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Motor insurance is a financial cover that protects you and your vehicle in case of accidents, theft, or loss incurred due to man-made and natural calamities, but it should not feel like an upkeep formality that you buy for your vehicle. While third-party motor insurance is made mandatory as per the Motor Vehicles Act of 1988, it is also very important that the policy needs to fulfil all your motor insurance-related requirements.
Just like you try to buy the best vehicle in the market, why not do the same when buying motor insurance? Be it a new or used vehicle, having a motor insurance plan that safeguards your precious possession is a must. Your insurance provider must not only be trustworthy but also needs to provide maximum benefits at affordable premiums. To fulfil your needs for a good motor insurance policy, Bajaj Markets presents to you, extensive motor insurance plans. With benefits like 24x7 assistance, quick claim settlement, cashless facility across network garages, and more, you need not worry about uncertain vehicle damages.
With a great expertise in the insurance sector, Bajaj Allianz General Insurance Co. brings to you, extensive insurance plans that are designed to fit your diverse needs. Their insurance expertise marrying Bajaj Markets’ digital approach further offers you convenience, & great value for money!
Acko General Insurance Ltd. with its unique approach that marries technology with insurance, brings to you new-aged Acko Car Insurance plans that are well-designed to fit into your needs and budget too! From customization to affordability, you always have more.
HDFC ERGO offers one of the best motor insurance plans in India. With a smooth application process and prompt customer service, it makes for a go-to choice for the customers. Bajaj Markets brings to you HDFC ERGO Motor Insurance plans which even let you enjoy hassle-free claim processes and complete claim assistance, etc.
4,80,652 road accidents occurred in 2016 resulting in much damage and loss. With 1214 road crashes occurring every day in India, having motor insurance is important. With a coverage for damages caused to your vehicle during such mishaps, you can rest assured!
Repairing your vehicle could be costly. Imagine having to replace your windscreen or giving your vehicle a fresh coat of paint because of someone else's carelessness! Having motor insurance in place is important as it helps you deal with such cases thereby saving your hard-earned money.
Motor insurance covering third-party liability is mandatory in India. With third-party liabilities covers you need not look elsewhere!
India is found extremely vulnerable to climate disasters where India was ranked fourteenth in the Global Climate Risk Index 2019. Natural calamities don’t just affect lives but also cause major damage to properties. With motor insurance plans covering your vehicle against damages caused by earthquakes, floods, cyclones and other such natural disasters, recovery is easy!
As of 2017, the percentage of riots and man-made disasters in India has risen by 28%. But you need not worry! With motor insurance plans on Bajaj Markets, enjoy an extensive list of coverage options that protect your vehicle against acts of vandalism.
When it comes to picking the right insurance plan, it is vital to understand the keep a check on your needs and what you require the coverage for. Going through the features and benefits of the plan further help make a well-informed decision, when it comes to selecting the plan. Broadly, motor insurance plans are of two types:
A third-party motor insurance is the most basic policy offered, which takes care of the third-party damages incurred due to your vehicle, when in an accident. The plan not just covers the third-party vehicle damage, but also takes care of the treatment cost of injuries caused to a third-party. As the third-party motor insurance is made mandatory as per law, the plan has gained major significance.
Along with third-party liabilities and damages, the comprehensive plan offers 360-degree coverage with cover of own damage too. This means, any damage incurred to third-party as well as your vehicle or any bodily injuries incurred when your vehicle is involved in an accident is covered under your plan. When it comes to comprehensive vs third party insurance, comprehensive is a bit more expensive than a third-party cover, however, a comprehensive plan is the most recommended one for its all-round protection.
While comparing motor insurance plans, it is best to choose the plan by keeping the following things in mind:
The motor insurance should be chosen by keeping in mind the type of coverage you get. As per your need, select from third-party or comprehensive coverage, so you get better value for money.
Assess the claim settlement ratio of the insurer to understand the capability of settling claims, to be sure of being majorly covered against damages.
