Bajaj Allianz Car Insurance: Online Renewal, Coverage, Add-ons, Exclusions etc.
About Bajaj Allianz
Bajaj Allianz general insurance company is a Joint venture between Allianz SE, the World’s leading insurance company and Bajaj Finserv Limited. Bajaj Allianz is one of the companies to start their general insurance business in India after the privatization of general insurance business in India. It has received the certificate of registration from IRDA on 2nd May 2001 to carry out general insurance business in India. Bajaj Allianz is the second largest private insurance company in India in terms of GWP underwritten for the financial year 2020-21.
Bajaj Allianz general insurance company offers Car vehicle insurance, Bike insurance, Commercial vehicle insurance; Fire insurance, Engineering insurance, Health insurance and many other insurance products to the masses. The underwriting support is provided by the Allianz SE which has good experience in underwriting business in the new markets. Bajaj Allianz has seen a profit of Rs.1, 330 Cr for the year ending 20-21 with the solvency ratio of 345% for the mentioned period.
What is covered under Bajaj Allianz Car Insurance Policy?
Bajaj Allianz car insurance policy is an agreement between the insurance company and the customer in which the insurance company settles the loss or damages incurred due to an accident in return for a nominal premium to be paid by the customer to the insurance company. Bajaj Allianz four wheeler car insurance policies are designed to ensure that your car is protected from the damages caused as a result of perils mentioned in the policy document.
Below are the perils covered under Bajaj Allianz car insurance policy:-
- Own Damage Section:
Third Party Section:
- Damage due to Fire, Explosion, Self Ignition or Lightning.
- Burglary or House breaking or Theft.
- Damage due to Riot and Strike.
- Malicious damage
- Earthquake including Fire & Shock
- Damage due to Natural peril of Act of God such as Flood, Storm, Hurricane etc.
- Damage due to accidental external means.
- Damage due to Terrorist activity.
- Damage caused to the car while in Transit by Rail, Road, and Inland waterway, Lift, Elevator or Air.
- Damage due to Landslide / Rockslide.
Personal Accident Cover:
- Legal liability arising out of bodily injury / death of third parties involved in an accident with the insured car.
- Property damage of third parties caused due to an accident involving the insured four wheeler car.
- Personal accident cover compensates in the event of death or disability of the owner/driver due to an unfortunate incident while travelling on the insured four wheeler car. The compensation under the personal accident cover of Bajaj Allianz car insurance policy would not exceed Rs.15 L.
Bajaj Allianz Car insurance Add-ons:
Bajaj Allianz car insurance policy offers extra coverage to your car in the form of add-ons or riders on payment of extra premium at the time of policy purchase. The list of add-ons offered by the Bajaj Allianz car insurance policy is mentioned below:
- Depreciation Shield:
Depreciation is the reduction in the value of an item or part over a period of time due to the usage. The wear and tear results in the reduction of an item’s value which is known as depreciation. Depreciation is taken into consideration at the time of claim settlement by the insurance company. As a normal rule each year 10% or more of the car value would be depreciated depending on the parts which are damaged due to an accident. The depreciation cost is the amount which is deducted from your claim amount due to normal wear and tear caused to your car over a period of time. This depreciation cost would be given to the customer at the time of claim settlement if the depreciation shield is added to the policy at the time of purchase.
- Engine Protector:
Engine protection add-on covers the damage to the four wheeler car engine due to leakage of lubricant oil or damage to the engine box due to water ingression. Engine protector provides financial protection to the insured against any repair or loss of the car’s engine due to the above mentioned reasons. Engine protector is very important add-on if you stay in a low lying area which has a huge probability of floods during the monsoon season and driving in water clogged areas also result in malfunction of the engine. Without this add-on, standalone damage to the engine is not covered under your comprehensive car insurance policy.
