Two Wheeler Insurance
Bike insurance, also known as two wheeler insurance policy is an agreement between a bike owner and a bike insurance provider where the insurer covers the cost of damages to the bike, third-party or in some cases even the bike owner. It essentially protects the bike owner financially on occurrence of any unforeseen accident such as accident, theft or natural disaster. What’s observed is that with the increase of bikes and other types of two wheelers on the road, the probability of an accident also increases, click for steps on how to file an accident claim on your two-wheeler . This is precisely why it's so crucial to own a good bike insurance policy.
While you may wonder, what are the different kinds of bike insurance policies and which one will best suit your needs. Let’s understand each of them briefly; one is the third party bike insurance which covers legal liabilities caused to any third-party or third-party property damage. This means the two-wheeler insurance policy will compensate for the damages caused by your bike to a third-party person or property. As per the Motor Vehicle Act 1988, motorcycles plying on roads must be covered at least by a basic third-party insurance policy.
Secondly, if you are looking for complete protection for your bike, yourself and third-party then in that case you should opt for comprehensive bike insurance policy. This two wheeler insurance provides financial protection against accidents, natural disasters such as storm, cyclone, fire and man-made causes such as riots, acts of terrorism, vandalism etc. along with any liability to third-party. This helps keep your bike safe from damages so that even scratches on the bike need not become an added expense for you. Tata AIG offers quick and easy-to-buy comprehensive, stand alone own damage, and third-party online bike insurance policies crafted to keep your bike safe and you free from stress!
When you buy online bike insurance, you can choose from all the different types of bike insurance plans based on your requirement. Also, there are 7 add-ons to top up your comprehensive bike insurance policy to get extra protection for your bike. You can get an instant quote to check the premium and buy your ideal bike insurance policy.
Third party rates are revised in accordance to IRDAI circular which came in force from 01/June/2022. Please click on link to check the attached circular of IRDAI.
Why Is Bike Insurance Necessary?
There are a range of situations where your bike insurance policy can protect your bike and you from avoidable expenses. In accordance with the Motor Vehicles Act 1988, it is compulsory for every bike owner in India to have at least a third-party bike insurance policy. But apart from that, a two-wheeler insurance policy can be beneficial in different situations -
Protection from legal fines
It is illegal to ride your bike without a valid third-party two-wheeler insurance policy. You could attract hefty legal and traffic fines for not carrying a bike insurance policy along. Even within the city limits, it is advisable to always keep your two wheeler insurance policy with you to avoid the hassle of getting into trouble with the law.
Protection against third-party liability
A third-party bike insurance policy provides financial protection should your bike cause damage to a 3rd party property/vehicle or injury to a third-party person. As per the Motor Vehicle Act 1988, it is mandatory to have a third-party liability cover to ride your bike on the road. In case of not holding an active third-party two wheeler insurance policy can attract serious penalties and heavy fines.
Financial coverage against theft
While the theft of or severe damage to your vehicle could be an emotionally disturbing event, the financial implication of the act is even more grievous, considering the cost of a two-wheeler. With a two wheeler insurance policy, the cost of replacing your vehicle or repairing the damage caused by it can be covered without you spending heavily out of your own pocket, thus reducing your mental and financial stress.
Cover against natural and man-made disasters
In the event of a natural disaster in your area, the financial plan of your two-wheeler insurance policy will cover your bike against damages caused by floods, lightning, cyclones, storms and other natural phenomena. Similarly, the bike insurance plan also protects your two-wheeler against damages caused by man-made acts of violence such as terrorism and vandalism.
Personal accident cover
While riding your bike, if an unfortunate road accident leaves you with major or minor injuries, your two wheeler insurance can cover all kinds of personal injuries you may have suffered. While the injury itself can be a cause of mental grief, the financial protection offered by the personal accident cover can considerably mitigate the inconvenience!
Types Of Two Wheeler Insurance By TATA AIG
Tata AIG offers different types of two-wheeler insurance policies that cater to your bike’s needs and the type of coverage needed to protect it under various situations:
Comprehensive Bike Insurance Policy
Our comprehensive bike insurance policy has been designed to offer protection against third-party liabilities, coverage for damages or loss caused by theft and natural as well as man-made disasters and a personal accident cover for the owner-driver. However, the policy does not offer damages if the bike owner rides the vehicle under the influence of alcohol or is outside the pre-defined geographical area. We recommend a Tata AIG comprehensive two wheeler insurance policy to ensure complete protection for your bike.
