A car insurance protects you and your four-wheeler against any loss or damage caused due to theft, fire, accidents; it also provides financial coverage against third parties or their property. A comprehensive car insurance policy assists you when your car is damaged in an accident or due to a natural calamity.
Car Insurance policies are divided into three sub-categories; comprehensive car insurance policy, stand-alone or own-damage cover, and third party car Insurance. According to the Motor Vehicles Act 1988, it is mandatory for all car owners to have at least a third-party insurance policy that offers coverage for third-party liabilities. You can buy a car insurance policy with Bajaj Finance Limited, offering a 100% digital process. Also, you can benefit from up to a 50% of No Claim Bonus on your premium during renewal. You can apply for car insurance renewal online on the insurer’s website.
|Premium||Save Up to 85* Off|
|No Claim Bonus||Up to 50% on premium|
|Customizable Add-Ons||7 add-ons available|
|Cashless repairs||5800+ Network garages and door to door claims available with partners|
|Claim process||Smartphone-enabled online claim process within 7 minutes|
|Own damage cover||Available|
With numerous network garages across India, you can get cashless services across India. It means your insurance provider will settle all the bills with the garage.
With every claim-free year, insurance providers credit you with a no-claim bonus. This lowers the renewal amount of a car insurance policy.
Additionally, you can also transfer the no-claim bonus to a new insurer if you shift your four-wheeler insurance policy.
A comprehensive insurance policy covers own damage and third-party liabilities and gives the owner-driver personal accident cover. A third-party car insurance policy gives financial coverage only for third-party liabilitie. For example, it will only cover the damages or losses caused to the third party, physically or to their property.
Voluntary deductible is the amount you pay in advance for any repairs and replacement work of your car. 4 wheeler Insurance providers subtract this amount with other deductibles during claim settlement to decide on the final settlement amount.
A 24X7 roadside assistance helps you deal with any unforeseen incident as help, which is just a phone call away. Also, the towing service on offer here can help you reach the nearest service centre in case of a breakdown.
Break-in insurance occurs when an insurance policy expires due to non-renewal. However, the NCB remains intact if a policy is renewed within 90 days of expiration.
A car insurance policy protects you from any natural or man-made disaster, as well as any personal injury expenses, civil responsibility, and third-party damages.
We offer three types of car insurance policies, each designed to address the varying needs of the customers and the best coverage they need:
comprehensive car insurance policy covers the damages or losses caused to the insured car, owner-driver, and third party. It covers the damages caused due to theft, fire, malicious activity, or a natural calamity or accident.
You are subject to pay the damages for the third party if you are at fault in case of a collision. Third-party car insurance is hence mandatory in India and covers you for the damage caused by your car to other people's vehicles and property. However, it won’t cover the damages to your car if you are at fault.
The standalone own-damage car insurance, covers you against any accidental damages to your four-wheeler. These could be due to natural disasters like earthquake, flood, cyclone, and landslide, or due to manmade disasters like theft, burglary, riot or strike. You can buy this insurance policy if you have an active third-party vehicle insurance policy to get complete coverage for your vehicle.