While making a motor insurance purchase it is vital to read about the features of the product and the benefits offered by the plan.
While you do so, don’t forget to keep a check on the plan that best fits your budget.
Claim settlement ratio (CSR) indicates how many claims an insurer has settled with regards to the number of claim requests received.
This is an important factor when it comes to calculating your motor insurance premium. NCB is linked to the policyholder and not the vehicle insured nor the insurance provider. If you have not made any claim and decide to renew your policy with a new insurance provider, you should be eligible for NCB. Motor insurance plans on Bajaj Markets offer NCB benefit of up to 50%!
Knowing what's covered in your policy and what's excluded will help determine your motor insurance provider. Also, knowing what comes as an 'add-on' is equally important. We offer extensive benefits that includes coverage for damages caused to your vehicle due to natural calamities, man-made disasters and more.
The things covered under your comprehensive motor insurance are as follows –
Damage caused due to riot and strikes
Damage or Loss due to Fire and theft
Damage caused due to Flood, earthquake, landslides, storm, cyclone, etc.
Every policy has its limitations. Things that are not covered under motor insurance are as follows –
Riding/driving with invalid driver’s license
Damage caused when you are under the influence of intoxicants
When the vehicle is used for illegal activities
When the vehicle is damaged outside the stated geographical area
Normal wear and tear of the motor components
Buying motor insurance at Bajaj Markets is simpler than you think! Just follow these five simple steps.
Choose the kind of coverage you need
Fill the application form – personal details and vehicle details
The insurer will assess your application, and the documents will be verified
Pay your premium amount online
Motor insurance will be issued to you in no time
Much like buying motor insurance online, renewing it at Bajaj Markets is quick and simple too!
Visit us at Bajaj Markets online.
Enter the previous policy details.
Enter personal and vehicle details.
Pay the premium amount online.
The renewed policy will be issued to you immediately, and you can reap its benefits
In the event of an accident or theft of your car, you would have to register a claim as early as possible. You can do this online by visiting the page here or over the phone by dialing our Toll free number - 1800-209-5858, post which you will be connected to the customer care executive will assist you through the complete Car Insurance claim process Use the link below to inform your insurer and register your claim.
Click here to register your claim
Please keep the following information handy while registering a claim:
Engine and Chassis Number
Accident date and time
Description and location of the accident
Car inspection address
Police complaint, in case of theft
Please note that in case of theft, you would need to file a police complaint as soon as possible, so that when you are registering a claim with us you are able to produce the same, along with the other documents.
Whether your car is vandalized, meets with a collision, or gets damaged by some peril, you would need to take it to the garage, if it is in a movable condition, or have a towing van help you get it towed to avoid further damage.
You will have to submit the copies of all the required documents to the garage/dealer who is helping you with your Vehicle Insurance claim and get them verified with the originals. Following which, we will make the payment for the repair directly to the network garage once it is ready to be sent back to you. Do make a note that you will have to bear the excessive expenses as per the norms mentioned in your insurance policy, which include salvage, depreciation amount, etc. which will be informed to you by our surveyor.
Line to redirect customers to links category.
Need further assistance? Reach out to us on 020-66399444 ( Mon to Sat - 10 am to 6 pm )
Keep your vehicle safe with Motor Insurance which assures you instant policy issuance at affordable premiums. With a vast network of cashless garages across all major cities, Motor Insurance Plans at Bajaj Markets helps you drive dent-free no matter where the road takes you! Have a look at our range of motor insurance plans across a variety of brands and models you can choose from.
We use our motor insurance calculator to calculate the best online motor insurance premium taking the following factors into consideration:
In simple words, ‘No Claim Bonus’ is a benefit provided to the insured given that he/she has not made any insurance claims under a prior policy period. This accrued benefit gets accumulated over time. With the motor insurance plans on Bajaj Markets, through NCB, you can get discounts that range from 20-50% on premiums for own damage thus helping you save on motor insurance.
