Bajaj Allianz Commercial Vehicle Insurance

Bajaj Allianz General Insurance is one of the leading insurance providers in India. They offer a wide variety of insurance policies for health, motor, travel, home, commercial and other concerns. The Bajaj Allianz Motor Insurance provides insurance plans for different types of vehicles, including commercial vehicles. In case you run an organisation and are looking for a competent policy to safeguard your commercial vehicles from any danger, then you can purchase the Bajaj Allianz Commercial Vehicle Insurance online.

The Bajaj Allianz Commercial Vehicle Insurance is a type of motor insurance policy that protects an insured commercial vehicle from any damage or loss caused by unforeseen events such as accidents, fire, theft, natural calamities, etc. It covers the insured vehicle from any situation that may damage the vehicle or create liabilities leading to a major financial burden on the company’s profits. Whether you own an auto-rickshaw or a tractor, this insurance policy for commercial vehicles will protect all of them.

Commercial Vehicles: Commercial vehicles refer to the vehicles that are owned by companies, organisations or the government. These vehicles are used by the public or private entities for the functioning of their business or for offering services to the public. Such vehicles are used either to transport goods or people within the city or interstate.

In a broader perspective, commercial vehicles can be divided into two categories:

  • Goods Carrying Vehicles: Goods Carrying Vehicles are the vehicles used to carry any goods or commodities from one place to another. This includes vehicles such as trucks, trailers, cranes, carriers, shovels, mobile rigs, vans, tractors, etc. For example, if you own a truck and wish to get it insured, you can do so by getting this Bajaj Allianz goods carrying vehicle insurance policy.
  • Passenger Carrying Vehicles: Passenger Carrying Vehicles are the vehicles used to transport people from one place to another. This includes vehicles such as buses, auto-rickshaw, e-rickshaw, coaches, etc. For instance, if you own an auto-rickshaw and want to protect it from any damage or loss, you can purchase the Bajaj auto rickshaw insurance online.

Therefore, a Bajaj Allianz Commercial Vehicle Insurance includes both goods carrying vehicle insurance as well as a passenger carrying vehicle insurance. Although, vehicles such as tractors, trailers, cranes, etc can also put under the category of Miscellaneous Vehicles.

Features of Bajaj Allianz Commercial Vehicle Insurance Plan

  • Covers both goods carrying vehicles and passenger carrying vehicles
  • Option to choose between Liability Only and Package policy
  • Policy term of one year
  • Round the clock assistance

Types of Commercial Vehicles Insurance Plan

The Commercial Vehicle Insurance policy by Bajaj Allianz General Insurance Company are available in two types – Bajaj Allianz Commercial Vehicle Liability Only Insurance and Bajaj Allianz Commercial Vehicle Package Policy.

  • Bajaj Allianz Commercial Vehicle Liability Only Insurance: The Commercial Vehicle Liability Only Insurance by Bajaj Allianz covers any liability of the policyholder arising out of any damage or injury caused by the insured vehicle to a third-party person or property. As per the Indian Motor Vehicle law, it is compulsory for all business-owned vehicles to be insured under a valid third-party liability-only policy.
  • Bajaj Allianz Commercial Vehicle Package Policy: The Commercial Vehicle Package Policy by Bajaj Allianz covers is a comprehensive policy that covers third-party liabilities of the insured vehicle along with any damage or loss caused to the vehicle itself. Unlike Commercial Vehicle Liability Only Insurance, purchasing this package policy for commercial vehicles is not compulsory as per law. However, it is advisable for all business owners to buy this policy to safeguard themselves from any financial loss caused due to total or partial damage to the vehicle.

Inclusions of Bajaj Allianz Commercial Vehicle Insurance Plan

The Bajaj Allianz Commercial Vehicle Insurance offers extensive coverage to all the vehicles insured with it. Take a look at the list of inclusions under this policy for goods carrying vehicles and passenger carrying vehicles:

  • Loss or Damage to the Insured Commercial Vehicle: Bajaj Allianz Commercial Vehicle Insurance covers any losses or damages caused to the insured vehicle due to the occurrence of an untoward incident including road accidents, fire, cyclone, etc.
  • Third-Party Liabilities: This policy by Bajaj Allianz covers any legal liabilities that you may have to bear due to the insured vehicle causing property damage or the death, injury or disability to a third-party person.
  • Contents of the Goods Carrying Vehicle: In case of an unfortunate event, this Goods Carrying Vehicle Insurance by Bajaj Allianz also covers any damage, loss or theft caused to the contents of the vehicle.
  • Personal Accident Cover: Under this cover, the Bajaj Allianz policy will protect the person driving your commercial vehicle along with its cleaner and its maintenance person in case of an accident that leads to an injury, disability or death.
  • Towing Disabled Vehicle: This policy will cover the insured commercial vehicle from any damage or loss that occurs while it was being used to tow another faulty or disabled vehicle.

