Tata AIG Commercial Vehicle Insurance

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Commercial vehicles are one of the most critical belongings for their owners. They are not only the hard earned possession but also source of income for owners and their drivers.

However the odds of any mishap or eventuality can’t ever be ruled out for such commercial vehicle as they spend most of the time on road.

Tata AIG’s Commercial Vehicle Insurance plans are designed to absorb the impact of any loss or damage to the vehicle, its drivers and contents as well as any liability arising out of the Third party.

The key features of TATA AIG Commercial Vehicle Insurance Plan

  • Exclusive Direct settlement Service at all manufacturer authorized workshops to save time and effort of the plan holder.
  • Plan available for both heavy and light commercial vehicle
  • Simple and hassle free process with minimal documentation
  • Pan Indian network for service and claim settlement and one of the lowest settlement period in industry.
  • In the event where the vehicle is immobilized due to any accident, TATA AIG surveyor visits the accident site.
  • Comprehensive Coverage for Partial Loss & total loss arising out of accident, Fire & allied perils, burglary & theft, riots and strikes, damage in transit by air, rail, road and sea.
  • Attractive Discounts on no claim and installation of anti theft device.
  • Coverage for any Third Party Legal Liability for property damage Bodily injury.

Plan Coverage

The plan covers an array of misfortune events to which the commercial vehicles are prone to. This includes

  1. Any Loss or damage to vehicle is covered in plan benefit
  2. The plan benefit extends to Third Party liability
  3. Personal Accident cover to owner/driver
  4. Personal Accident cover to paid driver, cleaner or conductor.

Coverage for loss or damage of vehicle or its accessories in the event of

  • Fire Self ignition lightning
  • Burglary house breaking or theft
  • Terrorist activity
  • Riot Strike and Malicious Damage
  • Earthquake Flood cyclone and Inundation etc
  • While in transit by rail road air elevator lift or inland waterways
  • Landslide or work slide
  • Loss or damage to accessories by burglary/house breaking/theft available for commercial vehicle on payment of an additional premium at 3% of the IDV of such accessories.
  • Loss or damage to Lamp Tyres mudguard and / or bonnet side parts bumpers etc. are covered on payment of additional premium for commercial vehicles insurance plan.
  • For vehicles damaged or disabled in the event to accidents , expenses pertaining to removal to nearest workshop
  • The cost of immediate reasonable as per limit of the plan.
  • Expense towards the replacement of parts in the plan is subject to deduction of depreciation value which is calculated as below

 

Nature of Expenses

% of Depreciation

For all rubber/nylon/plastic parts, tyres, tubes, batteries and air bags

50%

For fiber glass components

30%

For all parts made of glass

Nil

 

Rate of depreciation for all other parts including wooden parts will be considered under the plan as per the following schedule

Age of Vehicle

% of Depreciation

Not exceeding 6 months from commencement of the plans

Nil

Exceeding 6 months post commencement of the plans but not exceeding 1 year

5%

Exceeding 1 year post commencement of the plans but not exceeding 2 years

10%

Exceeding 2 years post commencement of the plans but not exceeding 3 year

15%

Exceeding 3 years post commencement of the plans but not exceeding 4 years

25%

Exceeding 4 years post commencement of the plans but not exceeding 5 years

35%

Exceeding 5 years post commencement of the plans but not exceeding 10 years

40%

Exceeding 10 years post commencement of the plans

50%

 

The mandatory Third Party Liability cover as per MV act which includes

  • Death or bodily injury to any person caused by or arising out of the use (including the loading and/ or unloading of the vehicle.
  • Damage to property other than property belonging to the insured or held in custody or control of the insured with an upper limit of 7.5 lacs.
  • The company will pay all costs and expenses incurred with its written consent.

Mandatory Personal Accident cover to Owner Driver

The TATA AIG Commercial vehicle insurance plan proffer a coverage of maximum amount Rs. 2 lakh for whole insurance term to the owner-driver of the vehicle in the events of death or body injury (as per the scale mentioned below) while travelling /mounting / dismounting the vehicle. Any such event if results in the below circumstances within 6 months of the incident happening, the scale of compensation paid in the plan shall be as mentioned in the table.

