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Motor insurance is a vehicle insurance policy that is mandatory for vehicles like trucks, cars, jeeps, bikes, scooters, etc. This policy offers coverage to the vehicle owner/driver against financial losses that may occur due to accidents or other kinds of damages.
Having valid motor insurance is compulsory in India to protect vehicle owners from potential financial risks. It is the best form of security that you can acquire to prevent significant expenses that result after an accident. The Government poses the compulsion for the safety of the individuals who travel via motor vehicles daily.
No one can deny that buying a vehicle is the second most expensive investment in a person’s life after home. Thus, protecting the investment against unforeseen events is crucial. Considering the hike in the vehicle repair charges and the risks involved in driving, an unfortunate accident can put a big hole in your pocket.
The yearly premiums that you pay for the motor insurance policy are meagre as compared to the advantages and protection the coverage will offer you in case of mishaps. Though there are many misconceptions regarding the policy, it will most certainly compensate you against the physical damage that arises under different circumstances.
Believe it or not, driving in India has many associated risks. Millions of people own a driving license, and there is at least one vehicle in the household. Vehicles have become a crucial means of transportation, eliminating people’s need to travel via public transport. At the same time, we also know that an increased number of private vehicles also increases the risk of road accidents and rule-breaking. Accounting for such factors, it becomes critical to own a vehicle insurance policy. Besides that, let’s review the primary reasons to buy a comprehensive motor insurance policy.
The first reason is, of course, to follow the laws and regulations of the Government. A person should oblige to buy a motor insurance policy with minimum coverage before taking the vehicle out on the road.
With sufficient coverage, you can pay for the damages that occurred after a collision with a third-party. Without motor insurance, you’ll have to pay from your pocket, and an appropriate amount of coverage can take care of such expenses.
Theft is one of the most significant threats on a vehicle. But with a vehicle insurance policy, you are protected against theft, vandalism, and all man-made harmful activities.
Paying outright for vehicle damage repairs will affect your financial condition. However, you can pay for such damages with the insurance even though the amount is hefty as long as you have enough coverage.
Not every vehicle owner is lucky to get out of accidents without suffering from injuries. The motor insurance policy will pay for all the minor and major injuries that might occur due to accidents.
A vehicle insurance policy is composed of numerous features that are beneficial not only for the vehicle owners but also for other parties. The insurance companies allow a vehicle owner to keep their customers and others safe on the road by providing the following features.
| Feature | Bajaj Allianz Offers |
|---|---|
| Expense Cover | Full coverage for accidents and damage due to natural disasters or vehicle malfunctioning |
| Third-Party Liability | Compensation for the damages caused to others |
| Personal Benefits | Financial support after severe injuries or permanent disability resulting from accidents |
| PA Cover | Up to Rs. 15 lakhs |
| Claim Settlement Ratio | 98% |
| No Claim Bonus | Up to 50% |
| Add-on Benefits | Zero depreciation cover, breakdown assistance, conveyance benefit, consumable cover, and more |
| Online Services | Paperless-digital insurance application and processing, online claims, spot services, and coverage adoption |
| Claims Process | Digital - Within 20 minutes* |
Whether you are buying a private car, two-wheeler, or a commercial one, the types of motor insurance plans are broadly classified into two:
With this policy, you can pay for damage to your vehicle as well as others, including motorbikes, private cars, scooters, and commercial vehicles.
The third-party motor insurance policy is liability coverage that is uniformly applicable to all vehicles. As per the Motor Vehicles Act of 1988, third party car insurance and third party insurance for bike are compulsory for vehicles plying on Indian roads. Failure to comply with this rule would result in an individual to paying hefty fines according to the Motor Amendments Act, 2019.
It is a new type of policy that allows the policyholders to pay by calculating the kilometres driven.
With these two motor insurance policies in consideration, the types of vehicle insurance are categorised as below.
