Tata AIG Two-Wheeler Insurance Policy: Coverage, Claim & Renewal

Updated: 29-08-2023 07:45:27 AM

What is Tata AIG Two-Wheeler Insurance Policy?

TATA AIG two-wheeler insurance policy provides comprehensive policy to bike owners and protects the vehicle from any unforeseen incidents. It offers personal accident and third party liability to the insured. In case of accident and unanticipated emergency, this two-wheeler policy will take care of the financial liability that arises due to theft, natural calamities like lightning storms.

Types Of Tata AIG Two-Wheeler Insurance Policy

Tata AIG currently offers three insurance plans under its Two Wheeler Package which have been discussed below:

• Auto Secure Two Wheeler Package Policy: This two wheeler insurance provides coverage for one year and offers protection against a number of eventualities including third party liability. It comes with various add-on options, thus helping policy buyers to customize the coverage.
• Auto Secure Liability Only Policy: If you own a two-wheeler, you are required to at least have a third-party liability-only policy. This policy provides coverage against the death and bodily injury sustained by a third party, and damage to the assets/property of a third party. Along with that, it also offers personal accident coverage to the owner-driver and pay in case of death, loss of limbs, eye and permanent total disablement.
• Two Wheeler Extended Warranty/Long Term Insurance Policy: This policy provides extended warranty to your two-wheeler provided the vehicle must have manufacturer’s warranty for at least one year. It covers the cost of repair or replacement of the damaged parts caused by a breakdown or failure of a mechanical, electronic or electrical part of the insured vehicle. The policyholder has the option to choose this policy with an option of policy tenure 1/2/3 years.

Also Read: Two Wheeler Insurance, Coverage, Claim & Renewal

What All Tata AIG Two-Wheeler Insurance Covers?

1. Auto Secure Two Wheeler Package Policy

TATA AIG Two Wheeler Policy will indemnify the insured if the claim has arisen due to the following:

Loss of or damage due to,

• Fire explosion, self-ignition or lightning
• Burglary housebreaking or theft
• Damage due to natural occurrences (earthquake, flood, cyclones, flood, hailstorm frost)
• Damage due to mob activities, riots, terrorist activities
• Damage whilst in transit by road rail inland, waterway lift elevator or air

Liability To Third Party

In case the accident is caused by or arising out of the use of the insured vehicle, the insured will become liable to pay for the following

• Death of or bodily injury to any person including the pillion rider
• Damage to property other than property belonging to the insured

Personal Accident Cover for Owner-driver

This policy will pay compensation in case of bodily injury/death sustained by the Owner-Driver of the vehicle due to violent accident.

2. Two Wheeler Extended Warranty Insurance Policy: If the insured vehicle is unable to operate because of a mechanical, electronic or electrical Breakdown, this policy will reimburse the replacement or repair cost of the following:

• Head cylinder and cover cylinder head
• Crankshaft and camshafts
• Rocker Arm Shaft
• Piston Rings
• Inlet and Exhaust valve
• Cylinder Block and Piston

Above list is not exhaustive but indicative of what it covers

How To Apply Online For Tata AIG Two-Wheeler Insurance Policy?

To purchase a two-wheeler insurance policy from Tata AIG, you will need to do as follows:

• Visit the official website of Tata AIG
• Click on ‘Buy Now’ at the top of the page
• Select ‘Two Wheeler’ and enter the required details such as brand, model number, variant on the page
• After entering the details, click on ‘Get Quote’
• Afterwards, the policy will be issued and all the details will be sent to your registered Email ID

Claim Process

In case any insured event takes place, the policyholder or someone from his/her behalf should intimate the insurance company immediately and below is the process of doing that:

• While intimating them, the policyholder or claimant should have these details handy:
  • Contact number
  • Policy Number
  • Name of Insured
  • Date & Time of loss
  • Location of loss
  • Nature of Loss
  • Place & Contact Details of the person at the loss location
• The insured or claimant needs to furnish loss details such as details of the loss event, location of the loss and of the damage vehicle, contact numbers
• The policyholder must submit the necessary documents to substantiate the nature and extent of loss
• If the claim is for theft, the policyholder needs to report to the police as well as intimate the same to the insurance company within 48 hours from theft along with submitting the FIR
• Any accident involving third parties must be reported immediately to the insurers
• Tata AIG will arrange for an inspection to survey the damage. In case of major damages, a specialist surveyor will be deputed to assess the loss
• The claim is settled on agreement of an amount between the insured and the insurer

Document Required For Claim Process

• Duly-filled and signed claim form
• Copy of the registration certificate of the vehicle
• Copy of the driving license
• Copy of the insurance policy
• FIR, if applicable
• Repair bill in original, cash receipt, and proof of release
• Any other documents that are requested by your insurance company

Cases Where You Can’t Claim Tata AIG Two-Wheeler Insurance

The insurance company is not liable to cover if the claim has arisen due to the following event/s:

• Consequential loss
• Depreciation due to wear and tear
• Mechanical or electrical breakdown failures
• Driving under the influence of alcohol or intoxicating substances
• Damage due to driving without invalid driving license
• Accidental loss damage and or liability caused sustained or incurred outside the geographical area
• Caused by nuclear weapons
• Driving recklessly or without heed to standard guidelines

Add-On Covers On Tata AIG Two-Wheeler Insurance Policy

Depreciation Allowance: The insurance company will pay the depreciation amount which gets deducted on the value of parts replaced by the policyholder under own damage claim

Return To Invoice: Company will pay the financial shortfall if any between the insured amount receives and the purchase price of the vehicle as confirmed in the sales invoice along with the first time registration charges in the event of total loss, theft of vehicle during the policy period

Consumable expenses: This will cover the cost of consumables such as engine oil, lubricants, nut&bolt, etc. required to be replaced in the insured vehicle due to the damage or loss from an accident

Emergency medical expenses: This cover will pay emergency medical expenses incurred by you for bodily injury due to accident. It also covers ambulance charges.

