Reasons to Buy Bike Insurance
With the increasing number of road accidents in India, you must invest in appropriate bike insurance. A bike insurance policy will safeguard your two wheeler against any unfortunate mishaps, theft, and loss incurred due to human-made or natural disasters.
If you are here, we believe that you are looking for reliable bike insurance for your vehicle. And let us assure you that you have landed on the right site.
The Bajaj Allianz Two wheeler insurance at Finserv MARKETS has a lot to offer – all at affordable premium rates. Don’t believe it? Let us tell you why you should choose us.
We Are a Trusted Companion: More than 100 million customers believe in our facilities. With us, you can rest assured that all your financial needs regarding insurance will be taken care of.
No Third-Party Involved: None of our services and outsourced. Everything from verification to the claim process – rest assured that no third party is involved.
Hassle-Free Renewal: Renew bike insurance online at any time and on the go!
Why Two Wheeler Insurance is Must Have?
Recently, a few amendments were made to the Motor Vehicle Act by the Parliament. They have come into effect from September 1, 2019. Under this new law, the penalty charges have tremendously increased. So, if you break traffic rules often, brace yourself as it may cost you a fortune.
Previously, driving uninsured had penalty charges of INR 1000 and/or up-to three months imprisonment. However, after the new regulations, the penalty charges have increased to-
INR 2000 and/or up-to three months imprisonment for the first offence
INR 4000 and/or up-to three months imprisonment for the second offence
Because of this, the need for third-party bike insurance has increased. Having third-party coverage is mandatory under the New Motor Vehicle Act, 2019 as well. However, despite the compulsion, the coverage provided by third-party liability cover is insufficient.
Therefore, a lot of people recommend purchasing comprehensive insurance. Compared to the third-party bike insurance coverage, the comprehensive policy offers coverage for road accidents, theft, and loss incurred due to human-made or natural calamities. Moreover, it includes personal accident cover for the rider.
Riding on Indian Roads means You Need Two Wheeler Insurance
In 2018, the road accidents recorded across the country were nearly 1.4 lakh. Even though the record was less compared to the previous years, the ones that happened were fatal. The numbers are still quite high. Hence, as a preventive measure and to get the road accident rates under control, the government has imposed strict traffic rules and higher penalties for those breaking them.
Despite stricter rules, your two wheeler is still vulnerable to road mishaps. It thus implies that you seek comprehensive coverage for your bike. With comprehensive bike insurance from Finserv MARKETS, you can safeguard your vehicle for road mishaps and damages incurred by you or the third-party.
Third-Party Liability Cover vs Comprehensive Cover
The following table will help you understand third-party liability cover and comprehensive coverage better
|
Third-Party Liability Cover |
Comprehensive Cover |
Nature of Benefit |
Under this policy, any damages caused by your bike to the third-party involved are financially covered. |
It not only provides financial coverage for third-party damages but also extends it to you and your bike. |
Compulsion |
It is mandatory under the Motor Vehicle Act, 1988. |
It is not mandatory by law. |
Nature of Coverage |
It covers you against any third-party damage or loss |
It not covers you against third-party damages and loss but also protects your bike in case of accidents, theft, and loss incurred due to human-made or natural disasters. It also provides personal accident cover to the rider. |
How to Calculate/Lower Your Bike Insurance Premiums?
The bike insurance premiums are calculated based on three factors
The age of your bike
Your residential area
Your driving history
After this, you get the chance to choose between third-party coverage and comprehensive coverage. Even though third-party insurance has low premiums, the policy offers limited coverage. Hence, most people opt for extensive cover with comprehensive bike insurance. Despite high premiums, comprehensive insurance provides all the round protection to your bike.
What if we tell you that there is a way to reduce the premium amounts?
Yes, you heard it right! Here’s how you can lower your bike insurance premiums.
Don’t make small claims
Install anti-theft devices
Seek add-on coverage (bundled package deal)
Compare different insurance plans online
You may think that opting for add-on covers will increase your premium. But having certain add-on covers is a smart way to use your two wheeler insurance. For instance, read in detail about the zero depreciation bike insurance cover which you should definitely consider buying.
