IPPB Motor Insurance

Motor Insurance

One Friday evening, Atul on finishing up with work. Finally done with work. He is looking forward to a great weekend and is headed back to his native.

Soon, he is stuck in a bumper to bumper traffic and is also super hungry Man…I really want something to eat right now.

After all the long waits at each of the signals and traffic jams within the city, he is now at a high speed on the highway at a great speed. “On this road again” (Music playing in car)

Due to the urgency that he was in and to make up for the lost time, Atul loses control of his car Woah! Woah! I am loosing control!!

Unfortunately, Atul crashes into a tree I have to call my Insurance company While Atul manages to escape unhurt, his car is massively damaged. Luckily, Atul is insured and needs to call up his insurance company for Claim settlement

Motor Vehicle Insurance in India Is governed by the Motor Vehicle Act. 1939, amended in 1988 and 2019 and India Motor Tariff (IMT) Act requires any motor vehicle plying in a public place to be compulsorily insured against third party injury and property damage After March, 2008 De-tariffing regime come. Earlier it was governed by Tariff Advisory Committee (TAC)

Motor Insurance – Types of vehicles Private Utility Two Wheeler Private Car

Types of Policies Liability Only Policy or Third Party Policy Comprehensive Motor Insurance or Package Policy 1. Liability Policy is mandatory as per Motor Vehicle Act and covers only Third Party 1. Comprehensive Motor Insurance policy Person Death and Third Party Property is combination of Own Damage (Own Damage (TPPD) Damage) and Liability First Party refers to Insured Second Party refers to Insurer/Insurance Company Third Party include Government also



Coverage Own Damage Damage to Insured Vehicle Accessories

Coverage: Liability Third Party Third Party Injury & Death Third Party Property Damage (TPPD)

Coverage: Liability Personal Accident Owner Driver PA to Passenger Cover Paid Driver Pillion Rider

Coverage: Own Damage Accidental External Means Fire Explosion: Self Ignition Lightning Riots and Strike

Coverage: Own Damage Burglary Housebreaking Flood Hailstorm

Coverage: Own Damage Earthquake Malicious Damage Terrorist Activity In Transit

Coverage: Own Damage Land Slide Rock Slide

General Exclusions 1. Consequential Losses due to accident 2. Damage to tyres and tubes 3. Driver under influence of drugs/alcohol at the time of accident 4. Damage to Insured own property 5. Intentional Self injury or attempted suicide 6. Accident occurring outside geographical area of coverage 7. Damage due to any kind of contractual liability 8. Vehicles used other than limitations as to use 9. Vehicles driven by any one other than licensed driver 10. Losses due to nuclear weapon 11. Losses due to war and war like situation 12. Losses due to ionizing radiation or contamination by radioactivity

Scope of Cover: Third Party Compensation for Third Party Person Injury & Death is Unlimited Compensation for Third Party Property Damage (TPPD):- Type of Vehicles Maximum Compensation Two Wheelers Private Car ₹ 1,00,000 Three Wheelers ₹ 7,50,000 Commercial Vehicles

Scope of Cover: Personal Accident Sum Insured under Personal Sum Insured for Passengers in Private Accident Owner-Driver is ₹ Car is from ₹ 10000 to ₹ 2,00,000 per 15,00,000 for All class of Vehicles passenger (Optional Cover) Sum Insured for Pillion Rider in Two Wheeler is from ₹ 10,000 to ₹ 1,00,000 Death = 100 % CSI PTD = 100 % CSI Loss of one limb or sight of one eye= 50 % CSI Loss of two limbs or sight of two eyes or one limb and sight of one eye = 100 % CSI

Premium Rating Factors Insured Declared Geographical Age of the Cubic Capacity Vehicle of the Vehicle Value (IDV) Zone

Insured Declared Value Insured Declared Value = Current Ex-Showroom Price (-) Depreciation as per the age of vehicle For Old vehicle IDV will be Current Ex-Showroom Price (-) Depreciation as per the age of vehicle:- Age of Vehicle Depreciation Rate Not exceeding 6 Months 5% 6 Months to 1 Year 15% 1 Year to 2 Years 20% 2 Years to 3 Years 30% 3 Years to 4 Years 40% 4 Years to 5 Years 50%

Geographical Zone Private Car & Two Wheelers Zone A Zone B Delhi, New Delhi, Mumbai, Kolkata, Rest of India Chennai, Bengaluru, Ahmedabad, Hyderabad and Pune

Rating Chart for Private Car Zones Private Car Zone B Zone A Age / CC 0-1000 1001-1500 1500 + 0-1000 1001-1500 1500 + Up to 5 years 3.127 3.283 3.44 3.039 3.191 3.343 6 to 10 years 3.283 3.447 3.612 3.191 3.351 3.51 Exceeding 10 yrs 3.362 3.529 3.698 3.267 3.43 3.594 TP Basic (Excl. GST) 2072 3221 7890 2072 3221 7890 Owner Driver (Excl. GST) 331 331 331 331 331 331

