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TATA AIG Bike Insurance
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TATA AIG Two Wheeler Insurance Highlights
Tata AIG General Insurance Company Limited is a joint venture between the Tata Group and the American International Group (AIG). Tata AIG General Insurance Company Limited celebrated 20 years of service as on 2020, since it commenced operations on January 22, 2001. The company has made a mark in the industry by launching several innovative products and services over the years.
Claim Settlement Ratio
TATA AIG General Insurance Company Limited started its operations on January 22nd, 2001 and has been serving the nation with its quality service and various contemporary products for a glorious twenty years now. A joint venture between the TATA group and the American International Group (AIG), the Tata AIG General Insurance Company Limited offers a wide range of General Insurance products that serve the various business and individual insurance requirements. The Tata AIG products lined for its consumers are of a varied range starting from Health Insurance, Home Insurance, Rural-Agriculture Insurance, Motor Insurance, Travel Insurance and the likes. Tata AIG offers some very useful and specialised products in the Commercial sector as well.
Tata AIG has its presence felt all over the country through over 200 branches and about 6220 employees. The number shoots up to a much higher figure when combined with various other channels and agencies which operate across the country. The ‘Go Digital’ initiative of TATA AIG, has helped in establishing its presence online while benefiting the customers in buying and getting the policy issued effortlessly.
Tata AIG moves ahead with its vision of being the leader in the general insurance industry while keeping up their caring standards for the customers and providing new ways to combat their risks. The six core strengths on which the Tata AIG group bank on are people, empathy, passion, integrity, performance and putting their customer first. Tata AIG has established ‘Tata AIG Academy’ in May 2014 as it also believes in empowering its employees and helping them succeed in this radically changing world.
Tata AIG offers Two-Wheeler Insurance Policies realising the fact, as many of us do, that it is more likely for bikes to face an accident as they are lighter and more exposed than cars. More so, as many youngsters ride bikes without displaying their sense of responsibility. Hence, taking bike insurance is compulsory as per the Indian Government as well as to safeguard your personal damage. The registered Head office of the TATA AIG group is in Mumbai, Maharashtra and carries forward a rich brand heritage and values.
Types of TATA AIG Two Wheeler Insurance Plans:
- Tata AIG Comprehensive Two Wheeler Policy:
Tata AIG happens to be one of the leading brands among the ones to offer a Comprehensive Two Wheeler Package Policy. This Policy, as its name suggests is comprehensive in nature, which implies that it provides cover for both the owner rider and the third party liabilities in case of any damage to body parts, disability or death caused to either the owner rider or any third party owing to an accident involving the insured bike. It also includes damage to third party property damage. However, since the coverage of this policy is more extensive, it does come for an enhanced amount of premium.
There are two types of Tata AIG Comprehensive bike policies, namely:
- TATA AIG short term Comprehensive Two Wheeler Policy:
The Short term comprehensive two-wheeler Policy covers both third party liabilities and own damage for only a short span of one year.
- TATA AIG long term Comprehensive Two Wheeler Policy:
The long term comprehensive two-wheeler policy of Tata AIG covers the third-party liabilities and own damage for a long span of five years. This plan provides cover for any damage caused to your own vehicle or a third-party vehicle in case of an accident involving the insured one. It also provides cover for the owner -rider, pillion rider or any third party in case of all bodily injuries and/or permanent or partial disability or death owing to the accident.
The Comprehensive Package Policy of TATA AIG also provides cover to the vehicles in case the loss of or damage to the vehicle is caused by either natural disasters or man-made disasters. The detailed list of such instances wherein the company does provide protection are:
- by earthquake
- by floods
- by landslides
- by cyclone, storms, etc
- by fire explosion: self-ignition or lightning
- by theft or burglary
- by terrorist activity or malicious act
- by riots and strikes
- whilst in transit by road, rail, waterways or air
- external accidents
- Third-Party Liability Only Insurance Plan:
According to the Motor Vehicles Act, 1988, it is compulsory for all bike owners to get a Third Party Liability Only Plan for the vehicle to come on the road. As the name of the plan suggests, this plan covers any damage caused to the third party property, any injuries caused to the body parts or death to the third party by way of an accident with the insured bike.