Sl no.

Nature Of Injury

Scale of Compensation

1

Death

100%

2

Loss of two Limbs or Sight of Two Eyes or loss of One Limb & sight of One Eye

100%

3

Loss of One Limb or Sight of One Eye

50%

4

Permanent total disablement from injuries other than above

100%

 

Personal accident to Paid Drivers, Cleaners & Conductors.

Additional personal accident plan coverage to the paid driver, cleaner and conductors who are employed in the insured vehicle is offered under the plan based on extra premium paid. The coverage is applicable for events such as mounting into, dismounting from or traveling in the insured vehicle and events caused by violent, accidental, external and visible means which independently of any other cause shall within six calendar months of the occurrence of such injury.

The scale of compensation paid in the plan shall be as mentioned in the table.

Sl no.

Nature Of Injury

Scale of Compensation

1

Death

100%

2

Loss of two Limbs or Sight of Two Eyes or loss of One Limb & sight of One Eye

100%

3

Loss of One Limb or Sight of One Eye

50%

4

Permanent total disablement from injuries other than above

100%

 

Additional Coverage offered under the plan.

  • Discount for Anti-Theft Devices - Vehicles fitted with anti-theft devices approved by Automobile Research Association of India (ARAI), Pune and whose installation is duly certified by any of the recognized Automobile Associations are eligible for a discount of 2.5% on the OD component of plan premium subject to a maximum of Rs. 500/-. For mid-term installation, pro-rata proportion of the premium discount for the unexpired period of the plan will be allowed.
  • Electrical / Electronic fittings- If electrical and or electronic items fitted to the vehicle but not included in the manufacturer’s selling price of the vehicle are to be insured, it can be done separately under Section-I of the plan(loss of or damage to the vehicle insured) of the call.
  • CNG / LPG fuel - In case of vehicles fitted with bi-fuel system such as Petrol/Diesel and CNG /LPG, permitted by the concerned RTA, the CNG/LPG kit fitted to the vehicle is to be insured separately at an additional premium @ 4% on the value of such kit to be specifically declared by the plan holder. An additional premium of Rs 60/- shall be payable for Third Party cover under any the plans

Plans Exclusions

Below mentioned are the events which are excluded from the benefits of any of the given plans

  • In the event of any loss or damage or liability which has happened beyond the geographic area as defined in the plan documents
  • For cases where the loss or damage is due to any kind of contractual agreement are excluded in all plans.
  • The plan benefit shall not be applicable for any claim which has aroused due to the usage of vehicle other than agreed or defined.
  • For any loss or damage in case the vehicle is being driven by any third person other than a Driver as stated in the Driver’s clause.
  • In the event of accident caused under the influence of intoxicating liquor/drugs.
  • Vehicle being driven without a valid license.
  • In the event of any War and nuclear perils.
  • No separate claim shall be reimbursed for any Damage to tyres/tubes unless insured vehicle is also damaged in the same incident. The maximum reimbursement could be up to 50% of replacement cost will be paid.
  • Mechanical or electrical breakdown, depreciation, wear and tear.

General terms and conditions

  • In the event of any accidental loss or damage, the insured shall give immediate Notice in writing providing the details of the loss or damage to the insurance company. Further the insured should also give all the information and assistance to the insurance company as and when required.
  • The company has the option to repair, re-instate or replace the vehicle or part thereof and/or its accessories or may pay in cash the amount of loss or damage. The Liability of the company shall not exceed a for total Loss/constructive total loss of the vehicle - the Insured Declared Value of the vehicle (including accessories) as specified in the schedule after deducting the value of wreck.
  • No Claim Bonus(NCB) can be earned only in the Own Damage section of Plans covering all classes of vehicles but not on Motor Trade Plans (Road Transit Risks / Road Risks / Internal Risks) and plans which cover only Fire and / or Theft Risks. For plans covering Liability with Fire and/or Theft Risks, the NCB will be applicable only on the Fire and / or Theft components of the premium. An insured becomes entitled to NCB only at the renewal of a plan after the expiry of the full duration of 12 months.

