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: 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:
| Vehicle’s Age |
% 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 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
Third Party:
- 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.
PA Cover for Passengers: 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: 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:
| Voluntary Deductible |
Discount |
| INR 2,500 |
20% on the OD Premium of the vehicle, subject to a maximum of INR 750/- |
| INR 5,000 |
25% on the OD Premium of the vehicle, subject to a maximum of INR 1,500/- |
| INR 7,500 |
30% on the OD Premium of the vehicle, subject to a maximum of INR 2,000/- |
| INR 15,000 |
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.
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Dear sir, My ecosport vehicle door got damaged. I want to change it completely. I would like to know the cost of it and how much it can be claimable. Due to minor accident it happened. Thanks ptabu
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This is regarding: Policy No.: OG-14-9906-1801-00058942 Claim No.: OC-14-1701-1801-00017334 Claim ID: 5895666 My vehicle met with an accident on 15th March 2014 and my left rear door, quarter panel, rear bumper, rear axle, rear tyre and front bumper got damaged. First of all your company didn't cover my front bumper damage as they said I didn't have enough proof that it happened in this accident. I gave whatever photographs I had but that didn't satisfy them. Now, when I've got the claim amount clarification note, I realized that they have also not covered many more things which are listed below: TYRE19555R16 B250 NEW VERNA - 50% should be covered as per policy GLASS RETAINER GUARD ASSY-RR WHEEL MUD LH GUARD ASSY-FR WHEEL MUD RH GUARD ASSY-RR WHEEL RH BRACKET ASSY-RR BUMPER SIDE, LH RETAINER ASSY-BUMPER COVER MTG CAP-FR HOOK COVER-FR BUMPER BOLT-WASHER ASSY PAD-REAR SPRING,LWR PAD-REAR SPRING,UPR SHOCK ABSORBER ASSY-RR - only 1 covered out of 2 quantity FLANGE NUT-SELF LOCKING NUT-HUB HUB ASSY-RR WHEEL SCREW-TAPPING I'm not very happy with the kind of service. Please look into this urgently and provide me with a solution.
Dear Sir, I have renued my motor car policy vide receipt no.1801-01178011 dated 18'th Jan 2014. Till now I have not given soft copy or hard copy of my policy. It is not fair towards your service. Narasimham.B.V