Comprehensive Bike Insurance - A Complete Guide
Comprehensive Bike Insurance - A Complete Guide
Comprehensive bike insurance plans provide a crucial safety net for bike owners against various types of damage, including theft, accidents, vandalism, and more. Whether you own a new or a high-end bike, this two-wheeler comprehensive insurance protects your valuable asset.
It means you can drive freely on the road without worrying about the hefty unexpected expenses.
However, before purchasing a bike insurance comprehensive plan, bike owners need to be aware of its intricacies. In this guide, we will delve into comprehensive motorcycle insurance, exploring its meaning, benefits, inclusions, exclusions, and more.
Buy/Renew Third Party Two Wheeler Bike Insurance Online
IDV in Bike Insurance
Own Damage Cover in Two Wheeler Insurance
What is a Comprehensive Bike Insurance Plan?
A comprehensive motorcycle or bike insurance is a type of insurance coverage that offers complete protection to bikes against damage, loss or theft. In addition to offering mandatory third-party insurance and own damage cover, the insurance plan also offers coverage against natural and man-made disasters.
In simple words, the comprehensive motorcycle insurance protects against third-party damages done by insured vehicles as well as the vehicle's own damage. For instance, if you are driving a motorcycle and you accidentally hit another motorcycle, then under a two-wheeler comprehensive insurance plan, repairs of both bikes will be covered by the insurance provider.
Also Read: Two-Wheeler Insurance For 5 Years
Benefits of Comprehensive Motorcycle Insurance
Comprehensive motorcycle insurance offers extensive financial protection that goes beyond basic third-party coverage, providing riders with complete security for their two-wheelers.
Highest level of protection
If you choose a comprehensive bike insurance policy, you receive financial protection for yourself, your bike, and any affected third party. The aforementioned two-wheeler insurance policy covers various damages caused to your bike, including a total loss of the bike owing to theft, fire, or an accident.
Covers liabilities
The bike insurance benefits offered by our comprehensive bike insurance policy include coverage for the legal and financial obligations resulting from third-party claims, such as the damages caused to a third-party vehicle and the injuries sustained by a third-party person during an accident involving the insured bike.
Own-Damage cover
The TATA AIG bike insurance policy covers damages caused to the insured bike in the event of natural calamities, including floods and earthquakes, as well as man-made events such as riots and strikes. Furthermore, you also get financial protection against damages to your bike resulting from theft or fire, as well as the total loss of your bike.
Single Premium
If you buy our bike insurance policy, you receive multiple benefits, including a third-party cover and an own-damage cover for your bike, upon the payment of a single premium. Therefore, our comprehensive bike insurance policy provides you with extensive protection for your bike and offers a hassle-free method of premium payment.
How Comprehensive Motorcycle Insurance Works?
Comprehensive motorcycle insurance functions as a dual-protection that seamlessly integrates own-damage coverage with third-party liability protection under a single policy. Let us understand the comprehensive bike insurance plan in detail through an example.
Rahul suffered a minor crash. The crash left scratches and dents on his own motorcycle, and it also damaged a third party’s car. His bike repairs cost him around ₹12,000, and the damage to the third party’s car came to about ₹20,000. Without insurance, Rahul would have had to pay ₹32,000 out of pocket.
But since Rahul had a comprehensive bike insurance policy, his insurer paid both:
- ₹12,000 for his own bike repairs (own-damage cover)
- ₹20,000 for the third-party car repair (liability cover)
Rahul only paid the deductible, while the insurer covered the rest.
TATA AIG Comprehensive Bike Insurance Policy
TATA AIG offers a comprehensive two-wheeler insurance plan that protects against both third-party and own-vehicle damage. Let us take a look at the TATA AIG comprehensive bike insurance plans.
Auto Secure Two Wheeler Package Policy
Our Auto Secure Two Wheeler Package Policy combines own-damage coverage with third-party liability protection for motorcycles, scooters, autocycles, and other two-wheeled vehicles. The plan also offers ₹15 lakhs personal accident cover.