- Consumable Expenses:
There are certain parts in your four wheeler car such as Engine oil, Gear box oil, Power steering oil, Coolant, AC oil, Brake oil, Air filter etc., which are known as Consumable parts. These parts cannot be repaired in case of damage and had to be replaced at the time of claim. The cost of replacement of these parts, in case of an accident, is generally not covered under your comprehensive four wheeler car insurance policy. But with the addition of this add-on, all the consumable expenses would be covered by the insurance company at the time of claim settlement.
- 24*7 Spot Assistance:
This is the Pan India cover provided to the four wheeler customers who need assistance while on the road. 24*7 road side assistance provides service for emergencies such as repair of flat tyre, jump start for car battery, legal advice in case of an accident and many more. The road side assistance cover is available in payment of additional premium at the time of policy purchase.
- Keys & Locks Replacement
In the event of irrecoverable loos or damage to the keys or lock of your car arising out of an insured event, you will be compensated for the cost incurred in fitting or purchasing new lock or keys or replacement of keys of your insured car. Generally in case of theft or robbery attempt of your car, burglars use duplicate keys to make unauthorized entry into your vehicle which would damage the lock set of your car door. This lockset needs replacement which is covered under the Keys & Locks replacement add-on of Bajaj Allianz car insurance. In case of loss of keys the door may be required to be opened with force or a new set of keys needs to be purchased from the showroom which incurs few thousands to few lacs depending on the value of your car. The cost of purchase or replacement of your car keys would be covered under the Keys &Locks replacement add-on on payment of additional premium at the time of policy purchase.
- Personal Baggage:
Under this add-on the insured is indemnified for the loss or damage caused to his/her baggage kept in the insured car due to an insured peril. The lists of perils which are covered under this particular add-on are mentioned in the Bajaj Allianz car insurance policy terms and conditions. Personal baggage generally includes clothing, toiletries, perfumes, bags and suitcases or other daily essentials. Baggage insurance compensates the loss of baggage due to theft or burglary or due to an accident. However, certain items such as Gold, silver items and other precious metals are not covered in addition to the luxury items such as Laptops, Mobiles etc.
- PA Cover for unnamed passengers:
The personal accident cover for unnamed passengers covers the death or disability of passengers travelling on the car at the time of accident. The maximum sum assured for personal accident cover is limited to Rs.2 Lacs per passenger travelling on the car . The PA cover for unnamed passengers would be charged based on the number of passengers mentioned in the RC copy of the car.For instance if the seating capacity is mentioned as 7 which includes the driver, then the PA cover for unnamed passengers can be taken for the remaining 6 passengers excluding the driver.
- Additional fitments:
The cost incurred to repair the additional fitments will also be paid by the insurance company if extra premium is paid and the coverage is opted. Additional fitments are covered under the Insured declared value of the own damage section. Extra fittings such as Stereo, car fittings etc., which do not come with the showroom fitting, are covered under this add-on.
- Conveyance Benefit:
A “per day” cash benefit would be paid to the insured customer if the car is in the workshop for more than a certain number of days as mentioned in the policy document following an accidental damage. The benefit is payable only if the claim is accepted by the insurance company as per the terms & conditions mentioned under the policy.
Key Features of Bajaj Allianz Car Insurance Policy:
There are certain key features of Bajaj Allianz Car insurance policy. They are:
- Motor on the Spot feature is a feature which allows the customer to register the claim via app and the claim would be settled within 20 minutes. Customer can use the claim amount to carry out the repairs at his/her desired workshop. This feature enables to increase the claim settlement time in case of minor repairs.
- The car insurance policy can be purchased for four wheelers aged up to 20 years online on our portal above which the decision would be taken by the insurance company based on the condition of the car.
- 24*7 Spot Assistance cover is provided to four wheeler cars up to the age of 20 years which is otherwise not available with other insurance companies.
- Depreciation Shield cover, Engine protection cover and Consumables cover are given for four wheeler aged up to 5 years. The premiums to be paid to avail the drive assure silver cover would be nominal and the coverage would be extended by a large extent.
- Instant policy issuance in case of four wheeler car. Policy copy would be available immediately after the payment of premium.
