Everything You Need to Know About Tata AIG Two Wheeler Insurance in India

Two-wheeler insurance, or bike insurance, offers financial protection against damages, theft, third-party liabilities, and personal injuries. Policies include Third-Party Insurance, mandatory by law, covering third-party damages, and Comprehensive Insurance, which also covers own damage and natural disasters. Tata AIG’s bike insurance provides extensive coverage, high claim settlement, and easy online purchase/renewal, ensuring your bike and finances are well-protected.

INSURANCETATA AIG INSURANCE

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6/16/20243 min read

Tata AIG Two Wheeler Insurance
Tata AIG Two Wheeler Insurance

Everything You Need to Know About Tata AIG Two Wheeler Insurance in India

Two-wheeler insurance, also known as bike insurance, is a contractual agreement between the bike owner and the insurance provider. The insurer covers the costs related to damages to the bike, third-party liabilities, and in some cases, even injuries to the bike owner. This type of insurance provides financial protection in the event of unforeseen incidents such as accidents, theft, or natural disasters.

Types of Bike Insurance Policies
  1. Third-Party Bike Insurance:

    • Coverage: Legal liabilities for third-party property damage or injuries.

    • Legal Requirement: Mandatory as per the Motor Vehicle Act, 1988.

    • Cost: Generally lower premiums.

  2. Comprehensive Bike Insurance:

    • Coverage: Third-party liabilities, own damage, natural and man-made disasters, theft, and personal accident cover.

    • Benefits: Extensive coverage for the bike, the owner, and third parties.

    • Cost: Higher premiums due to broader coverage.

Key Features and Benefits of Tata AIG Two Wheeler Insurance
  • Savings on Premiums: Up to 75% off on premiums.

  • No Claim Bonus (NCB): Discounts starting at 20% for claim-free years.

  • Easy Claims Process: Online claims with the assistance of 650 claim experts.

  • Own Damage Cover: Protection against various types of damages to the bike.

  • Third-party Damage Cover: Financial protection for third-party property damage or injuries.

  • Unique Add-ons: Eight add-ons available for enhanced coverage.

  • High Claim Settlement Ratio: 99% claim settlement ratio (FY 2022-2023).

  • Cashless Repair: Access to over 4000 network garages for cashless repairs.

  • Quick Buying/Renewing Process: Simple online purchase and renewal process.

Why Bike Insurance is Necessary
  • Legal Fines Protection: Avoid hefty fines by having valid insurance.

  • Third-party Liability: Coverage for damages caused to third parties.

  • Theft Coverage: Financial protection against bike theft.

  • Disaster Coverage: Protection against natural and man-made disasters.

  • Personal Accident Cover: Coverage for personal injuries in road accidents.

Tata AIG Bike Insurance Plans
  1. Comprehensive Bike Insurance Policy: All-round protection including third-party liabilities, own damage, and personal accident cover.

  2. Standalone Own Damage Bike Insurance Policy: Covers damages to the bike but not third-party liabilities.

  3. Standalone Third-Party Bike Insurance Policy: Legal requirement covering third-party liabilities only.

Add-on Covers for Enhanced Protection
  • Depreciation Allowance: Reimbursement of depreciation value.

  • Return-to-Invoice Cover: Full invoice cost reimbursement in case of theft or total damage.

  • Emergency Medical Expenses: Reimbursement for medical and ambulance costs.

  • Additional Personal Accident Cover: Extra personal accident cover.

  • Additional Third-Party Property Damage Cover: Extra coverage for third-party liabilities.

  • Consumables Expenses: Coverage for consumables like oil, screws, and nuts.

  • Roadside Assistance: Immediate assistance for breakdowns.

Calculating and Reducing Bike Insurance Premium

Factors Affecting Premium:

  • Type and extent of coverage.

  • Age and model of the bike.

  • Geographical location.

  • Driver’s age and record.

  • Cubic capacity of the engine.

  • Safety devices installed.

  • Add-on covers chosen.

  • Modifications to the bike.

Ways to Reduce Premium:

  • Maintain No Claim Bonus (NCB).

  • Choose higher voluntary deductibles.

  • Install authorized safety devices.

  • Avoid excessive modifications.

  • Use a premium calculator to find the best rates.

Buying/Renewing Bike Insurance Online
  1. Step 1: Enter bike registration number and select the appropriate option.

  2. Step 2: Fill in bike and personal details, choose coverage and add-ons.

  3. Step 3: Get an instant premium quote and proceed to payment.

Benefits of Buying/Renewing Online
  • Easy Comparison: Compare different policies easily.

  • Time-saving: Quick and hassle-free process.

  • Paperless: Environment-friendly digital documents.

  • Instant Access: Access policy documents anytime.

  • Coverage Flexibility: Customizable policies.

  • Secure Process: Safe and confidential online transactions.

Understanding Key Terms

No Claim Bonus (NCB):

  • Discount on premium for claim-free years, transferable to new vehicles.

Insured Declared Value (IDV):

  • The current market value of the bike, determining the sum insured and premium.

Zero Depreciation:

  • Ensures full claim amount without considering depreciation.

Renewing Expired Bike Insurance
  1. Step 1: Enter registration number and click on ‘Renew.’

  2. Step 2: Provide bike and personal details.

  3. Step 3: Select IDV and NCB.

  4. Step 4: Choose add-ons.

  5. Step 5: Pay the premium and renew the policy.

Conclusion

Owning a good bike insurance policy is crucial for financial protection against various risks. Tata AIG offers a range of two-wheeler insurance policies with extensive coverage options and benefits to suit your needs. Whether you are buying a new policy or renewing an existing one, the process is made simple and convenient with Tata AIG's online platform.

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