Bajaj Allianz General Insurance Company has been formed as a joint venture between Allianz SE and Bajaj Finserv Limited. The company was founded in the year 2001 for conducting general insurance business. 74% of the company’s stake is held by Bajaj Finserv while the remaining 26% is held by Allianz SE. Bajaj Allianz’s paid-up capital is INR 110 crores and the company enjoys an impeccable reputation in the general insurance industry.
Bajaj Allianz offers a range of general insurance products designed for retail as well as corporate customers. Two-wheeler insurance plans are also offered by the company under motor insurance coverage. The company also offers different types of two-wheeler insurance plans for suiting the varied needs of customers.
Features of Bajaj Allianz two wheeler insurance policies
Here are some features which make Bajaj two wheeler insurance beneficial for customers –
- The company has been bestowed with iAAA rating from the rating agency ICRA. This rating has been awarded for 11 successive years showing the claim settlement efficiency and trust in the company
- At the 21st Asia Insurance Industry Awards, Bajaj Allianz bagged the Technological Initiative Award for introducing the digital motor insurance service called ‘Drive Smart’. It also won the Digital Insurer Award at the function
- As on the financial year ending on 31st March 2019, the company had strong financial stability with a profit before tax of INR 1078 crores and a profit after tax of INR 728 crores
- The company’s gross written premium grew by 30.3% in the financial year 2018-19 to INR 7687 crores compared to the premium collected in 2017-18
- The company has a high claim settlement ratio which stands at 98%
Benefits of Bajaj Allianz two wheeler insurance plans
Buying a two wheeler insurance policy from Bajaj Allianz gives you the following benefits
- You can file your two-wheeler claims right from your phone through the company’s Motor-On-The-Spot feature. The claim can be filed by uploading images of the damages suffered by your bike
- The Caringly Yours Application offered by the company allows you to file your claims through your phones. Claims up to INR 10,000 get settled within 20 minutes when filed through the application of the company
- You can buy the policy online in a matter of 3 minutes
- The company is tied up with more than 4000 garages all over India to offer you easy cashless claim settlement services
- You get 24*7 assistance from the company’s customer care helpline for all your insurance related queries and grievances
Two-wheeler insurance plans offered by Bajaj Allianz
Bajaj Allianz offers the following types of two-wheeler insurance policies
- Two-wheeler insurance policy
This is an annual comprehensive two-wheeler insurance plan which allows you coverage for third party legal liability as well as for the damages suffered by your bike.
- Long term two wheeler insurance policy
This policy gives you comprehensive coverage on your bike for three consecutive years. The policy runs for three years wherein the third party premium is fixed for the coverage duration.
- Two wheeler insurance third party policy
This is a liability only policy as is mandated by the Motor Vehicles Act, 1988. This policy covers only the third party liability that you suffer in case of an accident involving your bike. The damages suffered by the bike are not covered under this plan.
- Liability only policy for two wheelers – 5 years
This is a third party liability policy which offers continuous coverage for 5 years. This policy has been mandated for bikes which have been bought on or after 1st September 2018. So, if you buy a new bike now, you would have to opt for five year third party liability coverage on it.
- Two wheeler policy – Bundled
This policy offers a combination of third party coverage and own damage coverage for different tenures. Third party liability coverage is available for five years as per the new mandate while own damage coverage is available for one year. New bike owners can, therefore, opt for this policy to reduce their premium outgo.
- Two-wheeler policy – five year cover
Under this policy, both the third party liability cover and own damage cover are allowed for five continuous years. Thus, this is a long term comprehensive two-wheeler insurance policy for bikes bought on or after 1st September 2018.
Coverage offered by Bajaj Allianz two wheeler insurance plans
Coverage under Bajaj bike insurance policies depends on the type of policy that you buy. There are, primarily, two main types of coverages in a two wheeler insurance policy. They are as follows –
- Third party liability coverage which covers the following
- Third party death
- Third party physical injury
- Third party property damage
Where ‘third party’ is defined to be any other individual apart from the bike owner and the insurance company.
- Comprehensive coverage which has two coverage sections
- Third party liability cover which covers
- Third party death
- Third party physical injury
- Third party property damage
- Own damage cover which covers
- Damages to the bike due to natural causes (earthquakes, cyclones, floods, landslides, etc.)
- Damages to the bike due to man-made causes (riots, malicious activities, fire, etc.)
- Theft of the bike
- Damages to the bike during transportation
- Third party liability cover which covers
Personal accident cover
A mandatory personal accident cover is also available under both third party and comprehensive bike insurance plans. This coverage is allowed for INR 15 lakhs and it covers accidental deaths and disabilities. If the owner/driver of the bike suffers accidental death or becomes disabled in an accident involving the bike, the cover pays a lump sum benefit.
