Private Car Insurance Plan

Features

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FAQs-Top 5

FAQs-General

FAQs-Coverage

FAQs-NCB
 
Features

A vehicle used for private purpose i.e. used for personal, social, domestic and pleasure purpose and also professional / personal business purpose (these vehicles includes motorized rickshaws/cabin body scooters and excluding carriage of goods).

A car insurance policy is the most important document in the vehicle. Millions of car owners across India trust Bajaj Allianz to insure their car. Along with comprehensive coverage against physical damage, bodily injury and cover against third-party liability, motor insurance brings to you confidence and peace of mind. All this is backed by our superior claims servicing capability and fast settlement record for vehicles insured by us.

Key Features of GLOBAL FINSOL – BAJAJ ALLIANZ Private Car Insurance
Cashless claim settlement in over 1500 preferred workshops
Hassle free claim settlement
Quick and easy online purchase process
24x7 claims support- telephonic service for claims support and other assistance, even on holidays.
Towing Facility in an event of a breakdown/accident
Instant Claims Assistance and SMS updates on your motor claim status through our 24x7 call-centres
Bajaj Allianz's preferred workshops give you access to hassle-free inspection and bring to you high service standards

Important Guidelines in Global Finsol towards the acceptance of the Car Insurance Policy.
Only policies within expiry (no break- in) can be renewed by us.
We also accept other company insurance cases which are otherwise called as roller over cases for which we require NCB (No Claim Bonus) declaration to avail NCB discount.
For New vehicles we require Invoice along with RC Copy.
All proposal forms need to be filled & signed by Customer Only.
Certain models require pre inspection which needs to be communicated to HO GI Team for pre inspection.
Only DD’s can be accepted along with each proposal, which should be in favour of “BAJAJ ALLIANZ GENERAL INSURANCE COMPANY LIMITED” Payable at Bangalore.
There are certain models accepted only with loading and few models are not accepted. List is provided.
The documents required for quote generation or policy issuance are :
 
  1. Proposal Form
  2. RC Copy
  3. Current Policy /Renewal notice indicating the NCB eligibility.
  4. NCB Declaration (if other company renewal i.e roller over)
  5. Company Seal on the Proposal if insurance is in the name of the company
  6. IDV as per the chart (available in Global Finsol branches)
  7. Necessary underwriting approval mail in case of deviation.
  Once quote is generated for Policy issuance following documents are required:
 
  1. DD with date prior to Policy expiry date.
  2. Quote ref.No/Quote sheet.
  3. All the documents to be submitted on or before expiry with delay at one go.
 
FAQs - Top 5

1. What is a third party risk policy?

It is mandatory for every motor vehicle owner to get a third party insurance cover. It covers the vehicle owners against Act Risks as per Section 146 of Motor Vehicles Act 1988. The scope of cover of the third party insurance is to pay compensation for death due to bodily injuries to third parties and also damage caused to the property of the third party excluding damage of your vehicle.

2. What is NCB? Under what circumstances is NCB applicable and how does it benefit the vehicle owner?

NCB is the short form of No Claim Bonus; it is rewarded to the owner of the vehicle who is also the policy holder for No Claim / Claims in the previous policy year. It can be accumulated over a period of time.

If you have NCB you can avail a discount ranging from 20-50% on the Own Damage Premium.

NCB rewards you for being a good driver and helps you save on your motor insurance premium. The chart here illustrates the discount on Own Damage Premium on account of no claims for 6 consecutive years.

20% discount on OD Premium No claim made or pending during the preceding full year of insurance
25% discount on OD Premium No claim made or pending during the preceding 2 consecutive years of insurance
35% discount on OD Premium No claim made or pending during the preceding 3 consecutive years of insurance
45% discount on OD Premium No claim made or pending during the preceding 4 consecutive years of insurance
50% discount on OD Premium No claim made or pending during the preceding 5 consecutive years of insurance

Please Note:

NCB becomes Nil in case of a claim

  • NCB follows the fortune of the customer and not the vehicle
  • NCB can be transferred to the new vehicle in case of substitution of vehicle of the same class
  • Validity - 90 days from the date of expiry of the policy
  • NCB can be utilized within 3 years (where the existing vehicle is sold and a new vehicle is purchased)
  • NCB recovery can be done in case of a name transfer

3. Should I make small claims?

It sometimes makes sense not to make small claims. Ideally, whenever your car or two wheeler is damaged, get an estimate for the repairs. If the No Claim Bonus you stand to forfeit in the forthcoming year exceeds the estimate, it makes sense not to raise a claim and instead pay for the damage yourself. For example, if your vehicle met with an accident on the 1st year itself and the estimate comes to Rs.2000, you should not make a claim as it is less than the NCB you will bear in the corresponding year which is Rs.2251 (Rs.11257- Rs.9006).

4. How can I reduce the insurance premium for my car and two wheeler?

You can save on your motor insurance premium when you maintain a claim free record as the No Claim Bonus which you accumulate and get it translated into discount on the Own Damage Premium.

Another way of reducing cost of premium is opting for voluntary excess, which means opting to bear a certain amount of loss from each claim.

