Bajaj Allianz Car Insurance Zero Depreciation
As car parts depreciate with age, policyholders need to pay a higher amount as claim settlement since, the insurance company factors in depreciation costs while calculating the claim amount. This explains why policyholders must opt for the “Zero Depreciation” add-on cover that ensures a comprehensive car insurance cover without deducting the depreciation from the claim amount. Instead, if you opt for a standard comprehensive cover without zero depreciation cover, your insurer will hand over the claim amount based on the “current value” of your vehicle.
However, nothing comes for free and this is true for add-on covers too. To avail the benefits of a Zero Depreciation cover, you need to pay 15-20%added premiums over and above the basic premium charges. Despite being costly, the idea of zero depreciation cover appeals to most customers owing to the peace of mind that it promises.
Benefits of Zero Depreciation
Policyholders who pay for the added Zero Depreciation cover are entitled to the following benefits:
- Increased claim amount as the depreciation factor is not considered during the claim settlement process.
- Most of the claims, be it repair or replacement of the car’s insured parts, are settled without factoring in for the depreciation amount.
- This cover surely adds more value to the car insurance cover as policyholders can recover much of their investments in their claim.
Factors affecting Zero Depreciation
Buying comprehensive car insurance does not always make you eligible to opt for Zero Depreciation Cover too. Some factors affecting zero depreciation cover include:
- If your car is less than five years old, then you can buy zero depreciation cover.
- With a basic zero depreciation cover in place, you can get only the damaged car parts repaired or replaced.
- Damages to car’s engine, batteries or other parts can also be claimed subject to certain conditions.
- Opt for this cover only if you are ready to pay additional premium charges.
Claim settlement with Bajaj Allianz General Insurance Company is easy and smooth. Customers looking for a hassle-free claim settlement process must ensure the following:
Step 1: Register your claim by calling on the company’s Toll-Free Number: 1800-209-5858. In case of theft, register your claim in writing at the nearest police station.
Step 2: Send your vehicle for repair. You may either move it to a nearby garage or have it towed to a professional garage for proper servicing. The insurance company will delegate a surveyor who will come to the garage to inspect the vehicle and estimate the extent of the damage. The surveyor will approve of the claims post which the policyholder will be updated about the various stages of the claim process.
Step 3: Submit necessary documents for the survey and claim settlement process.
Step 4: Post completion of the repair, the insurance company will make the payment to the garage. Alternatively, you may submit the bill and seek reimbursement of the claim.
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Bajaj Allianz Zero Depreciation Cover FAQs
How do I know if I must opt for a regular cover or a comprehensive policy with zero depreciation cover?A lot depends on your willingness to take risks or preference of claim amounts on the investment made. A Zero Depreciation cover is preferred in following cases:
- If you have a car that is less than five years old.
- If you drive a luxury car, the repairs of which are costly and can be done at authorised dealers only.
Can I get my No Claim Bonus (NCB) migrated if I am planning to change my insurer?Your NCB and its benefits get transferred to another insurance company sans any added costs. When you renew your policy through us, you may leave the transfer of the NCB benefits to the new insurance company to us.
Is service tax applicable on the premium charges that I pay on my car insurance?As with other purchases, service tax is applicable to insurance prices too. The insurance company charges the service tax as per the prevailing rules and regulations.
What is the “Certificate of Insurance” under the Motor Vehicles Act?The insurance company, post acceptance of the car insurance proposal submitted by its interested customers, issue a “Certificate of Insurance” to them, thereby, accepting to bear the risk associated with their cars. Policyholders must ensure that they carry this insurance document with them while driving.
Can one have the insurance and vehicle ownership under different names?One must remember that the insurance is on the car that the owner buys. This means that it is imperative that the insurance is bought in the same name as the car. This ensures hassle-free claim payment. Any discrepancy regarding the name or address of the car owner may result in the insurance company rejecting the claim out-rightly.