A motor policy covers cars, bikes, scooters and other vehicles against loss due to theft or physical damage from accidents, natural or man-made calamities or liability for third party damage/injury. Comprehensive motor insurance typically covers for
- Own Damage (OD) coverage against loss or damage to the insured vehicle
- Third Party Liability (TP) caused by injury/death of a third party or damage to property
- Personal Accident coverage for you, co-passengers or driver
- Add-on covers: Zero Depreciation cover, No Claim Bonus Protection, Key replacement, 24x7 Road-side assistance
The premium amount for your insurance is decided on the basis of Insured Declared Value (IDV) of the vehicle, model and past claim history. Now you can get a quote and buy a policy instantly online.
The damage to the vehicles by following reasons are covered under Motor insurance –
- Riot & strike
- Fire & burglary
- Terrorism act
- Flood, storm or natural calamities
Features and Benefits
- Online premium calculation and instant purchase.
- Support - 24x7 and 365 days’ telephone assistance for claim settlement.
- Cashless claim settlement
- No Claim Bonus (NCB) transfer from any motor insurance provider
- Easy inspection and service at our preferred garages
- Daily Allowance while your vehicle is in garage.
- Depreciation Re-imbursement
- Return to Invoice in event of theft or 100% damage due to collision
- Repair of Glass, Fibre, Plastic & Rubber Parts
- Loss of Personal belongings
- Emergency Transport & hotel expenses
- Key Replacement
- Engine Protection
- Tyre Secure and Consumable Expenses
- Road Side Assistance
How to Apply
You’ll be surprised to know how easy it is to get a Motor Insurance policy with Bajaj Finserv even if you’ve never used our services before. Just fill in your details on this page, or give us a missed call on 09211 549 999 and we will get in touch with you and take you through the process.
Checklist before you apply
- Keep your vehicle details ready (Year of purchase, RC document)
- Previous insurance policy details.
- Decide on what type of motor insurance you would like to buy?
- Add-on benefits to opt for.?
- Process to apply for claims.
Q1. What is Car Insurance?
A. Car insurance is a mutual agreement wherein the insured pays the insurance company a fixed annual premium and the insurer in return agrees to give a financial cover to the insured in case he/she suffers a car accident. Simply put, car insurance protects the insured against any financial contingency arising due to accidents
Q2. What is Two Wheeler Insurance?
A. Two wheeler insurance is a mutual agreement between the insured and the insurer. The insured pays a fixed annual premium to the insurance company and in lieu of that the insurer promises to give a financial cover to the insured in case he/she suffers an accident. Thus, two wheeler insurance provides a financial cushion to the insured against any contingency arising due to accidents.
Q3. What coverage limits meet my needs?
A. The sum insured for the vehicle is called “Insured’s Declared Value” and should reflect the current market value of the vehicle. Under Liability insurance, Third Party Liability insurance is covered. There is unlimited coverage to Third party’s injury and Third party property damage is covered up to a sum of Rs 7,50,000.
Q4. What is the period of the policy?
A. A motor policy is usually valid for a period of one year and has to be renewed before the due date. Pay the premium on time. No Insurer offers a grace period for paying the premium. In case of lapse of policy by even one day, the vehicle has to be inspected. Moreover, if a comprehensive policy is allowed to lapse for more than 90 days, the accrued benefit of NCB (No Claim Bonus) is also lost.
Q5. What is "No Claim Bonus"?
A. No Claim Bonus (NCB) is the benefit accrued to an insured for not making any claims during the previous policy period. As per current norms in India, it ranges from 20% on the Own Damage premium (and not on Liability premium) and progressively increases to a maximum of 50%.
If, however, a claim is lodged, the No Claim Bonus is lost in the subsequent policy period.
NCB is given to the insured and not to the insured vehicle. Hence, on transfer of the vehicle, the insurance policy can be transferred to new owner but not the NCB. The new owner has to pay the difference on account of NCB for the balance policy period. The original owner can, however, use the NCB on a new vehicle purchased by him.
Q6. Will my No Claim Bonus get migrated if I want to change my insurance company?
A. Yes, you can avail of the NCB facility if you change the insurer on renewal. You would have to produce proof of the NCB earned by way of renewal notice from the current insurer. Alternately, you can produce your original, expiring policy along with a certification that you have lodged no claims on the expiring policy. For this the proof can be in the form of a renewal notice or a letter confirming the NCB entitlement from the previous insurer.
Q7. What is a Certificate of Insurance under Motor Vehicle Act?
A. As per Rule 141 of Central Motor Vehicle Rules 1989, a certificate of Insurance is to be issued only in Form 51. It is only in Motor Vehicle Insurance, apart from the policy, that a separate certificate of insurance is required to be issued by insurers. This document should always be carried in the vehicle. The policy should be preserved separately at home / office.