Tata AIG Commercial Vehicle Insurance
TATA AIG General Insurance Company is one of the most diversified insurance groups. The Insurer offers a number of insurance products such as personal accident insurance, health insurance, Marine insurance, motor insurance, commercial vehicle insurance, Workers Compensation, and other miscellaneous products. TATA AIG Commercial vehicle insurance policy covers the vehicles that are used for business purposes.
Why TATA AIG Commercial Vehicle Insurance?
Commercial vehicles are used as an important mode of transportation of goods from one place to
another and also used for inter-city tour/travel by passengers. These are heavy duty vehicles that are
designed to perform vigorous tasks on a daily basis.
All types of commercial vehicles have an important contribution to businesses and help in fast and bulk transportation. But when such heavy duty vehicles get on to the road on a daily basis, they are always prone to accidents, natural calamities and are prone to many unforeseen damages on the road. TATA AIG Auto Secure commercial vehicle package policy covers such risks.
Commercial vehicle insurance policy would cover all the public commercial vehicles and any special type of vehicle for any physical or financial damage. It would also give you a cover from any third party liability wherein the damage is done by insured person’s car to someone else’s property. Otherwise, in such circumstances, the vehicle owner/driver would have to bear exorbitantly high repairing costs.
Bearing such unforeseen loss and damages can make a hole in anybody’s pocket, and put them in a difficult situation. TATA AIG Auto Secure commercial vehicle package policy is an extensive insurance policy that caters to all the insurance needs of your automobile. It offers protection to you and your business from any damage and loss caused to your vehicle from an accident or theft.
Features and Benefits of TATA AIG Commercial Vehicle Insurance-
Offers financial protection to you and your vehicle from –
- Man-made and natural disasters
- Third-party liability cover
- Personal accident cover to the owner/driver
Insured Declared Value
The IDV of a vehicle is derived on the basis of the manufacturer’s selling price for a particular model and brand at the time of purchase/renewing the policy. It is then adjusted for depreciation as per the age of the vehicle, as listed in the table below-
The rates in the table are applicable only for claims arising due to constructive/ total loss (CTL/TL). If the cost of repair is more than 75 percent of the IDV then it will be considered as CTL.
Table with the Schedule of Depreciation for Fixing the IDV of the Vehicle -
Age of the Four-wheeler
If not more than six months
Ranging between six months and one year
Between one and two years
Between two and three years
Between three and four years
Between four and five years
You can mutually decide the IDV of your vehicle with the insurer if the age of the vehicle exceeds 5 years.
Inclusions of TATA AIG Commercial Vehicle Insurance
- Any destruction or damaged caused to the vehicle under any unforeseen circumstances. The mishap can be out of any accident, explosion, theft/burglary, natural catastrophes like flood or earthquake, terrorist activities, riot and similar.
- Third party liability cover. It is important as it safeguards you from legal and personal troubles that may arise if you happen to hit the vehicle of an uninsured person or someone whose policy has been lapsed. In that case, your policy will save your time, money and trouble. The policy also provides legal and financial cover in situations of death and demise of the injured person.
- Up to Rs. 15 lakhs of personal accident cover for the owner of the commercial vehicle in case of permanent total disability and accidental death.
- You can claim compensation for towing charges up to Rs. 2500. This varies from vehicle to vehicle.
- Ambulance services are also covered in it
TATA AIG Auto Secure Commercial vehicle Insurance policy provides coverage for multiple situations such as-
- Self-ignition, explosion, and fire
- Theft, housebreaking, and Burglary
- Strike and Riots
- Earthquake, flood, storm, hurricane, cyclone, rockslide, landslide, inundation, frost, etc.
