Are you looking to buy an Insurance for your Bike? Bajaj two-wheeler insurance in India protects your vehicle due to an accident & has many benefits. Learn more about it at Moneycontrol.
Bajaj bikes are one of the most popular bikes in the Indian market. The popularity has won them the tagline ‘The World’s Best Indian’. It is not surprising that you chose to buy a Bajaj bike. Let’s run through a quick checklist of things you need before you are ready to hit the road: Driving license, helmet and a Bajaj bike insurance policy. Yes – an insurance policy for your Bajaj bike is a must. It is illegal to drive a bike in India which is not insured. Confused about how to choose the best Bajaj bike insurance? Let’s help you understand the finger print.
You may be a very safe driver, but life is unpredictable. Bajaj bike insurance provides protection against any kind of liability and injuries suffered due to an accident.
The insurance provides protection to both the rider and the pillion. The extent of coverage offered varies between policies. Bajaj bike insurance does not cover damages because of regular wear and tear, or accidents caused because of drunken driving. It is mandatory to obtain a third-party liability insurance policy for two wheelers. You have to pay a hefty penalty if you miss obtaining this insurance. The bottom line is that you can choose between different models of Bajaj bikes but never forget to obtain the right insurance.
There are several reasons to choose a Bajaj bike insurance. It offers you peace of mind; damages due to accidents are taken care of.
Features and Benefits of Bajaj Two-Wheeler Insurance:
Here are the key benefits of a hero bike insurance policy:
Your life matters: Most insurance policies for two wheelers provide coverage in case of accidents. This means that insurer will provide compensation to the insured in case of death of the rider or permanent disability.
Protects you against natural and manmade calamities: Given the uncertain nature of life, it is always better to be prepared. A natural calamity like earthquake may strike and damage your Bajaj bike. It is possible your Bajaj bike is stolen. Having Bajaj bike insurance comes to your rescue in these situations.
Protection from claims raised by third parties: Road accidents have increased manifolds in the past few years. It is not surprising that the Supreme Court has made it mandatory for all two wheelers to have a third-party insurance in place. The reason is to provide relief to the victims of road accidents. Without adequate third-party cover, it is impossible for the victims to receive compensation they deserve.
Types of Bajaj Bike Insurance
The insurance market offers you choices to pick from:
Comprehensive coverage: As the name suggest, the coverage provided by this policy very comprehensive. It protects you against a number of eventualities. A comprehensive coverage policy provides you third party coverage as well as own damage coverage. You are saved the trouble of obtaining multiple policies.
Liability only coverage: This policy provides cover for the injuries or damages caused to a third party by the insured vehicle. As per law, this is a mandatory coverage for all two wheelers.
Own Damage Policy: Your Bajaj bike can suffer damages– it could be due to natural calamities such as floods or earthquakes or due to manmade debacles like theft. A own damage policy will help you recover the damages in such cases.
Insurance companies are coming up with add-on insurance covers. This can be added to your pre-existing Bajaj bike insurance policy. Popular add-ons include:
Zero Depreciation Cover: This policy helps the insurer receives the entire claim on the value of replaced parts in case of an accident. The coverage is limited for Bajaj bikes that are less than three years old.
Engine and Electronic Circuit Cover: . In case of an accident, your Bajaj bike can suffers damage which also causes disruption in the engine or electronic circuits. This add-on will cover those costs.
Process to Claim Bajaj Bike Insurance
You have chosen the right Bajaj bike insurance policy. But you are unsure how to claim under the policy. Set out below is a nifty little guide which will help you to raise a claim under a Bajaj bike insurance policy:
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- As soon as an accident or mishap occurs, you must inform your insurer. A comprehensive account of the incident is a must. In case there were witnesses, make sure to provide their details.
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- Once a request for claim comes in, insurers undertake an assessment of the vehicle. This exercise is done to assess the degree of damage. You have the option to take your Bajaj bike to an authorized garage for a thorough assessment. Bear in mind that you do not admit fault. In case of admittance of fault by the insurer, insurers can claim that there was negligence on your part. This will make the claim process burdensome.
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- The authorized garages of the insurer also repair your bike. The repairs are usually done free of cost. However, if any repair, which is not covered under the terms of the policy is carried out, you have to go out of pocket for those.
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- Reimbursement of medical expenses can be claimed where you have suffered physical injuries. That’s why a comprehensive Bajaj bike insurance policy is recommended. These policies cover the medical expenses/hospital bills for any physical injuries/permanent disability etc. to the rider and the pillion.
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- Accidents involving third parties also mean that claim is raised under another policy as well. In such cases, the two insurers work together. An assessment report of the damages is created. The damages paid to either party will be determined by the terms and coverage of the policy. You are free raise objections if you feel the assessment is unfair. If nothing works, you can approach the IRDA to raise your grievance.
How to Renew Bajaj Bike Insurance
Timely renewal of your Bajaj bike insurance policy is as important as getting it. Your policy can lapse due to non-renewal. You have the option of renewing your Bajaj bike insurance policy either online or by physically visiting the insurer’s office. A lot of insurers provide renewal through their mobile applications. An online renewal avoids the hassle of a re-inspection of the vehicle. The documents needed for renewal are few. You need to furnish standard documents like registration certificate, ID proof and driver’s license and the policy document.
You have the option to renew Bajaj bike insurance policy by visiting the insurer’s office in person. The insurer will provide you an application form which needs to be filled out. You must mention the policy number and furnish the relevant documents. While online renewal is instant, physical renewal may take a few days.
