Tata AIG has been one of the leading insurance providers in the country for some time now. The company came into existence on the 22nd of January 2001. It is a joint venture between the Tata Group and the AIG or American International Group. Tata group is one of the largest conglomerates in the country, while AIG runs the business successfully in more than 100 countries.
The insurer has managed to win several awards on the way, due to its product and services. Tata AIG offers comprehensive bike insurance plans at reasonable rates as well. The company has more than 460 customer service teams to ensure a great service experience. The brand has a workforce of 2833 employees across 152 branches in the country.
Overview of Tata AIG two-wheeler insurance
The number of accidents on Indian roads is something that would bother even the best of the riders. Being a careful rider is a great start and ensures that there are no mistakes from your end. However, it is only a part of the equation. A person might get involved in an accident due to the inattentiveness of someone else altogether.
If you own a bike or are planning to buy one, getting Tata AIG Bike insurance is one of the smartest ways to deal with the situation. Tata AIG two-wheeler insurance grants you protection against some of the most common issues or problems that riders face. It will not take you long to find the apt policy with Tata AIG and without burning a hole in your pockets as well.
Key features and benefits of Tata AIG insurance
When you opt for the Tata AIG bike insurance policy, you get access to the following features and benefits.
- You can renew your bike insurance policy instantly, without having to furnish additional documents
- The insurer is known to have quick turnaround time for claims settlements
- With Tata AIG you can opt for long term bike insurance policies, ranging from 1 year to 5 years
- You have access to a 24/7 customer service desk to resolve any queries or issues
- The policy offers a personal accident cover of INR 15 lakhs
- Tata AIG Bike insurance policy takes care of any liabilities arising out of third party individuals or properties involved in an accident
- The insurer has a very intuitive model of handling service requests, making it that much easier
- Tata AIG offers discounts in the form of no claim bonus, anti-theft device installation, AAI membership, etc.
- The insurer offers emergency roadside assistance for various services such as flat tyre, towing, jump start, etc.
- You also have the option to buy add-ons to make the most out of your bike insurance policy
- Tata AIG offers several payment options from which you can choose
Plans offered by TATA AIG two-wheeler insurance
Tata AIG two-wheeler insurance is available in two definitive trims. You can opt for either a third-party liability policy or a comprehensive package plan.
- Third-Party Liability two-wheeler insurance plans
The Motor Vehicle Act of India mandates all vehicles to have a third-party liability policy. If the bike of a policyholder meets with an accident and it results in damage to a property, death of an individual or bodily injury, the third-party liability covers such instances. The limited coverage of a third-party liability policy is one of the reasons why the policy premiums are low.
The Motor Vehicle Act saw some amendments recently and according to the changes, any new bike must be sold along with a mandatory five-year third-party liability policy.
- Comprehensive Package Policy two-wheeler insurance plans
As one might guess from the name, it offers comprehensive coverage for your bike. A comprehensive package policy includes third party liability cover and offers additional coverage. It offers three distinctive coverage in the form of:
- Accidental damage to your two-wheeler in the event of theft, natural disasters, riots, explosions, fire, etc.
- It offers cover against damage to properties or individuals and any other legal liability due to an accident involving your bike
- The plan also offers personal accident cover for the owner or rider of the bike. It covers the death of the policyholder and permanent disability
- Long Term policies
This is not a separate category of policy, rather it applies to the above policy types. You can choose to buy a policy for a much longer duration so that you don’t have to worry about Tata AIG two-wheeler insurance renewal every year. You can buy the policy for 2 or 3 years at a stretch.
Coverage and exclusions under TATA AIG insurance
Going through insurance policy documents can seem to be a bit tedious for policyholders. However, it is in the best interest of everyone to go through them. Or at least, some of the major portions of it. Being aware of the coverage and exclusions of your Tata AIG two-wheeler insurance is essential.
All the situations or scenarios where your policy offers stands valid are called as coverage. And the situations where it does not, are known as exclusions. Knowing these points will help you avoid claim rejections.
Tata AIG bike insurance offers the following coverage.
- Any kind of damage due to lightning, fire, explosion, etc.
- Any damages or loss of bike due to burglary, theft, etc.
- Any damages due to riots, strikes, vandalism, terrorism, malicious activities, etc.
- Any damages caused by an external accident
- Any damages or loss due to natural calamities such as floods, cyclones, earthquakes, etc.
