Product Review: Bajaj Allianz Two Wheeler Insurance Plan
Bajaj Allianz Two Wheeler Insurance Plan is the only Two Wheeler Insurance Policy from this insurer. It includes Two Wheeler Insurance along with Third Party Legal Liability Damage as specified by the RTO. In this plan, premium needs to be paid every year to renew the plan and the policy can be issued online without any paperwork. If there has been no claim in the previous year from this insurer or any, a No Claim Bonus is also payable.
Each vehicle has a Sum Assured which is called the Insured's Declared Value (IDV) of the vehicle. This is the total value of the two-wheeler as declared at the beginning of the policy. It is calculated on the basis of the manufacturer's listed selling price of the brand and model as the vehicle insured at the commencement of the policy after deducting depreciation. Electronic items, theft kit, LPG/CNG kit, etc. can be added to the sum insured over and above the IDV.
In case of a claim, a cashless facility is provided in 1500 network garages or a reimbursement can be done within 5 days.
Key Features
- This policy can be issued immediately through online application
- The policy covers:
- Vehicle against Loss
- Third Party liability
- Personal Accident Cover for owner driver
- Cashless claims at over 1500 preferred garages
- Upto 50% of the existing No Claim Bonus can be transferred from any insurance provider
- Towing facility in an event of a breakdown/accident
- Bajaj Allianz's preferred workshops provides access to hassle-free inspection and high service standards
- 0% interest EMI option available on payment through Citibank Credit Card
Benefits
Coverage: This plan covers the vehicle against
- Loss or Damage of the Vehicle Insured against
- By fire explosion self-ignition or lightning
- By burglary housebreaking or theft
- By Riot and Strike
- By Earthquake (Fire and Shock Damage)
- By Flood Typhoon Hurricane Storm Tempest Inundation Cyclone Hailstorm frost
- By accidental external means
- By malicious act
- By terrorist activity
- Whilst in transit by road rail inland waterway lift elevator or air
- By Landslide/Rockslide
- Liability to the Third parties
- Personal accident cover for owner driver for:
- Death- Sum Assured payable is 100%
- Loss of two limbs or sight of two eyes or one limb and sight of one eye Sum Assured payable is 100%
- Loss of one limb or sight of one eye, Sum Assured payable is 50%
- Permanent total disablement from injuries other than named above, Sum Assured payable is 100%
Deduction of Bajaj Allianz Two Wheeler Insurance Plan
- For all rubber nylon plastic parts tyre and Battery - 50%
- For fibre glass components 30%
- For all parts made of glass – Nil
Depreciation of Bajaj Allianz Two Wheeler Insurance Plan
Rate of depreciation for all other parts including wooden parts will be as per following schedule:
Rate of Depreciation for Painting: In the case of painting, the depreciation rate of 50% shall be applied only on the material cost of total painting charges. In case of a consolidated bill for painting charges, the material component shall be considered as 25% of total painting charges for the purpose of applying the depreciation.
Depreciation of IDV of Bajaj Allianz Two Wheeler Insurance Plan
Rate of depreciation for the IDV is as per the table below:
Exclusions of Bajaj Allianz Two Wheeler Insurance Plan
This plan does not cover:
- Consequential loss, depreciation, wear and tear, mechanical and electrical breakdown failures or breakage's
- Damage to Tyres and Tubes unless the Vehicle is damaged at the same time in which case the liability of the Company shall be limited to 50% of the cost of replacement
- Loss of or damage to accessories by burglary housebreaking or theft unless the Vehicle is stolen at the same time
- any accidental loss or damage suffered whilst the Insured or any person driving with the knowledge and consent of the Insured is under the influence of intoxicating liquor or drugs
- In the event of the Vehicle being disabled by reason of loss or damage covered under this Policy the Company will bear the reasonable cost of protection and removal to the nearest repairer and of redelivery to the Insured but not exceeding in all Rs.300 in respect of any one accident.
The Insured may authorise the repair of the Vehicle necessitated by damage for which the Company may be liable under this Policy provided that:-
a) The estimated cost of such repair including replacements, if any does not exceed Rs. 150
b) The Company is furnished forthwith a detailed estimate of the cost of repairs and
c) The Insured shall give the Company every assistance to see that such repair is necessary and the charges are reasonable
d) Any accidental loss damage and/or liability caused sustained or incurred outside the Geographical Area
e) Any Claim arising out of any Contractual Liability
f) Any accidental loss damage and/or liability caused sustained or incurred whilst the Vehicle insured herein is:
a. Being used otherwise than in accordance with the Limitations as to Use or
b. Being driven by or is for the purpose of being driven by him/her in the charge of any person other than a Driver as stated in the Driver's clause
g) Any accidental loss or damage to any property whatsoever or any loss or expense whatsoever resulting or arising there from or any consequential loss
h) Any liability of whatsoever nature directly or indirectly caused by or contributed to by or arising from ionising radiation or contamination by radioactivity from any nuclear fuel or from any nuclear waste from the combustion of nuclear fuel. For the purposes of this exception combustion shall include any self-sustaining process of nuclear fission
i) Any accidental loss or damage or liability directly or indirectly caused by or contributed to by or arising from nuclear weapons material
j) Any accidental loss damage and/or liability directly or indirectly or proximately or remotely occasioned by or contributed by or traceable to or arising out of or in connection with War, Invasion, the Act of foreign enemies, hostilities or Warlike operations (whether before or after declaration of war), Civil War, Mutiny
Rebellion, Military or usurped power or by any direct or indirect consequences of any of the said occurrences and in the event of any claim hereunder the Insured shall prove that the accidental loss damage and/or liability arose independently of and was in no way connected with or occasioned by or contributed to by or traceable to any of the said occurrences or any consequences thereof and in default of such proof the Company shall not be liable to make any payment in respect of such a claim