New Motor Insurance Add-on "V-Pay" launched by Bajaj Allianz GIC




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    New Motor Insurance Add-on "V-Pay" launched by Bajaj Allianz GIC

    New Motor Insurance Add-on  V-Pay  launched by Bajaj Allianz GIC Bajaj Allianz has recently launched a motor insurance add-on, "V-pay," to provide its customers with one-stop insurance solutions by bringing together all the add-ons in one place. This add-on covers both conventional and emerging risks for your four-wheelers. Previously customers had to choose from a list of fragmented covers, and with the introduction of the V-pay add-on. V-pay is an elite insurance add-on that hosts 22 inbuilt features providing a comprehensive solution to the policyholder's vehicle. Insured customers must inform the insurance company of any minor claims, as these claims would not be covered in subsequent claims. However, with the V-PAY smart feature, customers can report multiple minor dents or scratches anytime during the policy period. V-pay is a Use and File insurance product that was a sandbox initiative of India's Insurance regulatory and development authority.

    Coverage/ Features:

    • Coverage against small scratches and minor dents that can be reported at any point during the policy period.
    • Mechanical and electrical breakdowns not arising from accidents are also covered under this add-on. For example, if your car breaks down due to mechanical issues without involving an accident, then it is not covered under a standard motor insurance policy. But the same is covered under the V-pay add-on.
    • Losses occurred outside the geographical limits of India in countries such as Bangladesh, Bhutan, Nepal, Pakistan, Sri Lanka, and Maldives.
    • It has a "Recalibration" feature intended to protect the vehicle's digital devices.
    • The waiver of the deductible feature waives the amount paid for every claim under the motor insurance policy.
    • Up to 1% of the Insured declared value (IDV) coverage for additional accessories or CNG fittings if customers forget to declare them while taking the policy.
    • Defense costs include the court fees and legal costs incurred for police and court proceedings.
    • The cyber cover protects the insured's vehicle from cyber-attacks leading to software issues, cyber extortion, and theft of funds.
    • Depreciation cover
    • Tyre or rim protection
    • Personal baggage
    • Key replacement
    • Costs incurred for vehicle retrieval
    • Towing costs
    • Vehicle replacement costs
    • 24*7 roadside assistance
    • Rodent bite cover
    • Period: The add-on period would be the same as the policy period. If the policy period is 1 year, then the add-on would also be valid for 1 year. Add-on cover would be available only when purchasing a fresh policy or at the time of renewal.
    • Applicable for: The V-pay add-on is applicable only for motor insurance policies taken from Bajaj Allianz general insurance company directly or through any of its intermediaries.
    • Premium: The premium of this add-on cover would depend on various factors such as the Insured declared value, vehicle age, Cubic capacity, make and model, etc. The premium details can be known by clicking here.
    • Cancellation of policy: The cancellation condition of the V-pay add-on would be similar to that of the base policy to which it is attached.