- Terrorist activity
- Accidental damage (by external means)
- Malicious acts
- During transportation by air, rail, road, rail, water, and elevators
Personal Accident Cover For the Owner-driver
Nature of injury Scale of Compensation
- 100% compensation in case of death
- 100% compensation in case of loss of one limb and sight of one eye and two limbs or sight of two eyes or
- 50% compensation in case of loss of one eye-sight or limb
- 100% compensation in case of permanent total disabilities from injuries other than named above
Exclusions of TATA AIG Commercial Vehicle Insurance
Claims arising due to the below-mentioned reasons will not be accepted:
- Loss or damage arising out of driving under the influence of alcohol or drugs, because this is a punishable offence
- Breakdown of your vehicle mechanically or electrically
- Destruction in situations of war, rebellion, nuclear threats or any damage happening outside the country
- Tyre and tube damage is not covered until the same has happened during an accident
- Consequential loss is not covered under this plan
- Depreciation, wear & tear is not covered
- The claim will be not accepted if the driver is found driving without a DL at the time of the accident
- Electrical or Mechanical breakdown expenses are also not covered
- Damage caused to the vehicle tyres ( unless the vehicle is also damaged)
- Driving after consuming alcohol/drugs
Please refer to the policy wordings for a detailed list of exclusions.
Add-on Covers in TATA AIG Commercial Vehicle Insurance
You can extend the coverage by an extra amount of premium. Here are some of the important additions-
- Loss of accessories cover
- Legal liability cover to non-fare paying passengers
- Personal accident protection cover to the owner/driver and any named person ( apart from an employee)
- Personal accident benefit to the vehicle cleaner/ conductor/ paid driver
- Legal liability cover to the conductor/ paid driver/
TATA AIG Commercial Vehicle Insurance Renewal
It is quite simple to renew commercial vehicle insurance online. The process is as follows:
- Simply enter vehicle status- if its expired, from other insurer, new registration or from TATA AIG only
- Enter the vehicle number
- the 10 digit mobile number
- Policy number
TATA AIG Commercial Vehicle Insurance Claim Procedure
In order to claim vehicle insurance, it is required that you immediately inform the insurer about the damage/loss.
You can either file a claim by reaching out to them at their toll-free helpline number or over an email.
You can also download the claim form for vehicle insurance online from their site.
However, to register a claim with TATA AIG motor insurance following information is required-
- Time and date of Loss
- Policy number for reference
- The location where the incident took place
- A brief description of the incident
- Name & contact number of the person filing the claim
You need to keep your documents in place before making the claim:
- Fill and sign your claim form
- Original copy of the driving license
- Vehicle registration certificate
- Fitness certificate
- Tax paid receipt
- Load challan of your commercial vehicle
- Original insurance policy papers
- Aadhar card copy
- Route permit
- FIR Copy
Therefore, to get away with such situations without threating your savings, it’s imperative for you to get your commercial vehicle insured with TATA AIG Auto Secure commercial vehicle insurance. This will allow easy repair, financial cover, ensuring seamless business process and uninterrupted transportation.
TATA AIG Commercial Vehicle Insurance FAQs
It is mandatory to buy vehicle insurance in India. It is essential to buy a commercial vehicle policy as it protects the commercial vehicle against various types of accidental damages. It also compensates for third-party and personal liabilities which may arise from an accident or collision. Simultaneously, it also covers legal liabilities arising due to third-party death/bodily injuries or property damage.
TATA AIG commercial vehicle package policy compensates for-
- Loss or damage caused to the vehicle due to natural and man-made disasters
- External damages caused to the vehicle after an accident
- Third-party death and bodily injuries
- Third-party property damage
You can call them on their helpline number or email them. Their representative will take you through the claims process. Usually, it involves vehicle inspection, submission of the required documents, and estimation of repairs, followed by claim settlement.
Following are the exclusions of this policy –
- Any type of consequential loss
- Routine wear & tear
- Electrical/Mechanical breakdown
- Driving without a license
- Tyre Damage ( unless the vehicle is also damaged)
- Driving after the consumption of drugs/ alcohol
The commercial vehicle insurance policy also includes legal liability cover in case of third-party bodily injuries and death as per the Motor Vehicle Act.
It includes personal accident protection cover for owner-driver of the automobile up to Rs. 15 lakh.