New Bike Insurance
- Author :
- TATA AIG Team
- Published on :
Riding a bike on a busy road gives you a rush like no other! Balancing yourself delicately on two wheels and brushing past the four-wheelers swiftly definitely requires a good amount of practice and skills. However, it’s also crucial to adhere to safety precautions while riding a bike. This is because an accident may happen at any point in time. And if ever you get into a road mishap where you experience a demise or disability of your fellow passenger or a third party can force you to live with a lot of guilt.
Hence, the first and foremost thing that every two-wheeler owner must have, is a valid bike insurance policy. It is also made mandatory by the Motor Vehicles Act 1988 that every biker needs to have in place before hitting the road. Insurance for bikes is, therefore, a must-have for you if you are looking forward to buying a new bike anytime soon. And in case you think about taking your two-wheeler out for a spin without valid two-wheeler bike insurance, you will have to pay a traffic penalty fee of ₹2000 for a one-time offence and ₹4000 for repeated offence.
At Tata AIG, we offer new bike insurance policies for every kind of two-wheeler in the country. With us, you can opt for a new bike insurance policy or go for bike insurance renewal online in a few very simple steps. With us, you can find the most affordable insurance plans and enjoy overall coverage against various financial liabilities occurring from an accident.
What is a New Bike Insurance Policy?
A brand-new bike insurance plan is similar to a regular two-wheeler insurance policy. Basically, in such policies, there is a policy contract between the insurer and the bike owner. According to the contract, the bike owner needs to pay an equal amount of premiums to the insurer against which, the latter provides financial protection against any damage or loss to the bike.
If you wish to opt for new bike insurance online, you can do that easily from Tata AIG’s official website. With us, you can either go for the mandatory third-party insurance plan or the comprehensive insurance policy for your all-new two-wheeler.
Tata AIG offers the most affordable insurance policies for new two-wheelers in the country. We follow a simple and straightforward rule for buying and renewing bike insurance policies online. The quick digital infrastructure helps in reducing operational costs as there are no agents involved. Therefore, if you are looking for a low-cost and effective new bike insurance policy online in India, Tata AIG could be your one-stop solution.
How to Buy a New Bike Insurance Policy with Tata AIG?
You can either buy two-wheeler insurance for your new bike or go for bike insurance renewal online with Tata AIG in a few easy steps. With us, you can even submit a claim against your insurance policy with just a few clicks on your smartphone or device from the comfort of your home or office. Here is a step-by-step process to initiate a two-wheeler bike insurance purchase or renewal with us online:
- Step 1: Go to the official website of Tata AIG and click on the ‘Bike Insurance’ page.
- Step 2: Fill in your new bike’s registration number and click on either "Get Price" for renewing your insurance policy or select "Renew" if your existing policy is with Tata AIG.
- Step 3: Now, the online bike insurance calculator will show you the price of the insurance policy.
- Step 4: Next, you will be shown the IDVs (Insured Declared Value) on the screen from where you will have to choose an IDV according to your needs. This determines the sum insured you will receive, i.e., the maximum amount payable by the insurance company in case of theft of the bike or total damage of the bike.
- Step 5: The next step involves the No Claim Bonus (NCB). Since you are buying new bike insurance, you might not have accumulated any NCB provided in lieu of claim-free years. So, skip this step.
- Step 6: Now, you will get the prices for your new bike insurance online on the screen.
- Step 7: The final step involves you paying the premium amount through any one of the payment methods shown on the screen. Once it’s done, we will send you the soft copy of your new bike insurance on your registered email ID.
Types of New Bike Insurance Plans Available with Tata AIG
With Tata AIG, you can choose from different types of two-wheeler insurance policies for your bike. Each of these policies caters to the needs of your bike and offers the coverage of your choice.
1.Comprehensive Insurance for Bike: Our Comprehensive two-wheeler insurance plans are designed to provide protection against loss or damage of the bike due to man-made or natural disasters, third-party financial liabilities, along with a personal accident cover for the owner-rider. However, this insurance will not cover the damages caused in the case of riding the bike under the influence of alcohol or drugs. We recommend every bike owner to go for this particular insurance policy in order to ensure complete protection of the two-wheeler.
2.Mandatory Third-party Insurance for Bike: The third-party insurance is a legal mandate for every bike owner in India. At Tata AIG, our third-party two-wheeler insurance plan will provide coverage in the event of an accident where your bike ends up damaging a third-party vehicle or death/disability/injury to a third-party person. However, there is no financial protection available for your bike under this insurance plan. Hence, theft or your bike or damages caused to the same will not be covered under Tata AIG’s third-party insurance policy.
3.Standalone Own Damage Cover Plan: Our Own Damage cover for two-wheelers is beneficial in incidents where you end up damaging your bike during an unfortunate accident. While this insurance plan will not cover any third-party damage, you can still receive financial protection against the damages caused to your bike due to a natural or man-made disaster and fire. This bike insurance online policy will also provide reimbursement in case of theft of your bike.
Benefits of Buying a New Bike Insurance Plan with Tata AIG
When you buy a two-wheeler for yourself, we know how much effort and money you put into the act. You start saving early from your income and research the models of your choice as much as you can. While paying for a bike, you not only consider its outward beauty but also ponder upon its engine performance, mileage, and so on. Hence, while opting for a two-wheeler bike insurance policy, you should be equally statistical while making the purchase.
Here are a few reasons to consider Tata AIG when buying a new bike insurance policy:
- Trust of Tata as a Brand : We have been providing the best two-wheeler insurance policies for the last two decades in India. Also, when it comes to a brand like Tata, customers’ love, trust, and support have always been intact throughout.
- Performance-driven Policies : Our dedicated team of more than 650 claim experts in India promises to serve you better every time you choose us.
- High CSR (Claim Settlement Ratio) : We are proud to announce that for FY 2020-2021, we have settled 98% of claims successfully and effectively.
- Customer-centric Attitude: With more than 20 years of experience in the insurance sector in India, we thrive every day to gain the trust of more than 5-crore individuals around the country.
3 Things to Remember When Buying a New Bike Insurance Plan
If you are going to buy a new bike insurance policy soon, here are a few things that you need to keep in mind in order to make the purchase smooth and safe:
Know Your Requirements: Before settling for two-wheeler insurance online, understand your needs and compare two-wheeler bike insurance policies, their premium costs, coverages, the CSR of the insurer, etc., and then go for a policy that suits your needs the best.
Choose an Appropriate IDV: IDV is the Insured Declared Value of the bike which is also the approximate market value of the two-wheeler. Hence, make sure you choose a proper IDV amount since that’s what you will receive from the insurer in case of a claim.
Choose the Right Plan: It’s true that third-party insurance policies are mandatory for every bike in India. However, you must know that in order to provide your two-wheeler with complete coverage, it’s better to go for comprehensive two-wheeler insurance with the right add-on covers.
Now that you are aware of the specifications of new bike insurance policies for your all-new two-wheeler, it will be easier for you to opt for one. Also, always choose an affordable policy so that it’s easier for you to pay the premiums on time.