Bajaj Allianz Two Wheeler Insurance

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Bajaj Allianz Two Wheeler Insurance Renewal

In tune with the present day insurance sector trend, Bajaj Allianz GIC was formed through a joint venture agreement between an Indian and foreign company in the ratio of 76:24 stakeholding respectively. The Indian counterpart is Bajaj Finserve Limited, a company formed through demerger from Bajaj Auto Limited. The foreign counterpart is leading global insurance corporation Allianz SE

The joint venture general insurance firm received IRDA registration certification in May 2001, and it has strong financial grounds with its authorized paid up capital being Rs. 110 crores.

Financial Performance of Bajaj Allianz GIC

Bajaj Allianz GIC has continuously been proving its financial mettle, as per latest data (FY 2015-16), the financial gist of the general insurance company includes

1. PBT INR 564 crores

2. PAT INR 5901 croresk

3. Gross written premium (GWP) Rs. 5901 crores

4. GWP growth 11.3 % over last year

The company practices transparent reporting system and periodically publishes financial and annual reports on its online portal which can be accessed easily by portal visitors.

Achievements of Bajaj Allianz GIC

Bajaj Allianz GIC has been recognized for its high commitment towards its customers and timely claims settlements, though it has numerous awards and accolades under the list of awards published on its portal, the recent and major ones include:

1. Received iAAA rating from ICRA for ten years in a row

2. Won Claims Asia Award three times in a row for high claims settlement recordst

3. Won Economic Times Best Corporate Brand award for the year 2016

4. Won Silicon Valley Business Award for introducing Insurance Wallet innovative app

5. Recognized as Aon best employer award in 2016

Why should you take up Two Wheeler Insurance?

When you purchase a two wheeler then as per the Motor Vehicle Act, it is compulsory to take up third party insurance. That is if another person gets accidentally hurt by your two-wheeler then cover amount can be claimed for getting the injured person treated or for compensating the injured person as per rules and regulations. So far so good. But what happens if you or the driver gets injured or if your vehicle gets damaged? These won’t be covered by third party insurance alone, so it is best to get a total two wheeler insurance solution that would include third party cover as well.

What is covered under Bajaj Allianz Two Wheeler Insurance?

With Bajaj Two Wheeler Insurance you can have complete peace of mind as you will be getting a comprehensive cover. Salient cover features of Bajaj two wheeler insurance includes:

1. Two wheeler damage cover

2. Personal accident cover

3. Third party liability cover (including pillion cover)

4. Additional Covers

Third Part Liability

Bajaj Allianz two wheeler insurance policy has provisions for indemnifying third party injury/ death/disability/ property damage as per stipulations of the Motor Vehicle Act. Third party also includes the pillions of the vehicle.

Personal Accident Cover

Bajaj Allianz two wheeler insurance policy has provisions for cover for death/disability of owner/driver due to an accident of the insured vehicle. The policy provides 100% compensation for death or permanent disability.

Additional Covers

Bajaj Allianz two wheeler insurance policy also provides cover for several unforeseen additional circumstances, and these may include:

1. Assistance for roadside problems (battery and tyre damage, key loss)

2. Towing assistance

3. Legal help

4. Accommodation assistance

5. Fuel and repair assistance

6. Alternative transit assistance

Exclusions under Bajaj Allianz Two Wheeler Insurance Policy

Under several conditions, Bajaj Allianz does not honor the claims raised, and these include the following situations:

1. Self-injury or harm

2. War acts

3. Unlawful or illegal acts

4. Damage due to nuclear weapons

5. Involvement in abnormal risks

6. Accident occurring outside geographical area of policy

7. Driving under intoxicated conditions

8. Not having a valid driving license

Bajaj Allianz Two Wheeler Insurance Policy Features

Bajaj Allianz two wheeler insurance policy also provides cover for several unforeseen additional circumstances, and these may include:

1. Total two wheeler/bike insurance plan

2. Short-term as well as long-term policies

3. Policy tenure of two or three years

4. Nil depreciation availability(under short-term policy)

5. Premiums as per IRDA prescriptions

6. No claims bonus (NCB) benefits

7. Claims do not nullify NCB

8. Insurance policy can be transferred from other insurers

9. 50% of NCB can also be transferred along with policy

Why to buy Bajaj Allianz Two Wheeler Insurance?

