Bajaj Allianz Bike Insurance

Bajaj Allianz Bike Insurance Policy - Key Features

*Disclaimer: The features mentioned here are only for guidance. For accurate details, please read the policy document.

Why Choose Bajaj Allianz Bike Insurance Policy?

You must opt for Bajaj Allianz bike insurance policy due to the reasons listed below:

• Hassle-free online bike insurance policy buying and renewal process.
• Enjoy the cashless claim service at any Bajaj Allianz authorised network garages across India.
• Get a range of add-on covers to protect your bike and its associated parts.
• The insurance company offers a No Claim Bonus (NCB) of up to 50%.
• Experience the insurer's quick and smooth claim settlement process with a 96.5% Claim Settlement Ratio (CSR).
• Get all your bike insurance queries resolved through dedicated 24/7 customer support.

Types of Bajaj Allianz Bike Insurance Policy

Bajaj Allianz General Insurance Company Limited is a joint venture between Bajaj Finserv Limited and Allianz SE. The company started its operation in 2001 to offer general insurance services in India.

The insurance provider offers the following types of bike insurance policies:

1. Standalone Own-Damage Cover for Two-Wheeler

   This own-damage bike insurance policy covers repairs or replacement costs if your bike or scooter gets damaged due to accidents, theft, man-made perils or natural calamities. It is available only if you have valid third-party liability coverage for your two-wheeler.

2. Liability Only Policy

   A liability-only policy is a basic insurance policy that covers the costs if you accidentally cause harm to other people or their property. This policy is commonly known as a third-party bike insurance policy. It also offers personal accident coverage for the owner-driver.

3. Long-Term Two-Wheeler Insurance Policy (Liability Only)

   This Bajaj Allianz bike insurance policy provides financial coverage if you cause damage to someone else's property or injure another person while riding your two-wheeler. It is a longer-term option, so you do not have to renew it every year.

4. Liability Only Policy for Two-Wheelers - 5 Years

   It is a five-year third-party bike insurance policy that covers damages or injuries caused by your vehicle to third-party or their property. It also offers personal accident coverage for the owner-driver in case of death or injury caused by an accident.

5. Two-Wheeler Bundled Policy

   The two-wheeler bundled policy is specifically designed for new bikes or scooters. It combines five years of third-party coverage and one year of own-damage coverage. The policy also includes personal accident cover for the owner-driver.

6. Two-Wheeler Package Policy

   It is a comprehensive bike insurance policy that provides financial coverage for the damage caused to the insured vehicle, third-party liabilities, and personal accident cover for the owner-driver.

7. Long-Term Two-Wheeler Package Policy

   The long term two-wheeler package policy includes own-damage cover, third-party liability cover, and personal accident (PA) cover. Moreover, this Bajaj Allianz bike insurance policy is available for 2 or 3 years.

*Disclaimer: The above-mentioned inclusions and exclusions are for informative purposes only. Please check the policy document for exact coverage.

Depreciation Rates for Different Parts of a Bike

The applicable depreciation rates for different parts of the bike are included below:

• For all the nylon/rubber/plastic parts (tyres, tubes, batteries, and airbags): 50%
• For fibreglass components: 30%
• For parts made up of glass: NIL
• For paint material: 50%
• Depreciation rates, as specified in the policy papers, will apply to all remaining parts, including wooden components.

Depreciation Based on the Age of the Bike

Below is a table showing the rate of depreciation set by IRDAI as per the bike's age:

*Disclaimer: The above table is for illustration purposes only. Kindly refer to the policy wordings of the insurer to understand the terms & conditions.

Personal Accident (PA) Coverage for Bike Owners

A Personal Accident (PA) cover of ₹15 Lakh is offered to the owner-driver of the bikes in cases of bodily injury or death during an accident.

Here is a table showing the scale of compensation offered by Bajaj Allianz General Insurance Company Limited in case of injury or death of the owner:

Important Points to Consider Under Personal Accident (PA) Cover

The PA cover in bike insurance compensates the policyholder for accidents resulting in bodily injury, disability, or death. It is crucial to note that the PA cover does not provide compensation for self-harm, self-inflicted injuries, suicide, or any suffering resulting from intentional actions. Additionally, injuries or disabilities arising from the consumption of alcohol or drugs are not eligible for compensation.

