Save money on your Car Insurance with Bajaj Allianz, buy car insurance online in easy steps. Get a free quote for your car insurance policy now.
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Your car is one of the most prized possessions of your life. So it is important to make efforts towards securing it. And the best way to do it is “car insurance”. Before you take the car on roads, make sure it is insured.
Car insurance is certainly one of the most important documents that a car owner should possess. These days, one doesn't need to rush searching for agents to buy a new car insurance plan or renew the existing one.
These days, buying insurance on the internet is not a tough task at all. All you need to do is select a plan, and pay online. This saves a lot of time and money.
Now, let’s have a look at important terms of car insurance
IDV (Insured Declared Value)
It is actually the present value of a vehicle.
IDV is arrived at by adjusting the current manufacturer's listed selling price* of the vehicle with depreciation percentage listed in the table below: -
% OF DEPRECIATION
Not exceeding 6 months
Exceeding 6 months but not exceeding 1 year
Exceeding 1 year but not exceeding 2 years
Exceeding 2 years but not exceeding 3 years
Exceeding 3 years but not exceeding 4 years
Exceeding 4 years but not exceeding 5 years
For car and two wheeler models that are obsolete and aged over 5 years, the IDV will be the value agreed between Bajaj Allianz General Insurance (insurer) and you (insured).
*Manufacturer's listed Selling Price = (Cost Price + Local Duties) / Taxes, excluding Registration and Insurance.
Voluntary excess is your option to opt for bearing a certain amount of loss from every claim. For this option, you are eligible for a discount on Own Damage Premium (OD) as listed in the table below:
20% on the OD Premium of the vehicle, subject to a maximum of Rs.750/-
25% on the OD Premium of the vehicle, subject to a maximum of Rs.1500/-
30% on the OD Premium of the vehicle, subject to a maximum of Rs.2000/-
35% on the OD Premium of the vehicle, subject to a maximum of Rs.2500/-
NCB (No Claim Bonus)
NCB is the short form of No Claim Bonus; it is rewarded to the owner of the vehicle who is also the policy holder for No Claim / Claims in the previous policy year. It can be accumulated over a period of time
If you have NCB you can avail a discount ranging from 20-50% on the Own Damage Premium.
NCB rewards you for being a good driver and helps you save on your motor insurance. The chart here illustrates the discount on Own Damage Premium on account of no claims for the consecutive years.
20% discount on OD Premium
No claim made or pending during the preceding full year of insurance
25% discount on OD Premium
No claim made or pending during the preceding 2 consecutive years of insurance
35% discount on OD Premium
No claim made or pending during the preceding 3 consecutive years of insurance
45% discount on OD Premium
No claim made or pending during the preceding 4 consecutive years of insurance
50% discount on OD Premium
No claim made or pending during the preceding 5 consecutive years of insurance
Please noteNCB becomes Nil in case of a claimNCB follows the fortune of the customer and not the vehicleNCB can be transferred to the new vehicle in case of substitution of vehicle of the same classValidity - 90 days from the date of expiry of the policyNCB can be utilized within 3 years (where the existing vehicle is sold and a new vehicle is purchased)NCB recovery can be done in case of a name transfer