Inclusions/Exclusions of Bajaj Allianz Two Wheeler Insurance
About Bajaj Allianz Bike Insurance
Parameters |
Third Party Plan |
Comprehensive Plan |
Premium Cost |
Low |
Enhanced |
Coverages |
Only Third Party Cover |
Accidental damages, Theft, Natural and manmade losses ,Third Party losses |
No-Claim Discount/Bonus |
Not Available |
Available as per eligibility |
Owner Driver Cover Up to 15 Lakhs |
Optional |
Optional |
Personal Accident Cover for co-riders |
Optional |
Optional |
Voluntary Deductibles |
Not Available |
Optional |
CNG Kit Coverage |
Not Available |
Available |
Zero Depreciation Cover |
Not Available |
Optional |
Engine Cover |
Not Available |
Optional |
Consumables Cover |
Not Available |
Optional |
Key Features Of Bajaj Allianz Two Wheeler Insurance Policy
You must be wondering why we are emphasizing on Bajaj Allianz Two Wheeler Insurance. Well, this insurance plan offers unique facilities that keep your vehicle financially protected at all cost. Following are some significant benefits of Bajaj Allianz two wheeler insurance –
Benefit |
Information |
Cashless Claim Facility |
You can take advantage of hassle-free claim settlement at any of our network garages across India. The insurer will compensate for the repair cost incurred to the garage facility directly. |
Premium Discounts |
In case you do not make a claim during the policy term, you can avail the No Claim Bonus (NCB). Therefore, if you have not claimed NCB for several years, you can seek discounts on premiums up to 50% during policy renewal. |
Online Policy Renewal |
You can renew your bike insurance policy online anytime and anywhere before the expiry date in a convenient manner. |
Coverage For Accidents |
Comprehensive bike insurance plan comes with personal accident coverage for up to INR 1 lakh. Also, optional add-on coverage is offered to the pillion rider. |
Customer Support |
You have 24x7-customer care assistance available over email or telephone. The company also offers instant SMS facility and claim assistance services. |
How to Buy Bajaj Allianz Two Wheeler Insurance Online?
Purchasing two wheeler insurance at Finserv MARKETS is simple and straightforward.
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Visit us on Finserv MARKETS online
-
Choose your coverage
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Fill the application form
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The insurer will assess your application
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Complete the online payment process
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The policy will be issued in no time
How to Renew Bike Insurance Online?
If you are wondering how to renew bike insurance online in a quick and easy way, Finserv MARKETS is the right place to be at. All you have to do is
Visit us on Finserv MARKETS online
Enter the previous policy details
Enter your personal and bike details
Any updates to the premiums charges (made in over the last six months) will be reflected in the renewal details
Upon successful online payment, your bike insurance will be active, and you can reap its benefits
Why Should You Renew Bike Insurance Policy Before Expiry?
You cannot carry an expired insurance policy when riding your bike. It means you are now vulnerable to road mishaps and other legal liabilities. Overcoming these expenses can burn a hole in your pocket. Hence, it is highly advisable to renew bike insurance before the expiration date.
However, if you have missed the date of your two wheeler insurance renewal, here’s what you need to do.
Switch Insurer: In case you are not satisfied with the insurance coverage and benefits provided by your existing insurer, you can switch to another provider. Bike insurance renewal is the best time to review your policy coverage as well as your insurer. So, go on and compare different plans online. Then choose a plan that best suits your two wheeler insurance needs.
Renew Policy Online: Renewing bike insurance online is convenient, fast, and secure. All you have to do is visit the official website of your insurer and provide the details of your existing insurance plan. Then fill out the personal information and choose the type of plan you want. Review the chosen policy and then proceed to make an online payment. Upon successful payment, your bike insurance will be renewed in no time.
Other benefits of Bajaj Allianz bike insurance renewal before expiration are as follows
You do not have to pay additional charges
Your bike insurance plan is renewed without any inspections and documentation
The policy is issued to you in no time
Factors to Consider Before Buying Bike Insurance
No Claim Bonus (NCB): Generally, No Claim Bonus allows you to avail discounts on the next premium payments. But you can only claim it when you make it through a claimless policy term.
Insured Declared Value (IDV): If you are confused about what is IDV in insurance, it is nothing but the maximum amount the insurance provider will pay you in a claim during theft or total loss of your bike. This value is estimated depending on the current market value of your two wheeler after factoring in depreciation. Read in detail about what is IDV in bike insurance to understand this concept fully.
Cubic Capacity (CC): The cubic capacity determines the engine capacity of your bike. It is one of the factors considered when calculating your bike insurance premium. Increase in the CC value will also increase the premium rates.
Benefits of Purchasing Bajaj Allianz Long Term Insurance Policy
You can now seek long-term insurance coverage with Bajaj Allianz Long Term Plan. Following are some key features of Bajaj Allianz bike insurance long term plan.
Benefit |
Information |
24x7 Call Assistance |
Do you have queries regarding the claim settlement process or maybe otherwise? If yes, then you can call us anytime and from anywhere. Our expert executives will be available at your service 24x7, 365 days a year, and even on holidays. |
No Claim Bonus (NCB) Transfer |
This is one of the most beneficial features of Bajaj Allianz two wheeler insurance. You can avail NCB discounts on premiums up to 50% during policy renewal. |
No Need For Bike Inspection |
When you are renewing bike insurance online, the insurer will not inspect your vehicle again. However, the policy needs to be renewed before the expiration date. |
Coverage For Three Years |
With Bajaj Allianz Long Term insurance, you do not have to worry about renewing your policy annually. |
Savings In The Long Run |
With long term two wheeler bike insurance, you tend to save a significant amount of money. This is because the premium rates and service taxes change annually. But since your policy term is for three years, you remain unaffected with the said changes. |
No Claim Bonus (NCB) Benefits |
In case you make a claim on your long term bike insurance plan, the NCB will not become zero. However, a specific percentage of it does reduce, but will never become null. |
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- Get Insurance on Finserv MARKETS App
Benefits and Features of Bajaj Two Wheeler Insurance
Bajaj Allianz is one of the most trusted motor insurance providers in India. At Finserv MARKETS, you can easily purchase a Bajaj Allianz bike insurance to financially safeguard your two wheeler from natural and man-made disasters.