Exclusions under Bajaj Allianz two wheeler insurance
The following instances of claims are not covered under both third party and comprehensive bike insurance cover
- Claims when driving without a valid driving license
- Claims when driving under the influence of intoxicating substances
- Claims when driving outside India
- Claims when using the bike to commit a criminal act
- Claims due to wear and tear or depreciation of the bike
- Claims due to consequential losses
- Claims due to electrical or mechanical breakdown of the bike
- Claims due to war and nuclear perils
- Claims when the bike is used in violation of its usage limitations
- Theft of the accessories of the bike
Add-on covers available under Bajaj Allianz two wheeler insurance plans
If you buy a comprehensive two wheeler insurance policy from Bajaj Allianz, you also get the option to add optional coverage benefits to the plan. These coverage benefits provide a wider scope of coverage and pay an increased benefit in a claim. The add-ons, however, require you to pay an additional premium which is quite low and affordable. You can choose as many add-ons as you like depending on your coverage needs.
Bajaj Allianz two wheeler insurance plans offer the following types of add-ons with a comprehensive policy
- 24*7 spot assistance
Under this cover the company promises to provide you on the spot help in case your bike breaks down in the middle of the road. This assistance is provided every day and at any time. If your bike breaks down and you are unable to use it, you can call the helpline number of the insurance company at 1800 103 5858 24*7 and seek assistance.
- Zero depreciation cover
When the bike is used, it undergoes normal wear and tear and depreciates over time. Since depreciation is not covered under bike insurance plans, in case of a claim, the company deducts the applicable depreciation from the claim amount and then pays the claim. You, however, would face the total cost of repairing the bike. The depreciation deducted by the company would, therefore, have to be paid from your pockets. If you choose this add-on, this can be prevented. The zero depreciation cover removes the effect of depreciation from claim calculation. The insurance company does not factor in the depreciation of the bike and pays the total costs incurred in repairs. This, therefore, increases your claim amount and reduces your out of pocket expenses.
- Personal accident cover for pillion rider
Bike insurance policies have a mandatory personal accident cover for the owner/driver of the bike. However, the pillion rider is not covered. With this add-on the personal accident cover can be extended to cover the pillion rider too. The cover would pay a lump sum benefit if the pillion rider faces accidental death or disablement when travelling on the insured bike.
Bajaj Allianz two wheeler insurance premium calculation
You can calculate the premium of your Bajaj Allianz two wheeler insurance policy online on the company’s website. To find the premium you should first choose the policy that you need. Then, the following details would have to be entered
- Manufacturing year
- Year of purchase
- Make, model and variant of the bike
- Previous policy details – the expiry date and claim history
Once the details are entered, you would be able to generate the bike insurance quote for the policy that you need.
Turtlemint also allows you to calculate the premium of your bike insurance policy. You can visit https://www.turtlemint.com/two-wheeler-insurance, enter in the details of your bike and get the premium quotes of leading general insurance companies. You can also compare the quotes to find the policy which is offering the lowest premium rate without compromising on the coverage benefits.
Factors affecting Bajaj Allianz two wheeler insurance premium
Premiums of a two-wheeler insurance policy depends on a lot of factors and these factors affect the premium charged by the company. The factors influencing two wheeler insurance premiums and their effect on premium are listed below
|Factor||Effect on two wheeler insurance premium|
|Policy type||Third party policies have lower premiums because of their limited scope of coverage. Comprehensive plans offer higher coverage and are priced higher than third party plans|
|Policy duration||One year two wheeler plans are cheaper than long term plans|
|Make, model and variant||The value of the bike depends on its make, model and variant. Since the value is insured, the higher the value higher would be the premium charged under the plan|
|IDV||IDV means the Insured Declared Value of the two-wheeler insurance policy. It represents the market value of the bike after depreciation. IDV is also the maximum coverage liability undertaken by the insurance company. Higher the IDV, higher would be the premium|
|Registration location||If your bike is registered in a metropolitan city, the premiums would be higher compared to non-metropolitan cities|
|Modifications done||If you have enhanced the look of your bike by adding accessories or have done any other modification which increases the value of the bike, the premiums would increase|
|No claim discount||If you are renewing the policy and have not made claims in the previous years you can earn a no claim discount. This discount helps in lowering the renewal premium|
|Other premium discounts||There are other types of premium discounts too which can be used to reduce the premium|
How to buy Bajaj Allianz two wheeler insurance plan?
You can buy Bajaj Allianz two wheeler insurance policy online from the company’s website. Just visit https://www.bajajallianz.com/motor-insurance/two-wheeler-insurance-online.html and choose the policy that you would like. Provide the details of your bike to view the premium rate. Pay the premium online and the policy would be issued instantly.
You can also buy a two wheeler insurance plan through Turtlemint. Turtlemint allows you to compare the best two wheeler insurance plans available in the market and then choose the most suitable policy for your requirements. Just visit https://www.turtlemint.com/two-wheeler-insurance, fill in the registration number of your bike, provide the details of the bike (make, model and variant, registration year, previous policy history, fuel type, etc.) and see the available plans. You can check the coverage benefits and premium rates of all the available plans and then make a choice. Then you need to pay the premium online to buy the policy instantly.
