What is Motor Insurance?

With almost 2.5 lakh new cars getting sold every month and an average of 1400 road accidents happening daily in India, motor insurance has become a basic need for a stress-free daily commute. A comprehensive Bajaj Allianz motor insurance available online on Finserv Markets, offers 24x7 assistance, swift claim settlement, cashless facility across 4000+ garages and much more.

Car Insurance

Four-Wheeler Motor Insurance

Given the road and traffic conditions in India, protecting yourself and your vehicle is important. Bajaj Allianz offers you a plan to protect your car with a comprehensive four-wheeler

insurance plan. Go with us and enjoy an umbrella of benefits that include coverage for road accidents and damages caused by natural calamities or man-made disasters.

Two Wheeler Insurance

Two-Wheeler Motor Insurance

Road safety has become a major cause of concern in the recent years. While you may not be able to control how others ride, having motor insurance in place helps.

. Bike insurance from Bajaj Allianz offers a bouquet of benefits the covers damages caused to your vehicle due to road accidents, natural calamities and man-made disasters.

Reasons to buy Motor Insurance

  • Increase in Road Accidents

    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. We offer motor insurance coverage for damages caused to your vehicle during such mishaps.

  • Damage Control

    Repairing your vehicle is 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.

  • Third-Party Liability Insurance Coverage

    Motor insurance covering third-party liability is mandatory in India. We cover widespread liabilities that are third-party-related. No need to look elsewhere!

  • Protection against Natural Calamities

    India ranked 3rd amongst countries that were affected by natural calamities (UN Report: 2015). The recent floods in Kerala caused massive damages amounting to Rs. 21,000 crores. Our motor insurance plans cover your vehicle against damages caused by earthquakes, floods, cyclones and other such natural disasters.

  • Protection against Man-made Disasters

    As of 2017, the percentage of riots and man-made disasters in India has risen by 28%. Go with us and enjoy an extensive list of coverage options that protect your vehicle against acts of vandalism.

Why Choose Finserv Markets For Motor Insurance

Trusted companion

100 million+ customers across India trust us and the services we provide. You should try us too!

Claim Settlement Wallet

With our insurance wallet – Motor OTS, get instant approval and swift claim settlement up to RS. 20,000.

Round-the-clock Assistance

Get help no matter where you are with our call centre that functions round-the-clock.

Cash-free Servicing

Avail cashless servicing at 4000+ garages across India. Also, get 75% on account payment where cashless facility is not available.

No Third Party Involvement

With no third party involvement, our In-house team verifies and processes claims as swiftly as it can get.

Key things to consider when buying motor insurance

Buy Vehicle Insurance Online
  • What is the Claim Settlement Ration of the insurance provider?

    Claim settlement ratio (CSR) indicates how many claims a company has settled against the number of claims received. Higher the CSR, better the efficiency. With one of the highest claim-settlement ratios of 93%, efficient and quick claims handling is a Bajaj Allianz Motor Insurance forte.

  • Does the insurance provider offer No Claim Bonus (NCB)?

    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. Bajaj Allianz Motor Insurance offers NCB as high as 50% and that why you should go with us!

  • What constitutes a good motor insurance policy?

    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.

Factors affecting Motor Insurance Premium

Vehicle Age

Geographic Location

Type of Coverage

Type of Engine

Claim process

Filing claims was never so easy. Just follow these steps and your're done.

  • 1

    Register your claim online

  • 2

    Upload documents online

  • 3

    Claim Assessment

  • 4

    Claim Decision

For information on motor insurance policy process, refer to the 'Process' section below.

  • Process
  • Download
  • Emergency Contact
  • Register a Claim
  • Documents Required
  • Vehicle Repair
  • Claim Settlement
  • Cancellation Process
  • Link for Network Garages
  • Register a claim

    You would need to register a claim as soon as possible following the accident/theft of your car. 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 our customer care executive who will guide you through the entire Car Insurance claim process. Use the link below to inform your insurer and register your claim.