Why choose Finserv MARKETS For Two Wheeler Insurance
Claim Process for Bajaj Allianz Two Wheeler Insurance at Finserv MARKETS
Filing a claim was never so simple. Just follow these steps-
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1
Register your claim at Finserv MARKETS online
-
2
Upload the requested documents
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3
The insurer will assess your application
-
4
Check claim status online
Finserv MARKETS allow you to ride worry-free. You can also browse through our full range of bike insurance plans across a variety of brands and models.
- Process
- Download
- Emergency Contact
- Register a Claim
- Documents Required
- Vehicle Repair
- Claim Settlement
- Cancellation Process
-
Register a claim
You would need to register a claim as soon as possible following the accident/theft of your car. You can register claim under your Bajaj Allianz bike insurance policy 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 register your claim.
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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
- Two-wheeler 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.
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Vehicle Repair
Whether your two-wheeler 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.
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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 Two-wheeler Insurance claims through Bajaj Allianz Mobile settlement service.
-
Company Cancellation
The insurance provider may cancel your insurance policy providing a written notice 15-days prior to the date of cancellation. If no claim has been made, a refund of the premium for the unexpired policy period shall be provided on a pro-rata basis.
Your insurance policy will be cancelled for reasons such as non-disclosure of material facts, misrepresentation, fraud and non-cooperation.
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Customer Cancellation
As a customer, you may cancel your insurance policy by providing a written notice 15 days prior to cancellation date. If you've made no claims, the insurer will refund short-term rates for the unexpired policy period.
- Motor Insurance Claim Form
- Mandate for Direct Loss Payment
Line to redirect customers to links category.
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Motor Insurance Claim Form
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Mandate for Direct Loss Payment
Need further assistance? Reach out to us on our Toll-Free Number: 1800-209-5858 and our insurance experts will connect with you shortly.
Buy Two Wheeler Insurance Instantly on Finserv MARKETS App
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Manage all your Bike Insurance queries here
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✔️What are some of the risks that your third-party bike insurance policies cover?
Bajaj Allianz two-wheeler insurance (third-party) policies cover these risks: 1. Injury or death of the third-party, 2. Any damage caused to the third-party and 3. Any liability in the case of the death of the third-party or if any injury stated is unlimited. -
✔️Is it beneficial to choose a long-term two-wheeler insurance plan?
Long-term two-wheeler insurance plans cover more than just damages caused due to natural calamities. Coverage under the best bike insurance plans on a long-term basis include accidents and any unforeseen event. In terms of benefiting from such plans, the policy holder doesn’t have to face the hassle of documentation during policy renewal, making it extremely convenient for him/her. -
✔️I plan to transfer my Bajaj Allianz two-wheeler insurance to a new provider. Can my ‘No Claim Bonus’ (NCB) be transferred from my current insurance provider to the new company?
Sure, you can transfer up to 50% of your NCB from the old (current) insurance company to the new provider. when you do so on the Bajaj Finserv MARKETS platform. -
✔️My Bajaj Allianz two-wheeler insurance policy has expired. Can I have it renewed into a long-term insurance policy?
Let’s answer this in two parts. 1. Yes, you can renew your expired bike insurance policy online. 2. During renewal, you (the policy holder) can opt to have the Bajaj Allianz bike insurance policy coverage extended to a 3-year plan. Alternatively, you can continue with your current plan duration as well. -
✔️What are the consequences of an expired two-wheeler insurance policy?
Upon expiry of your bike insurance policy, you are exposed to risks that were covered by your Bajaj Allianz bike insurance plan. The consequences of this are as follows: 1. Negative impact on your NCB, 2. Exposure to third-party risks and liabilities, and 3. Increase in costs related to repairs of your vehicle as these are not covered by any insurance policy. -
✔️What do you mean by IDV for bike insurance? How do you calculate IDV?
In motor insurance terminology, IDV for bike insurance refers to the current market value of the vehicle. It corresponds to the maximum sum assured fixed on the vehicle by the bike insurance company and is paid against total loss or theft of the bike. This calculation reached at on the basis of the selling price of the bike as determined by the current manufacturer minus depreciation.
Explore all the bike insurance FAQs to find more answers