Bundled Auto Secure - Two Wheeler Policy
Our Bundled Auto Secure Two Wheeler Policy provides 1-year own-damage coverage and 5-year third-party liability coverage under a single premium. Along with this, the plan also comes with personal accident cover, offering ₹15 lakhs in compensation for the death or permanent disability of the owner-driver.
Also Read: New Bike Insurance
Key Features of Comprehensive Bike Insurance Policy
| Key Features | Benefit |
|---|---|
| Savings on Premiums | 80% off on two-wheeler premium |
| Network Garages | 4200+ authorised repair garages |
| Add-ons | 8 unique add-ons for enhanced coverage |
| Claim Experts | 650+ claim experts for hassle-free claim process |
| Easy Buying and Renewing | 3-step process for quick buying and renewing |
Inclusion and Exclusion Under Comprehensive Bike Insurance Policy
| Inclusions | Exclusions |
|---|---|
|
Traffic Rule Violation: The policy does not cover damage or loss to vehicles resulting from traffic rule violations. Riding Under Influence: If the rider is found to be riding under the influence of alcohol, drugs, etc, then the policy does not offer coverage. Normal Wear and Tear: The normal wear and tear of the vehicles due to regular usage is generally not covered under the plan. Vehicle Usage: If a personal vehicle is used for commercial purposes and results in damage or loss, it is not covered under the plan. Negligence Riding: If the damage and loss to the two-wheeler is because of negligent riding, such as speeding, etc., then it is not covered under the plan. |
Disclaimer: Refer to the policy document for the exact information.
What is NCB in Comprehensive Bike Insurance?
Tata AIG's comprehensive two-wheeler insurance policy offers extensive coverage to you, your bike, and any affected third party. You can enhance the coverage above by selecting suitable add-ons from our range of bike insurance options. However, each add-on carries an additional cost that leads to a rise in your bike insurance premium.
In order to help you reduce the insurance premium of your bike on policy renewal, most insurance companies for bikes, including Tata AIG, offer the ‘No Claim Bonus’ or NCB for your comprehensive bike insurance as an important discount on the premium of policies. You can avail of the ‘No Claim Bonus’ or NCB and receive a discount on the insurance premium of your bike if you have not filed any claims for damages during the preceding year.
Therefore, whilst renewing your Tata AIG comprehensive bike insurance policy, the NCB clause enables you to benefit from a lower premium on your new policy. At Tata AIG, we offer an NCB discount of 20% on your bike insurance policy premium after the first claim-free year. With the passage of each subsequent claim-free year, the NCB discount percentage rises. However, if you file a claim in a particular year, your NCB discount becomes null and void for the upcoming policy renewal.
After five consecutive claim-free years on your comprehensive bike insurance policy, you become eligible for a 50% discount on the insurance premium of your bike from the fifth year onwards. However, if you subsequently file a claim, the NCB for that year goes back to zero. The table below paints a clear picture of the NCB discount that you can claim after each claim-free year.
| Number of Consecutive Claim-Free Years | No Claim Bonus Percentage |
|---|---|
| One Year | 20% |
| Two Years | 25% |
| Three Years | 35% |
| Four Years | 45% |
| Five Years and above | 50% |
Comprehensive Bike Insurance Add-ons
TATA AIG offers a unique list of add-ons with their comprehensive bike insurance plans to enhance the coverage. Here is the list of unique add-ons.
| Add-ons | Description |
|---|---|
| Zero depreciation | Covers the amount of depreciation deducted under the own-damage claim for the replaced part. It is applicable to the first two bike insurance claims filed by you. |
| Return-to-Invoice Cover | This add-on will allow you to reimburse the actual cost of the bike if it is damaged beyond repair or stolen. The add-on also pays for the road tax and the registration charges. |
| Emergency Medical ExpensesEmergency Medical Expenses | It reimburses medical expenses and transportation costs for accident-related injuries to both rider and pillion passenger, covering hospitalisation costs and ambulance transport following bike accidents. |
| Additional Personal Accident Cover | It offers an additional death benefit payment to your family beyond the standard ₹15 lakhs personal accident cover, offering extra financial security for owner-drivers. |
| Additional Third-Party Damage Cover | This add-on enhances existing third-party liability coverage in both standalone and comprehensive bike insurance policies, providing increased financial security. |
| Consumables Expenses | This add-on will reimburse costs for replacing accident-damaged bike parts like screws, nuts/bolts, bearings, engine oil, gearbox oil, grease, and brake oil |
| Roadside Assistance | This add-on comes with your comprehensive bike insurance policy that offers support for complete breakdown support, including towing, repairs, fuel replacement, and battery services. |
Disclaimer: Refer to the policy document for the exact information.