5. What if I have to make changes / endorsement in the policy?

An endorsement is a written evidence of an agreed change to your policy. It is a document that incorporates changes in the terms of the policy. Any changes or alterations that you need to make can be done by way of an endorsement.
An endorsement may be issued at the time of issuing the policy to provide additional benefits and cover (e.g. legal liability to driver) or to impose restrictions (e.g. accidental damage deductible).

The wordings of those endorsements are provided by the insurance company. An endorsement may also be issued subsequently to record changes such as change of address, change of name, change of vehicle etc.

 
FAQs - General

1.For how long is my motor insurance policy valid?

Your motor insurance policy cover remains in force for 12 months from the date of commencement (or as otherwise shown on your policy schedule).

2. What is a cover note?

A cover note is a temporary certificate of insurance issued by the insurer before the issuance of a policy, after the insured has given a duly filled in proposal form and has paid the premium in full.

A cover note is valid for a period of 60 days from the date of issue of the cover note and the insurer will issue the certificate of insurance before the cover note expires.

3. What if I have to make changes / endorsement in the policy?

An endorsement is a written evidence of an agreed change to your policy. It is a document that incorporates changes in the terms of the policy. Any changes or alterations that you need to make can be done by way of an endorsement.

An endorsement may be issued at the time of issuing the policy to provide additional benefits and cover (e.g. legal liability to driver) or to impose restrictions (e.g. accidental damage deductible).The wordings of those endorsements are provided by the insurance company. An endorsement may also be issued subsequently to record changes such as change of address, change of name and change of car or two wheeler model. .

4. What if at the time of accident my vehicle is being driven by some one else?

Liability follows the vehicle. So, the insurance on the vehicle will apply even in the case of it being driven by some other person with your permission. Usually, the liability insurance of the person driving the vehicle will have to pay in the case the amount of the loss exhausts your policy's limits.

5. What happens if I change my car or two wheeler in middle of the year?

Please call our Toll Free Number - 1800 209 5858 and our customer support executive will update your policy according to our underwriting guidelines.

6. I am selling my car. Can I transfer my policy to the new owner?

If you sell your car or two wheeler to another person, the insurance can be transferred in the name of the buyer. The buyer (transferee) has to apply for transfer of insurance with us, within 14 days from the date of transfer of the car in his name and after making the payment of endorsement premium for the remaining period of the policy.

 
FAQs - Coverage

1. What does my Global Finsol - Bajaj Allianz motor insurance policy cover?

Bajaj Allianz offers a comprehensive cover that is designed to offer protection to you and your vehicle. The comprehensive cover comprises of:-

a) Damage to your vehicle - The policy covers you against any loss or damage caused to your vehicle or its accessories due to natural and manmade calamities as defined in the scope of coverage:-

What is covered? Exclusions
Accidents & external damage Wear & tear, depreciation, mechanical or electrical breakdown
Fire & explosion Consequential loss
Riots & strikes A voluntary excess (if opted)
Malicious act Other exclusions as per the policy
Burglary / housebreaking / theft Driving without valid driving license
Transit The vehicle being driven by a person under the influence of alcohol or drugs at the time of the loss
Earthquake  
Storm and flood  

b) Third party legal liability - The policy covers the vehicle owner's legal liability to pay compensation for:-


What is covered? Exclusions
Legal protection for death or injury claims from third parties, including occupants of your vehicle Damage to your personal property
Costs and expenses incurred without the prior written consent of Bajaj Allianz Legal protection for damage to third party property
Personal accident benefits for you, your paid driver and occupants of your vehicle Legal costs and expenses
  Other exclusions as per the policy
  Protection of your legal liability towards your paid driver
   

Liability is covered for an unlimited amount with respect to death or injury and damage to third party property for up to.7.5 lakhs under commercial and private car and up to Rs.1 lakh for two wheelers.

c) Personal accident cover to driver (owner) - The policy provides compulsory personal accident cover for individual owner / driver of the vehicle for up to Rs.2 lakhs for a premium of Rs.100.

2.What is a third party risk policy?

It is mandatory for every motor vehicle owner to get a third party insurance cover. It covers the vehicle owners against Act Risks as per Section 146 of Motor Vehicles Act 1988. The scope of cover of the third party insurance is to pay compensation for death due to bodily injuries to third parties and also damage caused to the property of the third party excluding damage of your vehicle.

3. Can I cover electrical and non electrical items fitted in my vehicle?

Yes. Bajaj Allianz vehicle insurance does provide a cover for:

  • Electrical / Electronic fittings in the vehicle - Items like fog lights, music system, AC (if not as a standard fitment), spoilers with brake light (4% of the value of the accessory)
  • Non-electrical fittings - Items like mag wheels, seat cover, non-electrical spoiler etc. are covered as per own damage tariff on the value of such accessories
  • CNG Kit and Bi-Fuel system (as endorsed in the RC book) - Insured at an additional premium of appropriate loading on the value of such kit .

4. Are the tyres and tubes of my vehicle covered against any damage?

Any damage to tyres and tubes is not covered unless the vehicle is also damaged at the same time and the liability of the insurer will be restricted to 50% of the cost of replacement.

