Bike Insurance in Telangana

As mandated under the Motor Vehicle Act of 1988, all vehicle owners are required to have third-party car or bike insurance. Although this coverage is useful, it does not cover all the risks that vehicle owners may want to be insured against. 

Thanks to the availability of a wide range of options under comprehensive, standalone own-damage and standalone third-party packages in two-wheeler insurance, vehicle owners now have the flexibility of choosing a policy that aligns with their insurance requirements. 

Furthermore, the availability of add-ons with comprehensive bike insurance further aligns with the idea of comprehensive protection that most vehicle owners are in search of.  

• The increasing population due to rapid development has led to an increase in incidents of traffic congestion and collisions resulting from the rise in the number of vehicles. Such situations are especially dangerous for bike riders as they are susceptible to greater damage if a collision occurs. 
• The lack of designated parking spaces due to the lack of town planning not only forces bike owners to park in unsafe spaces but also puts the vehicles at risk of vandalism, damage from collisions and theft. 
• The presence of potholes and inadequate maintenance makes it difficult for two-wheelers to navigate the roads as it risks their balance and driving capacity, which is particularly harmful during the monsoon season. 
• Ill-mannered driving of larger vehicles puts bike riders at risk of collisions or loss of balance, which are especially dangerous when driving on freeways or highways.

As mentioned earlier, the mandatory third-party insurance policy can fall short when it comes to providing the comprehensive coverage that some bike owners may require. 

Hence, apart from the third-party bike insurance, Tata AIG provides two more options that help bike owners protect their vehicles from unexpected risks on the road. 

• Tata AIG’s Third-party Bike Insurance Policy

Tata AIG offers a third-party bike insurance policy as per the legal requirements under the Motor Vehicle Act of 1988. It ensures that in the face of an unfortunate road incident, the damages to the other vehicle or individual are covered. 

However, it is important to note that this policy does not provide coverage for the bike of the policyholder. Hence, it is advisable to invest in a more comprehensive plan or even add-ons to protect your own vehicle financially. 

Here are some detailed insights into the particulars of the policy:

• Tata AIG’s Standalone Own Damage Cover Bike Insurance policy 

Tata AIG offers the option of a Standalone Own Damage Cover Bike Insurance policy. This is a policy that is designed to provide crucial support in the unfortunate event of a road accident that inflicts damage upon the insured bike. This particular policy is an ideal pair for an existing third-party bike insurance policy, as it does not cover any damages to other vehicles or individuals in such incidents. It does, however, protect against natural as well as man-made and fire incidents. It also includes reimbursement in the event of theft. 

Here are some detailed insights into the particulars of the policy:

• Tata AIG’s Comprehensive Bike Insurance policy 

Tata AIG offers the option of a  Comprehensive Bike Insurance policy. This policy is designed to provide coverage against a wide range of risks which also includes third-party liabilities. Moreover, similar to the Standalone Own Damage Cover Bike Insurance policy, this policy also covers damages incurred from theft, natural calamities and man-made disasters. Furthermore, it includes a personal accident cover for the driver or owner of the vehicle. 

However, it is essential to note that this policy excludes losses incurred due to misconduct or negligent driving behaviours of the driver. 

Here are some detailed insights into the particulars of the policy:

Factors influencing the rate of bike insurance premiums play a vital role in determining the overall cost of a bike insurance policy. Understanding these factors is crucial for bike owners seeking insurance coverage so as to help them make wiser financial decisions. The following are the key factors that influence the rates of premiums in bike insurance:

• Insured Declared Value (IDV)
• IDV in bike insurance is a factor that represents the estimated market value of the bike. This helps determine the maximum claim amount in the cases of theft or total damage. Higher IDV leads to increased premiums, which is reflected in the overall cost of the insurance.
• Claim History:
• Insurance providers evaluate the claim history of policyholders. This is due to the impact that previous claims have on the eligibility of the No Claim Bonus (NCB). Having previous claims can result in higher premiums due to the ineligibility of being able to claim NCB benefits. 
• Coverage type:
• The type and extent of coverage that is chosen can significantly influence premium rates. Although additional coverage options and add-ons enhance policy coverage, they also lead to an increase in premium rates.
• Make and Model:
• The make, model, and engine capacity of the bike significantly impact the rate of the insurance premium. Vehicles with larger engine sizes or those categorised as sports bikes typically pose higher risks. This leads to them having higher premiums compared to standard models.
• Bike’s Age:
• Age is another critical factor that influences insurance premium rates. As a bike ages, its market value depreciates, leading to lower premiums. On the other hand, newer bikes command higher premiums due to their higher market value and higher susceptibility to theft or damage. 
• Location:
• The geographical location of the bike’s registration and the residential address of the owner significantly influence insurance premiums. Areas with heavy traffic, high crime rates or a high likelihood of accidents are deemed riskier by insurance providers and can lead to higher premiums for the bike insurance purchased. 
• Third-party Bike Insurance Policy Premium Rates 

The rate of insurance premiums on third-party policies follows the annual guidelines set by the Insurance Regulatory and Development Authority of India (IRDAI). However, factors like the bike’s engine capacity, age, and eligibility for the No Claim Bonus all impact the overall premium rates as well. 

• Policy Coverage:
• Choosing the right bike insurance policy starts with an understanding of the coverage it provides. Depending on the insurance requirements, it is essential to choose the right kind of policy for comprehensive coverage. Moreover, it is also important to verify if the policy provides add-ons or additional benefits like roadside assistance or towing facilities, as they can prove to be helpful in the long run. 
• Insured Declared Value (IDV)
• As mentioned earlier, IDV in bike insurance is a crucial factor, more so when considering a bike insurance policy. As the DV represents the current market value of the bike, it is beneficial to select a policy with a higher IDV. It ensures that the policyholder receives adequate compensation for the bike in the event of an unfortunate incident.
• Add-on Covers:
• Add-on covers are additional features that can be added to a bike insurance policy to enhance specific coverage as required. Before investing in add-ons, it is essential to assess the insurance requirements and prioritise those that are most relevant to insurance needs. 
• Premium Rate:
• The premium rate of an insurance policy plays a significant role when it comes to investing in one. Although opting for options with lower premium rates is tempting, it is essential to consider other factors like IDV and the coverage offered under the policy. 
•  Claim Settlement:
• The claim settlement process is a vital aspect of bike insurance that requires careful consideration. Choosing insurance providers with simplified and efficient claim settlement processes helps ensure a hassle-free experience during claim settlements. 

• Online purchase of bike insurance eliminates the need for commuting, queuing and discussing policy details with an agent. All this saves a considerable amount of time. 
• Online platforms enable buyers to compare various details, such as insurance providers, policies, coverage options, and premium rates. They also provide the chance to review feedback, customer experience, and important factors like claim ratios, policy terms, and coverage to make informed financial decisions. 
• Another beneficial factor of online purchasing is the high-end security systems that are integrated into the websites. All the information of the policyholders remains protected as transactions take place.
• Along with seamless browsing, renewal of ongoing or previous policies also becomes seamless with online websites. 
• Online websites also offer transparency in premium calculation, which provides buyers with clear insights into how their coverage choices impact insurance premiums. This helps buyers make informed financial decisions based on their budget and preferences. 
• A notable benefit of online purchases is that policyholders receive digital policy documents via email immediately after purchase. This eliminates the need for any physical copies and also ensures the documents are easily accessible whenever needed. 

• Buying or renewing bike insurance online with Tata AIG is a quick and hassle-free process. It involves a few simple steps that a buyer needs to go through to receive a soft copy of the policy directly in their inbox. 
• Tata AIG offers eight unique add-on covers which allow buyers to customise comprehensive bike insurance packages that align with their specific needs.
• With over 4000 network garages nationwide, Tata AIG ensures efficient service wherever a policyholder is in India. From daily commutes to unfamiliar territories, Tata AIG connects policyholders to a nearby garage that is ready for assistance.
• Moreover, cashless claims are available at all Tata AIG network garages, and reimbursement is also provided for repairs that are done at non-network garages. 
• Tata AIG has a seamless claim filing process. Policyholders can simply visit the claim process page and provide their details to kickstart the process. Tata AIG initiates the claim verification and disbursal process promptly, which ensures a smooth and hassle-free claims process. 