A four wheeler insurance policy helps in keeping you financially secured against the damages caused to your four-wheeler. You can opt for one of the following car insurance policies provided by Bajaj Finance and get financial protection against any loss to your four-wheeler:
|Car Insurance Plans||Highlights|
|Third Party Car Insurance||Third-party insurance is the basic insurance coverage that is mandatory for every four-wheeler. It provides coverage against any property damages, physical injuries or death of third parties.|
|BAGIC Four-wheeler Insurance||Bajaj Allianz Insurance policy gives financial coverage against loss of accessories, personal accident of the occupant, legal liability to the paid driver, cleaner or any workman.|
|ACKO Car Insurance||Get coverage of up to Rs. 15 lakh in case of accidental injuries, disabilities or unfortunate death with the ACKO Insurance policy.|
|Commercial Car Insurance||This is a type of motor insurance that secures commercial vehicles like trucks, vans, trailers, buses, taxis and tractors.|
|Motor Insurance||An insurance policy that provides financial coverage against losses or damages to your cars, two-wheelers, and commercial vehicles.|
|Metrix||Bajaj Allianz Car Insurance||Acko Car Insurance|
|IDV||Is calculated basis on basis of To be calculated based on car make and model.||Is calculated basis on basis of To be calculated based on car make and model.|
|Benefits covered||Personal accident cover, los s, and damage due to man-made calamities, third-party legal liability, loss, and damage due to natural calamities||Own damage cover, third party cover, personal accident cover|
|Premium||Calculated on the basis of make, model and year of car||Calculated on the basis of make, model and year of car|
|Tenor||1 year for a pre-owned vehicle||1 year|
|Personal accident cover for occupants||Available||Available|
|Key replacement cover||Available||Available|
|No claim bonus||Available||Available|
|Engine protect cover||NA||Available|
|Consumable expenses||Chargeable under add-on covers||Covered with no extra cost.|
|Claim settlement||98% claims settled||94% for FY20-21|
|Claim process||Available digitally||Available digitally|
When trusting with insurance, it is important to ensure that your chosen insurance provider offers the best value for money. Bajaj Finance is a well-known financial institution with millions of customers who entrust us with their four wheeler insurance policy. Adding to the safety and credibility, we have been awarded the highest safety ratings of FAAA by CRISIL and MAAA by ICRA.
It's a common practice to buy car insurance online these days. You can now insure your car against any damage due to an accident, theft, fire, etc. within a couple of minutes. The wheeler insurance online process is convenient and saves time. With benefits such as payment reminders, easy comparison, online forms, and document soft copies, Bajaj Finance’s car insurance online claims save your efforts with zero paperwork.
Bajaj Finance offers paperless door-to-door claims. With the Bajaj Finance car policy, one can now raise a claim via a hassle-free, paperless car insurance online process within a few minutes. You can opt for contactless claims or easy document collections from the comfort of your home.
The following are not covered under four wheeler insurance:
Note: Exclusions may differ from policy to policy. Therefore, it is recommended to refer to the exclusions given in the policy brochure.
You can refer to the following pointers while choosing car insurance for your four-wheeler:
• four wheeler insurance is an agreement between a car owner and an insurance provider where a vehicle owner pays a premium to purchase financial coverage against any accident.
• Depending on a vehicle’s market value, the total sum insured of the policy is decided. There are different types of four-wheeler insurance plans based on their extent of coverage. This classification includes comprehensive policies, own damage, and third-party policies.
• However, a point to note here is that insurance providers may have different names for their policies. Essentially they will belong to one of these three categories of car insurance policies.
Here are some reasons for buying a insurance policy online -
Buying car insurance online entails minimal paperwork, which reduces the hassle of buying or renewing insurance.
Purchasing four wheeler insurance online is much quicker, reducing the turnaround time. So, you can get a policy without any delays.
Opting for an online four wheeler insurance renewal or purchase is beneficial as you get the liberty to go through multiple insurance policy policy offers and then select one that meets your requirements.
Buying a car insurance policy offline or renewing it requires you to contact an agent. Whereas, if you opt for an online service, it helps you to purchase a policy from the insurance provider directly. Resultantly, you get a chance to save on commission and other additional costs associated with a policy.
Following are some pointers that you must keep in mind before availing of an insurance policy -
Keep an eye on the policy coverage inclusion and exclusion. Since there are multiple offers available, you need to choose one per your requirement.
Whether it is a car insurance renewal or buying a new one, it is imperative to note the processing time. Insurance providers that process insurance purchase applications and claim settlement applications faster are always preferable, saving you time.
Irrespective of buying four wheeler insurance online or offline, taking a note of no claim bonus and additional discounts associated with a policy is important. This will help you decide the policy's total cost and plan accordingly.
Lastly, checking the claim settlement ratio while buying four wheeler insurance is vital. It helps you to gauge the efficiency of an insurance provider.
Apart from these, you should also evaluate the add-on coverages and network garages before buying an insurance policy.
Insured Declared Value (IDV) is a significant factor in deciding the insured's 4-wheeler insurance cost. IDV is the fixed value at which the company secures the policyholder's vehicle in a car insurance online policy. The policy sum covered is calculated using the vehicle manufacturer's advertised selling price plus the cost of any accessories.
