Bajaj Allianz Two Wheeler Insurance

Team Antworks

7 years ago

Bajaj Allianz Bike Insurance Overview

Bajaj Allianz Two Wheeler insurance is a leading insurer in the insurance market that provides two wheeler insurance plans with different benefits and coverage. It provides coverage that is more important for you and the third party. This Two Wheeler insurance is offered by 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.

The Bajaj Allianz Two Wheeler insurance policy covers 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 benefits and coverage of Bajaj Allianz Two Wheeler Insurance.

Why to 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 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) decides 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 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 any 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.

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 speciality 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
24×7 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 is given as a benefit round-the-clock, 24×7
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 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. 1 lakh 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 coverages which are not covered by the two wheeler insurance plan. Such coverages include:

Regular ageing of the vehicle which leads to normal wear and tear
Basic breakdown, be it electrical or mechanical
Vehicle depreciation
If accident is committed by a driver without a valid licence 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 ionising radiation, contamination by radioactivity from any nuclear fuel, nuclear waste from 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, act of foreign enemies, hostilities or warlike operations (before or after 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

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, kilometre 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 policy 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 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
City
Area
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

1. Why should I buy Bajaj Allianz Two-Wheeler Insurance?

A. 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.

2. What are the benefits offered by Bajaj Allianz two-wheeler insurance?

A. The two-wheeler insurance policies by Bajaj Allianz offers assured protection against accident, fire, and theft resulting in a 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
24×7 online customer support
Option of transferring No Claim Bonus (NCB)

3. What is a No Claim Bonus or NCB?

A. 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 up to 50% on the Own Damage Premium for not making any claims for 5 successive policy years.

4. What are the steps to make a claim under Bajaj Allianz two-wheeler insurance?

A. 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 handover 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

5. Should/Can I make claims of small amounts?

A. 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.

6. How to reduce the premium of Bajaj Allianz Two-Wheeler Insurance?

A. 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.

7. What is Bajaj Allianz Two Wheeler Insurance policy renewal process?

A. Renew your policy online in steps:

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

8. What is Voluntary Excess under Bajaj Allianz Bike Insurance?

A. 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 given below:

VOLUNTARY DEDUCTIBLE (in Rs.)	DISCOUNT RATE
2,500	20% up to a max of Rs. 750
5,000	25% up to a max of Rs. 1,500
7,500	30% up to a max of Rs. 2,000
15,000	35% up to a max of Rs. 2,500

9. What is Compulsory Excess under Bajaj Allianz Two-Wheeler Insurance?

A. 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	Rs. 1,000
Private vehicles above 1500cc	Rs. 2,000
Motorized two-wheelers	Rs. 100

10. What is the Bajaj Allianz Two Wheeler Insurance policy cancellation Process?

A. 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.