- Any damages or loss while the bike is in transit through the air, water, rail or by road
- Any liabilities for third party individuals or properties due to an accident caused by your bike
- Personal accident cover of up to INR 15 lakhs for the insured
Exclusions of Tata AIG Bike Insurance Plans
Your Tata AIG bike insurance will not cover the following scenarios.
- Tata AIG does not offer bike insurance for vehicles that are imported
- The policy does not cover any depreciation costs
- Any damage or loss due to ageing or natural wear and tear of the vehicle and its parts
- The plan does not cover the intentional accidental loss
- Damage or loss due to mechanical or electrical breakdown of the bike
- Any sort of consequential damages
- If the insured is found to be driving under the influence of intoxicants or alcohol
- If the person riding the bike is found to be doing so without a valid driving license
- Damage to the tube or tyres of the bike, unless the bike is damaged along with it
- Damages or loss that takes place outside of Indian geographical limits
Add – on covers available under TATA AIG insurance bike insurance plans
Each rider has different expectations from their bike insurance policy. While some of them buy a policy to get the bare minimum cover, others want extensive coverage for their bikes. Keeping such varied requirements in mind, Tata AIG bike insurance offers add-ons. By paying an additional premium, you can improve the coverage of the policy. Here is a list of the add-ons that Tata AIG offers.
- Nil Depreciation
During claims, insurance companies do not pay for the full amount for repairs or replacement of certain parts of the bike. Depreciable parts like tyres, rubber, metal, plastic, etc. And a policyholder ends up paying the amount from their pockets but not with a Nil Depreciation add-on.
Should a policyholder opt for this add-on, the insurance company must consider the actual costs of the repairs or replacement and not deduct depreciation from it. The only thing to remember is that you can claim this add-on only twice during a policy term.
- Consumables Cover
At the time of repair or servicing, there are a lot of consumables that come into the picture. Consumable such as screws, nuts, bolts, lubricants, washers, brake oil, etc. are commonly used but not covered under a standard bike insurance policy. The consumables add-on covers the expenses of the consumables, provided the repair takes place in one of the network garages recommended by Tata AIG.
- Return to Invoice
As discussed earlier, the price of a bike goes down with time due to depreciation. If a policyholder were to lose their bike or it is deemed beyond repair, there is a lot of money that a policyholder can lose. However, with the return to invoice cover, it can be avoided. The add-on ensures that for total loss or beyond repair conditions, the insurer pays the invoice amount, which includes road taxes and registration amount also. The only two conditions being, you must be the first owner of the bike and the finance provider for the bike (usually banks) must agree to the same in writing.
- Medical Expense Cover
This add-on offers financial assistance for medical expenses for the insured. This includes hospitalization charges along with expenses related to an ambulance for the insured and the pillion rider. While the add-on will cover expenses related to the accident, it won’t cover any conditions before the accident.
- Personal Accident cover for an unnamed person
With this add-on, you can buy additional coverage for the pillion rider or anyone else who rides the bike apart from you. This add-on would make sense if you frequently ride with a pillion or someone else rides your bike apart from you.
Rate of depreciation table of Tata AIG Bike Insurance Policies
Tata AIG bike insurance follows the below depreciation rate for its different bike parts.
|Bike’s Age||Depreciation in %|
|Up to 6 months from buying the plan||5|
|Between 6 months and a year of buying the plan||15|
|Between 1 year and 2 years of buying the plan||20|
|Between 2 years and 3 years of buying the plan||30|
|Between 3 years and 4 years of buying the plan||40|
|Between 4 years and 5 years of buying the plan||50|
How to Buy Tata AIG bike insurance plans?
Tata AIG offers a lot of flexibility for potential policy buyers. You can buy Tata AIG two-wheeler insurance either online or offline. Offline mode is the traditional mode where one would have to interact with an insurance advisor or visit a branch office to buy a policy. When you opt for online mode, you can sit back, relax and buy the policy from the comfort of your home.
Buying your Tata AIG bike insurance online is a much richer experience. You can visit the website of Tata AIG and look to buy a new policy. Alternatively, you can visit Turtlemint for buying your bike insurance policy. Turtlemint lists all the bike insurance policies and makes it easier for you to choose a plan that best meets your needs. Thereby increasing the chances of you buying the best policy out there.
