Car Insurance

Package Car Insurance (Comprehensive Car Policy)

A four wheeler insurance is a must. If you’re looking for an ideal car insurance policy, Bajaj Allianz offers you three types of car insurance policies to choose from. Car insurance prices vary depending on their coverage type. Based on your requirement and budget, you can choose the one that is most appropriate to you.

Let’s look at some of the types of car insurance we offer:

Comprehensive Car Insurance or a Package Car Policy, covers a broad range of incidents including damage to your car and other vehicles or property. This is the most complete car insurance policy you could get for your four-wheeler. Apart from third-party liability, package car insurance covers own damages expenses such as burglary, explosion, flooding, water clogging and more.

A Package car insurance policy offers you the liberty to include add-ons to your policy and bring in a range of extensive benefits for the protection of you and your car. This includes engine protector, personal baggage, depreciation shield, accessories cover and more.

This is the ultimate online four-wheeler insurance that gives you a holistic protection.

Key Benefits

- Third-party liability

- Own Damage expenses

- Options to include add-ons

- Option to include personal accidental cover

Third-party Car Insurance

This is the most basic and mandatory car insurance policy you can take for your car. When you third-party car insurance, you are letting us – your insurance company – take care of legal obligations that could arise due to an accident caused by you. Your insurer will take care of your legal liability you incur due to your car accident that could be death, injury, disability, or damage to third-party life and property.

Key Benefits

- It covers legal liabilities arising from injuries or damages caused to a third party (another person or their property) due to an accident involving your insured vehicle.

- It is a mandatory requirement in most countries to have at least a third-party car insurance policy.

- It protects you from financial losses if you are held legally responsible for damages or injuries caused to others in an accident.

Standalone Own damage Car Insurance

You can purchase a separate own-damage (OD) policy for your car, even if you have a liability-only policy from another insurance company, provided that the third-party (TP) policy is active on the date the standalone OD policy becomes effective.

Pay As You Consume (Usage-based Motor Insurance)

Like the name suggests, this type of car insurance policy lets you pay a premium that is based on the number of kilometers driven. This is a new class of motor insurance policy that requires you to estimate the amount of kilometers you intend to drive or are most likely to drive during your premium tenure.

This is highly beneficial for you if you don't use your car frequently and would like to keep car insurance prices at bare minimum. There are three slabs you are required to declare from - 2,500km, 5,000km and 7,500km.

It’s simple to buy car insurance that is usage-based and all you have to do is go to the website or an app and select a usage-based motor insurance option to get your car insured in three minutes.

For more details:

Pay As You Drive Insurance

For Old/Second Hand Car

Similar to your brand new car, a pre-owned car requires a substantial insurance policy as well. But there are several overlapping layers attached to this as the previous owner of your car would have already gotten a valid car insurance online. If there is insurance, get it transferred to your name. This happens in less than two weeks.

So, when you intend to buy car insurance online for your pre-owned car, ensure to look at the following factors

- Look for your car’s claims history as it will give you an idea of the previous claims made. Once the policy is transferred to your name, you can simply enter your policy number on your provider’s website and get the details.

- Ensure you transfer your no claims bonus to your car insurance to continue to avail benefits.

- If there is no insurance availed by the previous owner or if it has expired, you can get new insurance for your car immediately.

- Once the transfer of a car insurance policy happens, make sure you check for its expiry date. If the validity of your four wheeler insurance is about to expire soon, renew it on time.

If you are planning to buy new car insurance, then it’s important to make an informed decision. Let us now look at understanding the key reasons for buying Package car insurance

New Vehicle/Car Insurance Policy

When purchasing a new vehicle, securing the right insurance is essential. Bajaj Allianz General Insurance Company offers a New Vehicle Insurance Policy designed to provide comprehensive coverage, ensuring your car is protected from unforeseen damages, accidents, theft, and third-party liabilities. The policy also includes additional features like Zero Depreciation Cover, Personal Accident Cover, and an extensive network of 7,200+ cashless garages. With 24x7 Roadside Assistance and On-the-Spot Claim Settlements, you are guaranteed prompt support during emergencies.

Here’s how you can secure a New Vehicle Insurance Policy from Bajaj Allianz General Insurance Company in easy steps:

- Visit the Website or Mobile App

- Enter Vehicle Details

- Choose Coverage and Add-ons

- Complete Payment and Receive Documents

Protect your new car with Bajaj Allianz General Insurance Company today!

