Bajaj Allianz Two Wheeler Insurance
Bajaj Allianz is a leading insurer in the General insurance market that provides two wheeler insurance plans with different benefits and coverage. It provides coverage to you and the third party. Bajaj Allianz general insurance, which is a joint venture between Bajaj Finserv Limited and Allianz SE. Bajaj Allianz has various products in its general insurance category right from health insurance to travel insurance including motor and two wheeler insurance plans.
Bajaj Allianz two wheeler insurance policies cover your two-wheeler or bike against physical damage, third party liability, injury, and theft. It offers a comprehensive insurance policy that covers personal accident as well. Bajaj Allianz two wheeler insurance policy claim settlement procedure is quick and easy making Bajaj Allianz an outstanding choice amongst the options available. Let us discuss the benefits and coverage of Bajaj Allianz Two Wheeler Insurance.
Why Buy Bajaj Allianz Two Wheeler Insurance Policy?
Whenever you buy a motorbike or drive one on the roads, the two-wheeler should be mandatorily covered by a valid two wheeler insurance called a motor insurance policy. This rule has been mandated in the Motor Vehicle’s Act which was passed in the year 1988. As per the act, you would be free from any sort of liability which may arise if you incur any damage to any third party who should be someone or something different than you and your motorbike or scooter. This financial liability will be paid off by the Bajaj Allianz two wheeler insurance policy which is compulsory.
List of Bajaj Allianz Two Wheeler Insurance Plans
Third Party Liability Only Policy
The rule under the Motor Vehicles Act mandates a third party liability cover on your two-wheeler. This Bajaj Allianz two wheeler insurance cover will not protect you or your vehicle. This third party two-wheeler insurance cover is meant to protect only the third party if your vehicle causes damage to the third party. The meaning of a third party in this context would mean any other person harmed by your vehicle other than yourself; any other vehicle harmed other than your own vehicle and any surrounding property which might have been damaged.
Bajaj Allianz two wheeler insurance cover is very cheap because it does not cover you or your own vehicle but any other damaged person or property. Usually, the Insurance Regulatory and Development Authority (IRDA) decide the amount of premiums payable if one is to buy a third party liability policy. The amount of Bajaj Allianz Two Wheeler Insurance claim which one can avail would depend on the extent of the damage.
Comprehensive Package Policy
Bajaj Allianz two wheeler insurance is the most popular two wheeler insurance plan and is sold by all the Bajaj Allianz Two Wheeler insurers who provide a motor insurance policy. As the name suggests, this policy is a package policy which is a combination of the third party liability only cover and also own damage cover. Own damage cover means any damage which you might incur from the vehicle or any damage which your vehicle might face due to an accident, theft or other causes.
This Bajaj Allianz Two Wheeler Insurance policy also comes with a personal accident policy which covers the driver or owner of the two-wheeler against any personal accident damage. The coverage for any other passenger who rides as a pillion or a co-passenger is to be taken separately. Extra premiums would have to be paid in this regard. While the premium payable in the third party liability policy is decided by the IRDA, the premiums which are payable under this policy will be decided by the company who is issuing the policy.
The premium would depend on the underwriting principles of the Bajaj Allianz two-wheeler insurance company which in turn depend on the Insured Declared Value (IDV) of your two wheeler. Higher the Insured Declared Value (IDV) higher will be the premium charged. Moreover, the premium payable for a comprehensive package policy will always be higher than the corresponding premium payable for the third party liability only policy for the same amount of the Insured Declared value because the former policy provides a dual coverage as compared to the latter one.
Bajaj Allianz Long Term Two Wheeler Insurance
Long term insurance policy is a boon that helps you keep your vehicle insured all the time. Bajaj Allianz long term two wheeler insurance policy comes with two variants- 2-years and 3-years policy, which provide 360-degree coverage against loss or damage sustained by the insured two-wheeler. The best part is that you can renew the policy once in 2 or 3 years.
