Bajaj Allianz Car Insurance - Hassle free claim settlement
Your car is one of the most prized possessions of your life. So it is important to make efforts towards securing it. And the best way to do it is "car insurance". Before you take the car on roads, make sure it is insured.
Car insurance is certainly one of the most important documents that a car owner should possess. These days, one doesn't need to rush searching for agents to buy a new car insurance plan or renew the existing one.
These days, buying insurance on the internet is not a tough task at all. All you need to do is select a plan, and pay online. This saves a lot of time and money.
Now, let's have a look at important terms of car insurance
IDV (Insured Declared Value)
It is actually the present value of a vehicle.
IDV is arrived at by adjusting the current manufacturer's listed selling price* of the vehicle with depreciation percentage listed in the table below: -
VEHICLE
% OF DEPRECIATION
Not exceeding 6 months
5%
Exceeding 6 months but not exceeding 1 year
15%
Exceeding 1 year but not exceeding 2 years
20%
Exceeding 2 years but not exceeding 3 years
30%
Exceeding 3 years but not exceeding 4 years
40%
Exceeding 4 years but not exceeding 5 years
50%
For car and two wheeler models that are obsolete and aged over 5 years, the IDV will be the value agreed between Bajaj Allianz General Insurance (insurer) and you (insured).
*Manufacturer's listed Selling Price = (Cost Price + Local Duties) / Taxes, excluding Registration and Insurance.
Voluntary Excess
Voluntary excess is your option to opt for bearing a certain amount of loss from every claim. For this option, you are eligible for a discount on Own Damage Premium (OD) as listed in the table below:
VOLUNTARY DEDUCTIBLE
DISCOUNT
Rs.2500
20% on the OD Premium of the vehicle, subject to a maximum of Rs.750/-
Rs.5000
25% on the OD Premium of the vehicle, subject to a maximum of Rs.1500/-
Rs.7500
30% on the OD Premium of the vehicle, subject to a maximum of Rs.2000/-
Rs.15000
35% on the OD Premium of the vehicle, subject to a maximum of Rs.2500/-
NCB (No Claim Bonus)
NCB is the short form of No Claim Bonus; it is rewarded to the owner of the vehicle who is also the policy holder for No Claim / Claims in the previous policy year. It can be accumulated over a period of time
If you have NCB you can avail a discount ranging from 20-50% on the Own Damage Premium.
NCB rewards you for being a good driver and helps you save on your motor insurance. The chart here illustrates the discount on Own Damage Premium on account of no claims for the consecutive years.
20% discount on OD Premium
No claim made or pending during the preceding full year of insurance
25% discount on OD Premium
No claim made or pending during the preceding 2 consecutive years of insurance
35% discount on OD Premium
No claim made or pending during the preceding 3 consecutive years of insurance
45% discount on OD Premium
No claim made or pending during the preceding 4 consecutive years of insurance
50% discount on OD Premium
No claim made or pending during the preceding 5 consecutive years of insurance
Please note
NCB becomes Nil in case of a claim
NCB follows the fortune of the customer and not the vehicle
NCB can be transferred to the new vehicle in case of substitution of vehicle of the same class
Validity - 90 days from the date of expiry of the policy
NCB can be utilized within 3 years (where the existing vehicle is sold and a new vehicle is purchased)
NCB recovery can be done in case of a name transfer
Share:
About the Author
No comments:
Post a Comment