Motor Safety Insurance: Why You Should Need This?

The number one thing is safety whether it is about today or tomorrow. Insurance is always on the top to secure your life. Having said that Bajaj Allianz General Insurance has recently launched a new motor insurance offering called V-Pay.

An umbrella protection cover

No doubt, this feature will protect your car from damage.

If you drive on the road you must know the fundamental rules and safety. Comprehensive car insurance is not enough to protect it from all the damages, especially during the monsoon. When you are stuck on a waterlogged road and your engine may break down after multiple desperate attempts to get out, your insurance company will not pay a penny to repair your engine or mend your dents or scratches. It can easily cost you lakhs depending on your car model.

V-Pay is a favourable feature for emergency needs. Its add-on cover is only for private car owners, not for commercial vehicles. Under the add-on, as an insuree, you can report multiple minor paint chips or dents, or anything that damages your car anytime during the policy period.

Furthermore, it will protect against mechanical and electrical breakdowns that are not a result of accidents.

The V-Pay has an elite plan, comprising 22 features covering small scratches, mechanical and electrical breakdowns, cyber risk cover, etc. The V-Pay will also be applicable if losses have occurred by a customer within Bangladesh, Bhutan, Nepal, Pakistan, Sri Lanka, and Maldives

The V-Pay has two plans — the classic plan and the elite plan

The V-Pay add-on has a “Recalibration” feature that ensures protection for the vehicle’s digital sense device as well. Recently, in motor insurance policies, customers are bound to pay a compulsory deductible as per the standard terms and conditions of the policies. However, V-Pay eliminates the need for deductible during a claim it's Waiver of Deductible feature, Bajaj Allianz mentioned.

Moreover, if customers forget to declare additional accessories or CNG fitments, their vehicles are still protected during claims with coverage of up to 1% of the Insured Declared Value (IDV). Defence Cost is also covered in the Elite plan, which covers the fees of legal assistance to the customer for police and court proceedings.

Additionally, if customers forget to declare additional accessories or CNG fitments, their vehicles are still under the protection of this feature during claims with coverage of up to 1% of the Insured Declared Value ( IDV).

V-Pay will protect the insured’s vehicle from software issues, cyber extortion, and theft of funds resulting from cyber-attacks. This add-on cover is extended to protect the insured’s vehicle with features like rally, depreciation waiver, tyre or rim protection, personal baggage, key replacement, wreck vehicles, replacement, 24 into 7 roadside assistance, and rodent bite.

Notably, the V-Pay add-on cover would be available only when purchasing a fresh motor insurance policy.

Premium:

The company has disclosed the details of the premium. The customer will know about premium details after filling out the proposal form.

You can go through this Insurance policy online

Cancellation of policy:

Cancellation conditions of the add-on cover will be identical to the base policy to which the add-on cover is attached