You must be well aware of Bajaj Allianz car insurance plans announcing a reward system program for their customers. Here, you will be rewarded for maintaining a good driving track record. Unfortunately, it is only applicable to the people of Pune.
In association with the Pune Traffic Police, the insurer aims to offer special rates on car insurance plans for people who evidently follow the traffic safety rules. The main agenda behind doing so is to improve the safety of the people, which means getting them to follow the traffic regulations.
With respect to the Road Safety initiative 2020 in association with the insurer, the government plans to reward those who are mindful and dutiful towards adhering to the traffic rules. The insurer is said to provide discounts between 5 percent and 15 percent on the car insurance premiums as a safety reward.
To avail the said offer, the vehicle owners have to share a declaration statement that states they have followed the traffic rules. The insurer will verify the same documents with the help of traffic police (if needed), and then decide the discount percentage to be offered.
Also, your traffic rule violation background will be taken into consideration when fixating the discount percentage. Generally, the premium amount was based on the make and model of the vehicle. In fact, with Bajaj Allianz taking efforts to reward people for their excellent driving background, it gives hope to the motor insurance industry to adopt this as a global practice.
The road accident rates in India have been out of control for years. The speed at which the fatalities are increasing is frightening, and hence the implementation of stricter traffic rules was essential. Because of this very reason, the new Motor Vehicles Act, 2019, was put into place.
Not only the MV act has imposed heftier fines on people who violate the traffic safety rules, but it is also forcing people to adhere to it. With such a reward system in place, we believe that the reluctance towards renewing motor insurance will be handled as well.
We usually buy our first motor insurance from the vehicle dealer itself. Hence, we have little to no idea about the coverage offered under it, which makes people reluctant to renew the plan.
However, third party motor insurance is mandatory by law under the Motor Vehicles Act, 1988. But third party car insurance plans offer limited coverage. Comprehensive car insurance offers extensive coverage. Third-party liabilities, as well as the damage caused to your vehicle in case of accidents, are covered under a comprehensive plan.
In case you are looking for a good comprehensive car insurance plan, browse Bajaj Allianz car insurance plans available on Finserv MARKETS online.