Benefits of Bajaj Allianz Long Term Two Wheeler Insurance
The major benefits of having a long term bike insurance policy from Bajaj Allianz are:
- Two wheeler insurance policy can be availed for longer period with no effect in the third party premium
- Additional benefits such as NCB can be availed at the time of renewal for not claiming the insurance policy
- Mid-term cancellation provision even after a claim during the policy tenure
- Two to three-year policy coverage without a break
Bajaj Allianz Long Term Two Wheeler Insurance Inclusions
Long term bike insurance from Bajaj Allianz has following inclusions:
- The policy covers the insured bike against damage or losses due to natural calamities such as flood, fire, earthquake, lightning, storm etc.
- An unfortunate event such as accident, theft
- Third party liability due to accidental damage, injury or death to a third party is covered
Bajaj Allianz Long Term Two Wheeler Insurance Exclusions
The major exclusions of the policy include:
- Normal wear and tear and depreciation to the two-wheeler
- Mechanical or electrical breakdown
- If the insured vehicle is used for the purpose other than the mentioned one
- 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 tube, tyre where 50% of the replacement cost is provided only if the vehicle is damaged too
Advantages of Buying Bajaj Allianz Two Wheeler Insurance Plan
Buying a Bajaj Allianz two wheeler insurance plan from the Bajaj Allianz Company has its perks some of which are highlighted below:
- The company has a specialty of fast claim servicing. The company adopts a simple process for settling claims.
- Preferred workshops provide the facility of cashless settlement. If the cashless claim settlement facility is not available then the company pays 75% on account payment.
- The buying or renewing process provided by the company is simple which can be easily done online by visiting the company’s official site and clicking the correct tabs
- 24x7 telephonic assistance is provided to customers to deal with their claim related inquiries
- Comprehensive coverage which includes both own two-wheeler damage and third party legal liability
- A maximum amount of 50% of the no claim can be transferred from the previous insurance plan by porting the same
- SMS alerts are given as a benefit round-the-clock, 24x7
- Preferred workshops associated with Bajaj Allianz Bike Insurance can be used for cashless and hassle-free claim servicing
Bajaj Allianz Two Wheeler Insurance Coverage
The Bajaj Allianz Bike Insurance plan covers the vehicle and the policyholder against the following:
- Loss or damage to the two-wheeler due to natural disasters: Any loss faced because of natural calamities including explosion, fire, self-ignition or lightning, typhoon, earthquake, flood, hurricane, storm, cyclone, hailstorm, tempest, inundation, frost, landslide, and rockslide.
- Loss or damage to the two-wheeler because of man-made calamities: The Bajaj Allianz Two Wheeler Insurance covers Loss incurred from man-made reasons like a riot, strike, burglary, theft, malicious act, terrorist activity, damage if the vehicle is in transit or accident by external means.
- Personal Accident Cover: An amount up to a maximum of Rs. 15 lakhs as a Personal Accident insurance cover for the owner or for the driver of the vehicle in cases where they are travelling or driving or dismounting or mounting from the vehicle.
- Liability to Third Parties: A legally mandatory third party coverage which will provide for damages done to any concerned third-party, which includes any bodily injury or any damage incurred on the surrounding property.