Rating Chart for Two Wheeler Zones Two Wheeler Zone-B Zone-A Age / CC 76-150 151-350 350 + 76-150 151-350 350 + 1.844 Upto 5 years 1.708 1.793 1.879 1.676 1.76 1.936 1.982 6 to 10 years 1.793 1.883 1.973 1.76 1.848 2323 331 Exceeding 10 yrs 1.836 1.928 2.02 1.802 1.892 TP Basic (Excl. GST) 752 1193 2323 752 1193 Owner Driver (Excl. GST) 331 331 331 331 331

Additional Coverage Coverage Premium Premium Private Car 2 Wheelers Electronic Accessories (Externally Fitted) Non Electronic Accessories (Externally 4% of Accessories IDV 3% minimum Rs. 50/- Fitted) O.D. Rate will apply O.D. Rate will apply CNG / LPG Kit (Externally Fitted) 4% of Kit IDV plus Rs.60/- NA CNG / LPG Kit (Company-fitted/Inbuilt) Fibre Glass fuel tank 5% of Basic O.D. Premium NA plus Rs.60/- NA Imported Vehicle without customs duty - Rs. 50/- NA loading 30% loading on OD Premium

Discounts on Own Damage Premium

No Claim Bonus (NCB) NCB will be given only if below mentioned conditions are fulfilled:-  Last year policy should be Comprehensive  No own damage claim in last year policy  No Name Transfer (except due to death) in last year policy  Break-In should be less than 90 days  NCB Reservation Letter to be taken by insured from an insurance company after vehicle sale and Name Transfer & is valid for next 3 years from the Date of sale of his existing vehicle

NCB Grid NCB slab applicable All class of vehicles 20% 25% After 1 Claim Free Year 35% After 2 Consecutive Claim Free Years 45% After 3 Consecutive Claim Free Years 50% After 4 Consecutive Claim Free Years After 5 Consecutive Claim Free Years

Voluntary Discount Private Car Max Discount (Amount) ₹ 750 Deductible (Amount) Discount (%) ₹ 1500 ₹ 2500 20 ₹ 2000 ₹ 5000 25 ₹ 2500 ₹ 7500 30 ₹ 10000 35 Max Discount (Amount) ₹ 50 Deductible (Amount) Two Wheelers ₹ 75 ₹ 500 ₹ 125 ₹ 750 Discount (%) ₹ 250 ₹ 1000 5 ₹ 3000 10 20 25

Other Discounts Anti theft Devices approved by ARAI Private Car: 2.5% on Own Damage premium or max ₹ 500 Two Wheeler: 2.5% on Own Damage premium or max ₹ 500 Automobile Association Membership Private Car: 5% on Own Damage premium or max ₹ 200 Two Wheeler: 5% on OD premium or max ₹ 50 Automobile Association Membership 25% on Own Damage Premium

Geographical Extension The motor policy is usually insured if operational within India. It can be extended to cover the following countries also: Bangladesh Pakistan ₹ 500 + GST per Bhutan vehicle Package Nepal Policy irrespective of class Sri Lanka Other than ₹ 100 + GST per Package vehicle irrespective Maldives Policy of class

Steps to Calculate Premium Find Out IDV XX Liability Premium Basic OD (IDV*Tariff/100) XX XX Basic TP XX Electronic Accessories XX Add: CNG/LPG Kit XX PA to Owner/Driver ₹ 331 Total GVW XX Legal Liability(L/L) to Paid Driver ₹ 50 Less: IMT XX ₹ 50 per employee Basic OD XX IMT 28 XX NCB XX Legal Liability(L/L) to Employees XX Less: Commercial Discount (optional) XX IMT 29 Net OD (A) XX PA to unnamed occupants (for XX Add: Net TP (B) XX private car) Net Premium Passenger Premium (for PCV) XX Add: GST@18% Gross Premium TP for CNG/LPG ₹ 60 Net TP (B) XX

Motor Insurance Business Process

Break In Insurance 1. Completed & signed Proposal Inspection is Mandatory in Break in form and RC Copy cases for Private Cars 2. Photographs & Inspection report Inspection is not required in Break in cases for 2 Wheelers – The 3. If inspection is satisfactory policy will start after 3 days 4. Calculate Premium Generate PIN no via EZEE Tab or I I-Mitra 5. Approval from Underwriter & policy issued as per the Standard process

