Bajaj Allianz Two-Wheeler Insurance

Bajaj Allianz Two-wheeler Policy – Key Features

The following are the key features of the Bajaj Allianz bike insurance policy-

Why Choose Bajaj Allianz Two-wheeler Insurance Policy?

• No need for vehicle inspection while renewing your 2-wheeler insurance policy.
• Enjoy all the priority services from Bajaj Allianz authorized network garages across India.
• Get a range of add-on covers to protect the bike and its associated parts.
• Get No Claim Bonus (NCB) up to 50%
• Quick and smooth claims settlement process with a 96.5% Claim Settlement Ratio (CSR).

Bajaj Allianz Two-wheeler Policy Coverage

Bajaj Allianz offers comprehensive coverage for two-wheeler insurance policies, safeguarding your bike against risks such as physical damage, third-party liabilities, injuries, and theft.

The company provides two types of insurance policies-

1. Third-Party Liability Only Policy

   According to the Motor Vehicles Act, it is mandatory for every two-wheeler owner to possess a third-party liability cover. Bajaj Allianz's third-party insurance policy aims to protect owners from third-party liabilities in the event of a road accident. This coverage ensures financial assistance for any injury or death caused to a third party or damage to their property.

   The Insurance Regulatory & Development Authority (IRDA) determine the premium for this policy based on the bike's engine capacity. Bajaj Allianz offers an affordable solution by focusing solely on the damages caused to other individuals or property.

2. Comprehensive Package Policy

   The comprehensive package policy provided by Bajaj Allianz is the most popular option. This policy combines the third-party liability cover and your damage cover, offering extensive protection for your two-wheeler. The own damage coverage safeguards your vehicle against damages resulting from accidents, theft, fire, natural calamities, manmade disasters, and other unforeseen events. This comprehensive policy provides a holistic solution to protect third-party liabilities and your own vehicle from various risks.

   You may also read- Own Damage v/s Third Party Cover under Bike Insurance

Bajaj Allianz Two-wheeler Insurance Policy: Inclusions

The following are the inclusions of the Bajaj Allianz two-wheeler insurance policy-

• The policy covers the insured bike against damage or losses due to natural calamities such as floods, earthquakes, landslides, rockslides, lightning, storm etc.
• An unfortunate event such as an accident, theft, housebreaking, or burglary
• Third-party liability arises from an accident causing injury, death, or property damage to the third party
• Any loss or damage caused due to malicious activities, such as riots, vandalism, strikes, etc.

Bajaj Allianz Two-wheeler Insurance Policy: Exclusions

The significant exclusions of the Bajaj Allianz two-wheeler insurance policy are as follows-

• Normal wear and tear caused to the two-wheeler
• Mechanical or electrical breakdown
• If the insured vehicle is used for a purpose other than the one mentioned in the policy documents
• Losses suffered while the vehicle is driven under the influence of alcohol, drugs or other intoxicants
• Damage or loss due to nuclear risk, civil war, war-like situation etc.
• Damage to the consumables such as tubes and tyres where 50% of the replacement cost is provided only if the vehicle is damaged too
• Any claim arising out of contractual liabilities
• Other exclusions as mentioned in the policy wording.

Depreciation Rates According to the Different Parts of a Bike

Here is a list of different parts, along with the rate of depreciation applied to them-

1. For all the nylon/rubber/plastic parts (tyres, tubes, batteries, and airbags)- 50%
2. For fibreglass components – 30%
3. For parts made up of glass – NIL
4. For paint material- 50%

Rate of Depreciation According to the Age of the Bike

Below is a table showing the rate of depreciation set by IRDAI as per the bike's age-

*Disclaimer-The above table is for illustration purposes only. Kindly refer to the policy wordings of the insurer to understand the terms & conditions.

Personal Accident Cover for the Vehicle Owner

An amount of Rs. 15 lakhs is offered as a Personal Accident (PA) cover to the vehicle's owner in cases of bodily injury or death during an accident.

