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Bajaj Allianz Insurance Renewal Keeps You Risk-free

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This article is published in collaboration with Scutify, where you can find real-time markets and stock commentary from Robert Marcin, Cody Willard and others. Download the Scutify iOS App, the Scutify Android App or visit Scutify.com.

Purchasing a car is a dream to many people. People do a large amount of research regarding which car would be best suited to their needs and compare their models, road price, specifications, mileage and even their colours and parking garage. But there is one more important cost which has to be included namely the cost of insurance premium. This is very important because roads are such that small bumps and bruises to major accidents are very common. Thus it is important to choose any General Insurance carefully keeping in mind all the factors.

Factors affecting car insurance:

• Some vehicles are considered safer than others and as a result more discount is provided on the purchase of such vehicles.
• Insurance companies have a large number of schemes serving the needs of various customers. One can choose the deductibles as well as the add-ons for the insurance which ultimately decides its premium.
• The distance driven also affects the premium of insurance. Cars running in business travel longer distances and are more prone to accidents. These cars are suited for higher insurance plans with a higher premium rate.
• The location is also a deciding factor. The premium rate is generally high for the cities mainly the metropolitans as there is a higher chance of damage occurrences.
• A person's previous record as well as the name, sex and marital status also has an effect on the premium rate. People under the age of 25 are more prone to making accidents especially young males and thus the insurance premium is higher for them. This varies from company to company.
• There are mainly two types of insurance policy:

Third Party: In case of an accident, if damage to the property occurs or a death is caused by your vehicle, the insurance company will cover the same. Personal accident cover for the owner or driver is included in this and this part of insurance is mandatory by law.

Comprehensive: This is to cover loss and damage of vehicle and this will include both third party and owner cover. It is not mandatory to take a cover for own damage but it is always advisable to do the same because that will save money and keep you secured against the losses.
• The premium is determined based on the car type, its cost, age, age and profession of the owner etc.
• There are exclusions in the insurances as they do not cover every damage. Cashless facility is also available depending on the policy of the company. The insurance does not refund the whole money as there are some mandatory deductions to payable.

Bajaj Allianz Insurance provides some great features in its motor insurance policy which makes it a top choice among all insurance providers. Some of the features are:

Risks covered under the insurance: There are a various factors covered by the Bajaj Allianz car insurance policy. They include any damage to the car in natural disasters like earthquake, flood, storm etc. They also cover any damage or loss to the car from any man made activities like theft, strike etc. It has a sanctioned 1 lakh as personal accident coverage for the driver and also has optional personal accident covers for co-passengers. It also covers third party liabilities.
• Bajaj Allianz Insurance provides telephonic services for claims support and other assistance. They have an easy procedure to get new car insurance and also provide a hassle free service in its renewal.
• They offer a 30% discount on labour charges, 5% discount on parts and also offer free pick and drop for the vehicle on maintenance jobs.
• They provide a 75% on account payment when cashless facility is not available. One can transfer 50% of their existing no claim bonus easily. Towing facility is also available in case of breakdown or accident. Bajaj Allianz Insurance offers 24x7 spot assistance.
• Factors that are not covered under the insurance are loss or damage due to non payment of premium, manufacturing defect including mechanical or electrical breakdown, improper usage etc.

It is very important to understand that car insurance premium is not something that is fixed. It can vary according to the policy of the insurance company. It is always better to check with several insurance companies or compare the rates before taking insurance. The websites are there to help people out in doing the same.

You may like to read : Bajaj General Insurance versus Shriram General Insurance


This article was written by Steffi Sharma for on .

This article published in collaboration with Scutify, the best app for traders and investors. Download the Scutify iOS App, the Scutify Android App or visit Scutify.com.

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