Add-On Cover:

CNG/LPG System: Under this Bajaj Allianz Commercial Vehicle Insurance, any damage or loss caused to the CNG or LPG system installed in the commercial vehicle will be covered on the payment of an additional premium amount.

Exclusions of Bajaj Allianz Commercial Vehicle Insurance Plan

Not all adverse situations are covered under the Bajaj Allianz Commercial Vehicle Insurance. Here is a list of exclusions under this policy for commercial vehicles:

  • Act of God:Any damage or loss of the insured vehicle due to an act of God such as floods, cyclones, forest fires, lightning strikes, landslides, hurricanes, etc. will not be included under this policy by Bajaj Allianz
  • Manmade Emergencies: In case the insured vehicle is damaged due to events such as robberies, terrorist attacks, riots, break-ins or strikes will not be covered under the Bajaj Allianz Commercial Vehicle Insurance
  • In-Transit Damage: Any loss or damage caused to the commercial vehicle during transit by air, sea or land will be excluded from this Bajaj Allianz policy
  • Intentional Damage: If you cause any damage to the insured vehicle intentionally due to an ulterior motive, it will not be covered under this insurance policy for commercial vehicles
  • Depreciation: This policy by Bajaj Allianz does not cover any natural wear and tear of the insured commercial vehicle that leads to depreciation in its value
  • Component failure: Any damage occurred due to any mechanical or electrical component failure will not be covered under the Bajaj Allianz Commercial Vehicle Insurance
  • Driving with an Invalid License: In case you land yourself into trouble with the law for using an invalid license, then Bajaj Allianz will not help you in any way
  • Influence of Intoxicants: Any claims resulting out of the insured vehicle being driven by a person under the influence of intoxicants including alcohol and drugs will not be covered under this policy
  • War-like Situation: In case the insured commercial vehicle gets damaged or is lost in a war-like situation then you will not get any compensation by Bajaj Allianz
  • Nuclear Activity: If there is a nuclear explosion or leak which results in the damage to the insured vehicle then it will not be covered under the Bajaj Allianz Commercial Vehicle Insurance
  • Sole Damage to Tyre & Tubes: Any claim relating to the damage to the tyres and the tubes of the insured vehicle with no damage to rest of the vehicle will not be included
  • Modifications in Vehicle Interiors: In case the interiors of the insured commercial vehicle are modified, then its cost will not be covered by this Bajaj Allianz policy
  • Routine Repairs: Any expenses incurred on the routine repair of the insured vehicle will be excluded under this policy by Bajaj Allianz

Benefits of Bajaj Allianz Commercial Vehicle Insurance

The Commercial Vehicle Insurance by Bajaj Allianz comes with a lot of benefits. If you are still dicey about choosing this policy to insure your commercial vehicles, take a look at some of its benefits mentioned below:

  • 24-hour Assistance– In case there is an emergency situation, then you can avail round the clock assistance by Bajaj Allianz if your vehicle is insured under this policy
  • Comprehensive Policy: Bajaj Allianz Commercial Vehicle Insurance provides coverage for third party liabilities, personal accident cover as well as for damage to the insured vehicle
  • All Varieties of Commercial Vehicles: This policy by Bajaj Allianz provides protection to all types of commercial vehicles, including goods carrying vehicles and passenger carrying vehicles
  • Protection to Driver & Maintenance Personnel: This package policy by Bajaj Allianz not only covers the owner-driver but also the other people driving the vehicle. It also covers any injury caused to the maintenance personnel or cleaner, who is responsible for the upkeep of the vehicle

How to Apply for Bajaj Allianz Commercial Vehicle Insurance

There are several ways to apply for the Bajaj Allianz Commercial Vehicle Insurance. You can either apply online or offline by visiting the nearest branch of Bajaj Allianz. You can also call on the toll-free number to apply for this policy. If you want to apply for this Commercial Vehicle Insurance online, you can follow the steps given below:

  • Visit the official website of Bajaj Allianz Commercial Vehicle Insurance
  • Enter your name and click on ‘Get Quote’
  • Enter the details of your vehicle
  • Choose your plan amongst Liability Only Insurance and Package Policy
  • Pay the premium amount
  • You will receive your commercial vehicle insurance policy document

Commercial Vehicle Insurance Premium Calculator: In order to get an idea of the amount of premium you will have to pay under this policy, you can use the Bajaj Allianz Commercial Vehicle Insurance Premium Calculator. The calculator can be used online at websites like Policybazaar to get a fair idea of the premium that you’ll have to pay for this Commercial Vehicle Insurance for Bajaj Allianz.