Factors That Determine Comprehensive Bike Insurance Premium
Here are the main factors that determine the premium for a comprehensive bike insurance policy. To know more about bike insurance premiums, check our resource on the bike insurance premium calculator.
Insured Declared Value
The IDV of your bike is its market value, adjusted for depreciation. Since there is no depreciation accumulated on a new bike, the IDV of a new bike is higher than that of an old bike. Your bike’s IDV is the highest sum that an insurer can provide you in the case of irreparable damage or theft of the bike. The higher the IDV (Insured Declared Value) or market value of your bike, the higher the corresponding bike insurance price.
Age of the bike
The age of your bike has a significant bearing on the comprehensive bike insurance premium. Generally, new bikes have a higher premium as compared to old ones. Since the depreciation accumulated on old bikes reduces their ‘Insured Declared Value’, the corresponding bike insurance policies have a lower premium.
Age of Bike Owner
The age of the bike owner also affects the bike insurance price. Drivers aged 25 years or younger are considered high-risk drivers from an insurance perspective. Therefore, the bikes owned by the aforementioned age group of buyers tend to have a higher bike insurance premium.
Make and Model
Bikes that are expensive and high-end usually have higher bike insurance premiums compared to low- and medium-budget bikes, as the former category has higher maintenance and component replacement costs. Furthermore, the type of fuel used in your bike also affects its insurance premium.
Registration Location
Your comprehensive bike insurance premium is likely to be higher if your bike has been registered in a metropolitan city or a high-risk, high-traffic area. On the other hand, bikes registered in remote towns and villages, which generally have a low incidence of road accidents, tend to have lower bike insurance prices.
Manufacturing Year
The manufacturing year of your bike is significant from an insurance perspective since it determines the age of the bike and the depreciation accumulated on it, which, in turn, is important in the computation of the bike’s ‘Insured Declared Value’. Since the depreciation accumulated on a bike decreases its IDV, the corresponding bike insurance premium also gets reduced.
Discounts
Several discounts are available on your comprehensive bike insurance premium. For instance, having an Automotive Research Association of India (ARAI) approved anti-theft device installed on your bike makes you eligible for a discount on your bike insurance price, owing to the added layer of security for the bike.
No Claim Bonus (NCB)
The ‘No Claim Bonus’ in your comprehensive bike insurance policy is a reward for zero claims during a particular year. If you have an NCB accumulated on your bike insurance policy and renew your policy on a timely basis, you can receive a discount on your new bike insurance premium.
Calculate Your Bike Insurance Premium
Tata AIG offers a simple and quick way to calculate your comprehensive bike insurance premium. To determine your bike insurance cost, please visit our bike insurance page on the website and follow the steps below.
- Enter the bike’s registration number.
- Click on ‘Get Price’ for a new policy and ‘Renew’ for the Tata AIG bike insurance renewal premium calculator.
- Provide the required information, such as the NCB discount and the IDV, and click 'Get Quote' to view your bike insurance cost.
Not having made a bike insurance claim in the preceding year enables you to get low premium bike insurance upon the renewal of the policy with the virtue of the ‘No Claim Bonus’ discount. Our bike insurance renewal premium calculator is a handy tool to determine your bike’s insurance cost in a few easy steps.
