Features and benefits of Car Insurance plans
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Extensive coverage at low premiums
Our insurance partners offer a host of affordable car insurance policies that provides comprehensive coverage against own and third-party damage and the convenience of cashless repairing.
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Cashless car repairing at 6,500+ garages
Get your car repaired at any of the 6,500+ partner network garages across India without paying in cash.
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Personal accident cover
Get a personal accident cover of up to Rs. 15 lakh for the owner-driver in case of accidental injuries, disabilities, or death.k
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Buy insurance without paperwork
No need to fill out physical forms or submit a list of documents to buy car insurance policy online.
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Avoid claim deductions due to depreciation
The zero-depreciation add-on covers the depreciation of car parts so that you can claim the benefits of your four-wheeler insurance without any deductions for depreciation.
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No claim bonus up to 50% of premium
Save up to 50% on your insurance premium while renewing your car insurance policy.
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Engine protection add-on cover
Covers the repair/replacement cost of the car's engine. In a city with a lot of rainfall, this is an add-on you must carry.
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Roadside assistance
This add-on coverage gets you 24x7 roadside assistance for a diverse range of car issues.
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Key replacement cover
This four-wheeler insurance add-on benefit covers your expenses incurred for replacing a lost or misplaced car key and lockset.
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Types of Car Insurance
There are three types of car insurance policies, each designed to address the varying needs of the customers and the best coverage they need:
Comprehensive insurance
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.
Third-Party Insurance
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.
Own-damage insurance
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.
Available add-ons with Bajaj Finance Car Insurance policies
Here are some of the add-on benefits offered under four-wheeler insurance policies by Bajaj Finance:
Zero depreciation cover
Also known as a bumper-to-bumper cover, with the zero-depreciation add-on, you can nullify the depreciation factored in during claim settlement. In this cover, you receive the full claim amount as mentioned in the policy documents initially. Also, it covers the depreciation of the value of spare parts.
Engine protection cover
Expenses incurred because of engine damage are not protected by standard four-wheeler insurance plans. Engine protector add-on helps you save up to 40% of the amount you would spend on getting your car’s engine fixed.
Key and lock assistance
This add-on is designed to cut down on the costs associated with missing or damaged keys. We take care of the entire purchasing and replacing of not just the car key but the entire locking system.
Compulsory Personal Accident cover
Personal accident cover for the owner and driver is available as an add-on benefit. So, if you suffer injuries due to an accident while driving your car, the insurance company will pay up the amount mentioned in the defined cover.
24x7 spot assistance
This is one of the most useful four-wheeler insurance add-ons because it means you are never left stuck on the road due to a car problem. No matter if you must get a tyre changed, have an expert look into your car’s engine, or need assistance in settling an accident, our team is just a phone call or a click away from assisting you. Support and assistance are provided in case of car breakdown, flat tyre/battery, etc. throughout the day, 24x7.
Consumables expenses
Consumable items of a car include nuts and bolts, screws, washers, grease, lubricants, clips, A/C gas, bearings, distilled water, engine oil, oil filter, fuel filter, brake oil and related parts. The basic car insurance policy does not cover such consumable items. However, with an additional premium, you can opt for this add-on, whereby any expenses arising out of damage or loss to these parts can be covered under the policy.
Points to check before buying a Car Insurance policy
Following are some pointers that you must keep in mind before availing of an insurance policy –
Type of policy coverage
Keep an eye on the policy coverage inclusion and exclusion. Since there are multiple offers available, you need to choose one per your requirement.
Processing time
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.
No claim bonus and other discounts
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.
Claim settlement ratio
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.
Step-by-step guide to buy Car Insurance plans on Bajaj Finance Insurance Mall
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Step 1
Click here to visit the online application form.
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Step 2
Enter the vehicle type, registration number, mobile number, and residential PIN code. Check the terms and conditions and click on the ‘Get Quote’ button below.
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Step 3
Choose the IDV, NCB value, optional add-on covers and plan type to get a list of relevant insurance policies. You need to update your current insurance policy expiry date here.
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Step 4
Click on the ‘Buy Now’ button. You will need to add owner-driver personal accident cover mandated by the RTO. Click on Next to proceed.
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Step 5
Confirm the vehicle registration date and the previous policy type (Comprehensive/third-party). Click on ‘Proceed’.
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Step 6
Enter vehicle owner’s name, date of birth, residential address and contact number. Also, enter vehicle engine and chassis number (as per the RC) and previous policy details.