According to the Indian Motor Tariff, the insurer calculates the amount after deducting the depreciation for every year. For example, assume that the insured added any electronic equipment to the car that wasn't included in the manufacturer's suggested retail price. In that instance, in addition to the IDV, the insurer adds the item's actual worth (after depreciation) to the policy sum insured.
There are three primary components through which insurance premiums can be calculated online hassle-free and quickly. Here are a few simple steps to follow:
|Cubic capacity||Premium with effect from June 16, 2019 (Rs.)|
|Not exceeding 1000 cc||Rs. 2,072|
|Exceeding 1000 cc but not exceeding 1500 cc||Rs. 3,221|
|Exceeding 1500 cc||Rs. 7,890|
The maximum amount a policyholder can claim under the coverage is known as the IDV. The policyholder’s IDV and premium will be higher if the market value of their car is higher.
High-end vehicles have a higher insurance premium simply because the cost of repairs/replacement is higher.
Cars that run on petrol are less expensive to repair than those on diesel or compressed natural gas. Therefore, the four-wheeler insurance premium may vary according to the fuel type.
The car’s year of manufacture and age is taken into consideration while calculating the premium amount.
Accidental damages are more likely in metropolitan areas due to the density of traffic. As a result, the insured’s premium may differ depending on where the insured lives.
If the insured has not filed any four-wheeler insurance claims previously, the holder may be eligible for a discount between 20-50% on the rate. Additionally, the online car insurance renewal will also lower the price.
Car Insurance Add-ons selected by the insurance holder will be included in the policy for an extra cost.
Here’s how you can save on the car insurance premium:
The insurance holder can collect up to 50% of NCB if he/she hasn’t filed any claims in the preceding years.
The car insurance policyholder may be eligible for a discount if the insured has taken extra precautions to keep the four-wheeler safe from being stolen. For instance, installing an anti-theft device (authorised by ARAI) on the insured’s automobile will often result in a 2.5% reduction.
Following are some suggestions on how to reduce insurance premiums -
Some of the notable benefits of renewing a four wheeler insurance online from us are -
You can apply and get your four wheeler insurance renewal completed within a few minutes.
Renewing the car insurance policy online on time helps you avoid dealing with the paperwork, as you don’t need to submit extensive paperwork.
Online wheeler insurance policy renewal is a secure and transparent process. You can check every detail of a policy and then make a decision.
Buying four-wheeler insurance online is a quick, convenient, and hassle-free process. Follow these simple steps below to purchase your four wheeler insurance:
The online process of car insurance renewal is just as easy:
These three different types of 4 wheeler insurance policy are designed to meet individual requirements. If you have a third-party car insurance policy, you can buy the standalone own damage cover to get adequate coverage for your vehicle. However, with a comprehensive car insurance policy, you can get both the coverages in one policy.
Below are two comprehensive insurance policies offered by Bajaj Finance. You can compare and buy the policy that suits your requirement best.
|Coverage||Standalone OD cover||Third-party cover||Comprehensive car insurance cover|
|Third-party damage (bodily injury and property)||No||Yes||Yes|
|Own damages of vehicle||Yes||No||Yes|
|Personal accident cover||Yes||No||Yes|
Here are some of the add-on benefits offered under four wheeler insurance policies by Bajaj Finance:
Following is a step-by-step guide on the process of initiating a car insurance claim online -For BAGIC
Call our Toll-Free Numbers 08698010101/1800-209-0144 /1800-209-5858 and connect to us instantly. Please provide the basic details like:
For Acko :
BFL Helpline Number: 08698010101
ACKO Insurance Helpline Number: 1800 266 2256 (toll-free)
Mailing address: Ground Floor, Bajaj Finserv Corporate Office, Off Pune-Ahmednagar Road, Viman Nagar, Pune – 411014.
*For claim related issues, please refer to your policy document or certificate of insurance (COI).
Requesting for four wheeler insurance claims is not a hard nut to crack. It is important however to have the correct set of documents on hand. The following are the documents required to file a car accident insurance claim:
Yes, you can easily renew your policy online. Also, you can get a No-claim bonus or NCB (if applicable) and exclusive online discounts for the renewal of the policy.
