Bajaj Allianz Bike Insurance Overview
It is tough to choose the right insurance policy from the various policies available in India. Bajaj Allianz Two Wheeler Insurance Policy is a popular insurance plan that helps to protect your two wheeler against any physical damage, theft, third party liabilities and/or injury. The best Two Wheeler insurance would be one that protects your vehicle from losses caused due to natural and man-made damages and/or third-party liabilities. Bajaj Allianz Two Wheeler insurance is a comprehensive policy that also offers personal assistance cover.
Key Benefits Of Bajaj Allianz Two Wheeler Insurance
Cashless Claim Networks
Cashless claim service is available at authorised network garages across India
Policyholders can get an existing No Claim Bonus of up to 50%
Policyholders can get a cover of up to Rs.1 lakh as personal accident coverage
When the policy is about to expire, policyholders can renew it online
Add-on Covers For Bajaj Allianz Two Wheeler Insurance
Third Party Cover
The maximum cover for third-party property damage will be Rs. 1,00,000 in the case of two-wheelers.
Inclusions And Exclusions In Bajaj Allianz Two Wheeler Insurance
Loss or damage to the insured vehicle due to fire / earthquake / flood / cyclone
Damage by a person driving under the influence of liquor / alcohol / drugs
The procedure for acquiring a Bajaj Allianz two-wheeler insurance policy is simple and easy. Bajaj Allianz two-wheeler insurance policy can be purchased and renewed online.
Features & Benefits of Bajaj Allianz Two Wheeler Insurance
- Quick claim settlement
- Hassle-free process of purchasing bike insurance online
- Around the clock claim support.
- Avail 75% on account payment in case of cashless facility is not available.
- Existing No Claim Bonus of up to 50% can be transferred from another insurance provider.
- Get instant claims assistance as well as regular SMS updates on the claim status.
- The listed authorized workshops would provide quick and efficient inspection of your vehicle with high service standards.
Bajaj Allianz Two Wheeler Insurance Coverage
- Man-made calamities: Damage or loss to your two wheeler due to events such as burglary, riot, theft, malicious act, accident caused by third-party, strike, vandalism, terrorist activity, any damage caused in transit by inland waterway, road, rail, lift, elevator or air.
- Natural calamities: Damage or loss to your two wheeler due to fire, explosion, self-ignition or lightning, flood, earthquake, typhoon, storm, hurricane, tempest, cyclone, inundation, hailstorm, landslide, frost and rockslide.
- Third Party Legal Liability: The policy offers you protection against legal liability arising out of accidental damages, causing permanent injury or death of a person, as well as damages to third-party property.
- Personal Accident Cover: Get coverage of up to Rs.1 lakh as personal accident cover for the individual owner/driver of the vehicle, while driving, travelling, mounting or dismounting from the two wheeler. There is also an optional personal accident cover available for co-passengers.
Insured’s Declared Value (IDV) under Bajaj Allianz Two-wheeler Insurance Policy:
In case of Bajaj Allianz two-wheeler insurance policy, the Insured’s Declared Value (IDV) is also addressed as ‘Sum Insured’ for the terms of this policy. This rate is basically fixed at the commencement of policy period of an insured vehicle.
The IDV is dependent on a manufacturer’s listed selling price at the time of commencement/renewal of the policy and is adjusted for depreciation. You will find the depreciation rate of a two-wheeler listed below:
|Age of the vehicle||Depreciation %|
|Less than 6 months||Nil|
|More than 6 months old but less than 1 year||5%|
|More than 1 year old but less than 2 years||10%|
|More than 2 years old but less than 3 years||15%|
|More than 3 years old but less than 4 years||25%|
|More than 4 years old but less than 5 years||35%|
|More than 5 years old but less than 10 years||40%|
|More than 10 years old||50%|
Personal Accident Cover for Policyholder
Unless specified otherwise in the terms and conditions of the policy, the insurer undertakes the responsibility to compensate the policyholder based on a particular scale. This scale has different payout structure for death of the insured, bodily injury sustained when riding in direct connection with the vehicle caused by visible means. For the compensation to pay out any death or disability must occur within 6 calendar months of the accident. Below is the compensation scale for this insurance policy:
|Nature of injury||Compensation scale|
|Loss of one limb/eyesight in one eye||50%|
|Loss of two limbs/eyesight in both eyes||100%|
|Permanent disability due to injury sustained during the accident||100.00%|
When paying based on this scale, there are certain precedents that will be followed. These include:
- The compensation will be paid on any one of the 4 factors mentioned in the ‘Nature of Injury’ tab.