- Endorsements such as Name correction, Address correction etc would be done within 24-48 hours of submitting the request.
- Bajaj Allianz car insurance claim toll free number is 1800-103-5858 which can also be used for assistance in case of car breakdown.
- Bajaj Allianz insurance wallet is a mobile app which can be used for making insurance related purchases including the renewals. Most of the insurance products can be purchased directly from the mobile app with real time customer support to assist in the insurance purchase.
- Bajaj Allianz general insurance has tied up with more than 6000 garages to facilitate cashless claim settlement service to their customers.
- Motor on the spot feature allows the customers to get the claims settled if the claim amount is up to INR20, 000 in case of four wheeler cars. The claim amount would be transferred to the account of customer within 20 minutes. This on the spot claim settlement facility increases the number of claims settled thereby maintaining a healthy claim settlement ratio.
- Transfer of no claim bonus from previous policy (up to 50%) and transfer in case of new vehicle purchase.
- Claim Settlement ratio of 98% which shows the dedication of Bajaj Allianz general insurance company in settling the claims of their customers within a short period of time.
Types of Bajaj Allianz Car insurance
Bajaj Allianz car insurance is of the below types:
- Only Third party car insurance:
Bajaj Allianz third party car insurance policy covers the legal liability arising out of bodily injury or death of third parties involved in an accident with the insured vehicle. In addition to this it also covers the third party property damage caused due to an insured four wheeler car. The third party car insurance is mandatory as per the Motor vehicles Act to ply on public roads without which the driver/owner may be fined up to Rs.5000 or imprisonment up to 3 months or both. The third party car insurance premium of Bajaj Allianz can be calculate online using the link which includes the personal accident cover to owner driver up to INR 15 L.
- Comprehensive car insurance:
The comprehensive car insurance from Bajaj Allianz includes the Own damage section as well as the Third party section. Own damage section covers the loss or damage to the four wheeler car due to an insured peril such as Fire, Theft, Act of God, Malicious damage etc., acting at the time of damage. Bajaj Allianz comprehensive car insurance is also known as Full insurance in the market as it covers both the First party as well as the Third party. Bajaj Allianz comprehensive car insurance policy can be purchased online from Car Insurance by entering the basic details such as Make and model of the four wheeler cars, date of registration and RTO.
- Comprehensive with Drive Assure Economy:
Bajaj Allianz has introduced drive assure plans as a part of the own damage section of the policy to provide assurance to the customers regarding the claims. Bajaj Allianz Drive Assure Economy includes the Comprehensive package along with the Depreciation shield, Engine Protector & 24*7 Spot Assistance. The Drive Assure economy can be purchased on payment of additional premium and it is like a topping on an ice cream. Depreciation shield covers the cost of depreciation on the repair or replacement parts at the time of claim settlement without which the customer would be liable to pay the depreciation costs. Engine protector covers the loss or damage to the engine due to leakage of oil or water ingression. The last one is the Comprehensive cover with (24*7) spot assistance which includes the road side assistance over the call. Bajaj Allianz 24*7 spot assistance provides assistance to the insured in case of breakdown of the car on road.
- Comprehensive with Drive Assure Economy Plus:
Bajaj Allianz has introduced drive assure plans as a part of the own damage section of the policy to provide assurance to the customers regarding the claims. Bajaj Allianz Drive Assure Economy Plus includes the Comprehensive package along with the Depreciation shield, Engine protector, 24*7 Spot Assistance, Keys & Locks Replacement & Personal Baggage. The economy plus plan can be purchased on payment of additional premium and it is like a topping on an ice cream. Depreciation shield covers the cost of depreciation on the repair or replacement parts at the time of claim settlement without which the customer would be liable to pay the depreciation costs. Consumables such as Engine oils, Air filters, AC oil etc., would be replaced at the time of claim and are paid under this add-on. Engine protector covers the loss or damage to the engine due to leakage of oil or water ingression. Keys & Locks section covers the loss or damage to the keys or lock of the car due to an accident as a result of an insured peril. Personal baggage section covers the loss or damage to personal items such as Clothing, toiletries, perfumes, books etc.