The following steps can be followed for a seamless bike insurance purchase or renewal:

• How to Buy Bike Insurance Policy

• Step 1: Navigate to the official website of Tata AIG. 
• Step 2: Click on the “Bike Insurance” page. 
• Step 3: Fill in your required bike registration details 
• Step 4: Click on “Get Price” for policy details. 
• Step 5: The online bike insurance calculator will display your bike insurance policy price on the page that loads. 
• Step 6: Next, you will find IDVs on the screen; from these, you need to choose the IDV that is right for you. 
• Step 7: After that, you will be displayed your bike insurance premium details. 
• Step 8: Finally, you need to pay your premium amount using any given mode of payment. Once your payment is successful, you will receive soft copies of your insurance on the registered email ID.  

• How to Renew Bike Insurance Policy 

• Step 1: Navigate to the official website of Tata AIG. 
• Step 2: Select the “Bike Insurance” page.
• Step 3: Fill in your bike registration details 
• Step 4:Click on “Renew” to renew your existing insurance policy. 
• Step 5: Now, the online bike insurance calculator will display your policy price.
• Step 6: Next, you can view IDVs on the screen and select the right one according to your requirements.
• Step 7: You will be displayed your No Claim Bonus (NCB) value of the previous year. 
• Step 8: Next, your bike insurance premium amount will be displayed.

Step 9: Here, you need to pay your premium amount for bike insurance renewal. You can choose any given payment mode, and after successful payment, you will receive soft copies of your insurance documents. 

•  Reimbursement Bike Insurance Policy Claims 
• Step 1: Connect with the Tata AIG Insurance Executive after the incident or visit the Claims Process page.
• Step 2: Provide the executive with your policy details, vehicle information, and details of the incident. Alternatively, fill in the details required online through the “Claims Process” page.
• Step 3: Under the claims process, you can opt for self-inspection of the bike. Our executive will survey the damages incurred to your bike. You can then send it to your preferred garage. 
• Step 4: After your vehicle is repaired, provide the insurer with repair bills, policy documents, and a certificate of registration to file a reimbursement claim. 
• Step 5: Finally, the insurer will release the claim amounts after verifying all documents and certificates. 
• Cashless Bike Insurance Policy Claims
• Step 1: Connect immediately with a Tata AIG Insurance Executive after a theft or accident. 
• Step 2: Register your claim within 48 hours of the incident by providing the insurer with policy details, vehicle registration information, and accident details. 
• Step 3: The insurance executive will then survey damages that occurred to your vehicle. 

Step 4: Once the survey is completed, your vehicle will be sent to the network garage for repair. The insurer will then proceed with the claim settlement process and pay for expenses involving your insured bike. 

• All completed and signed claim documents.
• A self-attested copy of your vehicle registration certificate.
• Driving licence of the person driving the vehicle at the time of the accident.
• Copy of bike insurance policy papers.
• The original receipt, bills, and invoice.
• The original invoice for the cashless claim settlement.

As mentioned earlier, Tata AIG has over 4000 garages in its nationwide network. These garages offer cashless services exclusively to Tata AIG’s comprehensive bike insurance policyholders. This set of network garages is professionally equipped to provide the right repair solutions to ensure optimal care for your vehicle. 

Moreover, the search for any of these garages has been made seamless and convenient with the introduction of Tata AIG’s online garage locator. The application needs to be provided with the location details and vehicle information to use the locator, which finds a list of suitable options based on the information given. 

Additionally, Tata AIG’s 24/7 Toll-Free Number, 1800-266-7780, will always have a reliable customer care executive to answer queries related to bike insurance renewal or purchases.