Tata Aig Two Wheeler Insurance

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Tata Aig Two Wheeler Insurance Renewal

TATA AIG General Insurance Company or TATA AIG GIC was established in the year 2016 in January. The company’s registration number with IRDA is 108. The general insurance company is joint venture collaboration between Indian conglomerate TATA Group and International American Group.

TATA AIG’s Journey so far….

  • Sixteen years of consistent service delivery and high customer satisfaction
  • Regular winner of several prestigious awards
  • Accolades for its high claim settlement records and claims payability
  • Active participation in all General Insurance Spheres
  • USD 0.6 billion AUM (Asset Under Management)
  • Dynamic digital presence
  • Staff strength of 2833 qualified personnel
  • 152 branches all over the country
  • More than 10,326 licensed agents
  • More than 345 licensed brokers
  • Products distribution partnerships with leading banks and FIs

Two-Wheeler Mandatory Third Party Insurance

Before purchasing a two-wheeler, most buyers are not aware of the fact that after purchasing a bike or two-wheeler it is compulsory for them to get their two-wheeler insured for third party liability according to the Motor Vehicle Act. This regulation has been made in order to safeguard the interests of an individual who may happen to get accidentally injured by a vehicle which does not belong to that individual.

In such cases the injured individual needs to be compensated by the vehicle owner by whose vehicle the physical injury or third party property damage was caused as per the rules and regulations of the Motor Vehicle Act and up to limits as prescribed under the Act.

In the past several such cases have come up where the third party has suffered due to reluctance to be compensated by vehicle owner for physical injury or property damage caused to the third party by the owner’s vehicle. After third party insurance was made compulsory for vehicle owners, such disputes have been successfully resolved by compensating the affected third party through an insurance policy.

Two Wheeler Risk Factors

In India, a large number of individuals rely on two-wheelers for their transit requirements. A bike or two-wheeler is the first vehicle purchased by most individuals as this offer increased mobility to individuals. Though owning and driving a two wheeler provides a lot of advantages, yet those are not without the associated risks. The major risks for bike drivers include:

  • Self-injury due to accident or unfortunate occurrences
  • Damage to two wheeler/ bike due to accident and unforeseen incidences
  • Theft of vehicle
  • Physical injury to person riding along with the driver
  • Physical injury to any third person
  • Property damage of any third person
  • Third person litigation and claim

While driving two wheelers drivers and pillions are advised to exercise due caution and secure themselves with helmets and other injury protection equipment like knee and elbow guards and follow safe traffic rules while driving.

Cover Not Provided by Mandatory Two Wheeler Insurance

Though the Motor Insurance Act has made it mandatory for two-wheeler owners to get their vehicles insured against third party liabilities, the choice of getting themselves and their vehicles sufficiently insured has been left to the owners. In the event of mishap affected the third party will be indemnified through insurance cover, but expenses for self-recuperation and vehicle repair would have to be borne by the owner if not suitably insured.

The Need for Comprehensive Two Wheeler Insurance Plan

Taking into consideration the above facts associated with two-wheeler ownership and insurance TATA AIG has introduced comprehensive two wheeler insurance plans for bike owners. Comprehensive bike insurance plan of TATA AIG provides cover to the third party as well as to owner/ driver and pillions in the event of occurrence of any mishap while mounting on or riding the two-wheeler.

Third party insurance is included under Auto TATA Secure two wheeler package policy which is a total two wheeler insurance cover plan by TATA AIG. Third party cover plan has been drawn out by TATA AIG as per the guidelines and prescriptions of the Motor Vehicles Act. Hence bike or two-wheeler owners who purchase Auto TATA Secure two wheeler package policy do not need to separately purchase third party liability insurance as that is already included in TATA AIG two wheeler insurance plans.

TATA AIG two wheeler insurance policy offers total insurance to two wheeler and bike owners at very nominal premiums so that benefits of comprehensive two wheeler insurance plan are accessible to a maximum number of two wheeler owners and no bike owner remains insufficiently covered.

What All Is Covered By Auto TATA Secure Two Wheeler Package Policy?

Auto TATA Secure two wheeler package policy is comprehensive two wheeler insurance plan by TATA AIG that includes:

  • Third party liability cover
  • Vehicle damage cover
  • Personal Accident cover
  • Pillion Cover

Third Party Liability Cover

Third party liability cover provisions under Auto TATA Secure two wheeler package policy has been crafted in accordance with regulations and prescriptions mentioned under Motor Vehicle Act with respect to two wheeler and bikes. Third party cover provisions include:

  • Indemnity to the third party for death
  • Indemnity to the third party for disability
  • Indemnity for third party physical injuries
  • Reimbursement for third party property damage

Vehicle Damage Cover

For each type of indemnity, detailed prescriptions have been provided, and claims can be raised up to prescribed limits for each type of indemnity.

  • Accident while driving or mounting by external means
  • Damage due to natural occurrences (earthquake, flood, cyclones)
  • Vehicle theft
  • Vehicle catching fire
  • Damage due to mob activities, riots, terrorist activities
  • Damage during being towed or carried in another vehicle

Personal Accident Cover

TATA AIG provides personal accident cover under its bike insurance plan which includes

  • Cover for owner and named person
  • Cover for unnamed person
  • Cover for driver
  • Death and disability cover
  • Physical injury recuperation cover

Pillion Cover

TATA AIG two wheeler insurance cover plan provides for pillion cover which includes

  • Named pillion cover
  • Unnamed pillion cover (under third party insurance regulation)
  • Death and disability cover for pillion
  • Bodily injury treatment cover
  • Pillion property damage cover (under third party insurance regulation)

Exclusions under TATA AIG Two Wheeler Insurance Plan

TATA AIG two wheeler insurance policy does not have provisions for indemnifying covered persons under the following situations:

  • Invalid driving license or no driving license
  • Driving recklessly or without heed to standard guidelines
  • Driving under the effect of alcohol or intoxicating substances
  • Undertaking undue risk without any proper justification
  • Damage/Injury due to war/ nuclear weapons
  • Involvement in illegal activities
  • Area of incidence outside geographical coverage

Tata Aig Two Wheeler Insurance - FAQ's

1
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.

2
Can sum assured be increased or decreased?

The sum assured for the vehicle that is its IDV can be increased or decreased upon renewal or commencement of the policy. The IDV is the selling price of a new vehicle after being adjusted for applicable depreciation. Very large IDV would require greater premium amounts, and very small IDVs would not provide adequate cover. Hence IDV should be fixed so as to cover the present real cost of the vehicle in case of total damage.
Likewise, sum assured for other covers can also be increased or decreased at the start or renewal of the policy period.

3
Does policyholder benefit in any way if no claims are raised?

If during the entire tenure of the policy no claims were raised then the policy holder can get No claims benefits which includes discounts on policy premiums upon policy renewal. The discount percentage increases with each passing no claim tenure and policyholder gets to enjoy substantial cover at reduced rates over a period of time.

4
Is it compulsory to opt for Total Two Wheeler Insurance Package?

TATA AIG provides for comprehensive as well as selected covers under its two wheeler insurance plan. Thus policyholders can opt for entire two-wheeler cover policy or only selected cover options like third party liability only policy. On the other hand, policyholders can also make their covers more comprehensive by opting for add-on covers which include roadside emergency assistance, breakdown assistance, legal assistance and other add-ons.

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