5. Is my vehicle covered for all purposes other than personal and business use?

Using the vehicle for hire or reward, carriage of goods other than samples, racing or other race related purposes and motor trade purposes is not covered.

6. What are the additional personal accidents cover for passengers and the driver?

The additional personal accidents cover for passengers and the driver are:

  • Personal accidents to unnamed / named passengers and paid driver for a max of Rs.2 lakhs per person
  • Personal accident cover to paid drivers
  • Legal liability to the paid driver employed in connection with the operation of the insured private vehicle
  • Legal liability towards your insured employees other than paid driver who may be driving or travelling in the vehicle

 
FAQs - NCB

1. What is NCB and under what circumstances is it applicable and how does it benefit the vehicle owner?

NCB is the short form of No Claim Bonus; it is rewarded to the owner of the vehicle who is also the policy holder for No Claim / Claims in the previous policy year. It can be accumulated over a period of time

If you have NCB you can avail a discount ranging from 20-50% on the Own Damage Premium.

NCB rewards you for being a good driver and helps you save on your motor insurance. The chart here illustrates the discount on Own DamagePremium on account of no claims for the consecutive years.

20% discount on OD Premium No claim made or pending during the preceding full year of insurance
25% discount on OD Premium No claim made or pending during the preceding 2 consecutive years of insurance
35% discount on OD Premium No claim made or pending during the preceding 3 consecutive years of insurance
45% discount on OD Premium No claim made or pending during the preceding 4 consecutive years of insurance
50% discount on OD Premium No claim made or pending during the preceding 5 consecutive years of insurance

Please Note:

  • NCB becomes Nil in case of a claim
  • NCB follows the fortune of the customer and not the vehicle
  • NCB can be transferred to the new vehicle in case of substitution of vehicle of the same class
  • Validity - 90 days from the date of expiry of the policy
  • NCB can be utilized within 3 years (where the existing vehicle is sold and a new vehicle is purchased)
  • NCB recovery can be done in case of a name transfer

2.How does No Claim Bonus help me?

No Claim Bonus is a great way to progressively reduce your insurance premium. For example, the below table shows the premium payable towards a Maruti Wagon R costing Rs.3.6 lakhs, over six years in following scenarios:-

Scenario 1: When no claim is made and the No Claim Bonus is earned, as applicable.

Scenario 2: When a claim is made every year.

IDV Scenario 1 (With NCB) Scenario 2 (Without NCB)
Year Value in Rs. NCB % Premium NCB % Premium
           
Year 1 360000 0 11,257 0 11,257
Year 2 300000 20 9,006 0 11,257
Year 3 250000 25 7,036 0 9,771
Year 4 220000 35 5,081 0 9,287
Year 5 200000 45 3,784 0 9,068
Year 6 180000 50 2,814 0 8,443
           

If you are carrying forward a No Claim Bonus on any vehicle, you can get it transferred to a new vehicle of the same type (four-wheeler to four-wheeler, two-wheeler to two-wheeler).

This way, you can slash between 20% and 50% on the first premium payable (when it is the highest) on your new car or two-wheeler.

E.g. you buy a new Honda City, costing Rs.7.7 lakhs. In normal circumstances, the Own Damage Premium payable towards its insurance for the first year would be Rs.25, 279. However, if you were to transfer the 50% No Claim Bonus (the best case scenario) on your old car to the Honda City, you would pay Rs.12,639 as Own Damage Premium in the first year which results in 50% savings.

3. Can my No Claim Bonus be forfeited? If yes, then why?

Your NCB will be forfeited in the following cases only:

  • If the claim is made during a policy period you will not be eligible for any NCB in the corresponding year
  • If there is a break in the insurance period for more than 90 days, i.e. if you do not insure within 90 days of the date of expiry on your existing policy

4. Should I make small claims?

It sometimes makes sense not to make small claims. Ideally, whenever your vehicle is damaged, get an estimate for the repairs. If the No Claim Bonus you stand to forfeit in the forthcoming year exceeds the estimate, it makes sense not to raise a claim and instead pay for the damage yourself. For example, if your vehicle met with an accident on the 1st year itself and the estimate comes to Rs.2000, you should not make a claim as it is less than the NCB you will bear in the corresponding year which is Rs.2251 (Rs.11257- Rs.9006).

5. Can I transfer the NCB from an old vehicle to a new vehicle?

You can transfer the NCB from your old vehicle to a new one for the same class and type of vehicle

To transfer, keep the following in mind:

  • When you sell your old vehicle ensure that ownership is transferred and make a photocopy of the new entry in the RC book for insurance purposes
  • Obtain the NCB certificate. Forward a copy of the delivery note to your insurance company and ask for the NCB certificate or holding letter. This letter is valid for three years
  • When you buy a new vehicle get the NCB transferred to your new vehicle policy

6. I want to renew with Bajaj Allianz General Insurance, will I be eligible for NCB if last year I had my vehicle insured from another company?

Yes, you would be eligible provided you do not have a claim in the expiring policy.

You can transfer full benefits of No Claim Bonus when you shift your policy from another company to Bajaj Allianz General Insurance.

 
   
   
 
 
 
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