How to Buy/Renew Bajaj Allianz Bike Insurance?

Listed below are the steps to buy or renew your Bajaj Allianz bike insurance policy:

• Step 1: Go to Policybazaar.com and tap 'Bike Insurance' under the 'Insurance Products' menu.
• Step 2: Enter your two-wheeler's registration number and click 'View Prices.' If you do not have a registration number, please click the 'Bought a New Bike' option.
• Step 3: Select the relevant bike details, such as the bike's model, RTO, and other information, then click on the 'View Plans' button to see the list of available bike insurance plans.
• Step 4: Compare the available plans and select the Bajaj Allianz two-wheeler policy that fits your needs.
• Step 5: Choose between a third-party or comprehensive bike insurance policy.
• Step 6: Select bike insurance add-on covers if you want to enhance your base policy.
• Step 7: Complete the payment online using your preferred method. After payment, you will receive your Bajaj Allianz bike insurance policy via email at your registered email address.

How to File a Bajaj Allianz Bike Insurance Claim?

A two-wheeler insurance policyholder can follow the below-mentioned steps to make a successful Bajaj Allianz Bike Insurance Claim:

1. For Theft Claim

   Check out the steps to file a theft claim:

   • Step 1: File an FIR at the nearest police station.
   • Step 2: Submit the FIR report to the insurance provider.
   • Step 3: The insurance company will appoint a surveyor to analyse the case.
   • Step 4: Inform your RTO about the theft incident once the inspection is completed.
   • Step 5: Keep the required documents handy based on which you will be compensated.
   • Step 6: If your insured bike is not traceable for over a month, the police will issue an 'untraceable report' as valid proof. Based on it, your insurance company will settle the claim.

2. For Accident Claim

   Following are the steps to raise an accident claim with the insurer:

   • Step 1: Inform your insurer about the accident and complete and sign the claim form available on the insurer's website.
   • Step 2: The insurer will send the surveyor to inspect the damages at the incident site.
   • Step 3: Get ready with the mandatory documents required to process the claim request.
   • Step 4: The insurer will pay the bill directly if you use a network garage for your bike repair. Alternatively, if you use a non-network garage, you will need to pay first, and the insurer will reimburse you later to your bank account.

3. For Third-Party Claim

   For third-party claim, you must follow the below-mentioned steps:

   • Step 1: Immediately inform your insurer about the accident.
   • Step 2: Share the summons from the court with your insurance company.
   • Step 3: Submit the filled & signed Bajaj Allianz insurance claim form.
   • Step 4: Submit the required documents to the insurance provider.
   • Step 5: The Tribunal court will analyse and settle the case.

Documents Required for Raising Bajaj Allianz Bike Insurance Claims

Depending upon the type of claim, you will need the following documents for raising Bajaj Allianz two-wheeler insurance claim:

1. For Theft Claims

   If your bike is stolen, you need to submit the following documents while raising a claim request:

   • Claim form duly signed by the insured
   • RC copy of the vehicle with all original keys
   • Original Driving Licence (DL)
   • Current bike insurance policy
   • FIR from the police
   • 'Untraceable report' from the police, indicating that the vehicle is not found.

2. For Accident Claims

   In case of an accident, make sure you have the following documents ready:

   • Filled and signed claim form
   • Valid registration certificate of the two-wheeler
   • Driver's Driving Licence (DL)
   • Copy of the first 2 pages of Bajaj Allianz bike insurance policy
   • FIR (First Information Report or the MCR (Motor Collision Report)
   • The original repair invoice and payment receipt. Only the repair invoice is required if a preferred workshop is chosen for repair.

3. For Third-Party Claims

   If any damage is caused to the third-party, you will need the following documents during the claim process:

   • Claim form duly filled and signed by the insured
   • Copy of police First Information Report (FIR)
   • Original Driving Licence (DL)
   • Valid bike insurance policy
   • Copy of vehicle's Registration Certificate (RC)
   • Stamp required for company-registered vehicle.