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New India Insurance Co. Ltd. was incorporated on 23rd July 1919; established by the House of Tata founder member- Sir Dorab Tata. The organization nationalized in 1973 with the merger of Indian companies. NIA is the largest general insurance company in India on the basis of the gross premium collection inclusive of overseas operations. It is the first Indian non-life company to reach Rs14304 Crore gross premium. The Company has operations in foreign countries like Japan, U.K, Middle East, Fiji and Australia. Earlier it was a subsidiary of the General Insurance Corporation of India (GIC).
Motor insurance is a compulsory document that vehicle owner should carry while driving. It is essential in India to have motor insurance as per the Indian law. Anyone who drives without an insurance policy has to pay heavy penalties. It provides financial protection to the vehicle against any emergency.
Your motor vehicle is your second most precious and expensive asset after your home and considering the present work conditions and travel time required to reach the office, the vehicle proves to be your second home since you spend so much time traveling in it. When a vehicle proves to be such an important part of your daily life, don’t you think that getting it insured should be the best thing that you can provide your vehicle in return? It is anyways mandatory in India to have a motor insurance policy under the Motor Vehicle Act. There are a lot of risks involved with vehicular travel which can occur anytime, without any prior warning and prove quite costly for you. A motor insurance protects your finances and provides the coverage in the event of such accidents. A comprehensive motor insurance plan helps you in protecting your vehicle from financial liabilities or loss.
Getting your vehical insured and renewing the existing one on time is very essential. When it comes to renewing an existing motor insurance policy, it is important that you remember the last date before it lapses because if you don’t, then you will let go of important benefits that you might have availed of after renewing. If you want to drive your vehicle without any hassle then renewing the existing one is very vital. For getting the best deal at the time of renewal, you can do a motor insurance policy comparison that helps you in choosing the cheapest motor insurance online.
Don't forget that the validation of your motor insurance policy is for a certain time period. It depends on the date of which you bought your motor insurance policy. Once this period is over, you will be required to renew your motor insurance policy before it expires.
When you are renewing your existing motor insurance policy you should look for a great deal for the same. Sometimes, the cost of the renewal goes higher if your motor is unable to meet the basic requirements of the motor insurance policy at the time of renewal. This makes it very important to remember the date of motor insurance renewal. You can check the same online and offline as well. By comparing the available motor insurance policies, you can easily get the cheapest motor insurance policy online.
Once your policy lapses due to non-renewal, then you may be required to purchase a new motor insurance policy in order to comply with the law. You may even be required to pay a fine depending on the days for which the motor was not insured.
Driving without a motor insurance policy can be a risky thing as you may end up paying all the penalties and the cost of damages that may occur because of an accident apart of getting penalized by the traffic authorities for non-compliance of the law.
Therefore, it is really important to renew your existing motor insurance policy on time for avoiding troubles that you can face in the future. Also, try to make sure that you are getting the sufficient coverage and the best deal for the same.
New India Assurance is offering a wide range of effective and helpful motor insurance products that will cover all of your basic needs. It includes all those features that a Motor insurance plan should have.
: This plan has been designed to cater to the specific need of an individual who meets with an accident on road and sustains injuries which require treatment.
Under this plan you will get two types of coverage – Liability and package coverage. Both will assist you in their ways.