The ideal choice to secure your private four-wheeler is getting car insurance. It is a contract that is drawn between the vehicle owner and the insurance company that covers both comprehensive policy and third-party liability. With this plan, you will get benefits like:
As the name suggests, two wheeler insurance or bike insurance is meant for scooters, bikes and other two wheelers. It is a type of vehicle insurance that will ensure a safe ride as two-wheelers have slightly more risks of personal injuries. The benefits included in the plan are:
The risks of damage to commercial vehicles are more than private vehicles. Hence, commercial vehicle insurance allows drivers to reduce the losses that incur in unfortunate events. It involves vehicles like tractors, cranes, taxies, goods carrying vehicles, passenger-carrying vehicles, etc. The benefits will include:
You can purchase a suitable vehicle insurance policy that protects all kinds of vehicles in worst-case scenarios. Be it fire, burglary, vandalism, earthquake, flood, storms, or accidents; you can feel secure under all circumstances.
| Coverage | Third-Party | Comprehensive |
|---|---|---|
| Against Natural Disasters | No | Yes |
| Against Man-Made Disasters | No | Yes |
| Personal Accident Coverage | Yes | Yes |
| Third-Party Expense Coverage | Yes | Yes |
| Fire Damage | No | Yes |
| Engine Protection | No | Yes |
| Depreciation Protection | No | Yes |
| CNG Kit Cover | No | Add on |
| Accessories Coverage | No | Add on |
Before buying a vehicle insurance policy, you must explore the extent of the coverage that comes with the plans. Here is a list of inclusions in the comprehensive policy offered by Bajaj Allianz. Remember that a Comprehensive Vehicle Insurance Policy covers Third-party liability too.
Third-Party Coverage : The third-party coverage will pay for the damage inflicted by a person on other people and their property in the case to fulfil your obligations
Personal Accident Cover : It will allow a driver or vehicle owner to compensate the third-party for a sum of INR 15 lakhs in case of permanent disability or death of a person.
Damage Due To Man-made Calamities :The inhumane activities like burglary, riots, strikes, malicious acts, theft, vandalism, and similar activities are also covered in your vehicle insurance policy.
Both third-party liability and comprehensive coverage is a legal requirement for all vehicle owners and drivers that involve both private cars, two-wheelers, and commercial vehicles. If you fail to oblige, you might face additional charges. So, make sure that you opt for the policy that provides sufficient coverage to keep you safe physically, mentally, and financially.
In order to peruse the detailed list of inclusions & exclusions of your desired plan, refer to the motor insurance policy wordings.
IRDAI emphasised making vehicle insurance more affordable for vehicle owners. Hence, the rules and regulations around the motor insurance policies are updated.
| Insurance Covers | IRDAI 2018 Regulation | IRDAI 2020 Regulation |
|---|---|---|
| Third Party Only Cover | 3-year TP Insurance for Cars & 5-year TP Cover | Retained |
| Third Party + Comprehensive Cover | 3-year and 5-year TP + Comprehensive Cover | Updated to 3-year and 5-year TP + 1-year Comprehensive Cover |
| Standalone Comprehensive Cover (TP Cover mandatory) | 3-year and 5-year Comprehensive Cover | 1-year Comprehensive OD Cover |
Here are the changes that most significantly impact the policyholders:
Knowing the exclusions will ensure that you won’t face any challenges during claims:
Here are the parameters that will impact the vehicle insurance premiums on both the short-term and long haul.
Model/Make/Variant: The vehicle’s elemental composition, its type, cubic capacity of the engine, etc., have a direct effect on the motor insurance premium.
Age & Engine Type : Age is related to depreciation value and insured declared value that decreases the vehicle’s value over time. The engine type, i.e., petrol or diesel, affects the IDV, increasing the premium.
Demographics:Operating a car in the metro area is expensive due to the increased risk of accidents.
Cover:Getting comprehensive coverage will cost you more than standalone third-party liability coverage, which leaves you underinsured.
Add-Ons:Adding security features and cover like zero depreciation, passenger cover, etc., will increase the premium amount.
No Claim Bonus:You get a discount on policy premiums if you don’t raise a claim in the previous policy period.
Deductibles:You get a choice to opt for the voluntary deductible to minimise the motor insurance premiums by contributing a predetermined amount.
Anti-Theft Features:Installation of anti-theft devices certified by ARAI will help you fetch better discounts on motor insurance premiums.
