What is Insurance ?
Insurance is the promise of reimbursement in the case of loss; paid to people or companies so concerned about hazards that they have made prepayments to an insurance company policy: written contract or certificate of insurance; "you should read the small print on your policy" indemnity: protection against future loss.

Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of potential financial loss. Ideally, insurance is defined as the equitable transfer of the risk of a potential loss, from one entity to another, in exchange for a reasonable fee.

What is Premium?
Premium is the amount paid for the purchase of an insurance policy.

What is insurable interest?
Any financial interest a person might have in a possible subject of insurance. For instance one can’t buy for your neighbour’s house, as one has not any insurable interest in it.

What is deductibles on the Policy?
An arrangement whereby the claim amount up to a pre-specified limit has to be borne by the policyholder.

There are two types of deductibles

• Compulsory Deductibles- applied in vehicle insurance and
• Voluntary Deductibles- by opting this option specified rate of discount is given on premium to the policy holder. As the deductible increases, the premium falls.

What is Reinsurance?
Where insurance companies spreads their risk by an arrangement with other underwriters or reinsurance companies, it is called reinsurance.

Motor Insurance FAQ

Who can avail of National’s’ Motor Insurance?
Motor cycles, private cars & commercial vehicles, we do it all. Thousands of vehicle owners, garages, repairers, showroom owners, dealers & manufacturers have benefited out of the protective cover of our Motor Insurance.

What is the premium one has to pay for availing the Motor Insurance?
The insurance premium for your vehicle depends on the cubic capacity of the engine, the carrying capacity or the gross weight of the vehicle, the age and place of registration and the IDV (Insured Declared Value). For an exact calculation of your vehicle premium, please contact our office nearest to you.

Is it possible to transfer my Motor Insurance from another company to National?
Whether it is Insurance for a new vehicle or you are looking to transfer your Motor Insurance, choose National. With us, processing time is down to a minimum, with lesser paperwork involved. You will find the entire claim process in case of a loss/damage far smoother and hassle free with National.

What is the value addition of your Motor Insurance offers?
To further protect you and your near and dear ones commuting in the vehicle with you, we offer a range of value added extensions to your Motor Insurance Policy at a nominal additional premium.

Personal Accident

You can avail of this cover for yourself (as the insured), for the driver of your vehicle (in case you have a paid driver) and unnamed passengers as per the seating capacity of the vehicle. Unnamed passengers can include your spouse, children, parents, etc.

Legal liability towards your employees

Through this extension, you will be compensated for any legal liability towards your employees that may arise due to an accident involving the vehicle.