Bajaj Allianz bets big on two wheeler package policy

Bajaj Allianz General Insurance is eyeing for 30 per cent of its total two-wheeler insurance sales through long-term package policy by the end of this fiscal.

The private sector non-life insurer has already sold 6,000 such policies so far in 2016-17.

Two-wheelers can be insured for up to three consecutive years under this policy which was introduced at the beginning of the current fiscal.

"We have already sold 6,000 policies under the long-term two-wheeler package policy which was kicked off on April 1. We are looking at 30 per cent of our total two-wheeler insurance sales to happen through this policy by the fiscal-end," Bajaj Allianz General Managing Director and Chief Executive Tapan Singhel said today.

The company will use the telematics-based offering to reward customers showcasing good driving behaviour. The facility comes with 12 value-added features, providing not only safety and security to customers, but also savings and convenience, he told reporters on the sidelines of launch of the company's new offering called 'Drive Smart'.

The three-year long-term package for two-wheelers is currently available at an average annual premium of Rs 3,000.

"To achieve 30 per cent of the total two wheeler insurance sales by the fiscal-end through this route, we are banking on online sales which are currently responsible for 7-8 per cent of total two-wheeler sales," he said.

The company is quite bullish on this segment as more than 75 per cent of the two-wheelers in the country are not covered at present.

Of the total premium of Rs 5,900 crore achieved by the company during financial year 2015-16, 57 per cent was contributed by motor insurance alone, he said.

"Our market share under the motor insurance segment was currently at 11 per cent in terms of premium," the MD said.

On car insurance, he said a total of 21 lakh private cars were provided insurance cover by the company at an average premium size of Rs 7,000 in the fiscal gone by.

Talking about claims settled by the company during the last fiscal, he said "we settled a total of 6 lakh claims amounting to Rs 2,500 crore."

There Are CeThere Are Certain Things You Should Know About 2 Wheeler Insurance Claimsrtain Things You Should Know About 2 Wheeler Insurance Claims

Buying a vehicle of your choice is an inexpressible experience. However, as you buy your dream car or bike, it's also important that you ensure its safety and protection. This is why you should have coverage in place to ensure that you don't have to face any financial hardships, if there is any unfortunate mishap.

Remember, if you have a good insurance policy, then, it can compensate you for the loss against accidents and thefts, which can happen any time without any warning. However, it's important that you look for various options and compare the quotes before you make a decision. Also, if you buy a policy from a reputed and dependable company, your 2 wheeler insurance claim will be settled timely without any hassles. The entire process will be very simple. After the accident or mishap, you will have to take your bike or scooter to the allowed mechanic and depending on his estimation, the company will reimburse you.

In case, your bike or scooter has been stolen, then it's a requisite that you file a police complaint, only then, the insurance company can start the procedure. Once the company verifies that there is no fake action involved, the claim cheque is handed over to the owner. Also, your policy will continue after the mishap or accident. However, in certain cases, some companies charge more for renewal taking into consideration the additional danger of accident with owner. Along with all this, there are certain points that will help you sail through the entire procedure smoothly!

• The damage, loss or the theft should be reported to the insures immediately; also to the police, if required

• Receive the claim form from the insurer after providing him with the relevant information

• Fill and submit the completed form together with an approximation of the loss to the insurer

• After this, the company will organize an inspection of the damaged items to evaluate the loss. Sometimes, if the losses are too grave, then, a professional licensed surveyor is appointed

• You have to supply the obligatory documents to verify the amount of loss

• If you are not able to establish the reason of loss, then, you have to establish that the loss or damage has occurred due to a covered hazard

• After all this, the claim is settled after you and your company agree on an amount

Keep all these factors in mind, buy the policy form a good company and you will never have issues settling the 2 wheeler insurance claim.

Source: [http://bit.ly/2gSX4mj]