There are various factors that lead to numerous road accidents on a daily basis in India. As per reports, 1,214 road accidents happen every day. Two-wheeler are involved in 25% of road crash deaths. This is the severity of the current situation. Although there is nothing we can do at a personal level to change these statistics, we can definitely protect ourselves by taking the right insurance cover. The National two-wheeler insurance is a comprehensive plan that offers a range of services to the policyholders. National Insurance Company is one of the oldest and largest general insurance companies in India. Two wheeler insurance is one exclusive item of its product line which comes with various benefits.
Buying two-wheeler insurance provides financial coverage to the bike owners during unforeseen accidents
The National two-wheeler insurance policy is categorized into three plans:
- National Insurance Third Party Liability Only – This plan only covers the damage caused to any third party by the insured’s two-wheeler.
- National Insurance Comprehensive plan – It covers third party liability as well as own damage that might be caused due to natural or man-made calamities.
- National Insurance Two wheeler long term plans – These plans offer a maximum of 3-year coverage which eliminates the headache of yearly renewal.
Salient Features of National Two-wheeler Insurance
Every insurance company comes up with attractive benefits and plans. The idea behind offering unique insurance coverage is to make sure that customers who walk in the company are satisfied with the products. The National two wheeler insurance comes with some salient features which are also the unique selling point of the plans.
The Add-on Coverages
The add-on coverages are used to enhance the longevity and services of the bike insurance policy. The National two wheeler insurance comes up with some unique add-ons like:
- Consumable add-on Cover – Every two-wheeler requires servicing at predefined intervals. During these servicing, there are certain parts of the vehicle that are replaced or repaired. These are termed as “consumables ” which include engine oil, grease, brake oil, washers, etc. The consumable add-on coverage provides financial aid for these things and the owner would not have to pay for it from his pocket.
- Zero Depreciation Cover – As it is known, every vehicle and its renewable parts are depreciated over time. With this cover, the owner would not have to bear the loss of it. The company pays for the difference between the actual amount and depreciated amount of the parts or the vehicle and thus, the policyholder gets full amount during claim settlement without the factorization of depreciation.
- Return to invoice add-on cover – In case of theft of the vehicle, the insurance company pays the IDV (Insured Declared Value) amount of the bike, which usually changes every year. However, with this add-on coverage, the insured bike owner would be paid the total showroom price in case of Total Loss or Constructive Total Loss.
No Claim Bonus
No Claim Bonus, more commonly known as NCB, is one of the best features that come with all motor insurance policies including two-wheeler plans. Under this coverage, the customer gets a discount for every year that he does make any claim. The National insurance company provides an initial discount of 20% which can be raised upto 50% for a total of five claim-free years. The best part is that the NCB coverage can be retained for a new two-wheeler even if the policyholder files a claim. This he can do by purchasing the NCB protection cover. Also, if the owner wishes to sell his bike during the insurance tenure, he can retain his NCB and use its benefit on the new one.
AAI stands for the Automobile Association of India. Since the National Insurance Company is owned by the Government of India, the customers of the firm can become an AAI member. Doing so will allow the insured individual to avail a discount of 2.5% in case of own damage components.
Every bike owner is aware of the fact that there are some specific parts of the vehicle that can be stolen easily. There is not much one can do about this but buy anti-theft devices to protect the parts. Installing an anti-theft system not only saves the owner from bearing losses but also makes him eligible for discounts. Under the National two-wheeler insurance policy, the insured is entitled to some discount at the time of insurance renewal if he has installed anti-theft devices in his two-wheeler.
The National Insurance Company stands out in its customer services for a lot of reasons, and offering easy renewal options is one of them. One can complete his National two-wheeler insurance policy renewal process just by following a few simple steps. The plan renewal option is available on the website of the company. One only needs to enter the policy number, personal details, and vehicle information. The insurance renewal quote will be provided online.
The National two-wheeler insurance has almost everything in the store that can cater to all the needs of customers. This is the reason behind the successful run of these insurance plans over the years.