Seller:To reduce the motor insurance premiums, buy a policy from the seller directly instead of going to an agent.
Digital Insurance:Digital-first plan comes with a variety of features at a lower price than the market for new purchase as well as renewal of the policy.
Most of the companies use a standard motor insurance calculator to determine the amount of premiums for the chosen coverage. Though different companies follow distinct criteria, we’ve kept the calculations straightforward and easy to understand. You can use our online calculator by providing us with some necessary information about your needs.
For a new car, you need to provide us with the following information to calculate the motor insurance premiums.
For a used car, the vehicle insurance calculator needs slightly variable information given below:
With these details, we can calculate the best value of premiums for the insurance coverage you wish to buy.
Not long ago, people had to visit the stores to learn about insurance policies. But with the digitisation of all services, customers can now avail the benefits of buying motor insurance online. It is far better than the traditional method of getting insurance and also presents the simplest way to compare and finalise your decision.
Here are some key benefits of getting motor vehicle insurance online.
Easy Comparison:
Instead of visiting multiple stores, you can get quotes from as many motor insurance providers as possible and compare their services and rates without any interference. Most companies provide a detailed explanation for their plans, which further makes it possible for customers to contrast the features and benefits in a hassle-free manner.
Time-Saving:
No more wasting time to go through the extensive paperwork! The vehicle insurance online services work by collecting fewer details and make the entire process less hectic. The information is processed smoothly, and issuance is provided without further delay.
Secure Transactions:
Offline purchase of motor insurance policies involves a lot of paperwork that contains confidential data. Online processing removes that risk, and transactions are done without documentation making it secure.
Multiple Payment Modes:
Most companies offer multiple payment modes to avail cashless transactions and premium payments for the insurance policy. You can even renew the policy online now.
Customisation Option:
Customers can opt for any coverage plan and get add-ons on the policy as you want. Moreover, you can learn all about the features and policies of different companies to figure out the best plan.
Transparency:
Unlike the conventional searches that were confusing and dealing with motor insurance agents is not necessary now. The agents used to leave out many specifications to convince potential buyers. But with vehicle insurance online covers, the process is transparent now
No Middleman:
As stated above, the motor insurance agents or third-parties won’t clarify every aspect, rule, and regulation of the policy. But the online process removes the middleman and eliminates the uncertainty from choosing the best plan.
Immediate Policy Issuance:
If you buy vehicle insurance online, the time taken for processing all documents is reduced to a few minutes. You can get the policy instantly, and the details you submit will be saved to the insurers
Convenient:
Whether you are out of the city or have a busy schedule, purchasing the desired motor insurance coverage can be done while you are sitting at home or office anytime.
Online Renewal:
One appreciable benefit of motor insurance online is that you will stay updated with the policy status and renew the plan on time before it expires.
During the purchase, you need to account for the following factors to get the best rates on comprehensive coverage.
✓ Coverage : Explore whether you need comprehensive coverage or third-party liability coverage on an urgent basis. In our opinion, it is always better to go with comprehensive vehicle insurance online.
✓ Add-Ons : Learn about the add-on features provided by the company and pick the additional coverage that is appropriate in your specific case.
✓ Personal Accident Cover : Always account for whether the policy you are buying will cover you in case of personal accidents or not.
✓ Claim Procedure : Go through the claim process to figure out how complex the task can be if, at some point, you need to file a claim.
✓ Garages : All motor insurance providers have a network of garages where vehicle service and repairs are more affordable than local garages. You must consider them as the vehicle will need servicing more frequently as you travel.
✓ Zero Depreciation Cover : A car’s value becomes almost half the moment it steps out of the showroom. To maintain the monetary value of the vehicle, you must opt for zero depreciation cover to combat the loss that will result after depreciation.
✓ NCB : Find out whether the motor insurance providers offer a good No Claim Bonus and other benefits when you need to renew the policy after expiration. With each year that you spend without claiming the insurance, the discount for the next year’s plan progressively increases.
