EMI Protector Add-On In Motor Insurance

The freedom of riding a bike has a certain essence. The exhilaration of the wide road, the hum of the engine, and the wind in your face. Even while the trip seems like an adventure, every rider should be aware that safety must always go hand in hand. This is where bike insurance becomes important; it's not merely a procedure; it serves as your safety net in the event that life presents unforeseen challenges.

For instance, take Aarav. He had been saving money for years to purchase his dream bike. He counted every single penny and did overtime in his office to earn more. Every time he crossed a bike showroom, he would keep telling himself that he would soon buy his ride. Then finally came the day! He unveiled his dream bike in the showroom, and his happiness knew no bounds!

Aarav enjoyed riding it on the weekends and exploring new places. He would take a picture with his bike at every new place he visited. But one day, on his way home, something unexpected happened! Just as he was about to reach, a vehicle leaving a driveway out of nowhere-left him with a bike that was scratched and an expensive repair bill.

Aarav was lucky to have come out of the situation without major injury. And that is when he looked at his bike with despair. But he was a little relieved to remember that he had a TATA AIG Bike Insurance Policy. Aarav was able to get his bike back on the road without breaking the bank because of a simple and speedy claims process.

However, what sets TATA AIG Bike Insurance apart from other insurers? Is it the simple claims procedure? The add-ons for various purposes? Or the peace of mind and sense of security that it provides?

Let's explore and learn more below.
 

TATA AIG Two Wheeler/Bike Insurance Policy?

Often referred to as a two-wheeler insurance policy, bike insurance is an agreement between an insurer and a bike owner. The insurance provides financial protection against third-party claims, bike-related losses, and, in some cases, injury to bike owners.

But why do you think this matters? Only a motor insurance policy can shield you from unanticipated expenses resulting from accidents, theft, or natural disasters.

The statistics speak for themselves as to why insurance is needed. Let’s see -

The risk of accidents has increased due to the rise in the number of motorcycles and two-wheelers on the road. In 2022, two-wheelers accounted for 41.5% of all accident fatalities on India's National Highways, with the highest number of accidents (63,115) and fatalities (25,228).

Given these figures, it is not only prudent but also necessary to have comprehensive bike insurance coverage. In addition to fulfilling legal requirements, it also secures one's financial well-being in times of uncertainty.

In India, it is mandatory for bike owners to possess a Third-Party Liability Insurance policy at the very least. All newly purchased two-wheelers must carry insurance, specifically a five-year third-party liability policy, as of September 1, 2018. If you ride without a valid insurance policy, you risk fines and possibly even legal action.

Although Third-Party Insurance is required, the owner has complete control over whether or not to get Comprehensive Two-Wheeler Insurance. In order to protect bike owners from various threats and provide them with increased security and peace of mind, Tata AIG provides comprehensive two-wheeler insurance plans.

First, let’s start by understanding the varied features this insurance policy has in store for you.
 

Features And Benefits of TATA AIG Two Wheeler/Bike Insurance Policy

The Tata AIG Two-Wheeler/Bike Insurance Policy comes packed with comprehensive features and benefits, providing extensive protection and peace of mind. Let’s ponder over the few key features and benefits-

• Cover For Own Damage: It provides coverage for the damage caused to the insured bike through accidents, natural disasters, or man-made events.
   
• Cover For Third-Party Damage: Covers against liabilities resulting from damages to third-party property or bodily injuries caused to third parties.
   
• Comprehensive Insurance: It provides for third-party coverage as well as own-damage coverage. Tata AIG presents bundled Auto Secure policies for two-wheelers through a single policy with a one-year term covering its own damage and five-year third-party liability coverage.
   
• No Claim Bonus (NCB): A No Claim Bonus (NCB) is a reward from your insurance company for staying claim-free during the policy year. It’s their way of recognising your careful riding habits. It can come in the form of premium discounts and start at 20% under TATA AIG's NCB discount scheme for policy years without claims.
   
• Cashless Repairs: Cashless Repairs enable you to get your vehicle repaired at network garages without making any payment at the time of repair. The garage gets paid directly by the insurer, keeping the claims process hassle-free, and you can avail yourself of cashless services at more than 4200 network garages spread across the country.
  
  Let’s now get an idea of the various add-ons offered by TAT AIG insurance that can save you in times of need.
   
• Add-ons: Tata AIG comprehensive two-wheeler insurance provides a choice of 7 add-ons to enhance your coverage. These add-ons offer extra protection tailored to specific circumstances, giving you better peace of mind.
  • Zero Depreciation/Bumper-to-Bumper Cover: Ensures that the claim of replacement or repair is settled by not deducting depreciation of bike parts. If it is chosen as an add-on, any depreciation deducted on the claim amount will be reimbursed, subject to certain terms and conditions.
     