Renew Long-term Car Insurance

In case you bought your four-wheeler after September 1, 2018, you would have compulsory 3-year third-party insurance, which is a mandate. Perhaps your car insurance renewal is around the corner.

If you are an existing Bajaj Allianz Car Insurance customer, all you need to do is just enter your car policy number. Next enter the vehicle registration number and begin the process of renewal in a hassle-free way. Renew your motor vehicle insurance and be secured for the long run.

Also read:

How To Find Vehicle Registration Details Online

Documents Required to Buy Car Insurance Online

When you buy car insurance online, ensure you have the soft copies of the following documents in hand to seamlessly complete the car insurance application or process in minutes -

- Details about your vehicle including registration number

- A valid driver’s licence

- Bank details

- Tax receipts

- Filled insurance forms

We are one step ahead when it comes to providing you with hassle-free and straightforward motor insurance. Give us one minute to show you how by watching this video

How to Reduce the Cost of Your Car Policy?

Now, let us know some of the key ways of reducing car insurance premiums. Yes, you read it right! You can reduce the premium amount without compromising insurance coverage. Here are some tips to reduce the vehicle insurance premium:

- Do Not Make Small Claims: By now you would know, that for every free claim year, you earn a No Claim Bonus status and can further enjoy its benefits. For a claim-free record, you could save money as high as 50% (On basic OD premium) at the time of renewal. So, if you make even the smallest claim, you will not be able to enjoy the NCB benefit.

- Opt Voluntary Deductible: You may decrease insurance premium by increasing the voluntary deductible. It helps to reduce the insurance premium amount.

- Choose the Right Car Insurance Cover: Choosing the cover that is essential for the car. With an array of add-on covers, it is not necessary to include all of them. Rather be mindful and tactful of what coverage you want.

- Install Security Devices: Installing a security device is indeed a smart choice as it not only keeps the car safe but also reduces the risk of your vehicle being stolen. It implies that low risk is equal to low insurance premiums.

*Standard T&C apply

Also read:

Proven Tips to Get Concessions on Car Insurance

Important Terminologies Related to Car Insurance

Furthermore, let us now get an understanding of the various important car insurance terminologies listed below:

- Coverage: It refers to the financial security of the plan. The coverage of the vehicle insurance policy will differ on the premise of the plan that has been bought.

- Premium: It is the sum that the policyholder needs to pay as per the policy. To enjoy the maximum benefits of the policy, it's important to pay the insurance premium timely.

- Depreciation: Every year the value of the car gets decreased by a specific percentage. The decrease in the value is known as depreciation. Also during partial loss claim certain % of deductions are applied on the allowed parts depending of the nature of parts are also called depreciation.

- Own Damage: Any losses or damages incurred by the owner fothe cart by way of damage to the car is referred to as own damage. It could be due to various factors such as natural or man-made calamity, etc.

- Fixed Deductible: It is an amount that needs to be paid during an insurance claim fixed as per the standard wordiong decided by the regulator . The fixed deductible charges are also known as compulsory or file charges.

- Consumables: These include the parts of the car like fuel filters, gearbox oil, grease, engine oil, etc. These are referred to as consumables.

- Voluntary Deductible: It is that part of the claim that is to be borne by the policyholder voluntarily. In case the voluntary deductible is high, the insurance premium of the car will be low.

*Standard T&C apply

Why Should You Renew An Expired Car Insurance Policy Immediately?

It is absolutely vital that you renew your expired four wheeler insurance as early as possible. Like we saw, the primary reason for this is to avoid legal complications as it is illegal to drive without a valid insurance policy. Apart from this, there are two major reasons you should renew your car insurance immediately –

To Avail Your No Claims Bonus

When you don’t renew your policy, you will lose out on your no claims bonus you are eligible for. Your bonus accumulates over the years to fetch you good discounts and other benefits. If you don’t renew, they will lapse.

Financial Burden

Without a car insurance policy, you should bear the financial burden that stems out of misfortunes like accidents or damages to your car. You will have to pay from your savings or pocket for the recovery of your car. To prevent financial burden of any sorts, renewing four wheeler insurance is highly recommended. You can renew car insurance online seamlessly.