Under several conditions, Bajaj Allianz does not honor the claims raised, and these include the following situations:

1. IRDA registered general insurance company

2. Quality certifications by prestigious groups

3. Awarded for consistency, customer orientation and performance

4. High claim settlement ratio

5. Financially strong profitable company

6. Transparent disclosures on company portal

7. Easy online processes

8. Round the clock customer assistance

9. Helpful and informed staff and advisors

Bajaj Allianz Two Wheeler Insurance Claim Registration Process

If your two-wheeler is insured with Bajaj Allianz Two Wheeler insurance policy then you can raise a claim should you happen to face a situation as covered under the policy. In the case of such events, you should call the customer care number mentioned in your policy document without unnecessary delay and apprise them regarding the occurrence.

In case you or third party is injured then immediately attend to self or third party care and take medical assistance. If the vehicle is damaged, then do not delay in reaching it to a repair shop or garage. If your policy includes add-on covers, then seek the relevant add-on assistances from your insurer. If the incident requires police reporting, then register FIR with the nearest police station without delay.

Being Prepared

We never know when misfortune can strike us, we may not be able to revert or stop misfortunes from happening but being prepared goes a long way in mitigating effects of unfortunate occurrences. Always keep within reach the following in order to seek quick assistance during any emergency:

1. Self-identity documents

2. Driving license

3. Copy of insurance policy

4. Location, date and time of the incident

5. Description of the incident

6. Copy of FIR

7. Engine and chassis number

8. Reading of the vehicle meter

9. Address of inspection of damaged vehicle

While placing an online or offline claim, you will need to support your claim form or application with the relevant documents and bills. The same would be checked by your insurer, and the claim would be settled within the stipulated duration of time upon successful verification.

Calculating Bajaj Allianz Two Wheeler Insurance Policy Premium

It is very simple to get a premium quote for your two wheeler insurance policy from Bajaj Allianz portal. Once you open the Bajaj Allianz online portal, subsequently click on motor insurance tab, two wheeler insurance and premium calculator tab. You will be subsequently asked details like company name, brand, type, model, place, registration year and basic personal details (name, mobile number and email id) for arriving at your premium quote.

You will be able to attain a basic quote and will also be contacted by insurer personnel at the contact number mentioned by you, who will provide you with the policy details and assist you in choosing a two wheeler policy as per your requirements.

Bajaj Allianz Two Wheeler Insurance - FAQ's

1
How is sum assured calculated for two wheeler insurance policy?

The sum assured is the amount given to the policyholder as claim settlement. The sum assured is the insured’s declared value (IDV). IDV is based on the manufacturer’s selling price after adjusting applicable depreciation amount.

2
Does policy lapse if occurrence results in policy holder's demise?

If in the case of a covered event like accident due to external medium or fire explosion leading to death of a policyholder, the two wheeler insurance policy does not immediately lapse upon the death of the policyholder but remains valid for three months after the date of occurrence of the death or till the end of policy tenure, whichever is earlier. During the period after the death of policy holder till the time the policy remains valid, the legal heirs of the policyholder can raise a claim for death amount (under personal accident cover feature of two wheeler insurance policy) and other applicable claims and get the insurance policy transferred to their names. The application for claim or policy transfer should be supported by the death certificate of the policyholder, proof of title to the two-wheeler, and the original two wheeler insurance policy documents and other relevant documents as asked by the insurer.

3
What is the eligibility for purchasing two wheeler insurance policy?

Anyone with a legal and valid driving license can apply for two wheeler insurance, so if you are eligible to possess a two wheeler driving license, you are eligible to get your two-wheeler insured as well.

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