  • Roadside Assistance Cover: Offers services such as towing, minor on-the-spot repairs, refuelling, and more, guaranteeing help in emergencies along the roads.
     
  • Consumables Cover: If an accident damages or results in the loss of specific bike consumables, this add-on has you covered. But how? It reimburses the costs for their replacement, replenishment, or repair, easing your financial burden. These consumables include screws, lubricants, nuts or bolts, bearings, clips, washers, grease, distilled water, engine oil, gearbox oil, brake oil, and the rest of the consumables except fuel.
     
  • Return to Invoice Cover: If the two-wheeler is fully lost, stolen, or burgled, you would be recompensed by the same value of the invoice of the bike, which is nothing but the present market price or the IDV of the bike. With this add-on, the company would compensate for the bike as an on-road price to its purchase (road tax and registration inclusive).
     
  • Emergency Medical Expenses Cover: Covers the cost of transporting you or your pillion rider to the hospital as well as other medical expenses incurred during a bike accident.
    
    For further protection, there is also an optional third-party property damage policy and personal accident insurance for the owner-driver. The best aspect is that the amount offered under these add-ons guarantees wider financial support because it exceeds the sum insured by standard vehicle insurance.

Thinking you’ll be stuck with a single type of insurance policy? Not at all. Tata AIG provides a variety there.
 

Types of TATA AIG Two Wheeler/Bike Insurance Insurance Policy

Tata AIG offers its customers a range of insurance policies. Here are the types-

• Comprehensive Bike Insurance Policy
  This fully comprehensive bike insurance policy safeguards third-party liabilities, losses, and damages resulting from theft, natural causes, and man-made happenings and provides personal accident coverage to the owner-driver.
   
• Standalone Own Damage Bike Insurance Policy
  The Standalone Own Damage Bike Insurance Policy, therefore, financially protects damages done to your bike by unfortunate accidents. Though it excludes third-party liabilities from its coverage, it protects against damages created by natural or man-made disasters and fire and provides reimbursement due to the theft of the bike.
   
• Standalone Third-Party Bike Insurance Policy
  This kind of insurance is mandatory when a two-wheeler goes on public roads. This standalone policy offers coverage for damages your bike may cause to a third-party vehicle or injuries to a third-party individual in an accident. It ensures you’re financially protected from such liabilities. Damage to your own vehicle is not included and neither is theft of it.

Besides, Tata AIG also offers Two-Wheeler Extended Warranty Insurance and the Long-Term Two-Wheeler Package Policy to bike owners to provide more enhanced and extended coverage options.
 

What Is Covered Under TATA AIG  Two Wheeler/Bike Insurance Policy?

Tata AIG provides intensive coverage options under its bike insurance policy. Here’s what is covered-

• Loss and Damages Caused to the Bike
  A comprehensive bike insurance policy includes own damage cover, protecting against damage or loss to your bike caused by:
• • Natural Calamities: Floods, cyclones, earthquakes, snowfall, and similar events.
  • Man-Made Incidents: Terrorist attacks, riots, strikes, and other malicious activities.
  • Fire-Related Damages: Self-ignition, lightning, explosions, and similar causes.
  • Accidents and Transit: Damage from accidents or while being transported by air, waterways, railways, or roadways.
     
• Bike Theft
  Comprehensive two-wheeler insurance reimburses the bike's current market value if it is stolen or suffers total damage (beyond repair).
   
• Third-Party Liability
  Both third-party and comprehensive bike insurance provide coverage for third-party liabilities, including damages to third-party property, bodily injuries, or the death of a third party caused by your vehicle.
   
• Personal Accident Cover for the Owner-Driver
  The Tata AIG comprehensive two-wheeler insurance policy provides Rs. 15 lakh Personal Accident Cover, which covers medical costs if the owner-driver happens to suffer injuries from an accident. In case of the owner-driver’s demise, the appointed beneficiary receives the amount and will be provided with that much financial aid in this trying time.

The coverage offered under Tata AIG Bike Insurance, including the add-ons, is solely based on the terms and conditions of the policy document. It is recommended to refer to the policy wordings for an exhaustive and exact description of what is being covered.

Now that you know what is covered under the policy, it is equally important to know what is excluded from coverage. Let’s get to it.
 

What Is Not Covered Under TATA AIG Two Wheeler/Bike Insurance Policy?

Even after having an extensive list of coverages, the Tata AIG Bike Insurance policy has its own set of factors where the policy might not come in handy. Let’s understand what the policy might not cover -

• Normal wear and tear, consequential losses, and mechanical or electrical failures due to ageing are not covered. 
• Damages occurring outside the geographical limits of India are excluded. 
• Losses caused by war, war-like activities, mutiny, or nuclear hazards are not included. 
• Damage resulting from activities like racing, speed tests, or reliability trials is not covered. 
• Own damage protection is unavailable under a third-party liability-only policy. 
• Personal accident cover for the owner-driver is excluded in third-party liability-only policies. 
• Riding without a helmet or a valid driving license is not covered. 
• Claims are denied if the bike is driven under the influence of alcohol, drugs, or other intoxicating substances. 
• Losses due to negligence, such as driving in flood-prone areas, are excluded. 
• Damages are not covered if the bike is used for commercial purposes instead of private use. 
• Losses from burglary or break-ins are excluded unless the bike is stolen. 