The Indian Government has now made it mandatory for bikes purchased post-September 2018, to get the Third Party Liability Insurance plan for a period of 5 years.
- Personal Accident Cover for Owner Driver:
In case of an unfortunate incident of accidental harm caused to any body part of the owner rider, permanent or partial disability or death caused in the accident, TATA AIG personal accident plan provides cover for them all. The company pays compensation if the owner-driver faces any bodily injury or death directly involving the insured bike. It also provides cover to the co-driver in case he sustains injury or death as a result of an accident.
The compensation is paid to the insured person or the nominee of the policy according to the following scale, in case the injuries sustained in the accident leads to the crises of the mentioned nature, independent of any other cause, within six months of the accident:
|Details of Injury||Scale of Compensation|
Loss of one limb and sight of one eye
The compensation under this cover will be payable for only one of the situations listed in the given scale. The total compensation payable under this scheme, will not exceed an amount of INR 15 lakhs.
Nominee details are mandatory for this cover. Please ensure you provide your nominee details when you fill-up the form.
Benefits of TATA AIG Two Wheeler Insurance
- Brand Value and Rich Heritage:
Tata AIG two-wheeler insurance bears the high brand value and trustworthiness of the Tata group of industries. All the plans or policies offered by TATA AIG are customer friendly and cater to the individual needs of the customers. The House of Tata firmly believes in putting the customer first.
- Easy and Hassle-free procedures:
At Tata AIG, the various processes like policy issuance, renewal and claim settlement follow very simple procedures and are absolutely hassle-free for the customers, with almost no paperwork required for it.
- No Hidden Conditions or Illegible fine print:
Tata AIG policies have no hidden conditions which are not revealed at the time of selling the policy to the customer. All conditions are mentioned in the policy document in the legible fine print.
- Depreciation slabs are predeclared:
The TATA AIG two-wheeler policies have the depreciation slabs pre-declared in their policy document, which is applicable at the time of fixing the IDV (Insured’s declared value /Sum Insured) or at the time of estimation of the value for claims for replacement of the vehicle or damaged parts of the vehicle.
- An extensive range of add on benefits:
TATA AIG provides an extensive range of add on benefits to its policies to increase the range of cover for the add-ons of the bikes as well as the vehicles insured. The various add on covers offered by TATA AIG policies are:
- Depreciation Allowance:
Tata AIG pays the amount deducted on the basis of depreciation value of the replaced parts under Own Damage Claim. The benefit of zero depreciation add-on cover can be availed only for the first two claims.
- Return To Invoice:
According to this add-on benefit, TATA AIG will pay the difference amount between the claim received under own damage cover and the invoice value of the vehicle in case it is a situation of Total loss or Constructive Total Loss or in case of theft.
- Consumable Expenses:
The cost of consumables which need to be replaced/replenished in case of an accident involving the insured bike. Lubricants, screws, nuts and bolts, engine oil, gearbox oil, distilled water, oil filter, grease, clip, brake oil, bearings, washers and similar products other than fuel are all considered to be such consumables.
- Emergency Medical Expenses:
The Emergency Medical Expenses add on benefit reimburses the medical expenses incurred in an emergency situation wherein the owner/rider/pillion rider needs to be taken/ admitted to a hospital or Nursing Home. Reasonable ambulance charges required to shift the patient from the site of the accident to the hospital/ Nursing Home and also some additional supporting items required for the injured like a wheelchair, crutches, artificial limbs, etc. are also covered under this cover.
- Additional Personal Accident Cover to Owner Driver:
Considering the increased risk of accidents as far as two-wheelers are concerned, TATA AIG provides an additional Personal Accident Cover to the registered Owner driver. This add-on benefit is optional.
- Additional Third Party Property Damage Cover:
In case you feel that you need to take an additional Third Party Property Damage cover, Tata AIG readily offers the same to you. This add on benefit gives an additional cover in case of third party property damage, which is over and above the amount covered by the policy.
