V-Pay will also protect the insured’s vehicle from software issues, cyber extortion, and theft of funds resulting from cyber-attacks with its Cyber Risk Protection feature
‘V-Pay’ is a first-of-its-kind, one-stop solution that provides customers with an add-on that covers all their vehicle insurance needs instead of choosing from an array of fragmented covers, ensuring their vehicle is protected against all major risks
Pune:
Bajaj Allianz General Insurance today launched its new motor insurance offering called ‘V-Pay’, which among hosts of risks, will also protect the insured’s vehicle from software issues, cyber extortion, and theft of funds resulting from cyber-attacks with its Cyber Risk Protection feature.
With the advent of connected cars and their reliance on advanced driver assistance systems, the recalibration feature ensures protection for the vehicle’s digital sense devices as well, said the company.
V-Pay offers coverage for Electric and Hybrid vehicles as well, safeguarding them from damages arising due to power surges, explosions, water ingression, and short circuits. In the case of internal combustion engine (ICE) vehicles, the cover will also protect the insured’s engine from the risk of the use of adulterated, flexi fuel in addition to the Consequential Loss feature.
Moreover, if customers forget to declare additional accessories or CNG fitments, their vehicles are still protected during claims with coverage of up to 1% of the Insured Declared Value (IDV).
According to the company, ‘V-Pay’ is a first-of-its-kind, one-stop solution that provides customers with an add-on that covers all their vehicle insurance needs instead of choosing from an array of fragmented covers, ensuring their vehicle is protected against all major risks.
V-Pay add-on cover offers the Elite plan, which has 22 inbuilt features that provides a balanced solution for the insured’s vehicle, catering to both conventional risks as well as addressing emerging risks.
Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance, said,“Motor Insurance offers multiple add-on covers, but choosing the right ones can be daunting. Likewise, during claims, it is overwhelming for customers to understand what falls under the purview of their policy and what they have to bear from their pocket. Addressing these concerns, our game-changing add-on, V-Pay, streamlines the entire process, from purchasing the cover to a hassle-free claim settlement,”
Today in case of any minor damage or loss to vehicles, customers need to immediately inform the insurance company of their claim. However, the Smart Repair feature of the V-Pay add-on addresses this concern, where the customer can report multiple minor paint chips and/or scratches anytime during the policy period. Mechanical and electrical breakdowns that are not a result of accidents, which are typically excluded from standard motor insurance policies, are covered by V-Pay, said the company.
In current motor insurance policies, customers are bound to pay a compulsory deductible as per the standard terms and conditions of the policies. However, V-Pay eliminates the need for deductibles during a claim with its Waiver of Deductible feature.
Defence Cost is also covered in the Elite plan, which covers the fees of the Advocate defending or providing legal assistance to the customer for police and court proceedings.
V-Pay add-on cover is further extended to protect the insured’s vehicle with features like Rally, Depreciation Waiver, Tyre & Rim Protection, Personal Baggage & Key Replacement, Vehicle Retrieval & Towing, Vehicle Replacement, 24×7 Roadside Assistance, Rodent Bite, and also provides Geographical Extension feature.
There is also a Classic plan available with 17 inbuilt features that can also be opted for by customers. Private car owners can opt for V-Pay add-on cover on their base Own Damage (OD) cover with its policy period up to the policy period of the base policy.