After purchasing a car, getting a car insurance is the most important step. This insurance helps manage financial risks in case of any eventuality. One such product available under car insurance is Bajaj Allianz car insurance policy by Bajaj Allianz General Insurance Company Limited, a joint venture between Bajaj Finserv Limited and Allianz SE.
What is Bajaj Allianz Car Insurance Policy?
Bajaj Allianz car insurance falls under motor insurance plans. The policy offers a variety of covers to choose from in order to manage any financial burden experienced due to accidents or any untoward incident. The insurance helps take care of repair and other expensive costs.
Types of Bajaj Allianz Car Insurance Policy
Bajaj Allianz car insurance comes with three different types of plans in order to cater to different requirements of individuals.
Basic Value Plan: This can be the basic budget-friendly plan for non-power users. The plan, which has relatively cheaper premiums, also offers third-party liability coverage and owner/driver coverage.
Standard Plan: This is between the basic and the best plan. It balances the robust financial protection of the car along with giving the convenience of standard-sized premiums.
Flexible Plan: The plan is the best one from the Bajaj Allianz and is the highest configuration of the plans available with the company. This plan covers all the basic features which can also be customised according to the customer’s specific needs and requirements.
What all Bajaj Allianz Car Insurance Policy Covers?
The basic coverage offered by Bajaj Allianz car insurance policy include the below-mentioned points:
- Loss or damage to the car due to various natural disasters: Natural disasters,including fire, explosion, self-ignition, lightning, earthquake, flood, typhoon, hurricane, storm, cyclone, etc.
- Damage caused due to various man-made disasters: Man-made disasters include theft, riot, strike, burglary, malicious acts, terrorism, damage caused while transiting via road, rail, inland waterway or air.
- Third Party Liability: Bajaj Allianz car insurance offers protection against legal liability due to damage caused to any third-party property or resulting to permanent injury or death of a person.
- Personal Accident Cover: This insurance offers coverage of up to Rs. 2 lakh for the owner/driver of the car. Whether the person is driving or travelling and mounting or dismounting from the car, the insurance offers coverage during the accident. The company also offers optional personal accident covers for passengers or people driving along.
- Accident Shield: The insurance policy offers compensation for total permanent disability or death of the person, caused due to an accident that happens while driving the insured car.
People need to fulfill certain conditions to be eligible to purchase Bajaj Allianz car insurance. The eligibility criteria for buying this insurance policy are:
- The person must be an Indian citizen
- The person must have a valid driving license
- The person must be of the age 18 years or above
- The car must be registered with RTO
- The person must have RC book of the car
Bajaj Allianz Car Insurance Policy Claim Process
In case of any eventuality, you need to approach the insurance company for making claims. The claim process with Bajaj Allianz car insurance is a simple process. Follow these steps for filing a car insurance claim with Bajaj Allianz General Insurance Limited:
- The policyholder must inform the insurer about the incident as soon as it takes place. This can be done in two ways- by registering online at the official website of Bajaj Allianz, by calling on the toll-free number 1800 209 5858 where a customer care executive will guide the policyholder with the entire car insurance claim process
- Then, get an appointment with the surveyor for an analysis of the accident.Here, the assessor will inspect the damage and prepare a report accordingly
- Submit the required documents to the surveyor. The vehicle needs to be repaired at a garage
- After the repair is done, if it is a network garage, opt for cashless claim settlement, wherein the company will directly pay to the garage. In case of reimbursement type claim settlement, submit the bills to the insurer
- However, you will have to pay the excess and the depreciation value
Documents Required for Claim Process
After registering for the claim, you need to submit all the required documents in order to avoid any rejection of the claim. The documents will vary for different cases. Let us look at the documents needed:
To claim for accidents
- Policy document
- Copy of registration book and tax receipt
- Driving license of the person driving the vehicle
- Estimate for the cost of repair from the garage
- Repair invoice, payment receipt (for cashless garage – only repair invoice)
To claim for thefts
- Policy document
- Registration Book and Tax Payment Receipt
- Details of previous insurance – Policy number, insuring Office/Company, period of insurance
- The sets of keys/Service Booklet/Warranty Card
- FIR of theft report
- Acknowledgement letter from RTO which is to be informed about the theft
- Form 28, 29 and 30 signed by the insured and Form 35 signed by the financer, as the case may be undated and blank
- A letter of subrogation
- Consent regarding claim settlement value agreement between you and financier
- NOC from financier, in case the claim will be in your favor
How Long Does it Take to Pay Out the Claim?