- No compensation will be paid if death or injury occurs due to reasons that can be traced to intentional self injury, suicide attempt or if the policyholder is under the influence of alcohol or any other form of drugs.
- Compensation will be paid directly to the insured or his/her legal representatives and the settlement, once done, will basically mean the total discharge of the policy.
Limits of Indemnity
If an accident involves paying indemnity for more than one person, the amount payable or the total amount to be paid will be equally divided between all the involved parties.
- In order to register a claim, first, you have to place your Two Wheeler for Repair in a network garage where you will be able to avail the cashless facility.
- In the event of theft, you have to file a police complaint immediately in writing and inform the company as well.
- Once this is done, you have to officially register your claim. You can register your claim by calling the customer care center and providing some basic information. Once this process is complete, you will receive a claim reference number.
- Next step is Survey and Claim Settlement that is done by Bajaj Allianz.
- Submit a copy of your documents to the garage/dealer and get it verified with the originals. After completion of repair at the preferred garage, Bajaj Allianz will make a payment directly.
Required Documents for Claim Settlement
Bajaj Allianz offers the advantage of easy claims procedure and 24/7 claims support for two wheeler insurance. In case your vehicle which is insured with Bajaj Allianz faces an accident or is stolen, you need to submit the following documents to register a claim. Submitting all the necessary documents promptly will speed up your claims process and ensure a hassle-free settlement. Here are the documents that you will need to submit while filing a two-wheeler insurance claim with Bajaj Allianz.
- Duly filled claims form
- Policy and copy of cover note
- A copy of the registration book of the two-wheeler
- A copy of estimate of repairs
- A copy of driving license of the person who was driving the vehicle at the time of accident
- In case of theft or injury/death to a third party, a copy of police FIR or Panchnama will be required.
- If the two-wheeler is declared as a total loss due to theft or an accident, you will have to provide the original insurance policy, RTO transfer papers, a No-Objection certificate (NOC) from the financier or owner for transfer of vehicle, original keys of the vehicle, a letter of subrogation on a judicial stamp paper of Rs.100 and a letter of indemnity on Rs.100 judicial stamp paper.
If all the above documents are submitted, it takes not more than 15 days to process the claims.
Bajaj Allianz Two Wheeler Insurance Policy Claim settlement
If your two wheeler is insured with Bajaj Allianz then you need to follow some simple steps to settle the claim.
If your two wheeler meets with an accident, then you need to follow the steps:-
- Notify the company about the accident immediately.
- If the accident has caused a massive damage to your vehicle, the please inform the insurer about the same before removing the vehicle from the accident spot. This is done to ensure that the company can go ahead with a ‘spot inspection’ of the damaged two wheeler.
- To get in touch with Bajaj Allianz to report about the accident, you need to notify them with the two wheeler insurance policy number, date, time and venue of the accident.
- Your two wheeler can be taken to a Bajaj Allianz authorized workshop to arrive at an estimate of repair charges.
- Once the company has received a duly filled insurance claim form, and an estimation of repairs and its cost, the insurers will organize a thorough examination of the two wheeler to detect the extent of damage. Please note the Bajaj Allianz will pay the garage directly, for the repair cost.
If your car is stolen, then please follow the below mentioned steps-
- The news of theft needs to be notified to Bajaj Allianz within 24 hours of the theft.
- An FIR about the theft needs to be filed at the nearest police station within 24 hours, and a copy of the same needs to be submitted to the insurer.
- An investigator from Bajaj Allianz shall arrive to examine the authenticity of the claim, and also collect the documents as required according to the claim form. For an admissible claim, Bajaj Allianz may need relevant documents for the purpose of transferring the rights of the vehicle rights to the company’s name.