  • Documents required

    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
    • Km. reading
    • 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.

  • Vehicle Repair

    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 it towed there to avoid any further damage.

  • Claim Settlement

    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 note that you will have to pay the excess amount according to the norms mentioned in your policy that include depreciation amount, salvage etc. which will be informed to you by our surveyor.

    If the loss is not so severe, we suggest that you avail the spot settlement of Car Insurance claims through Bajaj Allianz Mobile settlement service.

  • Motor Insurance Document Checklist
  • Motor Insurance Claim Forms

Line to redirect customers to links category.

  • Document Checklist
  • Motor Insurance Claim Form
  • Mandate Form For Electronic Transfer of Claim Payments

Need further assistance? Reach out to us on our Toll-Free Number: 1800-209-5858 and our insurance experts will connect with you shortly.

Motor Insurance: An Overview

Motor insurance is an insurance policy designed specifically for the protection of your vehicles. Be it your car or two-wheeler insurance, the policy covers your vehicle against a financial loss that might occur due to theft. A motor insurance also covers your vehicle against third party liability along with damages caused due to natural calamities. With almost 2.5 lakh new cars getting sold every month and an average of 1,400 road accidents taking place in India, a good car insurance has become necessary. Moreover, as per the Indian law, it is mandatory to get your vehicle insured at the time of purchase.

The online motor insurance plan offered by Finserv Markets has numerous benefits such as round-the-clock assistance, swift claim settlement, cashless facility across 4000+ garages and much more. Insure your vehicle with us today!

 

Types of Motor Insurance Plans 

Comprehensive Motor Insurance Plan

A comprehensive motor insurance plan covers you and your vehicle against financial loss or damage that may arise due to an unforeseen event. Get an umbrella of benefits under the Bajaj Allianz motor insurance plan offered by Finserv Markets. Insure your vehicle against theft, road accidents, natural calamities, and man-made disasters. Comprehensive motor insurance also provides third party liability coverage.

Third party Motor Insurance

Another type of motor insurance is Third Party Liability Motor Insurance. This policy will cover the damage suffered or loss incurred by a third party due to your vehicle. You get protection against third party liability with this motor insurance plan. When purchased, a motor insurance plan covers any expenses incurred by the third party in case of damages. 

 

Motor Insurance: Inclusions and Exclusions  

What is included in a motor insurance policy?

Any damage caused to your vehicle due to the following is covered under motor insurance -

  • Riot and strike
  • Fire and burglary
  • Terrorism Act
  • Earthquake
  • Landslide
  • Flood, storm, cyclone

When will your motor insurance plan not cover your damages?

  • Riot and strike
  • If the driver does not have a valid driving license
  • If the driver is under the influence of drugs/alcohol
  • If the vehicle is used for illegal activities
  • If the vehicle is damaged outside India
  • Normal wear and tear and general ageing of the insured vehicle

 

Motor Insurance Premium Factors Explained 

Vehicle Age  

The insurance company considers the age of vehicle while deciding the premium of the insurance policy. The premium increases with the age of your vehicle which means the older your vehicle, the higher will be your insurance premium.  

Geographic location 

Your geographical location helps determine the probable traffic conditions in your area of residence. It is an important factor that is considered while deciding your insurance premium. The premium amount will be higher if you live in a metro city where the roads are busy with heavy traffic as compared to a sparsely populated area with low to medium traffic.  

Type of coverage 

Your motor insurance premium also depends on the type of coverage you have opted for. For a comprehensive cover, the premium would be higher than that of a third party liability insurance. 

Type of engine 

A vehicle with an engine that runs on diesel is expensive and so is the vehicle’s Insured Declared Value (IDV). Therefore, the premium for such vehicles will be higher than the premium paid for vehicles that run on petrol or CNG. 

