The best way to check the financial health of a company is by looking at its “rating.” New India Assurance is rated A - (Excellent) by AM Best and AAA by CRISIL for financial strength.
The reason why you have insurance is to get compensated in case of any loss and it's the insured value that will be compensated.
What we see is that customers sign a lower value to the insurance to lower their premium, which in the end means that the full value is not insured and therefore the concept “under insured”.
Example, you sign a property insurance whey you buy your house. You later make renovations to it that highers the value of the house but you don't adjust the value in your insurance cover.
Same if your company buys 5 new computers, this needs to be added in your insurance as it will not be covered otherwise!
Yes, some of the largest insurance companies have been in business for decades and New India Assurance dates all the way back to 1919.
When a company has been in business that long, you can be sure that it understands the complicated insurance business, how to manage risk and grow assets, and has a history meeting long-term financial goals and obligations.
The claims process has many steps and there are parts of it that is not in the insurance company’s hands.
The claim process starts when the customer registers the claim at our office with the correct documents.
If the customer doesn't have all the correct documents this can delay the start of the process.
If the case is complicated and none of the parties admits fault, the insurance companies have to decide who is and this can take time.
To estimate the damage there is always a surveyor involved for the inspection and estimate. Their busy schedule can sometimes delay the appointment to see the damage or provide us with the quote.
If the customer decides that the insurance company needs to do the repair, there is a possibility that the parts are not available which leads to longer wait.
We always do our best to speed up the claims process as we do understand the urgency.
If there are any questions, you can always call us and find out where the claim is held up and help us solve the problem if possible!
Yes it is! When paying for 1 full year, you pay for the administration cost only once!
The more payments you do, the more times you need to pay the administration cost and it’s the same for many companies. We therefore recommend you to pay the full year upfront to save you extra charges!
Of course you can! We don’t want you to be underinsured at any time! So whenever you need content to be added to the insurance or an upgrade to be made, please contact our office and we will help you!
It’s the same thing if you paid for 1 year of car insurance and you sell the car, we will refund the months that the car was not in your possession! Please contact us before selling it for us to prepare the documents needed.