Optional Extensions available under Bajaj Allianz Two Wheeler Insurance Package Policy
- Loss of Accessories
- Legal Liability covering Paid Driver, Cleaner or any Workman
- Personal Accident Cover for the Occupants
Exclusions under Bajaj Allianz Two Wheeler Insurance Policies
The Bajaj Allianz General Insurance Company has a specified list of limitations that is not covered by the two wheeler insurance plan. It includes:
- Regular aging of the vehicle which leads to normal wear and tear
- Basic breakdown, be it electrical or mechanical
- Vehicle depreciation
- If an accident is committed by a driver without a valid license or under the influence of drugs
- Any accidental loss/damage or liability, directly or indirectly caused by nuclear weapons material
- Any liability of any nature, directly or indirectly caused by ionizing radiation, contamination by radioactivity from any nuclear fuel, nuclear waste from the combustion of nuclear fuel (nuclear fission process)
- Wear and tear of consumables including tyres and tubes except when the two-wheeler is also damaged and for which the company will be paying only 50% of the amount required for the replacement of damaged consumables
- Any accidental loss or damage and/or liability sustained outside the geographical area covered under the policy
- Any accidental loss or damage and/or liability sustained if the insured vehicle is used beyond its limitations
- Any claim arising out of a contractual liability
- Any accidental loss or damage to property, or any loss or expense resulting from it or any consequential loss
- Any accidental loss or damage, and/or liability, directly or indirectly arising due to war, invasion, the act of foreign enemies, hostilities or warlike operations (before or after the declaration of war), civil war, mutiny, rebellion, military or usurped power
- Other exclusions as mentioned in the policy wordings
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:
Step 1 - The Damaged Vehicle Should Be Sent For Repairs
After facing any damage, the vehicle should be taken to the nearest garage. There are two options for that. One, the customer can take his vehicle himself to the garage. Two, he can get the vehicle towed if it is not possible for him to take the vehicle himself. This would also cause minimal further damage.
If your two-wheeler has been stolen, you should immediately file an FIR with the local police and then inform the company. A Non-Traceable Report is to be obtained from the police authorities if the bike is not found within 90 days of theft. The report represents a declaration by the police that the vehicle was unable to be traced by them. This report is then to be submitted to the Bajaj Allianz to start the claim process.
Step 2 - The Claim Should Be Registered
The Policyholder is required to register his claim. All the necessary information like contact no, chassis and engine no, time and date of the accident, description, and location of the accident, kilometer reading, vehicle inspection address, etc. are to be provided to the company’s executive. A Claim Reference Number is generated when a claim is successfully registered which can be used for knowing the status of the claim.
Step 3 - Doing A Survey Along With Settling Of The Claim
The client should then submit a copy of the below mentioned documents to the garage or to the dealer and the documents are also required to be verified along with the originals.
Documents Required to Claim Bajaj Allianz Bike Insurance
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 policy’s first 2 pages
- The FIR at the local police station or the MCR (Motor Collision Report)
- Original Estimate
- Original repair invoice and payment receipt. If a preferred workshop was sought for repairs, only the repair invoice is required.
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 final report
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
Spot Settlement facility which the company provides through Bajaj Allianz Mobile Statement Service can be availed if the scope of loss is small. If repairs are done in a preferred workshop, the Bajaj Allianz General Insurance Company settles 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.
Applying for Bajaj Allianz Two Wheeler Insurance Online and Offline
Different methods can be availed to buy the Bajaj Allianz Two Wheeler Insurance plan:
- You can provide your name, email id and mobile number on the online page of the company to arrange for a call-back
- You can also buy the plan directly online by clicking the ‘Buy Now’ tab on the online webpage of the company.
Bajaj Allianz Two Wheeler Insurance Premium Calculator
One can access the premium calculator to receive a quote for a Bajaj Allianz two wheeler insurance policy by clicking the ‘Buy Online’ hyperlink. One has to then select the third option on the landing page - ‘Get a quote for a new two-wheeler insurance’ to proceed to the premium calculator. This takes one to a page where the below mentioned personal and vehicle details have to be entered and questions about the type of coverage required have to be answered.
1. Basic Information about the Customer:
- Full Name
- Mobile Number
- Email Address
- Pin Code
2. Information about the Vehicle:
- Vehicle Registration Number
- Two Wheeler Make
- Two Wheeler Model
- Two Wheeler Sub-Type
- Cubic Capacity
- Manufacturing Year
- Registration Date
- Fuel Type
3. Whether one Wants to Cover Accessories Installed in the Two-Wheeler - Yes / No
4. Whether one Wants to Additionally Cover Co-Passengers - Yes / No
This information helps in determining the premium. Once the above details have been filled in, the company calculates the premium and shares a quote with the prospective customer and contacts him/her to initiate a purchase.