No Claim Bonus (NCB)

When the customer doesn't make an insurance claim for a year, then for the next year, the insurance company offers the customer a certain percentage of discount on the premium. In a way, it can be considered a bonus, which is why this discount is called a No Claim Bonus. For every year that the customer doesn't make a claim, the percentage of the discount goes on increasing. Typically, NCB starts with 15% to 20% discount on the premium amount. Such a bonus has to be earned by maintaining a claim free record. With every claim-free year, your NCB steadily increases till it reaches 50% at the end of five years. Therefore, NCB is related to the policyholder and not to the vehicle. 

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Manage all your Motor Insurance Queries here

  • Why should I get my vehicle insured?

    You sure have invested a lot of money into buying your dream four-wheeler or two-wheeler, haven’t you? Given the conditions of the roads in India, coupled with traffic congestion and a rise in road mishaps, insurance provides you with the necessary financial coverage against vehicle damage, theft or accidents. Apart from this, motor insurance takes care of any potential damage, injury or unforeseen incident that could affect yourself, your fellow passengers, drivers and pedestrians. This said, do note that Indian road laws make it mandatory for one to have third-party insurance.

  • I am looking to purchase motor insurance but don’t know if I should go with a third-party insurance plan or a comprehensive insurance plan? Which one do I choose?

    Indian traffic laws make it mandatory for vehicles to have third-party liability insurance in place. As part of this plan, you are only covered against injuries and damages that you may have caused to others. A comprehensive insurance plan on the other hand takes into consideration injuries caused to yourself and as well as others. In other words, this motor insurance plan covers both ‘own damage’ as well as ‘liability’.

  • How do you work out my Bajaj Allianz motor insurance premium?

    We calculate the best online motor insurance premium taking the following factors into consideration: 1. Vehicle engine cubic capacity, 2. Vehicle age (how old your two-wheeler/four-wheeler is), 3. Geographic location/zone, 4. Vehicle model and, 5. IDV or Insured Declared Value.

  • What do you mean by ‘No Claim Bonus’ or NCB?

    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 our partnership with Bajaj Allianz motor insurance, through NCB, you can get discounts that range from 20-50% on premiums for own damage thus helping you save on motor insurance.

  • Is there a possibility for me to transfer my NCB from my old vehicle to the new one I just purchased?

    You can, however, the vehicle type and class must be the same. When transferring NCB, please keep the following points in mind: 1. Transferring of vehicle ownership when you sell your old two-wheeler/four-wheeler is mandatory. Also, for insurance purpose, keep a photocopy of this new entry in your RC book. 2. Get your insurance company to send you an NCB certificate/holding letter which is valid for a period of 3 years. 3. Upon purchase of your new vehicle, get NCB transferred to the new policy.

  • Should my insurance lapse, what should I do?

    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.

  • I purchased my vehicle in another city. Is it still possible for me to renew the insurance policy even when am at a different place?

    Sure, you can! With Finserv Markets, 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!

  • I want to make certain changes to my existing motor insurance policy. How do I get about this?

    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.

  • I want to register an insurance claim for my vehicle. What is the process for doing this?

    Either use the registration link under the claims section on the website or copy-paste the following to your device search bar: https://general.bajajallianz.com/BagicNxt/MotClaims/index.jsp. This will help you register a claim.

  • Should my vehicle be involved in an accident, when do I inform this to the police?

    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.

  • What do you mean by cashless claims and non-cashless claims/reimbursement?

    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. Due to our partnership with Bajaj Allianz Motor Insurance, our customers can enjoy cashless services at 4000+ network garages across India.

  • What steps do I take if my vehicle gets stolen?

    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.

  • If I plan to file a claim, what are the documents that I need to provide?

    For complete information on claims and documents required, refer to the Claim Process section on our Two-wheeler insurance/four-wheeler insurance page. Alternatively, you can copy-paste the following link in the search bar of your device access the page containing the information: https://www.bajajfinservmarkets.in/car-insurance.html#ChildVerticalTab02.

  • Is it possible to transfer my vehicle insurance to the person who has purchased my vehicle? If yes, how?

    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.

  • What do you mean by the term ‘Deductible’?

