TATA AIG General Insurance company was incorporated in the year 2000 as a joint venture of TATA Group and American International Group. TATA is a trusted name in India, and coming in collaboration with globally acclaimed insurance and finance corporation has created trust among several customers. TATA AIG is providing excellent bike insurance plans to its users for more than two decades. TATA AIG bike insurance offers you all-around protection for any unforeseen incidents. It provides comprehensive coverage against the financial liabilities owing to theft, burglary, housebreaks, natural calamity, or third-party damage.
TATA AIG offers three types of bike insurance/two-wheeler insurance in India; Standalone own damage insurance, comprehensive insurance, and third-party insurance. An individual can choose a plan as per his requirement.
Advantages of TATA AIG Bike insurance
TATA AIG Bike insurance has distinctive features which make it a choice of millions. TATA AIG Bike insurance plan is cost-efficient and transparent.
The bike has become an integral part of the economy. Being the most convenient and affordable mode of transportation, it occupies a vital space in general people's life. With so many bikes moving across the cities, the probability of accidents rises, therefore the bike insurance reduces the risk that occurs being on the road.
Bike insurance shields you against the damages caused to your bike due to accidents, fires, natural disasters, or theft. The bike insurance will also safeguard you against liabilities incurred due to damages to any third party and his vehicle or property.
As per Indian law, it is mandatory to have at least third-party bike insurance. It will cover all the losses if you ram into any third-party vehicle or someone else hits you.
Bike insurance Policy
A bike insurance policy is a contract between the insurance company/ insurer and the policyholder/bike owner. The insurance company provides you financial coverage to your bike against any loss incurred due to accidents, fires, natural disasters, or theft. The bike insurance policy also covers third-party liabilities and personal accidents.
Bike insurance gives you financial security and minimizes the blow by paying for the damages in situations such as accidents, theft, natural calamities, etc.
Coverage in Bike Insurance
It is important to understand, what is covered in your bike insurance
Theft
The bike insurance policy covers the losses and damages incurred if your bike gets stolen.
Accidents
Any type of loss that happened to your bike due to an accident is covered in your bike insurance policy against the expenses towards repair or replacement.
Fire
Loss and damages that occurred to the bike due to accidental fire are covered in the bike insurance policy.
Personal accident
The bike insurance policy covers all the expenses of the owner-driver, if any accident occurs and unfortunately leads to death or any disability while riding the bike.
Natural and man-made Disaster
Damages and loss occurred to your bike due to natural disasters such as floods, tsunami, earthquakes are covered in the bike insurance policy.
The third-party liability
If your bike causes damage to someone else’s vehicle or property, you remain protected against all liabilities and financial obligations. As your bike insurance policy covers all the third-party liability.
Non- coverage in the bike insurance policy
It is also equally important to know, what is not covered in your bike insurance policy
Driving a bike without a license
You are required to hold a valid license while driving the bike otherwise your insurance company will reject the claim in case of any mishappening or accident.
Drunk driving
If any loss occurred due to driving the bike under the influence of alcohol, you can’t ask for any claim rather drunk driving is a punishable offense.
Consequential loss or depreciation
Any damage that occurred which is not due to an accident such as engine damage due to incorrect driving or loss due to depreciation is not covered in the bike insurance policy.
Negligences
Any damage occurred to your bike or any third party due to negligence like driving in a flood, the policy will not cover such losses.
In the absence of requisite add-ons
Some losses are only covered in the add-ons, so if you haven't taken the requisite add-ons, the corresponding condition will not be covered in the bike insurance policy.
Types of Bike Insurance policy
1. Comprehensive Bike Insurance
The comprehensive bike insurance policy provides complete coverage against damages to your bike or any third party or vehicle/property. Insurance companies allow you to customize your bike insurance policy by adding requisite add ons. Most of the companies give you the option of choosing the tenure of the policy and it can be extended up to three years.
Different add-ons are offered by the insurance companies like
• Zero depreciation Cover
With zero depreciation cover with the bike insurance policy, the depreciation will not be taken into consideration by the insurance company. This means the bike insurance policyholder will stand to get the total claim amount without any deductions against depreciation. You will receive the entire cost of repair/replacement. The premium of the bike insurance policy with zero depreciation insurance rider will be slightly higher than the one without it.
• Gear-Box and Engine protection cover
With this add-on cover, you can cover the engine and gearbox in case of any damages occurred post-accident.
• Break down assistance
Insurance companies provide roadside assistance in case of any breakdowns in your bike.
• Consumable cover
Through your add ons, the bike insurance policy also covers consumable goods like engine oils, nuts, screws, grease, etc in case of an accident.
2. Third party bike insurance
Third-party insurance covers the liabilities arising due to loss, injury, or damage to a third party, vehicle, or property. Third-party insurance is also mandatory as per the Motor Vehicles Act 1988.
3. Stand alone own damage cover
This bike insurance policy protects you against the damage or financial losses that occurred to your bike.
Bike Insurance Policy renewal
Renewing the bike insurance policy on time is very significant to enjoy several incentives and for better protection. It is also mandatory, as per the Motor Vehicle Act-1988 to renew your policy on time, whether you have third-party insurance or comprehensive bike insurance.
Always renew your insurance policy before expiry to enjoy better benefits, hassle-free insurance, and to get no claim bonus if the claim is not taken during the policy period. If you don’t renew your policy on time, your bike will be subject to inspection and lead to an increased premium amount. No claim bonus will also rest if you fail to renew the bike insurance policy within ninety days after its expiry.
The online process for Bike insurance
The online platform offers you the opportunity to do proper research to compare multiple policy options. Many aggregators and insurers are selling online policies. After comparing various policy quotes, you can opt for the best policies as per your requirement. You can also investigate the ratings & reviews of existing policyholders.
People are preferring the online process due to convenience. The online insurance policy can be done within few minutes. Most of the insurance companies allow you to self inspect your bike and upload the bike photos. You have to upload the required documents and pay the premium.
Your bike insurance policy will be delivered into your inbox instantly.
Process of filing the bike insurance claim
Firstly, you have to know the registration number of the vehicle involved in the accident. Note down the time and location of the accident. If there is any witness, keep their name and phone number.
File the FIR in the nearest police station. You should have the complaint copy for filing the claim.
Collect the claim form from the nearest branch or download it from the website of the insurance company. Duly fill the form and submit it along with the following documents.
• Copy of bike registration certificate
• Police complain or FIR copy
• Insurance policy documents
• Copy of driving license
• Bills in case of reimbursement claim
Submit the documents to the insurance company. Most of the companies are giving the facility of online submission of documents. You can also physically submit the documents to the insurance company branch.
After document submission, a surveyor of the insurance company will visit to inspect the damage that occurred to the bike. He will submit his report. If, everything will be in order. Your insurance claim will be accepted.
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