You can, however, the vehicle type and class must be the same. When transferring NCB, please keep the following points in mind:
Upon lapse of your car/bike insurance policy, you need to produce your vehicle for inspection. Post this, your motor insurance policy will be renewed. However, do keep in mind that if you have NCB in place but fail to renew your motor vehicle insurance policy within 90 days of it lapsing, it will get reduced to zero.
Sure, you can! With Bajaj MarketsS, all you need to do is fill out a new proposal form and follow protocol. This may include vehicle inspection and any other formalities that may surface. You can do this online, anytime and anywhere!
Changes made to your motor insurance policy can be made through endorsements (written evidence). Endorsements can be made during the time of policy issuance to incorporate additional covers/benefits like legal liability for the driver of the insured vehicle or impose policy restrictions. The wordings used in such endorsements are directly provided by the insurer. In addition to the above, endorsements can also be used to document changes in name, address, vehicle, etc. You can raise a request for such changes by visiting the ‘Contact Us’ page on the website. Alternatively, you can copy-paste the following link to your device search bar and access the page directly: https://www.bajajfinservmarkets.in/contact-us.html.
Incidents that result in injury to self or a third party, vehicle theft or third-party property damages need to be reported to the police immediately.
Let us segregate this to understand this better. Cashless Claims: Under this facility, charges related to vehicle repairs are paid to the garage directly from the insurance company. However, to avail this facility, the insured vehicle must be repaired at one of partner/network garages. Non-cashless/reimbursement: Suppose you end up having your vehicle repaired at a garage that is not part of our network, you will have to pay the charges. Post this, you can claim reimbursement for the amount by providing original payment receipts/bills.
First things first, don’t panic. Get a hold of the situation and proceed to report this immediately to the police. Post that, get in touch with us on our Toll-Free Number - 1800-209-5858.
Sure, you can transfer your car insurance policy or bike insurance to the person who purchases your vehicle. However, you need to inform the insurance company in writing about this insurance policy transfer. Post this, you will have to fill in a new proposal form, pay a fee to facilitate the transfer and NCB recovery on a pro-rata basis dated from the day of transfer till the expiry of the policy. You must also make note that this entire process must be recorded/done within 14 days from the transfer date else the insurance company will not be liable to pay any claim for own damage caused to the insured vehicle.
The term ‘Deductible’ refers to any excess payment/amount over and above the claim payable by the insurance company. This amount ranges from Rs. 50 for two-wheelers to Rs. 500 for cars/four-wheelers/commercial vehicles. The increase in amount depends upon the vehicle carrying capacity. In some cases, the insurance company may charge an additional excess which is calculated basis the age of the vehicle and if there are many claims made for the same.
Maintaining a claim-free record results in a No Claim Bonus which helps to reduce your vehicle insurance premium. Upon accumulation of NCB, you can avail of a discount on the Own Damage Premium of your vehicle. In addition to this, if you have an anti-theft device installed in your vehicle and the same has approval of the Automotive Research Association of India, you can avail of a discount of Rs. 500. You can also make use of voluntary excess to reduce your premium. This means you opt to bear the loss of a certain amount from each claim made.
You will receive your customer portal login credentials when the policy is issued. Also, if you happen to forget your password, you need to login to the customer portal (https://www.bajajfinservmarkets.in/cust/#/) using your registered email ID and click on the 'Forget Password' button. We will then send you a link to reset your password.
Yes. Head over to the ‘Motor Insurance’ section on Bajaj Markets to get enhanced coverage for your vehicle.
As per the Motor Vehicles Act of 1988, it is mandatory to have a valid motor insurance for your vehicle to legally drive on Indian roads. So, if you just pay the road tax and don’t have a motor insurance for your vehicle, you may be fined upon being caught.
Having a motor insurance plan with third-party cover is mandatory according to the Motor Vehicles Act.