The car insurance with Bajaj Allianz is settled on the spot, most of the time, as they offer cashless facility at network garages. In case of non-network garage, the claims can be settled within seven business days of the registration of the claim.
Cases Where you Cannot Claim Bajaj Allianz Car Insurance Policy (Exclusions)
Bajaj Allianz car insurance offers various kinds of coverage; however, certain cases are not covered under the plan. They are called exclusions. Let us look at some of these situations:
- Normal wear and tear caused due to the ageing of the car
- Depreciation or consequential loss are not covered
- Damage caused due to mechanical or electrical breakdown to the cover
- When the tyres and tubes are replaced at the same time, the company is liable to pay only 50% of the total cost incurred in the replacement
- When the car is used more than the limitations of use
- Damage caused by the person who drove without a valid driving license
- Damage caused when the driver is under the influence of alcohol or drugs
- Damage due to war or nuclear risks
- Damage caused outside the geographical area
- Damage caused to tyres and tubes when the car meets an accident
- Devaluation of the vehicle
- Damage caused due to overloading of the vehicle
- Damage caused to the contractual liability of the company
Bajaj Allianz Car Insurance Renewal
The policyholder can renew the policy online from the official website or can reach to the branch office and get the renewal process done.
- Visit https://www.bajajallianz.com
- Click Renew the policy
- Mention the required details
- Pay the premium online
Add-on Covers for Bajaj Allianz Car Insurance
Apart from regular coverage provided by the insurance company, you can also go for additional benefits, but for this, you will have to pay a little extra. Some of the covers are:
- Depreciation Shield: When the value of the vehicle parts depreciate with time, it is called depreciation. As part of this facility, the insurance offers coverage for the depreciation amount on the parts that get damaged
- Engine Protector: Offers protection to the engine or gear box damaged due to oil leakage or water
- 24×7 Spot Assistance: If your car is not in a condition to move on the road due to reasons like flat tyre, issue with the battery or fuel problems, then the company will provide assistance in the form of arranging for fuel or mechanics who would fix the problem. In case of accident, would help you get medical help at the spot
- Key and Lock Replacement: In case you have lost your keys and are not able to get them, the company will compensate for the amount incurred in getting a new one
There are some crucial points to consider before finalising a Bajaj Allianz car insurance. Let us look at some of them:
- When there is any kind of bodily injury, theft, property damage or any other major damage, the policyholder requires a First Information Report (FIR) from the nearest police station
- In cases of major damage, intimate the provider as early as possible to make arrangements for on-the-spot inspection
- Bajaj Allianz is the first insurance company to come up with vehicle tracking system – Bajaj Allianz DriveSmart Service. Under this service, the company keeps a check on one’s driving pattern and monitors the condition of the car
Check the following table for an overview of the car insurance plans offered by Bajaj Allianz:
|Features||Coverage and Benefits|
|Third Party Coverage||Up to Rs. 7.5 lakh|
|Incurred Claim Ratio||69.19%|
|Personal Accident Insurance||Yes|
|No Claim Bonus||Up to 50% of the existing policy|
Advantages of Buying Bajaj Allianz Car Insurance
Buying Bajaj Allianz car insurance gives peace of mind and keeps one free of any tension related to financial burden. Some of the advantages of buying a car insurance from Bajaj Allianz are:
- The insurance policy offers 24*7 call assistance to customers
- The policy offers SMS updates to customers for claim support
- It offers the facility to transfer up to 50% of the No Claim Bonus from the previous policy provider
- In case of an accident or a car breakdown, the company also offers the facility of towing away the vehicle from the point of the accident to the garage
- Bajaj Allianz car insurance offers 24*7 spot assistance wherein the policyholder can avail services in case of emergencies such as repair of a flat tyre, jump start for a car battery, legal advice in case of accident etc.
- When the policyholder losses the keys of the car, the insurance policy offers reimbursement for the cost incurred in replacing the lock and keys of the insured vehicle
- The policy offers accident shields wherein the insurance policy offers the compensations for total permanent disability or death caused due to the accident of the vehicle
- The insurance policy offers the conveyance ‘per day’ while the car is in the garage after the accident
- It offers coverage for loss of personal baggage kept in the insured vehicle
Q1. What is the benefit of buying car insurance online?
When you buy an insurance online, you get to select from the options of plan depending on the requirements and the process is quick and hassle-free.
Q2. What types of car does Bajaj Allianz insure?
A person can buy car insurance from Bajaj Allianz for new as well as used cars.
Q3. What is NCB?
NCB stands for No Claim Bonus. It is a discount offered on the premium of car insurance for every claim free year.