✓ IDV : Only reliable insurers will offer you the best market value of the vehicle after deducting the depreciation amount. With this, you can get compensation called Sum Insured in case of theft or total destruction of your vehicle.
✓ Policy Document : Never sign any documents without reading and reviewing the policy. There are many clauses in the document that might confuse you. So, always go through the document carefully and only then finalise the purchase.
✓ Premiums : Ask for detailed specifications for how the company calculates the premiums for your motor insurance online. Be aware of the factors that play a role and clear your doubts without hesitation.
The documents required to avail of motor insurance online are given below.
To make our services better for all our customers, we guide everyone carefully throughout the purchase and renewal of vehicle insurance in India.
When it comes to buying motor insurance online, Bajaj Allianz offers a simple and straightforward method for all customers. You need to visit our official website and provide details of your vehicle such as model, variant, location, etc. By entering these details, you can proceed further where different plans will appear on the screen.
Choose a plan, add additional covers, and get quotes for the plan. You can directly contact us through a call to know more about the plans. Our agents will guide you through the process. Once you are satisfied with the choice of coverage, agree with our terms and conditions, and finish the policy purchase. All your documents will be sent via mail, followed by a hard copy that will be sent to your doorstep.
One of the best reasons to buy motor insurance online is because you can also check the status online. The insurance documents will be accessible online, and you will also get alerts regarding the expiry date. You can find the start and end dates for the plan in the documents. With our digital-first service, you can log in using your credentials and check the status online. Besides that, you can also call us or drop an email to request the status details. The information will be sent to your number and email address shortly.
Talking about motor insurance renewal, the process is quite similar to new buyers. You will have to provide the same information as above. If you already had a policy with us, you can simply enter the policy number, and all your insurance details will be extracted from your account to smoothen the renewal. As the details appear, choose a plan that you wish to continue with. Don’t forget to look for additional features and add-ons for the policy to get better coverage and make the payment. The documents will be sent online instantly.
Bajaj Allianz vehicle insurance renewal is also possible via Mobile app. We have a dedicated mobile application to buy motor insurance online that supports all the features of the website and a hassle-free way to communicate with the agents. Enter the app and fill the online renewal form to provide old policy details. Check the information in the form and make the final payment using a debit card or net banking. The renewed policy document will generate immediately. Save the document and take a printout whenever you have time.
The conventional way to obtain and renew motor vehicle insurance is by visiting the branch with all the documents. The offline process is almost the same, except that you have to provide a physical copy of the documents. Schedule your visit to the nearest branch and buy the policy with suitable coverage by paying through cheque, debit card, or demand draft.
It is the Motor Vehicle Act that specifies the rules and regulations regarding driving in India. We know that owning motor vehicle insurance is mandatory for all drivers and vehicle owners, considering the number of accidents that take place annually in the country.
What the Motor Vehicle Act specifies?
As per the Motor Vehicle Act, all vehicles that operate in public space must acquire sufficient motor vehicle coverage without any exception. The basic motor insurance policy must cover the minimum amount of third-party liability coverage to provide for other people involved in accidents or mishaps.
The primary reason to buy a motor vehicle insurance policy is to eliminate the expense that occurs after accidents. And don’t forget, India is a country where the population is rising unruly. As a result, the number of vehicles is also on the rise. To protect against the threats that arise on the road, vehicle insurance is the best solution.
After the amendment in 1988, it is essential to carry various provisions like driver’s license, vehicle registration document, permits, liability coverage, insurance cover, etc., on the road. And after recent changes, failure to fulfil these obligations will lead to fines and penalties worth INR 500 to 25,000 with additional penalties that involve ceasing your documents.
Filing for a vehicle insurance claim isn’t as complicated as you think, only if you choose the right insurance provider. Before you finally decide to claim the insurance, here are some prerequisites that you must take care of.
Log in to our website or call our toll-free number to register for a claim. The delay you make in making a claim and contacting us, there is a higher chance that the evidence you can use will get tempered.
We will need you to submit the following documents to ensure that the motor insurance claim process goes without a hitch.
The moment you submit the documents, we will initiate the process and dispatch the money after verification directly to the receiving party.