Here is a table showing the scale of compensation offered by the insurance company in case of injury/death of the owner-

Things to Remember in Personal Accident (PA) Cover

The PA cover compensates the policyholder for accidents resulting in bodily injury, disability, or death. It is crucial to note that the PA cover does not extend compensation for self-harm, self-inflicted injuries, suicide, or any harm resulting from intentional actions. Additionally, injuries or disabilities arising from the consumption of alcohol or drugs are not eligible for compensation.

You may also read- Best Two-wheeler Insurance Company in India 2023

Bajaj Allianz Two Wheeler Insurance Renewal Online

Bajaj Allianz allows its policyholders to renew their bike insurance online. The process of two-wheeler insurance Bajaj Allianz online renewal is customer-friendly. You only need an internet connection, a computer and your policy details.

Step 1-Go to the renewal section available in the official website of the insurer

Step 2-Find the form asking for the details of your previous policy

Step 3-Review the policy terms & conditions and choose the add-on covers wisely.

Step 4-Pay the Bajaj insurance premium online

Step 5-Once the payment is completed, you will receive the policy document for your two-wheeler insurance by Bajaj Allianz online renewal.

How to Register a Claim for Bajaj Allianz Two-wheeler Insurance Policy?

A Bajaj Allianz two-wheeler insurance policyholder can follow the below-mentioned steps to make a successful claim with the company-

1. Process for Theft Claims Settlement

   • File an FIR at the nearest police station
   • Submit the FIR report to the insurance provider
   • The insurance company will designate a surveyor to handle your issues
   • Once the inspection is completed, inform your RTO about the theft incident
   • Keep the required documents handy based on which you will be compensated
   • If your insured bike is not traceable for over a month, the police will issue an untraceable report as valid proof.
   • Based on it, your insurance company will settle the claims.

2. Process for Accidental Claims Settlement

   • Inform your insurer and fill up & sign the claim form available on the insurer's website
   • The insurer will send the surveyor to inspect the damages at the incident site
   • Your insurer will review the inspection report sent by a surveyor
   • Get ready with the mandatory documents required to process the claim request
   • The insurer will settle your claims based on your choice, i.e., cashless facility or reimbursement facility.

3. Process for Third-party Claims Settlement

   • Immediately inform your insurer about the accident
   • Share the summons from the court with your insurance company
   • Submit the filled & signed Bajaj Allianz insurance claim form
   • Submit the required documents to the respective authority
   • The case is settled by the Tribunal court.

Documents Required to Claim Bajaj Allianz Bike Insurance

For Theft Claims

• Claim Form duly signed by the insured.
• RC Copy of the Vehicle with all original keys
• Driving License Copy
• The original insurance plan photocopy
• The FIR report
• Police Untraceable Report

For Accident Claims

• The insured will have to sign the claim form.
• The valid registration copy of the two-wheeler
• A copy of the owner's Driving License
• Copy of the Bajaj Allianz bike insurance policy's first 2 pages
• The FIR at the local police station or the MCR (Motor Collision Report)
• Original Estimate
• The original repair invoice and payment receipt. Only the repair invoice is required if a preferred workshop is chosen.

For Third-Party Claims

• Claim Form duly signed by the insured.
• Copy of Police First Information Report (FIR)
• Copy of Driving License (DL)
• Copy of the Original Policy
• Copy of Vehicle's Registration Certificate (RC)
• Stamp required for company registered vehicle's original documents

The company's Spot Settlement facility through Bajaj Allianz Mobile Statement Service can be availed if the scope of the loss is small. If repairs are done in a preferred workshop,Bajaj Allianz General Insurancesettles the claim directly. However, the policyholder should pay the depreciation value and excess amount specified in the policy, salvage value, etc., which the company's surveyor has informed.

Bajaj Allianz Two Wheeler Insurance - FAQs