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Bajaj Allianz Zero Depreciation Bike Insurance
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Bajaj Allianz Two Wheeler Insurance Highlights
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
98.3
Video Claim
Available
Usp
Zero paper claims
Spot Claims
Available upto Rs 10,000
The coverage amount is vital for determining the claim settlement compensation in your two-wheeler insurance. Every asset depreciates over time, and your cherished two-wheeler is no exception. The Bajaj Allianz zero dep bike insurance compensates your claim in full, ignoring the depreciated value. As a result, you do not pay substantial amounts from your pocket to share the repair expenses or monetary losses in case of mishaps or calamities. However, the offered cover is an add-on in comprehensive two-wheeler insurance policies against an additional premium. So, let us explore further and learn about the coverage to reap the maximum benefits.
How does Bajaj Allianz Bike Insurance Zero Depreciation Add-on Cover Work?
The Bajaj Allianz two-wheeler insurance zero dep add-on primarily adds to your bike insurance coverage by eliminating the risk of a lower claim amount. Usually, the claim settlement under own-damage or a comprehensive bike insurance policy is after depreciation deduction, whether part replacement or repairs. But on the other hand, you receive the total value of the bike parts or repair during claim settlement with the zero depreciation add-on. Thus, you do away with the depreciation cost incurred by your bike and avoid its loss in value.
Benefits of Bajaj Allianz Bike Insurance Zero Depreciation Cover
Despite the additional cost of the premium for the zero-dep add-on, it more than compensates in the long run through the following benefits.
- Enhanced Claim Settlement: The insurer resolves your claim without accounting for the depreciated value of the replaced parts. The insurer eliminates the depreciation factor to pay higher claim amounts.
- Higher Coverage: The out-of-pocket expenses related to the comprehensive bike insurance are practically zero with the add-on cover. Thus, you can enjoy optimum coverage against a nominal premium.
- Repair Cost Ignoring Depreciated Value: The insurer absorbs the entire cost of repairs and part replacement if you choose the Bajaj Allianz two-wheeler insurance zero dep.
Depreciation Rate Applicable on Bike With And Without Zero Depreciation Add-on Cover
| Age of the Insured Two-Wheeler | Rate With Zero Depreciation Cover | Rate Without Zero Depreciation Cover |
| 6-months and below | 0% | 0% |
| 6-months to 1 year | 0% | 5% |
| 1 to 2 years | 0% | 10% |
| 2 to 3 years | 0% | 15% |
| 3 to 4 years | 0% | 25% |
| 4 to 5 years | 0% | 35% |
| 5 to 10 years | 0% | 40% |
| 10-years and above | 0% | 50% |
| Part of the Insured Two-Wheeler | Rate With Zero Depreciation Add-on Cover | Rate Without Zero Depreciation Add-on Cover |
| Rubber/ Nylon/ Plastic | 0% | 50% |
| Fiberglass | 0% | 30% |
| Glass | 0% | Nil |
Inclusions Under Bajaj Allianz Two Wheeler Insurance Policy with Zero Depreciation Cover
Some of the inclusions in the zero depreciation on Bajaj Allianz two wheeler insurance policy are:
- The add-on pays claims for depreciable nylon, rubber, fiberglass, and glass parts.
- The cover is valid for two claims settlements during the policy term
- The zero-dep add-on in the comprehensive bike insurance is available for new bikes and on renewal.
- The add-on facility applies to designated two-wheeler models only.
Exclusions Under Bajaj Allianz Two Wheeler Insurance Policy with Zero Depreciation Cover?
While opting for the Bajaj Allianz “0” dep bike insurance policy, you must be aware of the various exclusions to ensure a seamless claim settlement experience. Thus, some of the critical exclusions are:
- Compensation due to uninsured peril
- Damages arising from mechanical faults
- Damages and losses arising out of normal wear and tear
- Damages to uninsured items like tyres, bio-fuel kits, and gas kits
- The add-on cover does not apply if your insured two-wheeler is irretrievably damaged or lost
Factors Affecting Bajaj Allianz Two Wheeler Insurance Zero Depreciation Cover
You must remember a few crucial points while enjoying several benefits of the Bajaj Allianz two-wheeler zero dep insurance policy. They are:
- The add-on cover applies to two-wheelers not more than 5-years old.
- The claim under the zero-dep cover is limited to two occasions during the policy term.
- The insurance cover excludes normal wear and tear, and damages due to mechanical faults.
- The coverage excludes complete damage or loss of the insured bike.
Add ons for your Two Wheeler Insurance
Bajaj Allianz Zero Depreciation Bike Insurance FAQs
1. What is the maximum age of two-wheelers to avail of the Bajaj Allianz zero dep bike insurance?
The maximum age is 5-years for availing of the add-on as a component of the comprehensive two-wheeler insurance.
2. Is the zero dep add-on offered with other two-wheeler insurance policies?
You can choose this add-on only if you choose the comprehensive or standalone bike insurance policy of Bajaj Allianz.
3. What other add-on covers can you choose under Bajaj Allianz’s zero dep two-wheeler insurance policy?
In addition to the zero-dep add-on, you can also choose the following:
- Return to Invoice
- Consumables Cover
- 24/7 Road Assistance
- Engine Protection
4. Is it mandatory to choose Bajaj Allianz zero dep bike insurance?
No, compulsory insurance is the third-party cover according to the IRDAI regulations.
5. No, compulsory insurance is the third-party cover according to the IRDAI regulations.
Third-party bike insurance does not offer add-on covers as they do not include an own-damage clause.