You might not believe it, but according to a survey, 60% of vehicles on roads in India are operating without valid insurance. And that’s because people don’t understand the importance of motor insurance renewal. Motor insurance India is a legal requirement for your safety as well as for others. The risks associated with motor vehicles are far greater than we can fathom. Hence, we ask you to renew your insurance policies before expiration.
No Rejection of Car Insurance Claims:
Renewing your policy the day before expiration will ensure that you don’t face any challenges during the claim process. In case any major accident takes place after policy lapse, you won’t have any backup to pay for repairs or deal with medical expenses.
Keep Insurance Premiums Moderate:
Your application for acquiring vehicle insurance can be rejected if the policy isn’t renewed under a specific period. And even if the application is accepted, you will have to pay a hefty premium. All of this can be avoided by renewing the insurance on-time.
Save with No Claim Bonus:
The No Claim Bonus is offered only to policyholders who take their insurance plans seriously. If you let the policy expire, the discount that is highly beneficial for vehicle owners will nullify, and you will have to pay big size insurance premiums.
Easy Inspection for Renewal:
Companies follow a standard procedure for vehicle insurance renewal, which involves inspection to assess your vehicle condition. With the assessment, you can determine how much insurance coverage you need to buy.
Quick & Hassle-Free Renewal:
Not renewing the policy results in rejection from insurers. You must get vehicle insurance renewal on time to prevent the hassle of looking for a new insurance provider. And trust us, searching for a provider that fits your budget after a lapse is very challenging.
(Based on 3,912 reviews & ratings)
The Captioned Vehicle was met with an accident. on 31.10.2020. The vehicle was used by our Zonal Manager Sir. We appreciate the timely and speedy action initiated by you in getting the vehicle ready for use within short span of time. The action has been appreciated by all.
I really like the way I was being treated in relation to my claim. So the customer Dealing was professional as well as friendly and enhanced my confidence upon the Bajaj Allianz deal with it and assured you to take note of it for further reference to myself and for the others.
I am very much satisfied with Bajaj-Allianz service . with in 2 hour my claim was settled by some latest OTS service . And Surveyor Mr Durga Prasanna Giri give me a excellent service .
In lock down period good service by your staff without difficulty to senior citizens like me. Thanks once again. kindly send policy copy by courier
Initially during the lockdown time, I felt that there was no one to respond to my queries. Once the staffing has been good, your customer care team did a fantastic job and I got a copy of the vehicle policy. in fact, too many people called me to make sure that my issue is resolved. Thanks a lot.
Response to claim settlement was quick, especially during COVID lock down period. it was hassle free..
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Disclaimer
I hereby authorize Bajaj Allianz General Insurance Co. Ltd. to call me on the contact number made available by me on the website with a specific request to call back at a convenient time. I further declare that, irrespective of my contact number being registered on National Customer Preference Register (NCPR) under either Fully or Partially Blocked category, any call made or SMS sent in response to my request shall not be construed as an Unsolicited Commercial Communication even though the content of the call may be for the purposes of explaining various insurance products and services or solicitation and procurement of insurance business. Furthermore, I understand that these calls will be recorded & monitored for quality & training purposes, and may be made available to me if required.
Applying for motor insurance with Bajaj Allianz takes within minutes by using our online portal. You can fill the form through our website or using the app and submit the necessary documents to complete the application. The documents will be verified, and you will be able to choose a plan that suits your budget and finalize the vehicle insurance policy as quickly as possible.
In general, a motor insurance policy is valid for one year. After that, the vehicle owner must renew the policy before the due date without any lapse; otherwise, it will affect the NCB discounts and the premium rates.
The Proposal Form is required in the situations of:
● New business
● Other company renewal
● For transfer of interest
● To convert the Liability Only Cover to a full package policy
● Change/Substitution of the vehicle
● Modification or improvement of the vehicle during current policy or during the renewal
Cover Note is a very common phrase for insurance providers that describe the temporary documentation of the vehicle insurance. It serves as proof that you have valid insurance in advance before you get the final document. It includes the following details such as name, address, vehicle registration, the purpose of the vehicle, level of cover, policy number, expiry date, and special conditions.