Bajaj Allianz Two Wheeler Insurance - FAQs
Ans: Bajaj Allianz two-wheeler insurance policy offers you a sense of freedom, thereby protecting your motorcycle or bike or scooter from loss or damage caused due to theft, fire, accident, third-party liability and other natural and manmade calamities.
Ans: The two-wheeler insurance policies by Bajaj Allianz offers assured protection against accident, fire, and theft resulting in physical damage to the vehicle including any third-party liability. Some additional benefits of this policy are:
- Hassle-free claim settlement
- Quick online policy purchase
- 24x7 online customer support
- The Option of transferring No Claim Bonus (NCB)
Ans: No Claim Bonus or NCB is a bonus rewarded to the policyholder or owner of the two-wheeler for not making any claims in a policy year. Bajaj Allianz two-wheeler insurance provides you with a discount of up to 50% on the Own Damage Premium for not making any claims for 5 successive policy years.
Ans: Claims can be made under Bajaj Allianz two-wheeler insurance by following a few simple steps. They are as follows:
- With your two-wheeler parked safely, intimate Bajaj Allianz
- Give your vehicle for repair and hand over the documents to the surveyor
- Submit copies of the required documents to the dealer or at the garage and get the copies verified as per the originals.
- Bajaj Allianz two-wheeler insurance would settle your claim or reimburse the expenses
Ans: Yes, you can make claims of any amount, but, making a Bajaj Allianz Two-Wheeler Insurance claim that is less than the value of No Claim Bonus is not advisable to make as it would forfeit your entire NCB for a small sum. In contrast, making a claim is suggested if the NCB you stand to forfeit in the coming year is less than the claim value.
Ans: Maintain a record of No Claim Bonus over a period of 5 successive years and transform the accumulated amount into a discount on the own damage premium. Alternatively, you can opt for voluntary excess, which allows you to bear certain loss out of your pocket against each claim that you make.
Ans: Below are the steps for Bajaj Allianz Bike Insurance Renewal online:
Step 1: Login with the username and password onto the e-Portal
Step 2: Select the policy details and payment mode: Debit/Credit Card or Net Banking
Step 3: Print/Save the cyber receipt of premium payment
Ans: The term voluntary excess refers to a part of the value of the claim you can opt to pay out of your own pocket. If you choose to pay a higher value out of your claim on your own, then you get a discount on the own damage premium as per the table is given below:
VOLUNTARY DEDUCTIBLE (in Rs.)
20% up to a max of Rs. 750
25% up to a max of Rs. 1,500
30% up to a max of Rs. 2,000
35% up to a max of Rs. 2,500
Ans: Compulsory excess is the amount that the insured is obligated to pay under all circumstances while making a claim. It is mandatory and applied to the policy for each and every claim. The compulsory excess amount is decided by the insurance company. Under this policy, it is applicable as per the table given below:
TYPE OF VEHICLE
COMPULSORY DEDUCTIBLE AMOUNT
Private vehicles less than 1500cc
Private vehicles above 1500cc
Ans: You must submit the policy documents and a duly filled surrender form at the nearest branch location in your city. It would take a couple of days to refund the premium and cancel the policy
Bajaj Allianz Two Wheeler Insurance - Latest News
Ans: Bajaj Allianz General Insurance recently launched a long-term two-wheeler insurance policy that enables two-wheeler remains insured for up to three years. This package policy comes handy with a 24x7 roadside assistance, which makes it a unique plan for two-wheelers as available on the market.
The assistance assured includes flat tyre, battery drained, facilities for minor repairs, spare keys delivery, towing, taxi and/or accommodation, and legal advice required (if any). At present, these facilities are available to be offered in 80 cities all over India.
The package of roadside assistance is aimed at helping women drivers out. Among the primary benefits of the policy, one is that there would be no premium hike once purchased, irrespective of the annual hike in premium for third-party cover during the policy term.