In case of third party injury caused by your two wheeler, follow the below mentioned steps to make an insurance claim -
- Immediately admit the injured person/persons to nearest hospital.
- Lodge an FIR about the accident at the nearest police station, and keep a copy of the same.
- Please avoid making financial compensation promises, to the third part affected by the accident, on behalf of Bajaj Allianz. The insurance company is not bound by these promises, as per law.
- Intimate Bajaj Allianz about the accident caused by your two wheeler and damage to the third party.
- General ageing, wear and tear of the vehicle is not covered.
- Electrical/Mechanical breakdown.
- If damage or loss occurs to the vehicle when it is not used in accordance with limitations of use..
- Damage caused by/to a person driving without a valid license.
- If a drunk person or a person under the influence of drugs is driving, then damages incurred won't be covered.
- Damage or loss arising out of war, nuclear risk or mutiny.
- Wear and tear of parts like tyres and tubes is not covered, unless the vehicle is damaged at the same time. If this is the case, the company liability will be limited to only 50% of the replacement cost.
Bajaj Allianz Two-Wheeler Premium Calculator
Before you buy a bike insurance policy from Bajaj Allianz for your bike or scooter, you can calculate the amount of premium you will be required to pay. This can be easily done though the ‘Bajaj Allianz Premium Calculation’ page in the official Bajaj Allianz website. All you have to do is fill in some basic details and calculate the premium amount. Here is a step by step process to do the same:
Step 1: Enter your two-wheeler registration number in the given field and click on ‘Get A Quote’.
Step 2: Fill in your vehicle details > Select Brand > Click ‘Proceed’ > Select vehicle model > Click ‘Proceed’ > Select the two-wheeler subtype > Click ‘Proceed’.
Step 3: Choose the city of your residence from the given options > Click ‘Proceed’.
Step 4: Select the year of vehicle registration.
Step 5: Enter your personal details to obtain the quote. These details will include your name, mobile number, email address, and pin code.
Step 6: After filling in the personal details, Click ‘Submit’ to get the premium amount as well as the Insured Declared Value of the vehicle.
Bajaj Allianz Two Wheeler Insurance Renewal Online
Bajaj Allianz two-wheeler insurance policy is an all-inclusive protection plan provided to vehicles along with personal accident and third party liability coverage. Customers can easily renew their existing policies online at the Bajaj Allianz General Insurance website in just 5 simple steps.Step 1
Existing policyholders need to first enter a few personal details like name, mobile number, email address, vehicle registration number and policy number. They can proceed to the next step after a simple verification process.Step 2
Bajaj Allianz then displays the details related to the customer’s two-wheeler insurance policy and users can verify the required information.Step 3
The next step displays the premium that has to be paid for renewing the two-wheeler policy and the payment can be done by customers via credit card or net banking.Step 4
After the payment is done, the dispatch details of the original policy document will be conveyed to the customer. An online document will also be generated.Step 5
Bajaj Allianz will send a welcome letter to customers as part of the two-wheeler insurance renewal process, to confirm that the policy has been updated.
Bajaj Allianz Bike Insurance Documents Required
- Bajaj Allianz offers one of the most flexible two wheeler insurance policies and it comes with minimal documentation requirements.
- As such, no hard copy of any document is required to buy a Bajaj Allianz two wheeler insurance policy.
- You can get a two wheeler insurance policy online by filling in your personal details and other information about your vehicle like the make, cubic capacity, two wheeler model, manufacturing year, the vehicle sub-type and registration date.
- Using this information, the web portal will offer you an instant quote on premium and you can also apply for a policy online.
Bajaj Allianz Two Wheeler Insurance FAQs
- What is the extent of coverage provided by Bajaj Allianz under their two wheeler policy?
The company provides a comprehensive coverage against all possible natural and manmade calamities. The policy not only covers these aspects, but also extends personal accident cover and protection against third party liability.
- What is No Claim Bonus? How does it benefit me?