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Step 7
Review your previously filled details and make the payment through your preferred online payment mode – Net banking, UPI, Credit/Debit card to buy the policy.
After successful payment, your policy document will be available for you to download instantly. A copy of the policy document will also be mailed to your registered email ID within 5-7 working days.
You will also receive an SMS confirmation immediately after the payment process is completed.
You can also access your policy details through the 'My Account' section within 5-7 days after purchase.
Key inclusions and exclusions
Here’s a quick look at the inclusions and exclusions of car insurance policies:
- Key inclusions
- Key exclusions
| Key inclusions | Description |
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| Third-party liabilities | Coverage against damages caused to a third person’s body, property, or vehicle |
| Personal accident cover | Compensates the specified sum insured on the policy in case of the insured’s demise or if he/she suffers from permanent total disability due to an accident |
| Accidental damage | Coverage against damages caused due to accidents |
| Fire damage | Coverage against damages caused due to fire explosion, self-ignition, or lightning |
| Theft | In case the car is stolen, the car insurance will provide coverage |
| Natural and man-made calamities | Coverage against damages from both natural and man-made calamities |
| Key exclusions | Description |
|---|---|
| Location | Any loss or damage caused to your car outside the geographical limits of India |
| Pre-existing damages | Any damage that your car has suffered before buying this car insurance policy |
| Normal wear and tear | Repair or replacement costs of car parts that are damaged over time due to regular usage |
How to raise a cashless claim with ACKO
Follow these steps to raise cashless claim requests with ACKO Car Insurance.
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Step 1 - Contact the insurer
Log in to acko.com or ACKO app and click on ‘Claim Now’ to register your claim request
You can also call 1800-266-2256 (toll-free) to register your claim or send an e-mail to hello@acko.com -
Step 2 - Locate your nearest network garage
Once the claim is registered, take the car to an ACKO network garage near you. In some cases, a crew may be assigned to take your vehicle for repairs at network garages
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Step 3 – Repair cost and coverage is estimated
A surveyor along with a mechanic will discuss and let you know the repair cost and the coverage amount based on the applicable terms and conditions
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Step 4 – Bill is settled between ACKO and the garage
The garage will repair the car and settle the bill directly with ACKO
The balance (deductibles) amount needs to be paid by you to the garage
How to raise a reimbursement claim with ACKO
To reimburse your car repairing bills with ACKO Car Insurance, follow these steps.
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Step 1 - Contact the insurer
Log in to acko.com or ACKO app using your registered mobile number or call 1800-266-2256 (toll-free) to register your claim and inform ACKO about the damage to your vehicle
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Step 2 – Repair your car at any of your preferred garage
Get your vehicle repaired at your preferred garage, pay the bills, and retain the invoice
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Step 3 - Submit the required documents
Submit the reimbursement claim with ACKO by logging in to their website or app and uploading the invoice and the other necessary documents
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Step 4 - Claim settlement
ACKO will review your claim and verify the documents to process the reimbursement as per the policy's terms and conditions
How to raise a cashless claim with Bajaj Allianz General Insurance
Follow these steps to raise cashless claim requests with Bajaj Allianz Car Insurance.
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Step 1 - Contact the insurer
Register your claim: Call the toll-free number 1800-209-5858 or Write an email at: bagichelp@bajajallianz.co.in or Directly visit the insurer's website
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Step 2 – Provide some basic details
Share some basic details with the insurer: Contact number, engine and chassis number, date, time, description and location of the accident, vehicle inspection address, kilometre reading on the vehicle
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Step 3 – Receive claim reference number
You will receive a claim reference number from the insurer and an SMS about the exact status of your claim
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Step 4 – Locate your nearest network garage
Take your vehicle or have it towed for repair to the nearest network garage
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Step 5 – Bill is settled between the insurer and the garage
The vehicle will be repaired at a network garage and delivered to your doorstep. The insurer will settle the bills directly with the garage
How to raise a reimbursement claim with Bajaj Allianz General Insurance
Follow these steps to raise reimbursement claim requests with Bajaj Allianz Car Insurance.