Standalone Own Damage Bike Insurance Policy
Our Standalone Own Damage Bike Insurance Policy is beneficial in cases where an unfortunate accident can leave your bike damaged. While the Own Damage cover cannot handle third-party liabilities, your bike can receive financial protection against damages to the bike caused by natural and man-made disasters and fire. This two wheeler policy also offers reimbursement in case of theft of the bike.
Standalone Third-Party Bike Insurance Policy
Third-party Two Wheeler Insurance is a legal necessity if you want to take your bike out on the roads. Our standalone third-party two-wheeler insurance policy will help you if, in the event of an accident, your vehicle ends up causing damage to a third-party vehicle or injuries to a third-party person. However, your bike cannot receive the same protection under this policy. Damages to the bike and theft of the bike are not covered under a third party policy.
Key Features of Bike Insurance By TATA AIG
Savings on Premiums
Get up to 80% off on your two-wheeler premium payments . Learn more about our discounts while you buy bike insurance online
No Claim Bonus (NCB)
We offer a No Claim Bonus (NCB) discount starting at 20% on your bike insurance premiums if your previous year was claim-free.
Easy Claims Process
With a dedicated team of 650 claim experts, experience a seamless claim process online with us in a few easy steps.
Own Damage Cover for the Bike
Our comprehensive two wheeler policies cover Own Damage cover to your bike caused by accidents, natural or man-made disasters.
Third-party Damage Cover
Tata AIG’s bike insurance policies protect you from damages caused to third-party property or injuries to third-party persons.
Choice of Unique Add-ons
Our range of 8 add-ons enhances your two-wheeler insurance policy to offer you a 360-degree protective cover.
Cashless Repair and Reimbursement
With over 4200+ network garages all over the country, we help you avail of cashless service on your bike’s repairs.
Quick Buying/Renewing Process
Buy a new Tata AIG vehicle insurance policy online on our website or renew your policy online with us in a few quick and simple steps.
What Is Covered In Our Two Wheeler Insurance Policy?
Our two-wheeler insurance policy covers a range of circumstances, such as:
Damages and Loss to the Bike
Your comprehensive bike insurance policy offers an own damage cover which will cover the damage and loss caused to your bike due to:
- Natural calamities such as floods, cyclones, earthquakes, snowfall, etc.
- Man-made damages from terrorist attacks, riots, strikes, other malicious activities, etc.
- Damages by fire caused by self-ignition, lightning, explosions, etc.
- Damages caused by accidents and in transit by air, waterways, railways, roadways, etc.
Theft of the Bike
A comprehensive two-wheeler insurance policy will reimburse the current market value of the bike if it is stolen or in case of the ‘total damage’ of the bike (damaged beyond repair).
Third-Party Liability
Third-party bike insurance, as well as comprehensive bike insurance, cover 3rd party liabilities. Any damages caused to third-party property, death of a third party or bodily damages caused to a third party by your vehicle are covered.
Personal Accident Cover for the Owner-Driver
Tata AIG comprehensive bike insurance policy offers a Personal Accident Cover of ₹15 lakhs to the owner-driver. Under this cover, any medical expenses arising from the injuries caused in an accident are reimbursed. Additionally, the appointed beneficiary will get the amount if the owner-driver passes away due to the accident.
Specific Coverage Under the Add-ons
Tata AIG comprehensive two wheeler insurance offers a choice of 8 unique add-ons that further enhance the insurance cover and offer protection under specified circumstances. Such as a Personal Accident Cover to any unnamed person driving or riding the bike. Or a Consumables Cover, which will reimburse the expenses of repairing or replacing certain components of the vehicle, such as oil, grease, lubricant, screws, nuts/bolts, washers, bearings, and so on. Or even a Depreciation Cover that will protect you from the reduced value of the parts and components and ensure the claim payout does not account for the depreciation in the costs.
What Is Not Covered In Our Two Wheeler Insurance Policy?
- There are a few things that we’re unable to help with. Here’s a look at some general exclusions under our car insurance:
Two Wheeler Insurance Add-on Covers
Enhance your Tata AIG comprehensive two wheeler insurance by choosing from a list of 8 unique bike insurance add-on covers:
Depreciation Allowance
This add-on, popularly known as Zero Depreciation or NIL Depreciation or Bumper-to-Bumper Cover, helps you beat depreciation. If you file a claim for the replacement/repair of your bike’s parts and depreciation is deducted from the claim amount, we will reimburse the depreciation with this add-on. However, note that you can avail of this benefit only under the first two claims.
