Bajaj Allianz Zero Depreciation Car Insurance

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Bajaj Allianz Car Insurance Highlights

Bajaj Allianz (Car Insurance)
Bajaj Allianz General Insurance Company Limited is a joint venture between Allianz SE, the world’s leading insurer, and Bajaj Finserv Limited. The Company received the certificate of registration from IRDA on 2nd May 2001 and is one of the largest private insurer in the industry today, with offices in over 1100 towns and cities. The company recently changed its brand identity to ‘Caringly Yours’ and aims not just to take its service to the next level, but also seeks to provide the best customer experience at every touchpoint and make insurance a pull rather than a push product.
Claim Settlement Ratio
Video Claim
Reimbursement -3 working days after document submissions - 50% advance cash on parts only without GST (labor not included) liability should be above 1 lakh - 6 months accidental repair warranty not eligible on replaced parts - Zero Paper Claims
close - Reimbursement -3 working days after document submissions - 50% advance cash on parts only without GST (labor not included) liability should be above 1 lakh - 6 months accidental repair warranty not eligible on replaced parts - Zero Paper Claims
Spot Claims
Available upto Rs 30,000
Advance Cash
Available upto 50%
Free Addons
24*7 Road Assistance (radius - 100 km from city center of customer residence)
close - 24*7 Road Assistance (radius - 100 km from city center of customer residence)

Because automotive parts degrade with age, policyholders must pay a greater claim settlement amount because depreciation charges are factored into the claim amount by the insurance carrier. So, policyholders should purchase the Bajaj Allianz Zero Depreciation Car Insurance add-on cover, which provides comprehensive car insurance coverage without subtracting depreciation from the claim amount.

How does Bajaj Allianz Zero Depreciation Cover Work?

Bajaj Allianz's Zero Depreciation Car Insurance protects a vehicle's value from depreciation. It allows the car owner to obtain an IDV equal to the current selling price of the car as listed by the manufacturer, even though the car's age has increased. As a result, zero depreciation add-on insurance is sometimes referred to as nil depreciation insurance or bumper-to-bumper coverage.

Only if the owner purchases Bajaj Allianz four-wheeler insurance zero depreciation add-on cover by paying an additional premium amount will a Bajaj Allianz car insurance policy repay the depreciation value of the insured car and its parts. Furthermore, Bajaj Allianz comprehensive or standalone damage vehicle insurance, but not third-party car insurance, offers zero depreciation coverage.

Benefits of Bajaj Allianz Zero Depreciation Add-on Cover

There are many benefits of Bajaj Allianz four wheeler insurance zero depreciation.

  • Covers Out-of-Pocket Expenses- The Bajaj Allianz General Insurance Company covers the depreciation value of the insured car and its varieties, preventing a car owner from suffering out-of-pocket expenses at the time of claim.
  • Provides a Greater Claim Amount- It provides a higher claim amount to the car owner because no amount is deducted from the worth of the car due to depreciation. As a result, the IDV rises, allowing the policyholder to get a larger claim amount in the event of theft or total loss.
  • Enhanced Protection: A zero dep add-on cover is meant to supplement your existing auto insurance policy with additional coverage. It provides the policyholder with increased protection for a small additional premium over and above the premium paid for auto insurance plans. It provides coverage for the depreciation of the insured vehicle.
  • Economical: While a zero depreciation additional cover can raise the premium paid for a car insurance policy, it is a very useful add-on cover that provides increased coverage. It aids the policyholder in saving money when filing a claim for car insurance since it allows the policyholder to receive the claim amount without any depreciation costs.

Depreciation Rate Applicable on Car and Without Zero Depreciation Add-on

Car AgeDepreciation Rate Without Zero Depreciation CoverDepreciation Rate With Zero Depreciation Cover
0-6 monthsNil0%
6 months-1 year5%0%
1-2 years10%0%
2-3 years15%0%
3-4 years25%0%
4-5 years35%0%
5-10 years40%0%
Above 10 years50%0%
Car PartsDepreciation Rate Without Zero Depreciation CoverDepreciation Rate With Zero Depreciation Cover
Paint Work/ Nylon/ Rubber/ Plastic Parts, Tyres and Tubes, Batteries and Airbags50%0%
Fiberglass portions30%0%
Glass portionsNil0%

What is Included Under Bajaj Allianz Insurance Policy with Zero Depreciation Cover?

