for bodily injury/death and property damage.

  • Unlimited liability coverage for death/injury.

  • Liability coverage for property damage up to INR 7.5 lakhs for commercial vehicles and INR 1 lakh for two-wheelers.

• Package Policy:

  • Covers loss or damage to the insured vehicle in addition to third-party liability.

  • No claim discounts ranging from 20% to 50% on policy renewal.

• Add-on covers: Available for accessories, passengers, paid drivers, and legal liability to employees and non-fare paying passengers.

How to select the sum insured:

• Insured Declared Value (IDV) is the sum insured, representing the vehicle’s current market value.

• IDV is calculated based on the manufacturer’s listed selling price, adjusted for depreciation.

• For vehicles older than 5 years or obsolete models, IDV is determined through an agreement between the insurer and the insured.