IDV stands for Insurance Declared Value, which is the maximum claim the insurer pays for your vehicle when it gets damaged or stolen
The pre-inspection of the vehicle is carried out in the following situations:
● Break-in insurance
● Conversion of TP Cover to OD cover
● Covering Imported Vehicles
● Fresh Payment arrival after bounced cheque
● When an authorized person from the underwriting department comes for vehicle inspection
No, if you buy a new vehicle, you will have to acquire insurance for both of them separately. As per the rules, you cannot have the main insurance policy for two vehicles at once. However, with Bajaj Allianz, there is a provision to the personal accident cover for two vehicles under one policy.
The endorsement is the document that serves as evidence to change a policy. It incorporates the changes in the policy terms if the customer asks for any alterations, and it’s done by approaching the Motor Insurance Company at the time of issuance.
If you wish to renew the policy, you need to submit the following documents:
● Premium Cheque
● Renewal Reply Form
● Changes needed by the customer in the new policy
● Old Policy Details
● Vehicle Registration Number
● Payment Details
● Proof of Identity
● Proof of Address and Vehicle Ownership
The Employees Compensation Act states that all workmen and their families will get paid in case an industrial accident or occupational-related disease results in an employee’s disablement or sudden death.
When such an unfortunate event appears where you hurt someone physically, and it results in death, the third-party insurance coverage pays for the loss of the other party to unlimited liability as compensation, which is usually decided by a court law.
After the enactment of the Motor Vehicle Insurance Act, the convoluted insurance cases and the increasing incidence of fraud can be handled with better efficiency by the judiciary. Judiciary will help clear the backlog while serving natural justice.
Under the premise of third party insurance, the third party gets the benefits and damage cover. The third is the beneficiary who is other than the other two parties involved in the transaction. Under the Motor Insurance Policy, the insured needs to get additional third party insurance as it is not covered under the comprehensive insurance policy.
Negligence refers to the breach of the preset duties that results in an injury or damage to the entities. Out of the two types of negligence, the contributory negligence happens when the injured himself has contributed to the damages done to the other party. The accidents happening due to another party and the injured is not directly involved in the event come under composite negligence.
Yes, if you have accumulated the no claim bonus from the previous insurance vehicle company then the NCB benefits can be transferred to the Bajaj Allianz Motor Insurance. However, you will only get 90 days to transfer the benefits.
The first thing that you need to do is register an FIR with the nearest police station on the place from where your vehicle is stolen. Then you can stake a claim with the insurance company. However, for the same you need to submit several requisite documents including the FIR and claim documents. You can submit a claim online, ask the representative, or give us a call.
The ideal time to renew your insurance is before the existing insurance policy expires. It is pertinent to renew the insurance policy because it gives you the benefits of keeping the vehicle safe and secured from any sort of damages or from the incidents covered under your insurance policy.
There are no special conditions to buy a motor insurance policy. If you have a vehicle in your name which is acquired legally, then you are eligible to get any sort of motor insurance policy from Bajaj Allianz.
The motor insurance policy India works under a simple and effective system. Initially, the buyer gets an insurance policy from the insurer and in case the vehicle gets damaged the policyholder can put a claim and wait for the insurer to verify it and then approve it subsequently. The insurance company settles the claim as per the terms and conditions set forth during purchase.
Where it is possible to switch to another insurance plan and also get the services from a different insurer, it cannot be done in case you already have an insurance policy. You can change between the policies and the provider during renewing the policy.
The online insurance purchasing process is one of the fastest and the easiest ways to get insurance. It can only take 3 to 5 minutes to buy vehicle insurance online. But, you need to conduct your research before buying a plan.
Under the motor insurance policy cover the insured can get;
● Cover for damages to their own vehicle.
● Personal accident cover
● Personal accident cover for passengers
● Death or body injury of the third person
● Damage to third party property
Under the online vehicle insurance policy, the users can get cover for electrical or electronic accessories, but with an additional add-on cover in addition to the existing insurance policy.
There are concessions allowed for the specially designed and modified vehicles for the blind, handicapped or other specially abled individuals. So, these individuals can buy motor insurance policy online at lower premiums.