You can buy Tata AIG two-wheeler insurance on Turtlemint’s website. The most significant difference being, you will be able to compare between different insurers. Should you decide to buy from Turtlemint’s website, here are all the steps involved.
- You must visit https://www.turtlemint.com/two-wheeler-insurance
- Up next, you must provide the registration number of your bike
- You can then scan through various plans available based on your bike’s year of purchase and place of registration
- To proceed with the purchase, you must provide the following details:
- Manufacturer of bike
- Model of bike
- Year of manufacture
- Fuel type
- Previous policy details
- Claims made during the previous policy
- Previous policy provider
- Turtlemint will then list out all the policies that fit your requirements along with their premiums
- You can then pick a policy and proceed to buy it on the same page.
The renewal process for TATA AIG two-wheeler insurance
Tata AIG two-wheeler insurance renewal is a much easier step than buying a new policy. You just need to visit the website of Tata AIG and look for the renewal option. The website will then ask for your phone number and policy number, post which you can get the quotes and proceed to buy the policy.
You can visit Turtlemint for renewing your bike insurance policy also. The easy and intuitive design of the website ensures that you find it relatively easy to renew your policy. There is one additional benefit of renewing your policy from Turtlemint. The website lets you compare policies before zeroing down on one. This lets you pick up a policy that is both lights on your pockets and at the same time, offers all that you are looking for.
The simple steps for Tata AIG two-wheeler insurance renewal involve you filing up bike details and personal details. Next, you must choose an insurer, check the premiums that they are offering and if you are happy with the policy, you can pay for the policy. And receive the policy documents in your inbox within a few minutes.
Documents required to buy/renew a Tata AIG Bike Insurance policy
To buy Tata AIG two-wheeler insurance you would need the following documents.
- An identity proof (PAN, Aadhar, Passport, etc.)
- An Address proof (Driving License, Passport, Government identity card, etc.)
- A photograph of the applicant
- Personal details of the policyholder
- Registration number and RC of the bike
To renew your bike insurance, you would only need to provide your previous policy details and cross verify the existing details before paying the premiums.
The Claim process for TATA AIG two-wheeler insurance
The claim process for your Tata AIG bike insurance is as follows.
- Primarily, you need to inform Tata AIG about the incident by calling at their toll-free number
- The insurer will then appoint an independent surveyor to assess the damages to the bike
- Tata AIG would then confirm the liability and its acceptance of the claim
- You must now visit any network garage listed by Tata AIG to avail of cashless benefits
- Should you visit any other garages, you must pay for the repairs and claim the amount afterward.
While the above are some generic steps for claims, the process might change for certain types of claims such as accident or theft.
- Contact Tata AIG and inform them about the incident
- Submit the claims form
- File an FIR at the nearest police station
- Provide a copy of the policy document, driving license, RC of the bike, etc.
- An estimate of repairs from a garage
- NOC and Form 35 from the financier of the bike in the case of a total loss
- Contact Tata AIG and inform them about the incident
- Submit the claims form
- File an FIR at the nearest police station
- Submit the keys with Tata AIG
- Submit the No Trace Report after acquiring it from the police department
- Submit Forms 26,28,29,30 and Form 35
Claims can be a bit of a lengthy or tricky at times. To help you in such situations, Turtlemint offers an exclusive feature of helping you with claim settlements. You can raise a claim from the website of Turtlemint and their claim settlement team will get in touch with you. For claims, you can reach out to Turtlemint at 1800 266 0101 or email them at email@example.com.
Yes, it does. If you do not want the hassles of renewing your bike insurance every year, you can opt for a long term plan from Tata AIG. The insurer offers policies for up to 3 years and it is an excellent method to beat inflation as well.
Tata AIG offers a grace period of 90 days within which you must renew your policy to continue using the benefits of NCB. If you do not renew your policy within this period, the NCB will get lapsed.
In the case of theft, the insurer would pay the IDV or the insured declared value of the bike to the insured. The IDV is calculated on the basis of the bike’s age, engine capacity and location. And policyholders have the option to play around with IDV while renewing their policies.
To know the depreciated value of your bike, you can refer to the Rate of Depreciation table above.
Tata AIG offers quick turnarounds when it comes to settling bike insurance policies. It usually takes about 7 working days to settle a claim, once all the documents are successfully submitted.