Bajaj Allianz General Insurance, a private general insurer of India, recently announced the launch of their new motor insurance offering called ‘V-Pay’. 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.
What Is V-Pay?
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. Currently, 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, the company said in a statement.
It added that 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. 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. In current motor insurance policies, customers are bound to pay a compulsory deductible as per the standard terms and conditions of the policies.
How To Buy V-Pay?
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. Customers can opt for this offering at the time of purchasing a fresh motor insurance OD policy or during the renewal of their existing motor insurance policy.
Tapan Singhel, MD and CEO, Bajaj Allianz General Insurance, said, “Addressing customer worries and pain points has always been the driving force behind every innovation that we develop. 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. With its 360-degree coverage, the V-Pay add-on will simplify the lives of our customers like never before. We deliver as promised to ensure that customers can have complete peace of mind,” Singhel added.
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