Old Vehicles - Rollover business 1. Completed and signed Proposal Form 2. Copy of previous Policy or 3. Renewal Notice 4. Proof of NCB New Vehicle insurance 1. Completed and signed proposal form with Regn, Engine, Chassis no clearly mentioned 2. IDV @ 95% of (Vehicle Value+Accessory+ST) 3. Delivery Challan - required if Period of insurance is required from date of delivery. 4. Original NCB reserving letter - if NCB transferred to new vehicle. (The validity of the NCB Reserving letter is 3 yrs from the date of Issuance)

Compulsory Excess Amount Private Car & 2 Wheeler ₹ 1000 Each Claim ₹ 2000 Each Claim CC ₹ 100 Each Claim Up to 1500 cc Above 1500 cc Two Wheeler

Depreciation (In case of replacements of spare parts) Description of parts Dep % All rubber nylon/ plastic parts, tyre/tubes, batteries and air bags 50% All fibre glass components 30% All parts made of glass Nil All other parts including wooden parts is to be as per the following schedule Not exceeding 6 months Nil Exceeding 6 months but not exceeding 1 year 5% Exceeding 1 year but not exceeding 2 years 10% Exceeding 2 years but not exceeding 3 years 15% Exceeding 3years but not exceeding 4 years 25% Exceeding 4years but not exceeding 5 years 35% Exceeding 5 years but not exceeding 10 years 40% Exceeding 10 Years 50%

Motor Policies @ BAGIC Product Code Description Coverage 1801 Private Car Package Policy One Year OD and One Year TP 1802 Two Wheeler Package Policy One Year OD and One Year TP 1803 One Year OD and One Year TP 1805 CV Package Policy 1806 Private Car Liability Only Private Car TP Only 1810 Two Wheeler Liability Only Two Wheeler TP Only 1811 One Year OD and One Year TP 1812 CV Class -B One Year OD and One Year TP 1825 CV Class -D One Year OD and One Year TP 1826 CV - Class C(ii) One Year OD and Three Years TP Private Car Multi Long Term One Year OD and Five Years TP 1827 Two Wheeler Multi Long Term Three Year OD and Three Years TP 1828 Long Term Private Car Package Policy 1831 Five Year OD and Five Years TP 1843 Long Term Two Wheeler Package Policy Commercial Vehicle TP Only 1869 CV Liability 3 Years OD and 3 Years TP 1870 1871 Two Wheeler Long Term Policy PA to Owner Driver 1817 CPA Standalone Policy One Year OD One Year OD Private Car OD Only Policy Two Wheeler OD Only Policy Extended Warranty for Motor Motor Extended Warranty Policy

Claims

1800- 209- 5858 / 1800-103-2529 [email protected] www.bajajallianz.com Caringly Yours App

Claims Process The first step in claim is registering the claim by calling our helpline or using link/application Customer Support will be required following information Policy Number, Vehicle Number, Contact Number, Engine and Chassis number, Accident Date and Time, Description and location of accident, Vehicle Inspection address, KM Reading, Driver Information like Name and DL No Survey and Documents Required Claim Settlement

Process Flow Call the Call Centre No. 1800-209-5858 Executive takes details of accident along with mobile no. and Register the claim online Client gets SMS & 20 digit 2nd SMS to Client details of alphanumeric claim surveyor and contact no reference no. SMS reminders to clients Claim Manager appoints For documents required surveyor Final SMS of Claim Surveyor gets SMS with settlement & payment details of client & Garage

Process Flow ACCIDENT Call the call center & register the complaint and a computer generated reference no will be given Vehicle not movable – to be towed away Minor damage take the vehicle to Bajaj Call centre will give the details if towing Allianz preferred garage as advised by call facility can be provided by us center Submit all the required documents Details of claim approved and deductible will be given to the Insured In case of preferred garage - Customer pays the difference amount and takes the delivery of the car Other then preferred garages customer settles the bill and submit the same to BAGIC

• Cashless service across 4500+ Network garages • 24X7 Call Centre Assistance • In-house Surveyors • 98% Claims Settlement Ratio • Digital Claim settlement • Spot settlement - Motor OTS within 20 minutes • Hassle free Policy buying experience • Digital Policy Renewals via Caringly Yours App



Motor OTS Process – Flow & Limits 1. Private car – Claims up to 30,000 2. 2W – Claims up to 10,000

Process Flow THIRD PARTY DAMAGE THEFT Report to the nearest police station Register the claim with Call Centre Don’t make any promise / offer compensation or make any payments Register an FIR within 24 hours Provide details of third party damage BAGIC deputes an investigator to BAGIC within 48 hours If claim admissible submit documents for Get WAKALATNAMA signed by the transferring rights of the vehicle Insured and the driver (if required) Process may take minimum 3 months if all the documents are in order, including non traceable report from police / court