- 24*7 Spot Assistance:
The last one is the Comprehensive cover with (24*7) spot assistance which includes the road side assistance over the call. Bajaj Allianz 24*7 spot assistance provides assistance to the insured in case of breakdown of the car on road. This package needs to be purchased by paying additional premium. The spot assistance coverage includes the assistance on phone in case of breakdown of the car on a highway or sending a mechanic from a nearby location to the place of breakdown.
Bajaj Allianz Car insurance premium calculation
Bajaj Allianz car insurance premium depends on many factors such as IDV, Add-ons, Age of the car, Make and Model of the car, year of registration, Manufacturing date, Previous NCB, RTO etc. Bajaj Allianz bike insurance premium can be obtained instantly using the online calculator. It is advisable to use this car insurance calculator before deciding on setting the budget for the car insurance.
Below are the factors which need to be input to get the Bajaj Allianz car insurance premium online:
- Basic details such as Name, E-mail, Mobile number etc.,
- Car Make and Model which decides the premium of the car to be paid by the customer.
- Insured declared value which is the maximum liability of the insurance company in case of any claim. Higher the IDV, higher the premium.
- Year of registration of the car to arrive at the age of the bike. Bajaj Allianz general insurance covers four wheelers up to 20 years of age online. Cars aged above 20 years would be subject to inspection and approval from the underwriting team before quoting.
- Previous year No claim bonus also decides on the premium to be paid for Bajaj Allianz car insurance policy. Higher the NCB, lower would be the premium to be paid by the customer.
- RTO location decides on the premium to be paid in the online car insurance calculator. State capitals are classified under Zone A while the rest of cities come under Zone B.
Bajaj Allianz Car Insurance Claim process:
Bajaj Allianz has simplified the claim settlement process for their customers. Below is the process of claim settlement with Bajaj Allianz:
Step 1: Claim Registration
The first step in the claim process is to register the claim by calling on the Toll free number 1800 -209-5858 and registering the claim by mentioning the basic details such as policy number, date and time of accident, brief description of the accident, approximate claim costs etc. A claim intimation number would be assigned by the Bajaj Allianz claims team which should be quoted for further communications regarding the claim. Bajaj Allianz team will take you through the entire claim process and would assist you in each and every step of the claim settlement process.
Step 2: Repairs
The next step in the car claim settlement process is to take the car to the nearest garage for repairs. Bajaj Allianz has tied up with more than 6000 garages Pan India to provide cashless service to the customers. This Pan India service can be utilised by anyone and get the repairs done at any part of India. In case of minor damages the car can be driven to the nearest garage for undertaking repairs, if in case the car is in immovable condition then the towing services can be availed to two the car to the nearest garage.
Step 3: Claim Settlement
Bajaj Allianz‘s “Motor On The Spot” feature allows the customers to get their minor claims settled within 20 minutes in case of minor claim where the claim amount doesn’t exceed INR20,000. If the claim amount exceeds INR20, 000 a surveyor would be deputed to the garage within 24 hours of claim registration. Surveyor would conduct the survey and submit the report to the Bajaj Allianz general insurance company within few hours after which the company would decide on the admissibility and the quantum of claim. Once the customer agrees to the claim amount, insurance company will process the claim and settles the amount directly with the garage in case of cashless claim settlement. If the customer wishes to get his repair done at a non cashless garage, the claim amount has to be paid upfront by the customer and later submit the bills to process the claim.
If you are not satisfied with the claim amount or there is a disagreement on the quantum of the claim amount, you can approach the ombudsman of the insurance company before trying for the arbitration process which involves arbitrators from both ends to meet and discuss on the quantum of claim to be settled instead as a case of out of court settlement.