- Additional Personal Accident Cover To Unnamed Persons:
In case you want to opt for an additional cover for the unnamed pillion rider or occupant of the insured bike, Tata AIG also offers the cover as an add on benefit. This add-on provides the extra cover to the unnamed pillion rider in case of any bodily injury(ies) or death caused to them involving the insured vehicle. This additional cover is over and above the amount covered as per the policy.
Note: All add on benefits are available on payment of an enhanced amount of premium along with the base products.
What is Covered Under Tata AIG Bike Insurance Plans?
- Accidental loss or damage to the vehicle insured:
Any damage or loss to the two-wheeler caused by any external accident directly involving the insured bike is covered by the TATA AIG two-wheeler plans. All kinds of damages, dents, broken parts or loss of the vehicle is either replaced or repaired under this cover
- Third-Party Losses:
Any loss of life or bodily injury caused to the third party or damage caused to the third party property and/or damages caused to a third party vehicle involving the insured bike are covered under the Third-party liability only plan of Tata AIG General Insurance Company Limited.
- Personal Accident Cover for owner-driver:
Tata AIG covers the insured rider for any bodily harm caused while getting on or off the insured bike or while riding the vehicle. The compensation is paid according to a scale in case of death, loss of limbs or eyesight and permanent disablement.
- Theft and Burglary:
Tata AIG covers the cost of replacement for your two-wheeler in case of loss of the vehicle by way of theft or burglary.
- Natural disasters:
Any damages caused to the bike or losses incurred for the insured vehicle in natural disasters like floods, cyclone, earthquakes and the likes, are covered under the Tata AIG Two-wheeler policies
- Man-Made Disasters:
Damages caused to the two-wheeler or any losses incurred for it due to some man-made disaster like terrorist activities, strikes, riots, accidental fires and the likes are covered by the two-wheeler plans offered by TATA AIG.
What is not Covered Under TATA AIG Two-wheeler Insurance Plans?
Tata AIG two-wheeler policies do not provide any protection or cover for the damages to the vehicle or any bodily injuries/death of the rider in case of the following two-wheeler exclusions:
- Regular Wear and Tear:
The Losses arising from the regular wear and tear of the insured two-wheeler is not covered by the Tata AIG policies. Regular servicing of the bike is the onus of the owner and no expenses related to the same would be borne by the company.
- Damage due to Drunken driving:
No compensation will be provided by TATA AIG in case of damage to the bike or any bodily injuries/ death sustained by the rider while being under the intoxication of alcohol or any other banned drugs.
- Electrical or Mechanical Breakdown:
Damages or expenses occurring due to electrical or mechanical breakdown of the bike is not covered by the Tata AIG insurance plans
- Self-inflicted injury or self-created damage/ Pre-existing ailment:
No compensation is covered by the TATA AIG insurance plan in case the damage to the insured bike or the rider is owing to some self-inflicted injury like suicide or attempted suicide or arising out of a pre-existing defect.
- Damage occurring outside the Geographic Area of the permit:
Damages caused to the vehicle or rider in an accident occurring whilst riding outside the specified Geographic area as mentioned in the policy document will not be covered by the Tata AIG policies.
- Damage caused owing to any connection with any war hostility or nuclear weapons:
No compensation is provided if there is any link between the accidental damages caused to the bike or the rider or death related to, even remotely, to any war, civil mutiny or any kind of usage of nuclear weapons.
How to Apply for the Tata AIG Bike Insurance Policy?
Step 1: Fill the form online
Visit the official website of Tata AIG Two-wheeler policy. Fill in the form with your basic credentials and the details of the bike and get an instant quote for your required plan.
Step 2: Finalise your policy/plan as per your needs:
Choose and finalise your plan as per your needs from the array of products offered by the Tata AIG two-wheeler Insurance Company.
Step 3: Get Your Online Policy:
You need to make the payment of the premium for your chosen policy and submit your ID and KYC document to get the instant soft copy of your issued policy in your registered mail id.
How to Renew Your Tata AIG Bike Insurance Policy?
