Compare Bajaj Allianz Two Wheeler Insurance Plans

Bajaj-Allianz-General-Insurance-Company

Bajaj Allianz General Insurance Company

Bajaj Allianz General Insurance Co. Limited (BAGICL) is a combined undertaking between Bajaj Finserve Limited and Allianz SE.Allianz SE is one of Germany’s leading insurance companies which have a 26% stake in BAGICL while 74% of the same company is controlled by Bajaj Fiserv, a part of the Bajaj Group.

The combination of Allianz SE’s technical expertise and experience with the market knowledge and goodwill of Bajaj has resulted in innovative, comprehensive solutions, earning customer trust and market leadership in a short span of time.

On 2nd May 2001, BAGICL received IRDA’s permit to conduct the business of general insurance including health insurance, in India. The company started off with 36 offices and around 100 employees while today, it has a presence in over 600 geographies across India with over 4,000 employees and is continuing with its efforts to further expand its operations and reach out to even more customers.

One of the leading general insurance companies in India, BAGICL boasts of a wider range of product and services which suit individuals across the demographics of the country along with addressing the needs of the corporate sector.

Bajaj Allianz General Insurance has been receiving the iAAA rating from ICRA, indicative of the Company’s superior claim paying ability and strong fundamentals, for the past 10 years. The Company was also awarded the Claims Award Asia in 2015 for the third time in the row under the category of Insurer Claims Team of the year, again indicative of their claim settlement capability during the J&K Floods and Claims Innovations of the Year for initiating innovative claim settlement practices in health claims.

Key Advantages and Features

Two-Wheeler Insurance Plans refers to any insurance policy taken to cover for damages occurring to a motorcycle and its riders due to any unforeseen and unexpected occurrence such as theft, accident or natural disaster. It prevents against liabilities from injuries to one or more persons during the accident and is the ideal solution to cover the significant costs that may arise due to the damages incurred by the two-wheeler or bike. Two-wheeler or Bike insurance covers all types of two wheelers from motorcycles to mopeds used for personal or commercial purposes.

General Features of Bajaj Allianz General Insurance Co. Limited’s Two Wheeler Insurance Plan

  • The Two Wheeler Long Term Package Policy of Bajaj Allianz General Insurance, once purchased does not need to be renewed for the initial three years.
  • There is no change in the third party premium during policy period
  • There are additional benefits available during the time of renewal of policy
  • The No Claim Bonus does not become nil even though it reduces
  • There is a proportional refund provision even after making a claim during the policy period.
  • The two-wheeler or bike insurance may be bought or renewed online by following a few easy steps.
  • Up to 50% of any existing No Claim Bonus can be transferred from any bike insurance provider.
  • 24×7 telephonic services have been made available for claims support and any other assistance which is available even during the holidays.
  • Updates on the claim status are provided promptly through SMS alerts and assistance regarding the same is provided through the 24×7 call centers.
  • Hassel free inspection process is followed by services of the highest standard with regards to BAGICL two-wheeler insurance plans.

Policies and Benefits

After investing valuable time and money in selecting and purchasing a two-wheeler, it is natural for you to want to safeguard your asset against any unforeseen eventualities. Bajaj Allianz General Insurance Co. Limited’s two-wheeler long term package policy has been designed such that you are covered from damages during such situations. The plan offers an option of having policy period of two or three years which makes it even more convenient for you. This plan does not require you the renewal of policy every year up to the third year, and in the case of any upward revision of premium, the insured will be informed immediately.

Sum assured
The Declared Value of the automobile as stated by the Insured is considered to be the ‘sum insured’ for the function of this policy. This amount is decided and fixed at the beginning of the policy period for the insured vehicle. The Insured’s Declared Value of the motor vehicle is calculated as per the listed selling price of the model and brand, adjusted for depreciation as per a fixed schedule.

Vehicles having age above five years and beyond, as well as those models which are considered obsolete have their Insured’s Declared Value determined in consultation with the insured and the insurer.

Premium
Three years Long Term Package Policy- No change on the TP premium through policy period
1 Year Package Policy- Every year TP premium rises

Renewal frequency
Three years Long Term Package Policy- Once in three years
1 Year Package Policy- Every year
Coverage period
Three years Long Term Package Policy- Three years
1 Year Package Policy- Every year

Coverage Provided
The cover provided by Bajaj Allianz General Insurance Co. Limited’s Two Wheeler Long Term Package Policy is subject to the following sections-

Section 1: Own Damage
Bajaj Allianz General Insurance Co. Limited’s two-wheeler insurance policy covers any loss or damage to your two-wheeler vehicle due to any man-made calamity. This includes burglary, theft, strikes, riots, malicious acts, and, terrorist activity, accidents by external means and any damage caused in transit by road, inland waterway, rail, lift, elevator or air.

It also covers loss or damage to your two-wheeler due to a natural disaster. The bike insurance policy provides protection against damage due to fire, explosion, self-ignition or lightning, flood, storm, hurricane, typhoon, tempest, cyclone, hailstorms, frost, earthquake, inundation, landslides and rockslide.

Section 2: Liability to Third Parties
The two-wheeler insurance policy plans by Bajaj Allianz General Insurance Co. Limited include protection against Third Party Legal Liability. This means that you are protected from legal liability caused due to accidental damages resulting in permanent injury or death and damage to property.

Section 3: Personal Accident Cover
The two wheeler insurance plans by Bajaj Allianz General Insurance include Personal Accident Cover. The bike insurance includes Rs. 1 Lakh coverage for the individual owner or driver of the automobile in case any unexpected eventuality occurs while he/she is driving, travelling, mounting or dismounting from the two-wheeler. There is the option available to add-on a personal accident cover for the pillion riders or unnamed hires while purchasing the bike insurance plan from BAGILC.
No Claim Bonus (NCB) Features

Three years Long Term Package Policy

  • Added benefit at the time of restoration of policy
  • After a claim, NCB gets reduced but does not become nil

1 Year Package Policy

  • The NCB is as per tariff
  • After a claim, NCB gets converted to zero after one claim

Add-on Covers/Benefits
The following are the circumstances or events which are not covered by the regular policy cover but may be opted for as a part of Bajaj Allianz General Insurance Co. Limited’s Two-Wheeler Long Term Package Policy:

  • Loss or damage to electrical or non-electrical accessories of the two wheeler
  • Personal Accident Cover for the insured and any named or unnamed passengers,
  • Legal Liability to the Paid Driver, Cleaner or any Workman.

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