Documents required for Bajaj Allianz Car insurance Claim Settlement:
There are certain documents required by Bajaj Allianz claims team for car insurance claim settlement process which are mentioned below:-
Own Damage Claim:
- Original policy copy and Registration copy of the car in the name of the insured. If the name of insured and name on the RC doesn’t match, claim will be denied by the insurance company.
- Valid driving licence of the driver who was driving the car at the time of accident. Claim would not be settled if the driver doesn’t have valid licence at the time of accident.
- Claim bills or estimate to be submitted to the insurance company from the garage.
- Car engine number and chassis number, Odometer reading would be verified before the claim settlement.
- Duly filled and signed claim form to be submitted.
Third Party Claim:
- Copy of FIR in case of theft should be submitted to the insurance company.
- Copy of Non traceable certificate also should be submitted. If the police are not able to recover the car within 90 days of complaint then a Non traceable certificate would be provided to process the claim.
- Duly filled and signed claim form to be submitted.
- All the other documents such as original policy copy, RC copy should be handed over to the insurance company.
- RC copy should be nullified by intimating the RTO.
- Spare keys of the car should be submitted to the insurance company.
BAJAJ ALLIANZ “MOTOR ON THE SPOT” Feature allows customers the get the minor claims settled within 20 minutes. The maximum amount for minor claims is Rs.20,000/- which would be settled under the Motor on the spot feature of the company.
- In case of Third party bodily injury claim, FIR should be submitted and the same needs to be intimated to the insurance company.
- Details of the other vehicle(s) involved in accident with the insured bike should be mentioned in the claim form.
- Duly filled and signed claim form should be submitted.
- In case of property damage claim the details of property damaged should be mentioned in the claim form.
- All other documents such as original policy copy, RC Copy, Driving licence should be submitted to the insurance company.
Documents required for Bajaj Allianz Car insurance online purchase:
There are certain documents required to purchase car insurance online from Bajaj Allianz general insurance company. They are mentioned below:-
- Registration certificate of the car to know the Make & model of the car, Year of manufacture of the car, RTO location, Car registration number etc.
- Previous year policy copy of the car to understand the No claim bonus available, expiry date of the policy etc.
- Nil claims declaration from customer in case of No known or reported claims in the previous year.
- You can purchase Bajaj Allianz four wheeler insurance from online portal after entering the basic details such as Car registration number, Year of registration or manufacture, RTO location, Make and model of the car and previous year policy details.
Exclusions under Bajaj Allianz Car insurance:
There are certain exclusions under Bajaj Allianz car insurance which are not covered by the insurance company. Let us understand the exclusions under Bajaj Allianz car insurance policy:-
- Any accidental loss or damage and or liability caused or incurred outside the Geographical area;
- Any claim arising out of contractual liability;
- Any accidental loss or damage caused when the car is used
- Loss or damage caused to the car when driven by a person without a valid driving licence or by a person other than the driver as stated in the Driver’s clause.
- Any accidental loss or damage to any property whatsoever or any loss or expense whatsoever resulting or arising there from or any consequential loss.
- Any liability of whatsoever nature directly or indirectly caused by or contributed to by or arising from ionising radiations or contamination by radioactivity from any nuclear fuel or from any nuclear waste from the combustion of nuclear fuel. For the purpose of this exception combustion shall include any self-sustaining process of nuclear fission.
- Any accidental loss or damage or liability directly or indirectly caused by or contributed to by or arising from nuclear weapons material.
- Any accidental loss damage and/or liability directly or indirectly or proximately or remotely occasioned by contributed to by or traceable to or arising out of or in connection with war, invasion, the act of foreign enemies, hostilities or warlike operations (whether before or after declaration of war) civil war, mutiny rebellion, military or usurped power or by any direct or indirect consequence of any of the said occurrences and in the event of any claim hereunder the insured shall prove that the accidental loss damage and/or liability arose independently of and was in no way connected with or occasioned by or contributed to by or traceable to any of the said occurrences or any consequences thereof and in default of such proof, the Company shall not be liable to make any payment in respect of such a claim.