If you’re looking to buy a vehicle insurance
policy then this is the right place to begin. Learn all about the key components of your motor insurance premium to enable making a more informed purchase that addresses your needs within your defined budget.
IDV means Insured’s Declared Value. It is deemed to be the ‘SUM INSURED’ for the purpose of tariff calculation and is usually fixed at the commencement of each policy period for each insured vehicle. IDV is calculated by adjusting the current Manufacturer’s Listed Selling Price (*see below) of the vehicle with depreciation percentage listed in the table below:
||% of Depreciation
|Not exceeding 6 months
|Exceeding 6 months but not exceeding 1 year
|Exceeding 1 year but not exceeding 2 years
|Exceeding 2 years but not exceeding 3 years
|Exceeding 3 years but not exceeding 4 years
|Exceeding 4 years but not exceeding 5 years
For vehicles 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 = Invoice Value + Taxes, excluding Registration and Insurance
PA Cover for Passengers:
- Motor third-party insurance or third-party liability cover, which is sometimes also referred to as the 'act only' cover, is a statutory requirement under the Motor Vehicles Act.
- It is referred to as a 'third-party' cover since the beneficiary of the policy is someone other than the two parties involved in the contract i.e. the insured and the insurance company. The policy does not provide any benefit to the insured; however it covers the insured's legal liability for death/disability of third party loss or damage to third party property.
- A third party insurance policy is a policy under which the insurance company agrees to indemnify the insured person, if he is sued or held legally liable for injuries or damage done to a third party. The insured is first party, the insurance company is the second party, and the person you the insured injure or who claims damages is the third party.
If you have opted for this cover (which is available on extra premium) then there is compensation payable to the family members of the passengers in case of death. There is no cost of medical bills or any expenses payable to the injured passengers.
Voluntary deductible is your option to opt for bearing a certain amount of loss from every claim. Insured may opt for a higher deductible over and above the compulsory deductible that can help him/her earn discount in OD premium. For this option, you are eligible for a discount on Own Damage Premium (ODP) as listed in the table below:
||20% on the OD Premium of the vehicle, subject to a maximum of INR 750/-
||25% on the OD Premium of the vehicle, subject to a maximum of INR 1,500/-
||30% on the OD Premium of the vehicle, subject to a maximum of INR 2,000/-
||35% on the OD Premium of the vehicle, subject to a maximum of INR 2,500/-
Know how a motor insurance calculator
assists you in determining your premium and offers other benefits to make your research and purchase easier.
[…] it would be disappointing for a customer to discover that the motor insurance policy purchased by them is not a genuine one. Unfortunately, this could come to his notice only at […]
I have renewed my two wheeler motor cycle insurance on 13/07/2013, reference id is 3376164 and trace number is 174399.
Till now i didn’t get my bike insurance papers to my home.
Would you please look into that issue. It’s two weeks since i have renewed my bike insurance.. this is too much..
We will send you a mail along with policy soft copy.
Thanks and Regards,
Help and Support Team