A Bajaj Allianz four-wheeler Zero Depreciation add-on cover includes the following coverages.

  • It compensates the policyholder for the expense of replacing or repairing depreciable parts while the claim is being processed.
  • Partially damaged tyres and batteries are covered under this policy.
  • This coverage compensates for your car's depreciable parts, such as fiberglass, nylon, rubber, or plastic.

What is not Included Under Bajaj Allianz Insurance Policy with Zero Depreciation Cover?

The following components of the Bajaj Allianz Four Wheeler Zero Depreciation are not covered:

  • A zero depreciation add-on policy does not cover complete damage or loss of the insured vehicle.
  • A car insurance plan with zero depreciation add-on protection would not cover normal aging or wear and tear of the vehicle.
  • Damages to the covered car because of a mechanical failure or fault.
  • Uninsured car items such as tyres, bi-fuel kits, or gas kits are lost or damaged.

Factors Affecting Bajaj Allianz Zero Depreciation Cover

Purchasing comprehensive auto insurance might not always entitle you to Zero Depreciation Coverage. Below are the factors that affect the Bajaj Allianz Four Wheeler Zero Depreciation Insurance Online.

  • Only opt for this coverage if you're willing to pay additional charges.
  • You can purchase zero depreciation coverage if your car is less than five years old.
  • Damages to the engine, batteries, or other parts of the car can also be claimed under certain circumstances.
  • You can get the damaged car parts replaced or repaired if you have a basic zero depreciation policy.

How to Buy Bajaj Allianz Zero Depreciation Cover?

  • You can buy your Zero Depreciation Car Insurance Online
  • Under the header 'Car Insurance' section, select the level of coverage you require for your car.
  • Choose comprehensive car insurance.
  • Continue to select add-on covers.
  • Select Zero depreciation coverage.
  • Fill in your personal and vehicle information. Fill out an insurance application and pay the premium online. The insurer will assess your profile and give zero depreciation car insurance on your car.

Bajaj Allianz Zero Depreciation Cover Review

Bajaj Allianz has a distinct advantage in the insurance industry, with a cashless settlement at over 4,000 preferred garages and 75 percent on account payment in the absence of this service. One of the company's top spots is reserved for instant claim assistance, followed by SMS updates via 24/7 customer service. The policies available are rather comprehensive, and when combined with the proper add-on features, they can provide all-encompassing financial security.

Bajaj Allianz Zero Depreciation Car Insurance FAQs

  • 1. How can I get my Bajaj Allianz insurance renewed?

    Visit the insurer's website. Click on the Renew Premium option. Use your listed email address and password to log in. Make the payment, and your policy will get renewed shortly.

  • 2. Is it possible to have separate names under insurance and vehicle ownership?

    It's important to remember that the insurance covers the car that the owner purchases. This means that the insurance must be purchased in the same name as the vehicle. It facilitates a smooth claim payout process. If there is a difference in the car owner's name or address, the insurance company may reject the claim outright.

  • 3. Do you have to pay extra while opting for Bajaj Allianz zero depreciation?

    Yes, an extra premium of zero depreciation add-on would be included in your comprehensive policy hence your final premium payment would rise.

  • 4. What is covered under a zero depreciation cover?

    Zero depreciation cover protects all automobile parts made of plastic, fiber, wood, and metal from harm. It pays for painting and dent repair according to policy guidelines.

  • 5. How long does Bajaj Allianz take to resolve its claims?

    Bajaj Allianz's special application Caringly Yours helps you receive immediate payment for minor claims. The corporation takes around 20 minutes to settle other disputes raised digitally. However, for intricate claims, it may take a few days before your claim is resolved.

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