NCB as popularly known is a discount extended by Bajaj Allianz to the owner of the vehicle for not making any claims during a policy period. This discount on premium can be availed at the time of renewal and ranges from 20% to 50%, depending on the number of claim free years.
- In what ways can I be eligible for a lower premium on my two wheeler insurance?
With Bajaj Allianz, you can save in two ways. The first one deals with reducing your share in Voluntary Excess and the second one comes from NCB(No Claim Bonus), details of which has been provided in the question above.
- How do I make changes to my existing two wheeler policy from Bajaj Allianz?
Contact them on 1800 209 5858 to make a change request. You may be required send an e mail or post a letter, based on the nature of change. The company issues an “Endorsement”, certifying and confirming the insured about the change.
- Are electrical components covered under this two wheeler insurance policy?
Yes, the company covers both electronic/electric fittings and non-electric fixtures such as seat cover, mag wheel etc. It also covers the CNG Kit and Bi-Fuel system at an additional premium.
- What is voluntary excess?
This term is used to denote a part of the claim value you’re willing to lose in the claim. It is a percentage of claim value you’re fine to let go. Opting for a higher percentage of voluntary excess is rewarded by a discount on premium at the time of renewal.
- How long is the two wheeler insurance policy valid? Can I renew it online?
The policy is valid for a period of 12 months from the date of commencement. The policy can be renewed online, on the insurer’s portal. Ensure renewal is made before the policy expiration date to avoid inspection charges.
- I need to make a claim for minor damages to my bike. It was being ridden by a friend. Is the claim valid?
The claim is valid as the insurance cover is on the bike and not for the person/owner riding it. You can make a claim, provided the person riding the bike is legally allowed drive and holds a Driving License.
- I am planning to sell my scooter, insured by Bajaj Allianz. Is the insurance on two wheeler transferrable?
Yes, the insurance is transferrable to the buyer. The buyer has to apply for transferring the insurance policy within 14 days from the date of transfer of the car to their name in the Regional Transport Office.
General Conditions under this Policy
The Bajaj Allianz two-wheeler insurance policy comes with several conditions every policyholder should know about. Here are some of the them listed for you:
- Policyholder is required to send a notice in writing to the company as early as possible after the occurrence of an accident or damage and provide all the documents and information requested by the company. Also, the policyholder should forward any and all fresh documents relating to the incident as soon as the policyholder receives them. Besides this, the policyholder must also submit a written notice in case there is a fatal injury on an impending inquest which may require a claim to be settled by the company.
- Under no circumstances can the policyholder provide any admission or promise of payment or indemnity without the consent of the company. This is because the company will have the right to settle claims or defend the policyholders’ case.
- The policyholder must, at all times, take reasonable steps to keep the vehicle or its accessories safe from damage and will provide access to the company if and when they decide to carry out an inspection.
- The company holds the option to repair, replace, or reinstate the vehicle or to pay in cash for all the damage. However, the company’s liability, at no point, will exceed the following:
- For constructive loss or total loss of the vehicle - The maximum value should be below the IDV of the bike as specified at the inception of the policy.
- For partial losses - Actual and reasonable costs of repair taking into account the depreciation charges based on the specified limits.
- If the policyholder has another policy covering the same liability at the time of an accident, the company is not liable to pay for the damages entirely. Instead, the company’s liability will be limited to a rateable proportion of the compensation.
- The company has the right to cancel a policy by sending a seven days’ notice to the policyholder’s last known address. In such a case, the company will repay the premium paid by reducing the amount on a pro-rata basis formula.
- If there’s any dispute between the two involved parties of an accident regarding the compensation, a sole arbitrator can be assigned to resolve the issue. In case both the parties can’t agree upon the assigned person, they have the right to assign one each of their own. Once this is done, the two arbitrators from both the sides can unanimously assign another one to form a 3-man panel to resolve the issue.
- In case of the death of the policyholder, this policy will not void out. Instead, it will be operational for the corresponding three months during which the legal heir of the now-dead individual who will get ownership of the vehicle and will have the policy transferred to their name. To get the transfer done, the legal heir must submit a death certificate of the insured person, original policy and the proof of title of the vehicle.
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