Return-to-Invoice Cover
This add-on helps you get the invoice cost of your vehicle as reimbursement in case of theft or total damage. In case of total damage, constructive total damage or theft of the bike, you get the current market value, i.e., the Insured Declared Valuee (IDV) of the bike. With this add-on, we will pay you the purchase cost of the bike, which is the on-road price of the bike (inclusive of road taxes and registration).
Emergency Medical Expenses
Get reimbursement of emergency medical expenses and ambulance costs for the damages caused in an accident. If an accident leaves you or the pillion rider injured, this add-on will help you avail of reimbursement for the medical expenses incurred in the medical treatment at any hospital or nursing home. It also includes the cost of moving you/pillion rider to the hospital.
Additional Personal Accident Cover for the Owner-Driver
This add-on is an additional Personal Accident Cover to safeguard you and your family in case of serious injuries or fatality caused by an accident. We recognise the additional risk of accidents involved when riding a bike. With this add-on, we will pay a predetermined amount to your family in case an accident proves to be fatal. The amount provided under this add-on will be over and above the standard vehicle insurance sum assured.
Additional Third-Party Property Damage Cover
Get additional 3rd party cover reimbursement with this add-on. Third-party liabilities are already included in both comprehensive and third-party two wheeler insurance cover. However, you can buy this add-on if you wish to avail of an additional cover for the 3rd party liabilities.
Consumables Expenses
If an accident damages or leads to the loss of certain bike consumables, we will reimburse the costs of replacing/replenishing/repairing them with this add-on. The covered consumables include screw, nuts/bolts, washers, bearings, clip, engine oil, gearbox oil, brake oil, grease, lubricants, distilled water and such other consumables, excluding fuel.
Roadside Assistance
There is nothing worse than an amazing bike ride marred by the breakdown of the vehicle in the middle of the road. Don’t worry; roadside assistance is on the way! With this add-on, we will send immediate breakdown assistance to your location to take care of a variety of issues such as flat tyre, dead battery, fuel requirement, mechanical/electrical repairs, etc. We also offer on-the-spot repairs under certain circumstances so that you are up and zooming through your journey in no time!
What Is IDV In Bike Insurance?
The IDV or the Insured Declared Value is the current market value of your bike, which includes the charge of the bike’s depreciation and helps you calculate the premium of your two-wheeler insurance policy.
The IDV being the sum insured of your bike is an important component of your two-wheeler insurance because it also determines the amount of compensation you can receive in the event of “total loss” - complete damage or theft - of your bike.
The policyholder can choose the IDV amount while purchasing bike insurance. However, we would advise choosing a suitable IDV as per your coverage since a low IDV would mean insufficient coverage for your bike, and a higher IDV would call for expensive premiums. As your vehicle ages, the IDV goes down, and so will the premium.
How To Buy/Renew Bike Insurance Online?
Input the Bike Registration Number and select Get Price (new policy) or Renew (existing Tata AIG policy).
Fill up the bike and personal details as prompted by the screen. Also, select the policy coverage and add-ons of your choice.
You will get an instant bike insurance premium quote. If you are satisfied with the quote, you can proceed to pay the premium online.
How to Renew Expired Bike Insurance Online?
Renewing expired bike insurance has never been easier!
At Tata AIG, we help you renew expired policy – from TATA AIG as well as from other insurance providers, with a quick and easy two-wheeler insurance renewal procedure.
If you miss renewing your two wheeler insurance policy, you get a Grace Period of 90 days to renew your policy without losing out on any benefits, especially the accumulated No Claim Bonus (NCB). If you fail to renew even within the Grace Period, your bike insurance policy lapses or expires. You will lose the NCB benefits, and your bike insurance premium might go up.
But fret not; we will still assist you in renewing your lapsed/expired two-wheeler insurance policy. Just follow these steps:
Step1
Fill in your vehicle registration number. Click on ‘Renew’ to renew your expired bike insurance policy from Tata AIG. To renew the expired two-wheeler insurance of other providers, click on ‘Get Price.’
Step 2
Provide your bike details and some personal information. Submit the details about any claims made in the previous policy tenure, along with the previous policy expiry date (Tata AIG or other).
Step 3
Select the Insured Declared Value (IDV) and No Claim Bonus (NCB), if applicable.
Step 4
Enter the details as prompted by the screen. Choose from the list of add-ons, such as Roadside Assistance Cover, Depreciation Allowance, Return to Invoice Cover, Consumables Cover, etc.
