Bajaj Allianz Car Insarance Online Policy Guide | Insuremile

Overview of Bajaj Allianz Car Insarance Online Policy Guide

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Motor Vehicles Act Compliance and Own Damage Valuation

Under Section 146 of the Motor Vehicles Act 1988, maintaining valid third-party liability insurance is mandatory for all motor vehicles operating on public roads in India. Driving without valid insurance attracts penalties under Section 196 of Rs 2,000 and possible imprisonment for a first offense, increasing to Rs 4,000 for repeat violations. Third-party property damage coverage is capped at Rs 7.5 Lakh, while liability for bodily injury or death remains unlimited under Motor Accident Claims Tribunal rulings.

Insured Declared Value (IDV) and Depreciation Slabs

Own Damage (OD) coverage compensates for vehicle accidental damages and total loss based on Insured Declared Value. Depreciation applies according to statutory age slabs under the Indian Motor Tariff: 5% up to 6 months, 15% from 6 months to 1 year, 20% up to 2 years, 30% up to 3 years, 40% up to 4 years, and 50% up to 5 years. Optional riders such as Zero Depreciation, Engine Protect for hydrostatic lock, and Return to Invoice provide complete reimbursement during major repairs.