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New India Assurance Pay As You Drive Motor Policy as Bundled Cover for Private Cars is designed for brand-new private vehicles. It provides own-damage insurance for the first year and third-party liability insurance for three years, subject to the policy schedule and wording. At inception, the insured declares the current odometer reading and selects an expected mileage slab of up to 4,000, 6,000, 8,000 or 10,000 kilometres. An applicable discount on the basic own-damage premium may be available at renewal when actual kilometres driven qualify. The discount is conditional on odometer or other accepted mileage verification and renewal with New India Assurance for the same product without a break in insurance. The policy continues even if the selected kilometre slab is exceeded, with the applicable discount determined using actual mileage. The premium depends on vehicle details, IDV, applicable rates, selected mileage slab and optional covers.
Mileage-based package for brand-new cars with one-year own-damage and three-year third-party cover
This bundled PAYD option is intended for brand-new private cars and combines first-year own-damage protection with three-year third-party liability cover. Its mileage-based structure may benefit owners who can estimate annual driving reasonably well, but the renewal discount is conditional rather than an automatic upfront saving. Select a realistic kilometre slab and keep odometer records. Pay particular attention to the end of the first-year own-damage period: the three-year third-party term does not mean own-damage cover also lasts three years. Review the policy schedule, IDV, deductibles, renewal requirements and any optional add-ons before buying.
New India Assurance
Key Insights
Founded
1919
New India Assurance was established 107 years ago and has built strong credibility over time, backed by its long-standing presence in the market.
Claims Experience
93.8% CSR, calculated as a 3-year average
New India Assurance settles 93.8% of all claims it receives.
Contact Details
1800 209 1415
Headquarters: 87, M.G. Road, Fort, Mumbai – 400 001, Maharashtra, India
Provides own-damage insurance for the first year of the bundled policy.
Check the policy schedule for the exact cover dates, limits and deductibles.
Provides third-party liability insurance for three years under the bundled arrangement.
Third-party cover remains subject to applicable law and policy terms.
The insurer specifies this bundled PAYD product for brand-new private cars.
Confirm eligibility and vehicle details before purchase.
Choose up to 4,000, 6,000, 8,000 or 10,000 kilometres based on expected driving.
Declare the starting odometer reading at policy inception.
An applicable discount on basic own-damage premium may be available at renewal when actual mileage qualifies.
Odometer verification and renewal with the same insurer and product without a break are required.
For an admissible partial-loss claim, reduces depreciation deductions for eligible replaced parts as specified in the add-on wording.
Optional extra-cost cover; eligibility, limits and terms apply.
May cover specified consequential engine, transmission or related damage arising from events described in the add-on wording, including certain water-ingression or lubricant/coolant leakage situations.
Conditions or treatments that the policy clearly says it will not cover.
Insurer
New India Assurance plans and claim process
It is a Pay As You Drive policy for brand-new private cars, with own-damage cover for the first year and third-party liability cover for three years.
The insurer lists this bundled cover for brand-new private cars. Confirm the vehicle eligibility requirements before purchasing.
Own-damage cover is for the first year only under this bundled product. The third-party section lasts for three years.
Disclaimer: Premium amounts are indicative and may vary based on age, health, and plan selected. Claim settlement ratios are from IRDAI Annual Reports. Finzony is not an insurance broker or agent. Verify all details on the official New India Assurance website before purchasing.
Official Website
newindia.co.in
Visit the official New India Assurance website for plan brochures, premium quotes and policy services.
The aforementioned ratios have been averaged over three years (FY24-FY26)
Optional extra-cost cover; exact triggers, exclusions and eligibility must be confirmed in the policy wording.
The insurer lists slabs of up to 4,000, 6,000, 8,000 and 10,000 kilometres. Declare the current odometer reading at inception.
An applicable discount on basic own-damage premium may be provided at renewal when mileage qualifies and the stated verification and renewal conditions are met.
The policy continues in force. The applicable slab for the renewal discount is determined using actual kilometres driven.
No. Optional covers such as Nil Depreciation and Engine Protect may be available for extra premium, subject to eligibility and policy terms.
Premium depends on the vehicle, IDV, selected kilometre slab, applicable rates and optional covers. Obtain a personalised quote from the insurer.