Bharti AXA General Insurance Company Ltd offers car insurance policy to help you lead a peaceful life after buying a car, and not get burdened by the costs related to its repair or other mishaps. Bharti AXA car insurance policy offers variety of coverage to meet the requirements of all.
What is Bharti AXA Car Insurance Policy?
Bharti AXA car insurance policy ensures protection against financial losses arising from unexpected situations like accidents, thefts or third-party legal obligations. Getting a car insurance is mandatory in India under the Motor Vehicles Act, 1988. Bharti AXA company allows you to buy a car insurance with cover for you, your car and third-party, which means the other person who has suffered losses due to an accident with your car. With a validity of one year, renewable annually, you can buy insurance both for a new and an old car.
What all Bharti AXA Car Insurance Policy Covers?
If the car gets damaged due to accidents or gets stolen, one undergoes a lot of trouble and pain, both mentally and financially. But Bharti AXA car insurance policy helps one ease the burden by providing various coverage. A typical car insurance from Bharti AXA would cover the following: Natural disasters,such as an earthquake, floods, storms, etc.
- Man-made disasters,such as fire, accidents, riots, terrorism, strikes, etc.
- A personal accident cover for a self-driven vehicle would offer a coverage of Rs. 15 lakh for the owner of the car, plus an optional personal accident cover for the passengers in the car
- A third-party liability would reimburse the financial losses you incur on meeting your legal obligations towards the damage you cause to the other person in an accident
You need to fulfil certain requirements to be eligible for buying Bharti AXA car insurance policy. They are:
- You need to be over 18 years old
- The vehicle has to be registered in your name
- You need to possess a driving license
Bharti AXA Car Insurance Claim Process
In case your car gets involved in an accident or gets stolen, you will have to raise a claim, the process for which is as follows:
- In case of an accident, take note of the vehicle registration number of the other party
- Collect the contact details and names of the witnesses
- Contact the company on the toll-free number 1800-103-2292, or mail them to register your claim
- After the registration of your claim, you will be informed through SMS within an hour. The message will contain your Bharti-AXAGI claim number and intimate you about the next step
- A representative of Bharti AXA will contact you within 24 hours and will seek the documents you need to furnish for the claim
- You should file an FIR at the nearest police station in case of damage to the third party property or injury to them
- Get your car towed to the suggested garage
- The company will appoint a surveyor to assess the damage within 24 hours
- The surveyor will estimate the loss based on the terms and conditions of your policy
- Once the garage submits an estimate of repairs, there will be a re-inspection of the vehicle
- After the repair, the garage will directly get the payment, in case of cashless claim payment
- In case of reimbursement claim, you will have to make the payment yourself which the provider will reimburse later. After submitting the documents and making the payment, the provider will assess and make the payment accordingly
- If any extra amount is to be paid by you, the provider will inform you about it
Documents Required for Claim Process
You should be clear about the documents to be submitted for the claim to be processed quickly. The documents you need to submit are:
- Copy of your registration number
- Copy of your driving license
- KYC documents
- Claim form
- Policy document
How long does it take to pay out a claim?
In the event of an accident, the company will appoint a surveyor within 24 hours who will assess the damage and the extent of the financial loss. And after you have taken your car to the suggested garage for repairs, and the garage has submitted the estimated cost of repairs, there will be a re-inspection of the vehicle in 24 hours. After the repairs have been carried out, the company will make the payment immediately directly to the garage or later in case of reimbursement payment, as per the terms and conditions of your policy.
Add-on Covers under Bharti AXA Car Insurance Policy
Besides the coverage provided by the car insurance policy, there are other benefits you can enjoy for which you have to shell out some extra amount. These advantages are called add-on covers. Let us understand some of these covers:
- Zero depreciation cover: The value of the parts of the car depreciates over time. However, with this coverage, you do not have to pay the depreciation amount while paying for the repair or replacement of parts like glass, fibre or plastic
- Road side assistance: In case of a car breakdown because of some reason, immediate help can be sent at the spot to help you come out of the difficult situation
- Key replacement: This feature helps you get back the amount spent on getting a replacement key, in case the one in use is stolen or lost. However, this is applicable for only two claims during the policy period
- Hospital cash: In case you are admitted to a hospital because of an accident, you will get Rs. 1,000 per day for 30 days of hospitalisation
- Medical expenses: You get Rs 10,000 to spend on medical requirements if the car owner and other passengers are injured in an accident
Cases Where you Can’t Claim Bharti AXA Car Insurance (Exclusions)
A car insurance policy from Bharti AXA would not cover the losses arising from the following eventualities:
- If you or anyone else has been detected driving under the influence of alcohol when the accident occurred
- If it is established that the accident was stage-managed, the resultant losses will not be compensated
- Damage resulting from flouting of traffic rules or driving without a valid driving license or if an underage person was driving at the time of the accident
- If you were driving your private vehicle for trade purposes and the other way around
- Other reasons for rejection of a claim can be an expired policy, losses occurring from routine wear and tear or driving outside jurisdiction limits of the policy
Renewal Process of Bharti AXA Car Insurance
You will have to renew your car insurance policy anytime 30 days before the expiry date of the policy. The advantage of renewing your policy with Bharti AXA is that you get a no-claim bonus every year that you renew it. You get up to a 20% premium rebate on the policy when you renew it for the first time. After that, you get 5% rebate until you reach 50% rebate.
It is important to keep certain points in mind while purchasing a car insurance policy. This will help you in getting the best deal. Let us look at some factors:
- The model of the car, fuel type and its cubic capacity are the main things taken into account while calculating the premium
- The Insured Declared Value (IDV) plays a significant part in determining the premium. The lower it is, the lower will be your premium
- Not raising any claims during the validity period of the policy also determines the amount of premium you pay, as it entitles you to a no claim bonus
- The age and experience of your car’s driver will also impact the premium. Additionally, the insurance will also want to know whether the car is going to be driven by one person only or multiple people, and the premium will be higher in the latter case.
Advantages of Buying Bharti AXA Car Insurance
While purchasing a car insurance policy, you should bear in mind that the most important thing is the reputation of the insurance company. The reputation will mainly be reflected in the claim-settlement ratio of the company, which can be found on the website of the IRDAI. Other advantages of getting your car insurance from Bharti AXA is their excellent 24/7 customer service, an extensive network of cashless repair garages, and high no-claim bonuses.
Q1. I am likely to forget my policy renewal date. What can I do?
You need not worry about it. Bharti AXA has a facility on their official website where you can set your reminder by just filling up your policy details. They will remind well on time to get your policy renewed.
Q2. What is IDV?
IDV is the Insured Declared Value. It is the full sum for which your car is insured, based on which the company will settle your claim. However, the company will take depreciation into account at the time of settlement of your claim.
Q3. What is a no claim bonus?
No claim bonus or NCB is the discount that the insurance company gives you at the time of renewal of your policy if you have not made any claim during the validity of your car insurance policy.
Q4. What is a zero-depreciation policy?
Zero-depreciation policy is a massive advantage for the policyholder because in the case of an accident the company will not take depreciation into account and will compensate you with the full sum assured in your car insurance policy. You need to shell out extra amount to avail this advantage.
Q5. What does cashless claim mean?
In the event of an accident, you can get your car repaired at one of the network of garages all over the country (Bharti AXA has 3500+ such garages in India), and you need not pay anything; the company will directly pay the repairing cost to the garage.