Additional third-party property damage cover: In case of an accident by an insured vehicle, this cover will pay for the damages to property other than property belonging to you

Additional personal accident cover to owner driver: This will cover the owner-driver if met with an accident and suffers bodily injury or death

Additional personal accident cover to unnamed persons: This cover will provide compensation in case the unnamed hirer/driver/pillion/side car passenger suffers bodily injury due to insured vehicle

Road side assistance: Certain services given below will be provided to the insured if his or her vehicle is immobilized due to flat tyre:

• Repair and towing assistance
• Service for flat tyre
• Flat battery-jump start service
• Repair on the spot
• Locked/Lost keys
• Fuel support (Emergency fuel delivery)

Insured Declared Value

The Insured Declared Value is the sum insured which is fixed at the starting of each policy period for the insured vehicle. It represents the value of the vehicle as per current market conditions and is fixed on the basis of the manufacturer’s listed selling price of the brand and model.

Below is the Schedule of age-wise depreciation for Fixing IDV of the Vehicle for the purpose of Total Loss/Constructive Total Loss (TL/CTL) claims only:

Age Of The Vehicle	Percentage Of Depreciation For Fixing IDV
Not Exceeding 6 months	5%
Exceeding 6 months but not exceeding 1 year	15%
Exceeding 1 year but not exceeding 2 years	20%
Exceeding 2 years but not exceeding 3 Years	30%
Exceeding 3 years but not exceeding 4 years	40%
Exceeding 4 years but not exceeding 5 years	50%

If the vehicle is five years old and obsolete, IDV would be determined on the basis of an understanding between the insurer and the insured.

Tata AIG Two-Wheeler Insurance Renewal

It is important to renew your two wheeler policy on time to be sure you are protected while on road. Below is the process of renewing Tata AIG Two Wheeler Insurance Policy:

• Log onto the official website of Tata AIG insurance.
• Click on ‘Renew’ at the top of the page
• Next, you will need to click on ‘Two Wheeler’
• Enter your mobile and policy number, and then click on ‘Proceed’
• You will be able to renew your policy online after completing the above-mentioned formalities

Tata AIG Two-Wheeler Insurance Cashless Garages

Tata AIG has network garages across the country. One can use the search option on the website to find the closest network garage.

Advantages Of Tata AIG Two-Wheeler Insurance Policy

There are a few points which differentiate Tata AIG’s two-wheeler insurance policy from the other two-wheeler insurance policies available in the market and they are as follows:

• Discounts: The No Claim Bonus that is offered by Tata AIG can help the policyholder save on premium payments.
• Protection: Tata AIG Two-Wheeler Policy covers the loss/damage to the vehicle arising out of multiple scenarios subject to terms and conditions.
• Online renewal: The policyholder can renew their policy online. Thus, helping him/her save time and effort.
• Third-party liability: It is mandatory under law to have third party liability cover and however, ne can increase third party cover through the additional riders as well.
• National presence: Tata AIG has a presence across the country, with over 187 branches and 15,000 plus licensed agents catering to any requirement which could arise.
• Hassle-free settlement: Tata AIG follows a simple and hassle-free procedure when it comes to claim settlement.
• Extended cover: One can opt for a long-term cover, wherein the policy is valid for 3 years, saving one time with regard to annual renewal.
• Add-ons: One can choose from various add-on options to enhance the protection offered by a base plan.
• Cashless garages: Tata AIG has a wide network of cashless garages located across the country where the insured an avail cashless services.
• 24×7 Customer service: Tata AIG has a 24×7 customer care network which caters to any queries/problems one could have.

FAQs 

Q1-Do two-wheeler insurance policies cover theft of the vehicle?

Yes, comprehensive two-wheeler insurance policies do cover theft of the vehicle. If your vehicle is stolen, you will be eligible to receive the Insured Declared Value (IDV) of your two-wheeler, after completing the specified formalities.

Q2-Where can I find the claim form?

The claim form can be downloaded from the official website of Tata AIG Insurance.

Q3-Can I purchase a two-wheeler insurance policy from Tata AIG online?

Yes, it can be purchased from its official website. You may also be able to purchase the policy through trusted third-party insurance websites.

Q4-How much amount can be claimed under TATA AIG Two Wheeler Insurance?

The amount that be claimed under TATA AIG two wheeler insurance policy would depend upon the occurrence of which the claim has been raised. The policy provides for categorized claim amounts and claims are reimbursed as per the categorized claims schedule. In certain cases, the full amount is provided against the raised claim, and such circumstances may include death or permanent disability of the policyholder.

The maximum payable claimed amount can be up to the assured sum in the policy which is the insured’s declared value for the vehicle. Sum assured for other covers like personal and pillion cover can vary but needs to be fixed each time before the policy starts or gets renewed. The sum assured at the start of policy for each type of cover remains fixed for the entire duration of the policy tenure.

Q5-What is covered under third-party liability insurance policies?

Third-party liability insurance policies provide coverage against:

• Death of a third party
• Bodily injuries suffered by a third party
• Damages caused to a third party’s assets, vehicle, or property
• Accidental death or disability of the policyholder