Bajaj Allianz General Insurance has recently introduced a new motor insurance offering known as V-Pay, specifically designed for private car owners and not applicable for commercial vehicles. This add-on cover provides a range of benefits, including coverage for multiple minor paint chips, scratches, and non-accident-related mechanical and electrical breakdowns. According to a press statement by Bajaj Allianz, V-Pay offers an elite plan with 22 comprehensive features, encompassing protection for small scratches, cyber risks, mechanical and electrical breakdown, and more. Interestingly, this coverage also extends to customers who face losses within Bangladesh, Bhutan, Nepal, Pakistan, Sri Lanka, and Maldives.
One notable aspect of V-Pay is the “Recalibration” feature, ensuring the safeguarding of the vehicle’s digital sense devices. Unlike conventional motor insurance policies, where customers are obligated to pay a compulsory deductible during claims, V-Pay provides a Waiver of Deductible, eliminating the need for deductibles. Additionally, if customers forget to declare certain accessories or CNG fitments, their vehicles are still covered during claims, with protection up to 1% of the Insured Declared Value (IDV). Moreover, the Elite plan includes coverage for Defense Cost, which covers the legal assistance fees for customers during police and court proceedings.
V-Pay offers extensive protection against software issues, cyber extortion, and theft of funds resulting from cyber-attacks. The add-on cover also includes various features such as rally coverage, depreciation waiver, tyre or rim protection, personal baggage coverage, key replacement, vehicle retrieval, towing services, vehicle replacement, 24×7 roadside assistance, and even protection against rodent bites.
The period of insurance for V-Pay will be identical to the base policy period to which the add-on cover is attached, as stated by Bajaj Allianz. It’s important to note that this add-on cover can only be purchased at the time of acquiring a new motor insurance policy.
Regarding the premium details, Bajaj Allianz has not disclosed them upfront. Customers will be informed about the premium details after completing the proposal form.
As for the cancellation of the policy, the conditions for canceling the add-on cover will be the same as those for the base policy to which the add-on cover is attached.
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