How to Buy and Renew Comprehensive Bike Insurance Online?
| Buy Comprehensive Bike Insurance | Renew Comprehensive Bike Insurance |
|---|---|
|
Go to the TATA AIG bike insurance page and click on the “Renew your existing policy” option. Enter your existing policy details, such as policy number, bike number, and other relevant information. Review and verify your existing bike insurance plans. Add or subtract add-ons based on your vehicle's needs. Choose the Insured Declared Value or no claim bonus if applicable. Make a payment for renewal, and upon successful payment, the bike insurance policy will be sent to you via email. |
Comprehensive Bike Insurance Claim Process
| Cashless Claim | Reimbursement Claim |
|---|---|
|
To file a reimbursement claim, notify us about the incident via the website, helpline number, etc After that, take your vehicle to a garage of your choice for repair and pay the repair fees. Collect all invoices and bills from the garage after the repair process is complete. File a claim by visiting the TATA AIG website and submitting all the required documents. We will review the claim, and if it is approved, we will send the claim amount directly to your bank account. |
Comprehensive Bike insurance vs Third-party Bike insurance
| Parameters | Comprehensive Bike Insurance Policy | Third-party Bike Insurance Policy |
|---|---|---|
| Coverage | The Tata AIG comprehensive bike insurance policy encompasses extensive coverage for your bike, including financial protection against third-party damages and injuries, an own-damage cover for your bike, and a personal accident cover for you. This policy financially safeguards your bike against theft, fire, and natural and man-made disasters. | The Tata AIG third-party bike insurance policy provides financial protection against all third-party liabilities arising from an accident involving the insured bike, including damages to third-party property and injuries to or death of a third party. Our third-party bike insurance policy also covers the legal liabilities associated with the aforementioned third-party damages, injuries, and death. |
| Add-ons | You can choose from 8 excellent add-on features and enhance the coverage of your bike by protecting it against specific damages. | There is no option to include any add-ons in a third-party bike insurance policy since this policy covers only financial and legal third-party liabilities. |
| Cost | The price of our comprehensive bike insurance is dependent on several factors, including, amongst others, the make, model, variant, fuel type, and age of the bike. Since our comprehensive bike insurance policy has a wider coverage as compared to our third-party bike insurance policy, the former is costlier than the latter. | The price of our third-party bike insurance policy is decided by the engine cubic capacity of your bike and the bike insurance rates for the year declared by the Insurance Development and Regulatory Authority of India. The cost of our third-party bike insurance policy is lower than our comprehensive bike insurance policy since the coverage of the former is restricted to third-party liabilities. |
| Injury to a third party person | Our comprehensive bike insurance policy provides legal as well as financial protection against the injuries sustained by a third party in an accident involving the insured bike. The aforementioned coverage also includes the death of a third-party person. | The Tata AIG third-party bike insurance policy covers all third-party liabilities, including the damages to third-party property, injuries to a third-party person, and the legal and financial implications thereof. |
| Damage to a third party vehicle or property | All third-party damages resulting from an accident involving the insured bike are covered under our comprehensive bike insurance policy. | Our third-party bike insurance policy serves as a safety net against the financial and legal liabilities associated with the damage caused to a third-party vehicle or property by the insured bike. |
| Customisation of the bike value | You can customise our comprehensive bike insurance policy in accordance with your insurance requirements. You can compare our bike insurance policies on our website, select the required add-ons, and get bike insurance quotes online. | The Tata AIG third-party bike insurance policy cannot be customised. It is a standardised policy whose cost is determined on the basis of two main factors, namely: 1. The annual bike insurance rates declared by the Insurance Regulatory and Development Authority of India; 2. The engine cubic capacity of your bike. |
Also Read: Third Party to Comprehensive Bike Insurance
Key Takeaways
A comprehensive bike insurance offers all-around protection to bike owners in India. It not only provides coverage for mandatory third-party damage but also offers coverage to your own vehicle. With this dual protection plan, you can reduce your financial burden against various kinds of damage.
When it comes to buying the best bike insurance in India, TATA AIG stands out as a reliable and trusted name in the industry. From third-party bike insurance and own-damage to a comprehensive bike insurance plan, our plans are customised to suit your needs. Additionally, our comprehensive car insurance plan includes unique add-ons to enhance your vehicle coverage.
We have a nationwide network of garages to provide our policyholders with cashless repair services. We also offer instant policy issuance with minimal paperwork. So what are you waiting for? Secure your two-wheeler now with our cost-effective, comprehensive bike insurance plan.
Disclaimer / TnC
Your policy is subjected to terms and conditions & inclusions and exclusions mentioned in your policy wording. Please go through the documents carefully.
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