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Frequently Asked Questions about Car & Two Wheeler Insurance

  
1. What is meant by IDV?
 
2. Do I get some discount on premium if I have installed anti-lock system and anti-theft alarm?
 
3. What is voluntary excess?
 
4. How can I reduce insurance premium for my car and two wheeler?
 
5. What is compulsory excess?
 
 
1. What is meant by IDV?
 
IDV means Insured's Declared Value. It is the current market value of your car or two wheeler.

IDV is arrived at by adjusting the current manufacturer's listed selling price* of the vehicle with depreciation percentage listed in the table below: -
VEHICLE
% OF DEPRECIATION
Not exceeding 6 months
5%
Exceeding 6 months but not exceeding 1 year
15%
Exceeding 1 year but not exceeding 2 years
20%
Exceeding 2 years but not exceeding 3 years
30%
Exceeding 3 years but not exceeding 4 years
40%
Exceeding 4 years but not exceeding 5 years
50%

For car and two wheeler models that are obsolete and aged over 5 years, the IDV will be the value agreed between Bajaj Allianz General Insurance (insurer) and you (insured).

*Manufacturer's listed Selling Price = (Cost Price + Local Duties) / Taxes, excluding Registration and Insurance.

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2. Do I get some discount on premium if I have installed anti-lock system and anti-theft alarm?
 

Yes, you get additional discount in case your vehicle is fitted with anti theft devices, approved by the Automobile Research Association of India (ARAI).

The amount of discount is usually 2.5% of the premium to a maximum of Rs.500.
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3. What is voluntary excess?
  Voluntary excess is your option to opt for bearing a certain amount of loss from every claim. For this option, you are eligible for a discount on Own Damage Premium (ODP) as listed in the table below:

VOLUNTARY DEDUCTIBLE DISCOUNT
Rs.2500 20% on the OD Premium of the vehicle, subject to a maximum of Rs.750/-
Rs.5000 25% on the OD Premium of the vehicle, subject to a maximum of Rs.1500/-
Rs.7500 30% on the OD Premium of the vehicle, subject to a maximum of Rs.2000/-
Rs.15000 35% on the OD Premium of the vehicle, subject to a maximum of Rs.2500/-
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4. How can I reduce insurance premium for my car and two wheeler?
 

You can save on your insurance premium for your car and two wheeler when you maintain a claim free record as the No Claim Bonus which you accumulate and get it translated into discount on the Own Damage Premium.

In case you have installed an anti theft device in your car, which is approved by the Automotive Research Association of India, then a discount of up to Rs.500 can be availed.

Another way of reducing cost of insurance premium is opting for voluntary excess, which means opting to bear a certain amount of loss from each claim.

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5. What is compulsory excess?
  Compulsory excess is the amount of loss that has to be borne out by the insured for each and every claim. It is levied as mentioned in the table below:-

TYPE OF VEHICLES
COMPULSORY DEDUCTIBLE
Private vehicles not exceeding 1500cc
Rs.1000/-
Private vehicles exceeding 1500cc
Rs.2000/-
Motorized two wheelers
Rs.100/-

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Disclaimer: Images used on this website and the models photographed in them are for representative purposes only and are not indicative of anyone's personal thoughts or ideas.
 
  Insurance is the subject matter of solicitation.
Bajaj Allianz Life Insurance Co. Ltd. All Rights Reserved. | IRDA Reg. No. 116 | An ISO 27001:2005 Certified Company | Tollfree: 1800-233-7272
Bajaj Allianz General Insurance Co. Ltd. All Rights Reserved. | IRDA Reg. No. 113 | An ISO 27001:2005 Certified Company | Tollfree: 1800-209-5858		  
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