Zero Depreciation

This is an add-on you could add to your comprehensive car insurance policy. To understand what zero depreciation is, let’s first look at depreciation.

Cars are highly valuable until you purchase them. From the time you purchase, your car is subjected to depreciation, which means that it is losing its value in the market as it gets older. Not just the car but the spare parts powering your car as well. That is why older cars have a lower pricing in the market than their recently-purchased counterparts.

With the zero depreciation cover add-on, what you are basically doing is nullifying the depreciation associated with your car. This means that your car, technically, does not lose value in the market as the depreciation of your car is not considered by your insurer.

So, when you claim your insurance, you receive full value for your car and all of its spare parts. Bumper to bumper cover incurs the most expensive premium and is worth every penny shelled. We highly recommend this add-on especially if your car is less than 5 years old.

Features:

- Depreciation shield for the car

- Depreciation shield for the spare parts

Engine Protector

The engine is one of the most crucial parts of a car. Unfortunately, however, the expenses you incur on the damages to your car’s engine are not covered under standard car insurance. Being one of the most expensive parts for servicing, you end up spending more to recover your car’s engine from an accident.

That’s why the engine protector add-on is the most ideal solution to feature in your insurance policy. It covers expenses arising due to water ingression, oil leakage, hydrostatic lock and more. This helps you save up to 40% of the amount you would spend on getting your car’s engine fixed.

Features

- Protection against damages to engine and engine parts

- Protection against damages to differential parts

- Protection against damages to gear box and gear box parts

24/7 Spot Assistance

One of the most helpful add-ons for your car insurance, this ensures you are never stranded on the road due to any concern associated with your car. Our team is just a call or a click away to assist you or get to you to help you deal with a car situation regardless of where you are stuck in India.

So, no matter if you have to get a tire changed, or have an expert look into your car’s engine or need assistance in settling an accident, you can reach out to us at any time and we will be there by your side in a very short duration.

Features

- Pan India Coverage

- Spot Assistance for diverse car situations

Key And Lock Replacement

Car keys are some of the most misplaced items in the world. From forgetting them at a restaurant to losing them at your own home, car keys are easily overlooked. Sadly, there are expenses involved in getting new keys for your cars as it’s not just the key that has to be replaced but the entire locking system as well.

That’s why this add-on is here to reduce the expenses you are likely to incur because of misplaced or lost keys. We take care of the entire purchasing and replacing of your car’s lock and keys.

Features

- Expense coverage on key replacement

- Expense coverage on lock replacement

Consumable Expenses

Like we said, buying a car and maintaining a car are two different things. There are frequent expenses involved when it comes to the maintenance of your car. From servicing spare parts to replacing them, there are expenses surrounding your car all the time. And we are not even talking about the different types of car oils that need to be changed every now and then and during an accident.

With the consumable expenses coverage, you can let us take care of the expenses involved in the use of consumables for your car at the time of claim or post-accident.

Features

Consumables expenses involving

- Engine oil

- Brake oil

- Coolant

- Gear box oil and more

Personal Baggage

A car is your personal and private safe where you leave your belongings inside until your work outside is done. From laptops and expensive gadgets to money or money’s worth of valuables, you keep materials inside your car very frequently.

But this is not without its threat, where it is subjected to instances like thefts and burglaries especially when you leave your car in less populated avenues or remote places. That’s why the personal baggage add-on protects your personal belongings and covers the loss you incur because of damage or their theft from the car.

Features

- Indemnification for damage to personal baggage

- Indemnification for loss of personal baggage

Conveyance Benefit

Another highly convenient add-on, where we take care of the little yet significant concerns you are likely to face in your everyday life post an accident.

When your car is getting repaired in a garage and after your claim is accepted by us, this add-on ensures you get paid from us for your everyday commute. With this, you don’t have to worry about burning a hole in your wallet for the daily cab or transportation charges you are likely to pay during your car’s servicing.

Features

- Conveyance for your everyday commute

VPAY

Industry’s first game changing add-on cover that can simplify motor insurance related worries like never before. This new age cover offers 360° coverage and umbrella protection for all motor own damage needs of Insured vehicles. It will liberate you from not only answering numerous questions asked at the time of claim but will also free from the hassles of choosing an array of add-ons to protect your private car. An add-on cover that provides a balanced solution for the vehicle insured catering to both conventional risks, addresses emerging risks and increasing cost of ownership. Under the Own Damage section of V-PAY, we are offering two plans to customers: Elite and Classic cover. VPAY plans offer below unique benefits such as:

Features

- A one-time smart repair option enables car owners to address minor damages in one visit.