Bajaj Bike Insurance Calculator
The question is: how do you choose the right Bajaj bike insurance policy? This is where a bike insurance calculator comes to your rescue. It can help you decide the right insurance policy for your Bajaj bike. By comparing several insurance parameters, the calculator gives you the options to choose from. It can be overwhelming to browse through individual insurer’s websites to understand the offerings. But with an insurance calculator, you can make your decision within minutes. The calculator swiftly calculates the premium payable. It also compares other parameters such as extent of coverage offered by various Bajaj bike insurance policies. You can then use the platform to get quotes from the insurers.
The unique features of a bike insurance calculator make it an indispensable tool. To choose the right Baja bike insurance policy, the bike insurance calculator is a must!
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- Punch in information and get the premiums and policy terms. When you compare various policies, you have the ability to choose something that works for you.
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- A bike insurance calculator does not believe that there is a one-size-fits all insurance policy. Every Bajaj bike insurance policy sold needs to be suited to the insured.
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- It can be tiring to visit the websites of individual insurers and collect the relevant data. With a bike insurance calculator,
What information do you need to punch into the bike insurance calculator to get the best results? Here’s what is needed:
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- Insured Declared Value of the bike – This value is the current market value of the bike. In case of any damage to the bike, IDV will be the amount of compensation paid to the insured.
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- Cubic capacity of your vehicle
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- Registration zone
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- Age of the vehicle
Insurance companies providing Bajaj Bike Insurance Policy
HDFC Ergo and Bajaj Allianz are the two leading insurers who offer Bajaj bike insurance policies. Reliance General Insurance is another player in the market offering two wheeler insurance for Bajaj bikes. Let’s look at the features of the policies offered:
HDFC Ergo
A comprehensive two-wheeler insurance will cover the following. It is valid for one year.
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- Accidental damage
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- Theft
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- Damage due to fire
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- Damage to due to natural disaster
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- Damage to a third-party vehicle
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- Personal accident cover
The benefit of choosing a comprehensive policy is that it covers a wide range of instances. It also includes zero depreciation cover. If you want additional coverage, consider getting a roadside assistance an add-on policy.
A third party liability only insurance policy excludes accidental damage, theft, and emergency assistance. It only provides coverage where a third party is injured during an accident. Add-on policies which can be considered are a zero depreciation and roadside assistance coverage.
Bajaj Allianz
You have a bouquet to choose from:
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- Loss or damage due to natural calamities
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- Loss or damage due to man-made calamities
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- Personal Accident Cover
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- Third Party Legal Liability
Choose between a 1 year package policy and a 3 years long-term package policy. The major attraction of a 3 years long-term package is the premium payable which remains a constant. You lose this benefit when you opt for a1 year package policy. The premium of this policy changes every year. The No Claims Bonus that you receive under a 1 year package is as per the tariff decided by the IRDA.
You can receive additional benefits when you renew a If you choose a 3 year policy A 3 year policy also provides proportional refunds even after claims during the policy period. In contrast, in case of a midterm cancellation of 1 year package policy, you receive no refunds for the claims.
Reliance General Insurance
Here are the key features of Bajaj bike insurance policy that you can obtain from Reliance General Insurance:
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- Cashless repairs:Your bike suffered damages due to an accident? Check in to any of the 430 network garages and get your Bajaj Pulsar repaired, free of cost.
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- Competitive premium: One of the most competitive premiums offered for your Bajaj bike insurance.
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- Stress-free claims:Minimum paperwork and almost instant resolution of your claim.
FAQs
What are the factors to weigh in before I choose a Bajaj bike insurance policy?
There are various factors to consider. Coverage and premium are the most important factors. These will help you decide the policy best suited to your needs.
Raja has a Bajaj Pulsar and wants to sell it to Kishore. Raja has obtained a insurance policy. Is it possible to transfer the policy?
A transfer of Bajaj bike insurance policy is allowed by the insurance regulation. Raja needs to inform his insurer. He needs to fill the relevant application for transferring the insurance policy to Kishore. A nominal fee is charged for transfer of insurance. In case of comprehensive policies, the transfer of ownership should be recorded within 14 days from date of transfer. Claims are not honoured if the record of change is ownership is not completed within the specified period.
Is the two-wheeler insurance policy document sufficient?
No. You need to obtain a Certificate of Insurance in Form 51 of Rule 141 of Central Motor Vehicle Rules 1989. The certificate is issued by the insurer and should be carried along with the driver’s license.
Is there a ‘No Claim Bonus’ available for a Bajaj bike insurance policy?
Yes. A No Claim Bonus arises if the insured has not made any claims during the previous policy period. The benefit accrued is called the No Claim Bonus. It can range from 20% on the Own Damage premium up to a maximum of 50%. Where a claim is made under the policy, the No Claim Bonus is lost in the subsequent policy period.
What are the factors that determine the premium to be paid for a Bajaj bike insurance policy?
A number of factors are taken into account before arriving at the premium. Some of the key factors which will be considered by your insurer are:
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- Vehicle registration details with Engine No., Chassis no.,
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- Class of vehicle,
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- Relevant details are in the RC book/card
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- Tax paid details.
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- Certificate of fitness,
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- Details of the driver
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- Details of previous insurance policies, if any
How often do I need to renew my Bajaj bike insurance policy?
Most two-wheeler insurance policies are valid for one year. Premium must be paid on time and the policy must be renewed on time. It is important to note that no grace period is offered in case of non-payment of premium. If a lapsed policy needs to be revived, your Bajaj bike will have to be re-inspected by the insurer.
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