These are general exclusions. For a comprehensive list of exclusions under Tata AIG Bike Insurance, refer to the policy wordings. The document provides detailed information on what is not covered, along with specific conditions and exclusions that may apply.
 

How To Buy TATA AIG Two Wheeler/Bike Insurance  Policy from SMC?

To purchase a Tata AIG Two-Wheeler/Bike Insurance Policy through SMC, all you need to do is follow the steps below:

• Head over to the SMC’s official website.
• Go to the Two-Wheeler Insurance section under the General Insurance tab.
• Enter your vehicle’s registration number. Or you can enter the bike details, including brand, model, type of fuel, variant, RTO, etc., in lieu of the registration number.
• Provide the necessary information, including whether the vehicle is an individual's or an organization's.
• You will then be taken to the Quotes Page, on which you are presented with quotations from different insurance companies.
• Select your Tata AIG policy, add add-ons if necessary, and move to payment.
• Ensure you receive the payment acknowledgement and your policy documents.
   

How To Renew TATA AIG Two Wheeler/Bike Insurance Policy from SMC?

If you are wondering how to renew your already existing Tata AIG policy from SMC just follow the stepwise guide mentioned below:

• SMC Insurance will provide you with a link to renew by text message and email.
• In the message, click the link for renewal.
• You'll then be taken to the insurance portal.
• Enter your policy number and all the necessary information.
• Update or modify your current information if needed (optional).
• Take a close look at the policy details you gave.
• Use one of the methods to make payment online and complete the transaction.
• The insurer will send a confirmation message to the email address and registered mobile number you provided upon successful payment.
• Your registered email address will receive a PDF copy of your renewed policy.
   

How To Claim TATA AIG Two Wheeler/Bike Insurance Policy from SMC?

Go through the easy steps mentioned below to claim your Tata AIG Bike Insurance policy from SMC-

• You can visit SMC’s official website to initiate your claim request.
• SMC’s team will gather your personal details and information about the claim issue.
• This information will then be forwarded to the insurer for further processing.
• The insurer will review the claim request and the provided documents and will grant cashless approval if applicable.
• You will be informed of the insurer's decision, and the service team will guide you through the next steps for claim settlement.
• Any pending requirements will be communicated to you and forwarded to the insurer for further action.
• Once the process is over, you will receive a message about the cashless or reimbursement claim being approved.
   

How Can SMC Help You To Settle A Claim?

SMC has successfully assisted more than 2.04 million claims and is established as a credible partner in the claims settlement process. SMC offers a step-by-step guide that enables you to learn about the procedure followed during claims settlement and also informs you about the document requirements. It offers support all through the clock on queries related to claim settlement.

With the help and guidance of SMC, you will be able to get through the claims process more smoothly, and this way, you will surely get the compensation you deserve under your Tata AIG two-wheeler insurance policy. This collaboration can make the experience of what can often be a complicated and stressful time much better.
 

Documents Required To Claim TATA AIG Two Wheeler/Bike Insurance

To file a claim with Tata AIG, you will typically need to provide the following documents:

• A duly signed claim form
• A copy of the driving license
• A copy of the Registration Certificate (RC)
• A copy of the insurance policy
• FIR, in case the claim involves death or bodily injury
• The original repair estimate slip or repair invoice

Make sure that you provide all documents so that processing can take place without interruption. The specific documentation required may vary depending on the type of claim, such as Own Damage or Third-Party Liability claims.
 

Depreciation Rate for Different Parts of Two Wheeler Insurance Policy

A deduction will be made by the insurer for depreciation at the below-mentioned rates in respect of the parts replaced on loss or damage to the insured vehicle.

Depreciation Based On The Age Of The Vehicle In A Two Wheeler Insurance Policy

Let’s look at the depreciation percentage according to age of the vehicle-

Winding It Up!

The goal of TATA AIG Bike Insurance is peace of mind during every ride, not just protection. Having trustworthy bike insurance is now essential due to the increase in traffic incidents, particularly during the holiday seasons. According to a survey conducted just last year, there were more than 1.5 million bike accidents in India in one year. Think about how stressful and expensive it would be to deal with such circumstances without insurance. Every trip is made easier and safer with TATA AIG's coverage of third-party liabilities, personal accident cover, theft and damage cover, etc. Knowing that TATA AIG has your back lets you concentrate on the fun of riding, whether you're dealing with crowded city streets or taking a weekend trip. Ride with confidence, be safe, and be free-spirited!

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