Step 5
Your bike insurance premium will be generated and displayed on the screen. Click on Pay Now. Make your payment online, and your expired two-wheeler insurance policy is renewed with Tata AIG!
How to File a Two Wheeler Insurance Claim?
Tata AIG offers a quick and easy claims process to ensure that your claim is filed and processed hassle-free. To file your bike insurance claim with us, follow the given steps:
Inform Us and Register Your Claim
\nIn case of an accident, ensure that you are in a safe place and get any injuries tended to. In case of theft of the vehicle, make sure to file an FIR with the police and get a No Trace Report before filing the claim.
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\nTo file a bike insurance claim, go to our Claims Support page or call us on 1800-266-7780. If you choose to file your two-wheeler claim online, simply fill in all the necessary information as prompted by the screen. We will forward you a link for self-inspection on your registered mobile number after receiving your claim request.\n
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Get your vehicle inspected
Use the self-inspection form to fill in the details of the damages to your two-wheeler through your smartphone. Additionally, we will dispatch one of our surveyors to inspect and prepare a damage report.
Choose between cashless claims or reimbursement
We offer a wide network of garages, and you will find one near you, wherever you are. If you take your bike to a network garage, you can file for a cashless claim. However, if you wish to take your bike to a non-network garage, you will have to bear the expenses and then file for a reimbursement claim.
Collect and keep all the critical claim documents ready
Make sure to keep all the necessary documents ready. The important documents needed to file a claim are:
- Insurance claim form, signed by the insurer and the insured.
- RC copy of the bike
- Receipt for tax payment of the bike
- A copy of identity proofs such as a driving license, PAN card, Aadhar card and so on
- Copy of the original insurance policy of the bike
- Original receipts of the estimate and invoice for the repairs
- FIR copy in case of theft, third party damage, injury to third party or death
- Legal notice (if any) in case of third-party claims
- Hospital bills in case of personal accident claims
- RTO transfer papers
- Garage repair receipts if you took the vehicle to a non-network garage and are filing for reimbursement
- Any No Trace Report provided by the police and the letter submitted to the RTO for theft of the bike.
Get Claim Registration Number
Once you have successfully filed your claim with us, we will provide you with a Claim Registration Number. Keep it safe for any further communication regarding the claim.
You can track the status of your claim
While we ensure quick claim settlement, you can track the status of your claim any time after filing it. Click <a href="https://www.tataaig.com/claims-process\">here to track your claim.
Claim verification and settlement
We will go through your claim details and the documents to verify if it falls under the purview of our guidelines and is within the scope of your policy coverage. On successful verification, we will settle your two wheeler insurance claim.
Why Choose Two Wheeler Insurance?
These days, two-wheeler insurance policies are packed with features to provide complete protection not just to your bike but also to you, the pillion rider and third-party individuals and vehicles. Here are the top features of two wheeler insurance online:
You can choose between a third-party (liability-only) or a comprehensive bike insurance policy. While the former covers only third-party damages, the latter offers more extensive coverage. As per the Motor Vehicle Act in India, every bike owner must have at least a third-party or liability cover. In contrast, a comprehensive two wheeler insurance policy also covers damages to the policyholder’s vehicle, along with a personal accident cover for the owner-driver and a basic third-party cover.
If you have a bike insurance policy, you can be covered under the inbuilt and mandatory personal accident cover of ₹15 lakhs, according to the IRDAI.
Optional coverage or an add-on cover cost an extra premium but help provide additional cover to your bike over your comprehensive two wheeler insurance policy. You can choose from our various unique add-ons like Return to Invoice, Depreciation Reimbursement, Key Replacement, Engine Secure and more.
If you purchase a new two-wheeler,, the NCB or No Claim Bonus discount from your policy can be transferred since this discount is given to the policyholder for being a safe rider and not to the vehicle.
Insurance providers enable policy buyers to purchase or renew their two-wheeler insurance policy online through their website or through mobile applications. Not only does this make the purchasing and renewal process smoother, but it also helps the customer access all the information as well as policy documents, through a single channel.
By purchasing or renewing an online two-wheeler insurance policy, one can avail of different discounts on their insurance premiums. Apart from the No Claim Bonus that offers annual discounts on the insurance premium for every claim-free year, there are other discounts offered online during the purchase or renewal of your two wheeler policy. This is because an online bike insurance policy purchase helps the insurers avoid overhead costs and also save on the use of paper.
Frequently Asked Question