Bajaj Allianz Commercial Vehicle Insurance FAQs

  • Q. Who can buy the Bajaj Allianz Commercial Vehicle Insurance?

    All business, companies, government agencies and corporations, who own any goods carrying vehicle or passenger-carrying vehicle, can apply for this Commercial Vehicle Insurance by Bajaj Allianz.

  • Q. What is the Insured Declared Value for a commercial vehicle? How is it calculated?

    Insured Declared Value or IDV refers to the maximum amount up to which the insurance company will pay the policyholder in case of a claim. In simpler words, it is the sum insured amount under a commercial vehicle insurance policy. The IDV for the insured vehicle is fixed at the start of every policy period.

    The IDV is calculated taking into account the brand’s manufacture-listed selling price for the insured vehicle’s model and its depreciation.

    The following table shows the extent of depreciation in the commercial vehicle’s value for fixing its Insured Declared value in case claims related to a total loss or constructive total loss.

    Age of the Commercial Vehicle

    Percentage (%) of Depreciation

    Up to 6 months

    5%

    More than 6 months but less than 1 year

    15%

    More than 1 year but less than 2 years

    20%

    More than 2 years but less than 3 years

    30%

    More than 3 years but less than 4 years

    40%

    More than 4 years but less than 5 years

    50%

  • Q. What is depreciation? How will it be calculated at the time of accidental damage of my truck?

    Depreciation refers to the reduction in the price of the commercial vehicle due to its natural wear and tear that occurs with the ageing of the vehicle. The depreciation of your truck will be calculated according to the age of the vehicle and the replacement of the parts of the vehicle.

    You can check the table given to understand the extent of depreciation in a commercial vehicle’s value as per its age and replacement of its parts in case of total loss or damage:

    Age of the Commercial Vehicle

    Percentage (%) of Depreciation

    Up to 6 months

    Nil

    More than 6 months but less than 1 year

    5%

    More than 1 year but less than 2 years

    10%

    More than 2 years but less than 3 years

    15%

    More than 3 years but less than 4 years

    25%

    More than 4 years but less than 5 years

    35%

    More than 5 years but less than 10 years

    40%

    More than 10 years

    50%

    Replacement of Vehicle Parts

     

    Parts made of glass

    Nil

    Parts made of fibreglass

    30%

    Parts made of plastic, rubber or nylon

     Tyres, Tubes, Batteries and Air Bags*

    50%

    * The depreciation of any other parts of the insured commercial vehicle will be calculated as per the age.

  • Q. Do I need to file a police complaint before registering a claim?

    Yes. You will have to lodge a police complaint if your insured commercial vehicle has been stolen or damaged due to criminal activity. Bajaj Allianz will deny any claims relating to the theft or damage to the vehicle due to criminal activity if it has not been reported to the police immediately after its occurrence.

  • Q. How many days will Bajaj Allianz take to settle any commercial vehicle insurance claim?

    Bajaj Allianz will settle any claims under the Bajaj Allianz Commercial Vehicle Insurance within 30 days of receiving all the required documents. Whether the claim has been accepted or rejected, the same will be notified to you within 30 days of submitting the documents. In case Bajaj Allianz takes more than 30 days to settle your claim request, it will pay an interest amount equivalent to 2% more than the bank rate from the date of receiving the last document to the actual date of paying the claim amount.

  • Q. Can I renew this Commercial Vehicle Insurance policy by Bajaj Allianz?

    Yes. You can renew your Commercial Vehicle Insurance policy by Bajaj Allianz online as well as offline. For commercial vehicle insurance renewal online, follow the steps given below:

    • Visit the official website for Bajaj Allianz Commercial Vehicle Insurance
    • Go to ‘Renew’ tab mentioned above
    • Click on ‘Fire or Other Renewal’
    • Enter your existing policy number and expiry date
    • Check the details and pay the premium amount
    • You will receive your renewed commercial vehicle insurance policy document
  • Q. Is Auto Rickshaw Insurance or E-Rickshaw Insurance offered by Bajaj Allianz?

    Yes. Insurance for Auto Rickshaw and E-Rickshaw is available under the Bajaj Allianz Commercial Vehicles Insurance.

Written By: PolicyBazaar - Updated: 26 March 2020

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