All types of Vehicles

% of Discount on Own Damage premium

No claim made or pending during the preceding full year of insurance

20%

No claim made or pending during the preceding 2 consecutive years of insurance

25%

No claim made or pending during the preceding 3 consecutive years of insurance

35%

No claim made or pending during the preceding 4 consecutive years of insurance

45%

No claim made or pending during the preceding 5 consecutive years of insurance

50%

 

  • For Claims under personal accident benefit plan the compensation will be payable only in respect of owner driver arising out of any one occurrence and the total liability of the insured shall not exceed the sum of INR 2 Lakhs during any one period of Insurance.
  • No compensation shall be payable in respect of death or bodily injury arising out of intentional self injury suicide or attempted suicide, physical defect or infirmity or accident occurring under influence of intoxicating liquor or drugs.
  • All Such compensation shall be payable directly to the insured or to his/her legal representatives whose receipt shall be full discharge in respect of the injury to the insured and would be subject to
    • The owner-driver is the registered owner of the vehicle insured there in
    • The owner-driver is the insured named in this plan
    • The owner-driver holds an effective driving license, in accordance with the provisions of rule 3 of the central Motor Vehicles Rules 1989 at the time of the accident

For Change of Vehicle/Sale of Vehicle, the plan can be substituted by another vehicle of the same class for the balance period of the plan subject to adjustment of premium, if any, on pro-rata basis from the date of substitution.

  • Where the vehicle so substituted is not a total loss, evidence in support of continuation of insurance on the substituted vehicle is required to be submitted to the insurer before such substitution can be carried out
  • For Third Party Property Damage (TPPD) plan Cover, the Limits of cover under Liability is confined to Only plans and under Section II – 1(ii) of Commercial Vehicle plan and the maximum amount is capped as INR 7.50 Lakh.
  • However, the insured can at the inception of the plans, opt to restrict to the TPPD cover to the statutory limit of Rs. 6000/- as provided in the M. V. Act. In such an event, the base TP premium applicable will be reduced by INR 200/- for Commercial Vehicles (excluding three wheelers, Taxies & TW CV), INR 150/- (Three Wheelers & Taxies) & INR 50 (TW CV) plan .

For mid-term installation of anti-theft device approved and certified as above in the vehicle insured, pro rata proportion of the premium discount calculated as per tariff provision for the unexpired period of the plan is to be allowed.

Tata AIG Commercial Vehicle Insurance- FAQs

1. How to pay a premium? What are the modes of payment available?

The Tata AIG General Insurance Company offers 2 modes of premium payment namely:

  • Cash payment at the branch
  • Online Payment

For the online payment mode, the policyholder can pay via;

  • Credit Card
  • Debit Card
  • Net banking


2. How can I check policy status for Tata AIG commercial vehicle insurance?

Registered users can login to portal with their username and password to check the policy status.

3. What is the policy renewal process for Tata AIG commercial vehicle insurance?

Step1: Enter your Policy Number, Expiry Date and Client ID into Renew Online portal
Step2: Calculate the premium
Step3: Select the payment option –Net Banking or Debit/Credit Card
Step4: Save/print the premium deposit receipt
Alternatively, you can pay via cash/cheque at any of the nearest branch.

4. What is the company’s process to settle claim for Tata AIG commercial vehicle insurance?

You can register your claim online.
Upon successful completion of formalities within 7 working days the claim is settled.


5. What is the policy cancellation process for Tata AIG commercial vehicle insurance?

Submit your policy with surrender form to your nearest branch. The refund will be directly credited into your account and the policy will stand cancelled, upon successful completion of documents.

Tata AIG Commercial Vehicle Insurance Reviews

TOTAL REVIEWS (1)
Karan
Ahmedabad
May 17, 2016

Fantastic plan

Fantastic tata aig commercial vehicle insurance. Plan available for both heavy and light commercial vehicle. Simple and hassle free process with minimal documentation. In the event where the vehicle is immobilized due to any accident, TATA AIG surveyor visits the accident site and tow facility is also available. Comprehensive Coverage for Partial Loss & total loss arising out of accident, Fire & allied perils, burglary & theft, riots and strikes, damage in transit by air, rail, road and sea. Attractive Discounts on no claim and installation of anti theft device.