    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.

  • What do you mean by IDV? How it IDV calculated?

    IDV is the abbreviation for Insured’s Declared Value and refers to the current market value of the vehicle. This refers to the maximum sum assured that is fixed by the insurance company and is only provided in the event of vehicle theft or loss of the vehicle. IDV is calculated basis the selling price listed by the current manufacturer minus the depreciation percentage.

  • I am looking for ways to reduce the premium on my car and two-wheeler. How do I do this?

    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.

  • What do you mean by compulsory deductible?

    Let us understand this with an example. Let’s say you have met with an accident and the cost of repairs amounts to Rs. 5000, you will need to pay some of the amount (assuming its Rs 1000). This amount is calculated based on the vehicle carry capacity and is known as compulsory deductible.

  • How do I locate a network garage in my city?

    To find a Bajaj Allianz Motor Insurance partner garage in your city, use the link below. https://apps.bajajallianz.com/gmlocator/locate-garages.php. Copy-paste the link in the search bar of your device and find a garage closest to you.

  • What is meant by ‘Personal Accident Cover’?

    Under this provision, you are provided with coverage against Permanent Total Disablement (PTD), Accidental Death, terrorism and any such acts that may arise out of terrorism.

  • What do you mean by ‘Own Damage’ Premium?

    ‘Own Damage’ or OD Premium entitles the policy holder to make a claim for compensation in the event of damage caused to the vehicle due to earthquakes, fires, etc. One can also claim for compensation in the event of vehicle theft.

  • What do you mean by 24X7 Spot Assistance? What does it cover?

    This is an add-on cover that offers end to end protection/coverage for instances like flat tyres, loss of keys, dead batteries, minor repairs, fuel assistance, towing facilities, taxi and accommodation benefits and legal advice.

  • In motor insurance terminology, what is meant by ‘Zero Depreciation’ / ‘Nil Depreciation’?

    Also known as ‘zero dep’ or bumper to bumper cover, zero depreciation policy offers complete coverage without factoring in the depreciated value of the vehicle. In simpler words, should your car get damaged due to an accident/collision, with zero depreciation in place, the insurance company will pay the policyholder the entire cost claimed during settlement. This is an add-on feature offered by motor insurance providers and the premiums charged are more than what one would pay for a regular, comprehensive motor insurance policy. At present, we do not offer zero/nil depreciation cover However, with a standard car policy, only 50-100% of the expenses (for replacement of damaged car parts - plastic, fiber and/or metal) is provided by the insurance company. Replacing such parts can be expensive especially when you don't have zero depreciation cover.

  • Is it possible to get a copy of my insurance policy as I have lost mine?

    Yes, you can get a duplicate one by logging in to the customer portal. the link below - https://bfsd.uat.bfsgodirect.com/cust/#/

  • How do I get my customer portal user id and password?

    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://bfsd.uat.bfsgodirect.com/cust/#/) using your registered email ID and click on the 'Forget Password' button. We will then send you a link to reset your password.

  • What is the time period for which you provide motor insurance?

    Presently, we offer single-year motor insurance plans.

  • What is the time-frame for settling a claim?

    This would depend on the severity of damage and the inspection/verification process conducted by Bajaj Allianz Motor Insurance, our insurance partner.

  • Is it possible to renew my motor insurance from a different city?

    Given that the entire process is online, yes, you can. However, this is only possible if your insurance policy has not yet expired.

  • What do you mean by cover note?

    This a temporary document that is provided by the insurance provider and acts a proof that insurance coverage is being provided. This is valid until the final insurance policy is issued. However, being completely digital, Finserv Markets does not provide a cover note as your insurance policy is emailed to you within minutes of purchase.

  • What is third-party liability coverage?

    Third-party liability is a benefit offered by us that covers the following risks - 1. Accidents resulting in the injury/death of the third-party, 2. Damages resulting in damages caused to the third-party, and 3. Any such liability that is a result of the death of the third-party or if the injury that is stated is unlimited.