Documents required for buying Bajaj Allianz two wheeler insurance plans
To buy a two wheeler insurance policy from Bajaj Allianz you would have to submit the following documents
- RC book of the bike
- Driving license
- Identity proof, address proof and age proof of the owner of the bike
- Invoice of the bike
- PUC certificate
- Proposal form for buying the policy
Bajaj Allianz two wheeler insurance renewal
Renewal of Bajaj Allianz two wheeler insurance policy is also easy as you can renew instantly online. Just visit https://www.bajajallianz.com/general-insurance-renewal.html, choose Bajaj bike insurance renewal, provide your policy number and check the details of your existing policy. You can pay the renewal premium online and the renewal would be done.
Even Turtlemint allows Bajaj insurance renewal. If you are an existing customer of Turtlemint, you can log into your account to view the policy. Then click on the ‘renew’ button to pay the renewal premium and renew the policy online within minutes.
Bajaj Allianz two wheeler insurance claim
Claims under your Bajaj Allianz two wheeler insurance policy occurs if you incur a third party liability, if your bike is damaged or if the bike is stolen. The claim process is as follows –
- You would first have to register your claim with Bajaj Allianz. To register, you can either choose the online medium or call 1800 209 5858 and register the claim
- You would have to provide the details of your bike and policy at the time of registration. These details include the engine and chassis number of the bike, the registration number, policy number, place and time of the accident, etc.
- The company’s executive would guide you with the claim process and ask the vehicle to be taken to the nearest networked garage for cashless claim
- The insurer’s surveyor would, then visit the garage to estimate the damages suffered
- Based on the report submitted by the surveyor, the insurance company would approve the claim
- Once the claim is approved, the repairs would start
- After the repairs are done, you can settle the claim and take possession of your bike
- In case of theft or third party claims, you should file a police FIR
- Theft claims would be settled by the company once the police issue a non-traceable report on the bike
- Third party claims, on the other hand, would be paid after the motor accidents tribunal gives its ruling stating the claim amount
Claims for your two wheeler insurance plans can also be made through Turtlemint. If you have bought your policy from Turtlemint’s website, you can inform the company in case of a claim to help you with claim settlements. Turtlemint has a dedicated team of claim experts who take all the necessary steps for getting your claims settled sparing you from the trouble. Just inform the company by phone (1800 266 0101) or by an email (email@example.com) and the company would take up the claim process.
Documents required for claims
For your claims to be processed and settled, the following documents would have to be submitted –
- Claim form
- Police FIR (if you claim for theft or third party liability)
- Driving license
- RC book
- PUC certificate
- Identity proof of the policyholder
- Policy bond
Every two wheeler insurance policy has a component of compulsory excess which is the amount of claim payable by the policyholder. In case of a claim, you would have to pay the compulsory excess from your pockets and the insurance company would pay the rest.
Voluntary deductible is that portion of the claim which you choose to pay yourself voluntarily. While compulsory excess is the mandatory amount which you need to bear, the voluntary deductible is optional. You might or might not choose it. If, however, you choose a voluntary deductible, you would have to pay both the compulsory excess and the voluntary deductible part of the claim before the insurance company pays the rest.
Here are some ways in which you can reduce the premium of your bike insurance policy
- Do not make small claims in the policy. This would help in preserving the no claim bonus which would give you a premium discount when the plan is renewed
- Always renew the policy on time so that you can retain the no claim bonus and claim a premium discount
- Always compare the available bike insurance plans before buying. Comparing helps you choose the policy with the lowest premium rates
- Install safety devices in your bike which would earn you a premium discount
- You can buy long term policies too for availing premium discounts
- Being a member of an automobile association would also get you premium discounts and lower the premium
- Choose a voluntary deductible to get a premium discount
IDV is calculated by deducting the age based depreciation from the market value of the car. The rate of depreciation and the consequent IDV are determined as per the following table
|Age of the bike||Depreciation rate||IDV|
|Up to 6 months||5%||95% of the market value|
|More than 6 months but less than 1 year||15%||85% of the market value|
|More than a year but less than 2 years||20%||80% of the market value|
|More than 2 years but less than 3 years||30%||70% of the market value|
|More than 3 years but less than 4 years||40%||60% of the market value|
|More than 4 years but less than 5 years||50%||50% of the market value|
The rate of depreciation on the different parts of the bike are calculated using the following table –
|Types of parts of the bike||Depreciation applicable|
|Rubber, plastic or nylon parts||50%|
|Tyres and tubes||50%|
|Metal parts||As per the depreciation of the Insured Declared Value of the bike|
The no claim bonus starts at 20% and then increases every year in which you do not make a claim. The rates are as follows –
|Claim history||No claim bonus allowed|
|No claims in the first policy year||20%|
|No claims in the two successive policy years||25%|
|No claims in three successive policy years||35%|
|No claims in four successive policy years||45%|
|No claims in five or more successive policy years||50%|