You can download the Bajaj Allianz Insurance Policy online by entering your policy number on the official website of Bajaj Allianz General Insurance. The insurance company also sends a hard copy of the policy documents to the registered address.
Yes, you can buy four wheeler insurance online. It is faster and easier. You just need to provide your details and information about the car to obtain a quick quote for getting your car covered. Bajaj Finance also offers the facility to apply for car insurance online.
If you are driving on the roads, you must have 4 wheeler insurance. Here’s why:
• Mandatory by Law: Under the Motor Vehicles Act, 1988, it is illegal to drive on Indian roads Without third Party liability car insurance.
• Unexpected expenses: A car accident is an unforeseen event that can incur a huge amount of expenses. Not having a policy can hit your savings and leave you cash-strapped.
• Third-party damages: Damaging someone else’s property or vehicle due to a collision can land you in a nasty situation. If you have four wheeler insurance, then you can get the third-party damages compensated without any hassle.
If you change your city, your car insurance premium may get affected. This is because the premium for a car depends on the geographical location where it is used. If you move to a more risky place, you will have to pay a higher premium. Moreover, you will also have to update your contact details with your insurer.
Yes, the car insurance policies are same whether purchased offline or online. The only difference is you buy the 4 wheeler insurance online by visiting the insurer’s website, whereas for offline, you need to visit the insurer’s nearest branch or office. Purchasing the policy online is easy and convenient. Once the four-wheeler insurance holder has paid for the online insurance, the policy provider will email the buyer the policy documents and send them to their registered address.
You can check the information on the provided policy documentation. You can also verify the policy details by logging into the insurer’s website by simply filling in these details.
-Start and end date of the policy
-Type of policy (comprehensive, own-damage, or third-party insurance)
-Number of the engine and the chassis
An endorsement is written documentation of the car insurance policy that states the changes in the policy agreed between the insurer and policyholder. It's a document that reflects any additions made in the terms that adjust the policy coverage. This document is essential, and it mentions all the key points that the car insurance policyholder should note.
Voluntary deductible is the advance payment that a policyholder makes for any repairs and replacement work of their car. During claim settlement of the car insurance, an insurance provider can subtract this amount with other deductibles and then decide the final settlement amount.
You need to contact your respective car insurance policy provider to cancel a claim. The insurer may ask you to submit a written complaint and associated papers with it.
In a year, you can initiate as many claims as you want. However, the total claim amount will not exceed the coverage amount mentioned in policy documents.
A no claim bonus or NCB is a discount the policyholder receives on premium renewal if they have not made any claims during the previous insurance policy term. An eligible policyholder can claim up to a 50% discount in a comprehensive four wheeler insurance plan. However, third-party car insurance does not offer NCB benefits.
Though the insurance plan can be transferred to a new insurance provider during a vehicle transfer, the NCB can't be transferred. The new buyer must pay for the outstanding balance. However, the car's original/ former owner can use the accrued NCB benefits when insuring their newly acquired vehicle.
If you decide to sell your car, the ongoing motor insurance policy must be transferred to the buyer's name. The buyer should apply for the insurance transfer within 14 days of the vehicle sale. On the other hand, you may transfer the ongoing policy to a different vehicle you own. In such an instance, the buyer must purchase a new policy for the transferred vehicle.
You can download the insurance certificate/policy online. Follow the below steps to download the policy hassle-free:
Alternatively, if you have the Bajaj Finserv App, you can access your policy document in the My Account section.
You can contact your insurer directly and inform them if you decide to cancel your claim for insurance. If an inspection is scheduled, you may even speak to the appointed surveyor regarding claim cancellation.
However, there is no option for cancelling third-party liability claims when you are at fault for accidental damages or loss caused to a third-party individual or property.
Yes, you need to have an active and valid insurance policy while registering your new vehicle. Even a valid third party (TP) policy will work for registering your vehicle at the RTO.
If you have purchased/ renewed four-wheeler insurance online, you will most likely receive your policy document on your registered email id within a few minutes of paying the premium.
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