✔️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 motor insurance premium?
We use our motor insurance calculator to calculate the best online motor insurance premium taking the following factors into consideration:
- Vehicle engine cubic capacity,
- Vehicle age (how old your two-wheeler/four-wheeler is)
- Geographic location/zone
- Vehicle model and,
- 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 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.
✔️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:
- 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.
- Get your insurance company to send you an NCB certificate/holding letter which is valid for a period of 3 years.
- 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 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!
✔️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.
✔️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.
✔️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.
✔️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.
✔️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.
✔️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.
✔️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://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.
✔️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 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.