- Protection for the vehicle's digital sense devices, especially with the rise of connected cars and advanced driver assistance systems (ADAS).

- Waiver of compulsory deductible.

- Cyber Risk Protection for software issues, cyber extortion, and theft of funds resulting from cyber-attack.

- Safeguard of electric and hybrid vehicles from damages caused by power surge, explosion, water ingress, and short circuit.

- Coverage of mechanical and electrical breakdowns that are not a result of accidents, which are typically excluded from standard motor insurance policies.

- Repair cost in case of vehicle towing and retrieval.

- Covering damages if the vehicle is left unattended on the accident spot.

- Covering accessories and CNG fitment if customers forgot to declare during the policy.

*T&C apply

The Following Factors impacting IDV of Car

Insured Declared Value is important as it offers an estimated market value of the vehicle. It also gives an idea about the amount that the insurance company would offer in case the vehicle incurs a complete loss.

Here’s a rundown of the factors that impact the IDV of the car:

- Age of the Car: Yes, the age can easily increase or even decrease the IDV of the car. As the car gets older, the Insured Declared Value does take a dip. It is because of the car parts being depreciated over the years.

- Make and Model of the Car: Over the conventional car, an advanced car offers the higher Insured Declared Value. It is because high-end cars have a better market value and remain in trend too. The overall make of the car impacts the IDV.

- Place of Registration: The market value of the vehicle is also dependent on the geographical location where it is registered. For instance, for any four-wheeler bought in a metro city, the IDV for it will be higher compared to the ones bought in Tier-III cities.

Basis of Arriving at Insured Declared Value (IDV) of the Insured Vehicle:

List of products specified in the list above are governed by the Indian Motor Tariff.

The Insured’s Declared Value (IDV) of the vehicle will be deemed to be the ‘Sum Insured’ and it will be fixed at the commencement of each policy period for each insured vehicle.

The IDV of the vehicle (and accessories if any fitted to the vehicle) is to be fixed on the basis of the manufacturer’s listed selling price of the brand and model of the insured vehicle at the commencement of the Policy. The IDV shall change according to the depreciation grid below for each block of one year within the policy period.

Schedule of Depreciation for Fixing IDV of the Vehicle

The IDV arrived as per the above method may be further adjusted basis various factors such as location, make and model etc, with agreement of the Insured and as captured in the Policy Schedule.

The age-wise depreciation schedule shown above is applicable only for Total Loss/Constructive Total Loss (TL/CTL)/Cash Loss claims.

IDV of vehicles beyond 5 years of age and for obsolete models (i.e. models that manufacturers have discontinued) is to be determined on the basis of mutual agreement between the Insurer and the Insured.

IDV shall be treated as the Market Value throughout the Policy Period without any further depreciation for the purpose of Total Loss (TL)/Constructive Total Loss (CTL)/Cash loss claims.

Basis of Arriving at TL (Total Loss)/CTL (Constructive Total Loss) of the Insured Vehicle:

The insured vehicle shall be treated as a CTL if the aggregate cost of retrieval and/or repair of the vehicle, exceeds 75% of the IDV of the vehicle, subject to terms and conditions of the policy.

The liability of the Company shall not exceed the Insured's Declared Value (IDV) of the vehicle in the event of total loss/ constructive total loss/cash loss for the year in which loss has occurred. IDV as on date of loss shall be computed as specified under basis of arriving at Insured Declared Value (IDV)

If a damaged motor vehicle is assessed as being unrepairable and hence a wreck i.e. a ‘total loss’ or ‘write-off’, You shall have the option to retain the wreck and accept a ‘cash loss’ settlement (being the IDV less the assessed value of Salvage based on competitive quotes procured by the Insurer including any submitted by or through the Policyholder).

Note: For the purpose of computation TL (Total Loss)/CTL (Constructive Total Loss) of the Insured Vehicle aggregate cost of retrieval shall mean Company’s aggregate liability as per the terms and conditions of the policy.