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Step 1 - Contact the insurer
Register your claim: Call the toll-free number 1800-209-5858 or Write an email at: bagichelp@bajajallianz.co.in or Directly visit the insurer's website
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Step 2 – Provide some basic details
Share some basic details with the insurer: Contact number, engine and chassis number, date, time, description and location of the accident, vehicle inspection address, kilometre reading on the vehicle
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Step 3 – Receive claim reference number
You will receive a claim reference number from the insurer and an SMS about the exact status of your claim
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Step 4 – Repair your car at any of your preferred garage
Get your vehicle repaired at your preferred garage, pay the bills, and retain the invoice
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Step 5 - Submit the required documents
Submit bills along with the documents online or to the nearest Bajaj Allianz office
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Step 6 – Claim settlement
Reimbursement will take approximately 7 - 30 days (for a net of loss) from the date of submission of the final bill, provided all documents are in order and within policy purview
Frequently asked questions
Owning a four-wheeler insurance policy offers a variety of benefits. Firstly, it helps you meet the legal requirement of owning at least a third-party car insurance cover. Moreover, a car insurance policy helps you meet financial liabilities that may arise towards a third party or own damages to your car due to a road accident or any other unfortunate event.
The premium price of third-party car insurance plans is determined by the IRDAI, whereas the premium for standalone own-damage and comprehensive plans vary from insurance company to insurance company. Following are some factors which affect the premium for own-damage four wheeler insurance cover:
1. Insured declared value (IDV)
2. Make and model of the car
3. Deductibles
4. Seating capacity
5. Cubic capacity
6. Previous insurance history
The type of coverage has an impact on the premiums. Do compare insurance premiums to obtain the best deal. The IRDA decides third-party premium amounts.
Depreciation in four-wheeler insurance refers to the loss of the insured car’s value with time due to wear and tear. The depreciation rate plays a vital part in a car insurance policy as insurance companies consider, based on the car’s age, to determine the value they agree to provide for your car.
Comprehensive car insurance gives coverage to your third-party liabilities in addition to the damage sustained by your car due to an accident, theft, fire, natural calamities like earthquake, flood, etc., and man-made disasters such as riots, strikes, and so on.
Zero Depreciation is an add-on cover in car insurance that make the insurance company pay the complete amount of claim to the policyholder without taking the depreciation cost on the parts of the car into consideration. Since it is an add-on, you will have to pay a little extra premium to avail of it.
Insured Declared Value (IDV) in car insurance is the maximum sum insured set by the insurance company to offer to policyholders in case of theft or total loss of the insured car. IDV is the present market value of the car and if your car suffers total loss, the IDV will be provided as compensation.
Four-wheeler Insurance is an agreement between an insurance company and a car owner under which the former provides an insurance cover to the policyholder for financial damages incurred by his/her car in unforeseen events. Depending on the coverage, there are three types of car insurance plans - third party car insurance policy, standalone own-damage car insurance and comprehensive car insurance policy.
A cashless car insurance claim is designed to provide you with instant aid after an accident or any unfortunate event and helps you avoid paying any repair costs. However, the cashless car insurance claim can be availed only when your car is sent for repair to a network garage of your insurance provider.
A policyholder receives a No Claim Bonus (NCB) if they haven't filed any claims throughout the insurance period. The comprehensive insurance plan in India varies between 20-50%, according to current laws. A third-party motor insurance plan does not qualify for the NCB. At the time of the vehicle transfer, the insurance plan can be transferred to a new insurance provider, but NCB can't be transferred. The new buyer is responsible for paying the outstanding balance. The NCB can be used by the car's original/ former owner when acquiring a new vehicle.
Yes, if the policyholder changes their car insurance carrier at the time of renewal, they are eligible for the NCB. All you'd have to do is show verification of the NCB you've earned from your existing insurance provider. You can show an authentic copy of your expired policy and certification showing you haven't filed a claim against the (expiring) insurance plan. Proof of this can be found in a renewal notification or a letter from your former insurance provider stating that you are eligible for the NCB.
The deductible is the amount that must be paid out of pocket if a claim is filed. Generally, there is a standard or mandatory deductible for most automobiles, such as two-wheeler vehicles or cars and commercial vehicles like trucks. It depends on the carrying capacity or cubic capacity of the vehicle. However, in some situations, the insurance carrier may impose a larger deductible based on the vehicle's age or the frequency with which the claims are filed.
As per the Indian Motor Tariff, every car owner in the country is compulsorily required to own at least a third party car insurance cover. Absence of a valid third party car insurance plan is a punishable offence which attracts a fine of Rs. 2,000 and/or imprisonment of up to 3 months for the first offence.