How does auto insurance work?
Let’s define what automobile insurance is:
An automobile insurance policy shields the owner of the vehicle from the listed financial losses caused by theft or damage to the insured vehicle.
In India, why should you purchase car insurance?
According to the legislation, car owners are required to have auto insurance for any vehicles they drive on Indian roads. Vehicle owners are legally responsible for any losses, damages, or bodily harm they cause to third parties or their property if they don’t have car insurance.
Types of car insurance
Third-party insurance: It is a type of fundamental auto insurance. Bajaj motor insurance provides coverage for any losses or bodily harm caused by the insured vehicle to any third-party vehicle or property, subject to any applicable terms and conditions. *
Comprehensive insurance: True to its name, the comprehensive auto insurance policy offers a higher level of insurance protection. It covers both own damages to the insured vehicle and third-party liabilities. *
A third-party automobile insurance policy must be purchased even when comprehensive insurance is not required.
Car insurance add-ons
If the provided auto insurance coverage falls short of your expectations, you can choose from the auto insurance add-ons that are provided by auto insurance companies. It will improve the auto insurance coverage that is provided and meet your specific insurance needs. *
Car insurance add-ons are also known as riders or additional riders for car insurance.
Remember that these extra riders are often only available for vehicles under five years old.
Several of the numerous automobile insurance add-ons are listed below:
Zero depreciation coverage: The value of a car depreciates over time. Policyholder claims are processed. Once the appropriate depreciation has been taken into account. There is no depreciation if the policyholder chooses a zero depreciation cover. *
Engine protection cover: If the engine is damaged, bajaj allianz motor insurance will pay for the necessary repairs or replacements. *
Return to invoice cover: In the event of total damage, this coverage entitles the policyholder to the insured vehicle’s original on-road price.
NCB Protect Cover: If a policyholder makes a claim within a policy year, he is not eligible to get NCB Protect Cover. By choosing this coverage, the policyholder can still qualify for the No Claim Bonus even after making a claim. *
Consumables Cover: Some consumable components, parts, and materials, such as nuts, bolts, ball bearings, engine oil, air conditioner gas, coolant, and grease, are not covered by auto insurance policies. Consumables are now included in the insurance coverage thanks to this addition. *
A comprehensive car insurance plan’s inclusions
The complete auto insurance policy typically offers the following protection:
- Damage brought on by riots, strikes, malicious acts, earthquakes, floods, and other natural disasters.
- Theft or loss of the insured car
- Liability for third parties
- Driver personal accident insurance
Exclusions from comprehensive automobile insurance
- Vehicle ageing and wear and tear
- Breakdown of the mechanical or electrical
- Damage caused by intoxicating substances such as alcohol, narcotics, or any other
- Damage done by a driver who is operating a vehicle without a legal licence
- Loss that follows
- Harm to property outside of India’s borders
Online Mode: You may simply avoid lines, save valuable time, and purchase bajaj motor insurance from the comfort of your home when you purchase auto insurance online. This is a clear, simple, cost-effective, and time-saving method of purchasing insurance. ##
Offline Mode: This is the standard way to get auto insurance. If you choose to get vehicle insurance directly from agents, you must schedule a meeting time that works for both parties.
Do not forget to do your bajaj allianz motor insurance renewal on time to avail of uninterrupted coverage.
* Standard T&C Apply
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
Subscribe to Bajaj Allianz General Insurance YouTube Channel here!