VPAY – Ultimate All-in-One Car Insurance Add-On

What is the VPAY policy?

The VPAY policy by Bajaj Allianz General Insurance is a revolutionary add-on cover designed to simplify the motor insurance claim process. This policy ensures that vehicle repairs are cashless at network garages, providing a hassle-free experience for policyholders. By opting for the VPAY add-on, you can enjoy the convenience of cashless settlements, making it easier to get your vehicle back on the road without financial stress.

This simple, one-stop solution shall liberate the insured from the hassle of choosing from an array of fragmentary covers to comprehensively protect their valued possessions, ensuring they are protected against all the major risks.

Benefits of the Bajaj Allianz Motor Insurance VPAY Policy

The VPAY policy offers numerous benefits that enhance your standard motor insurance coverage. With this add-on, you can avoid the cumbersome process of paying upfront for repairs and then waiting for reimbursement. Instead, the insurance company directly settles the repair bills with the network garage. This not only saves time but also provides peace of mind, knowing that your vehicle repairs are handled efficiently and professionally.

With VPAY, you can expect:

- Value for money

- No hassle at the time of claims

- Relief from endorsements

- Easy to understand

- Quick insurance

Here’s how VPAY stands out and differs from the traditional approach:

- There is no need to immediately inform the insurer for small losses

- No compulsory deductible

- There is no need to do coverage research

- Umbrella protection as covering many exclusions

- Relief from endorsement

- Easy to understand

Features of VPAY

- Electrical & Non-Electrical Accessories: Up to 1% of IDV limit protection if accessories inadvertently omitted in policy

- Rally Cover: Covering organized rally

- Geographical Extension: Losses occurring within Bangladesh, Bhutan, Nepal, Pakistan, Sri Lanka, Maldives

- CNG/LPG Kit: Up-to 1% of IDV Limit protection if inadvertently omitted in policy

- Rodent Damage: Protection against wiring, rubber, rexine etc. damage due to rodent bite

- Waiver of Depreciation & Consumables Cover: Protection against depreciation and cost of consumables during repair

- Electric Vehicle/ Hybrid System Protection Cover (Applicable only for Electric/Hybrid Vehicles): Care for your vehicles from damages arising due to power surges, explosions, water ingression and short circuit)

- Waiver of Deductible: Waiver of all types of compulsory deductible.

- Vehicle Towing & Retrieval: Repair cost in case of vehicle towing and retrieval

- Roadside Assistance: Inbuilt 11 + specialized roadside assistance services for ICE as well as other than ICE vehicles

- Vehicle Replacement: Vehicle replacement cover in case of Total Loss (including theft)/ Constructive Total Loss

- Loss Arising Out of Adulterated Fuel: Inbuilt protection for- loss/damage due to adulterated fuel and or damage due to flexi fuels

- Consequential Losses: Covering if vehicle left unattended on road including damage to child parts

- Tyre Cover: Cost of replacing damaged tyre

- Rim Cover: Cost of replacing damaged wheel rims

- Personal Baggage & Key Replacement: Protection for your baggage loss due to insured peril & Replacement of keys in case of irrecoverable loss of keys

- Cyber Risk Cover: Protect for Software re installation, cyber extortion, theft of funds due to cyber attack

- Recalibration: Protect vehicle sensors including ADAS for optimal performance with recalibrate support

- Smart Repair: Covers claim of- small chipping, scratches on metal body panels in one time within a year

- Conveyance Benefit: Per day cash benefit in case of vehicle is unusable due to repair

- Defence Cost Cover: Defence cost in case of liability due to legitimate use & stolen vehicle

- Mechanical Electrical Breakdown: Covers for damages due to mechanical & electrical breakdown other than accidental damages

What is the Period of VPAY Cover?

Period of insurance of this add-on cover will be identical to the Policy Period of the base Policy to which the add on cover is attached. V-Pay add-on cover can be opted only at inception of the Motor Insurance Policy, no cover shall be available during mid-term of the Motor Insurance Policy.

Basis of Arriving at Insured Declared Value (IDV) of the Insured Vehicle:

Basis of Arriving at Insured Declared Value (IDV) of the Insured Vehicle:

List of products specified in the list above are governed by the Indian Motor Tariff. 

The Insured’s Declared Value (IDV) of the vehicle will be deemed to be the ‘Sum Insured’ and it will be fixed at the commencement of each policy period for each insured vehicle.

The IDV of the vehicle (and accessories if any fitted to the vehicle) is to be fixed on the basis of the manufacturer’s listed selling price of the brand and model of the insured vehicle at the commencement of the Policy. The IDV shall change according to the depreciation grid below for each block of one year within the policy period. 

THE SCHEDULE OF DEPRECIATION FOR FIXING IDV OF THE VEHICLE

The IDV arrived as per the above method may be further adjusted basis various factors such as location, make and model etc, with agreement of the Insured and as captured in the Policy Schedule.

The age-wise depreciation schedule shown above is applicable only for Total Loss/Constructive Total Loss (TL/CTL)/Cash Loss claims.

IDV of vehicles beyond 5 years of age and for obsolete models (i.e. models that manufacturers have discontinued) is to be determined on the basis of mutual agreement between the Insurer and the Insured.

IDV shall be treated as the Market Value throughout the Policy Period without any further depreciation for the purpose of Total Loss (TL)/Constructive Total Loss (CTL)/Cash loss claims.

Basis of Arriving at TL (Total Loss)/CTL (Constructive Total Loss) of the Insured Vehicle:

The insured vehicle shall be treated as a CTL if the aggregate cost of retrieval and/or repair of the vehicle, exceeds 75% of the IDV of the vehicle, subject to terms and conditions of the policy.

The liability of the Company shall not exceed the Insured's Declared Value (IDV) of the vehicle in the event of total loss/ constructive total loss/cash loss for the year in which loss has occurred. IDV as on date of loss shall be computed as specified under basis of arriving at Insured Declared Value (IDV)

If a damaged motor vehicle is assessed as being unrepairable and hence a wreck i.e. a ‘total loss’ or ‘write-off’, You shall have the option to retain the wreck and accept a ‘cash loss’ settlement (being the IDV less the assessed value of Salvage based on competitive quotes procured by the Insurer including any submitted by or through the Policyholder).

Note: For the purpose of computation TL (Total Loss)/CTL (Constructive Total Loss) of the Insured Vehicle aggregate cost of retrieval shall mean Company’s aggregate liability as per the terms and conditions of the policy.