The Tata AIG Bike Insurance Policy can be renewed in the following ways:
- Online payment of premium- You can make a payment of your renewal premium online via your credit or debit card by clicking on the renew tab in the website.
- Renew on call- You can call the toll free number 1800-266-7780 for renewal of your policy.
- Visit the nearest branch- You can also visit the nearest branch to get your policy renewed.
Your Tata AIG bike Insurance plan may be renewed with the consent of the company. However, the terms and conditions and /or the benefits under the policy of the company as well as the amount of premium are subject to change at the time of renewal of the policy.
Claim Process of Tata AIG Two-Wheeler Insurance
The step-by-step process for claim settlement of Tata AIG Bike Insurance are as follows:
Step 1: Intimation to the Tata AIG Insurance Company
You need to intimate the Tata AIG office regarding the cause or placement of the claim vide :
Call Centre toll-free number: 18002667780
Step 2: Furnish details of loss immediately
You need to immediately notify the company regarding the loss event, location of the damage, location of the damaged two-wheeler and also share the contact numbers and details of the contact persons.
In case the loss is owing to theft then the insured must notify the insurer and the Police within 48 hours of the incident of theft or burglary. An FIR must be lodged and a copy of the same obtained from the Police station.
Step 3: Notice of claim to be given to Tata AIG Insurance Company
A notice of claim must be provided to the company immediately after the loss or as soon as the potential loss begins. The claim will be valid if the loss or potential loss is intimated within a reasonably possible time span from the time of loss, if not done immediately.
How to Revive a Lapsed/ Expired Tata Bike Insurance Policy?
Your policy is in a lapsed or expired status if your premium has not been paid on time. If the premium remains unpaid past the grace period, the policy cannot be renewed. No claims are valid if the policy is in the expired or lapsed state.
If the grace period has not lapsed then the policy can be renewed by making the payment of premium via the website, calling customer service toll free number or visiting the nearest branch.
Review of Tata AIG Two-Wheeler Insurance Plan:
Tata AIG comes with the legacy and rich brand value of the House of Tata and banks on customer centricity as far as their services are concerned. The Tata AIG Two-wheeler Insurance plans are considered to be amongst the most transparent policies with no hidden terms and conditions and all parameters are clearly given in the fine print. Tata AIG Comprehensive two-wheeler policies are all-inclusive in nature and prove to be of extreme utility to its customers. Tata AIG Bike Insurance has an extremely satisfied customer base who stick to the company owing to the very efficient customer service and fast settlement of claims.
Tata AIG General Insurance Company Contact Information:
|Registered Office Address|
Peninsula Business Park, Tower A, 15th Floor, G.K. Marg, Lower Parel,
Mumbai 400 013, Maharashtra,India
|24 * 7 Toll-Free Number||New Customers: 1800-266- 7780|
Add ons for your Two Wheeler Insurance
Tata AIG Bike Insurance FAQs
1. What is a two-wheeler policy?
- A policy which covers the damages caused to the two-wheeler arising from the event of an accident or natural /manmade disasters or the financial loss in case of theft or burglary comprises a two-wheeler policy. You have the option to choose either a comprehensive two-wheeler policy which covers third-party liabilities as well as own damages. On the other hand, you can also go with Liability only policy, also known as Third-Party Insurance, covering only third party liabilities (which is mandated by the Indian Government).
2. What is IDV in Two Wheeler Insurance? How does the depreciation depend on it?
IDV is the sum based on which the insurance policy is issued. It is the selling price of the two-wheeler as listed by the manufacturer and is the sum insured of the policy. The value of the bike decreases with the depreciation of the two-wheeler so, the sum insured is not the same for the whole life span of the two-wheeler.
3. What is Depreciation?
The value of the two-wheeler and its parts decreases with the passage of time and regular wear and tear. This is known as Depreciation. Depreciation slabs are pre declared by TATA AIG in their policy document for the easy reference of the customers.
4. How much premium needs to be paid for a two-wheeler Insurance policy?
Tata AIG provides a premium calculator on its website for you to easily get an approximate premium value for the two-wheeler policy of your choice.
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