Under the motor insurance policy in India, the additional PA covers include;
● PA to the owner driver and paid driver. Other than this, you can also get PA cover for the unnamed occupants and named occupants.
It is possible to transfer the vehicle insurance in the name of another person. However, it can be done only within 14 days after transferring the vehicle from the date of transfer. In case the existing owner buys a new car and wishes to transfer the insurance to the new vehicle, then the owner of the transferred vehicle has to get a new online motor insurance policy.
No, as per the new IRDAI regulations, multiple vehicle owners can take a standalone personal accident cover when they buy motor insurance.
Under the no fault liability motor insurance policy, the claimant does not need to prove his or the vehicle’s default or neglect in case of an accident. The new motor insurance act has also increased the compensation of the no fault liability vehicle insurance claim to 5 lakh in case of death and 2.5 lakh in case of injury. Under the fault liability, the claiming has to prove negligence and default to get the insurance benefits.
Under the long term insurance policy the insured can claim all the benefits of third party vehicle insurance coverage pertaining to the vehicle. Added to this, under this insurance cover, the insured benefits from the immediate commencement of the risks ensured under the policy. The long term online motor insurance policy can be taken for three years for a car and five years for a two-wheeler.
As per the rules, the personal accident cover covers the damages and injuries incurred by the owner-driver. In case, there is another driver of the vehicle, then the insured has to buy an additional personal accident cover which invites an additional premium.
To calculate the IDV of the vehicle, we need to look at three things;
● Manufacturer’s listed price car price (according to brand and model)
● The commencement of the vehicle insurance policy (new or renewal)
● Depreciation
In the calculation of the IDV of the vehicle, the side cars and other accessories should not be included in the listing price.
A lot of things go into the calculation of the vehicle insurance premium.
● Type
● Make
● Usage (kilometers driven)
● Cubic capacity
● Registration date and place
● Past claims
To make sure that you end up paying the most cost-effective vehicle insurance policy premium, start by comparing different offers and insurance plans. Other than this, not claiming the insurance benefits for the entire term will also help reduce the premium for the next policy. Lastly, vehicles with safety devices and drivers with a better driving record will end up paying lower premium.
Car insurance premiums attract 18% GST. Earlier under the regime of the Service Tax, the insurance premium was 15%. But as per the GST regime, the users will end up paying 3% higher tax than the previous scheme.
Apart from taking care of the injured person and not panicking, you need to secure the accident spot and take enough pictures of the vehicle and the injured individuals. Inform the police and do not run away from the accident spot as it may lead to the admittance of guilt and lead to putting a comprehensive claim on your policy. By following the process you have the chances to invite a contributory claim.
Unde the Motor Insurance policy, you will not receive the benefits for damages caused due to:
● Breakdown (mechanical and electrical)
● Soiled condition of the vehicle due to the age
● Depreciation and consequential loss
● Losses occurring due to deliberate accidents
● Losses due to driving under influence
● Damages occurred due to driving without a license
Grace period refers to the extension provided by the insurer to the insured in case the latter does not pay the premium on time. However, the insured cannot claim during the grace period as there is no coverage provided in the grace period.
The ideal time to settle the claim provided by an insurance company provider is 14 to 28 days. But it also depends on the circumstances and the existing conditions of the claim.
In case your vehicle insurance expires, you are advised to get a new policy immediately. It is not allowed to drive on the roads in India without an insurance policy. The best practice is to renew your insurance policy before it expires, but you can start it again after expiration.
Disclaimer
I hereby authorize Bajaj Allianz General Insurance Co. Ltd. to call me on the contact number made available by me on the website with a specific request to call back at a convenient time. I further declare that, irrespective of my contact number being registered on National Customer Preference Register (NCPR) under either Fully or Partially Blocked category, any call made or SMS sent in response to my request shall not be construed as an Unsolicited Commercial Communication even though the content of the call may be for the purposes of explaining various insurance products and services or solicitation and procurement of insurance business. Furthermore, I understand that these calls will be recorded & monitored for quality & training purposes, and may be made available to me if required.
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