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Tata AIG vs Bharti AXA: Two Wheeler Insurance Compared

Two Wheeler Insurance

Comparing bike insurance policies is the best way to find the best coverage for your beloved two-wheeler. With a range of options available and most insurers offering all details on their websites, comparing policies is now easier than ever before. Once you sift through your options and filter them down to two or three insurers, you need a detailed comparison to make the right decision. Today, we will be comparing two of India’s leading bike insurance companies – Tata AIG and Bharti AXA. If you are confused between these two, then we hope this article helps you gain some clarity and make an informed decision.

While most insurance companies offer similar features and benefits, there are few factors that can help you choose the better one (provided the plans suit your needs). Here are some comparison points:

Claim Settlement Ratio (CSR)

As the name suggests, the claim settlement ratio is the percentage of claims settled by an insurer out of the total number of claims received by it. This is an indicator of how streamlined the claims process is and how efficiently the insurer manages claim requests. A higher claim settlement ratio implies a better probability of getting your claim request honoured.

According to the Annual Report published by the IRDAI:

Claim Settlement Ratio for the financial year 2018-19 for Motor Insurance
TATA AIG 70%
Bharti AXA 75%

 

The network of cashless garages

If you meet with an unexpected accident or collision, then you would expect your bike insurer to take care of the costs of repair. Most insurance companies have a network of cashless garages that help you to get the repair done without spending anything. The garage sends a report to the company and once approved, repairs your bike at no cost to you. Based on your travel, you must ensure that the insurer has a cashless garage close by.

Network of cashless garages in India
TATA AIG 5000+
Bharti AXA 5200+

 

More than the number of garages, you need to ensure that you have a garage around your place of work, residence, and the route of frequent travel.

Types of add-on covers

Own-damage and comprehensive two wheeler insurance plans allow you to include add-ons in your policy to customize it based on your requirements. Each add-on is available at a nominal premium. Before buying a policy, ensure that you glance through the add-ons to check if you can get exactly what you want from the policy.

Add-on Covers
TATA AIG
    • Depreciation allowance
  • Personal Accident Insurance Cover
    • Consumable expenses
    • Emergency medical expenses
    • Additional personal accident cover for the owner-rider
  • Additional personal accident cover for unnamed persons
  • Return to invoice
  • Additional third-party property damage cover
Bharti AXA
  • Personal accident cover
  • Pillion rider cover
  • Medical cost insurance and cashless hospitalization
  • Zero depreciation cover
  • Roadside assistance cover

 

Other factors

Insurance is a highly regulated industry in India. With the IRDAI mandating certain features of a two wheeler insurance policy, there is not much to differentiate between the two in the core plans. While add-ons can make a difference, it boils down to what you need from the insurance policy and which insurer is offering the right combination of features and premium.

TATA AIG is a reputable brand that has earned the trust of millions of Indians over the years with the renowned ‘Tata trust’. It has also managed to live up to its name and offers prompt and efficient service, ensuring a resolution in no time. It also ensures that the claims are processed quickly.

Bharti AXA is famous for offering a wide range of add-ons to help you create a customized policy, and has a seamless claims process.

Summing Up

As you can see, there is nothing much differentiating Tata AIG from Bharti AXA primarily due to the fact that the IRDAI regulates the industry. However, apart from comparing insurers, we would urge you to enter your details on both websites and get a quote for the bike insurance policy. Also, ensure that you assess your insurance requirements carefully before you sign the dotted line. You might also want to read some reviews about servicing and claims management from other users to help you understand those aspects better.

Remember, two wheeler insurance is an umbrella that protects you from financial losses in the event of an accident, mishap, bike theft, natural disasters like flood, earthquake, cyclone, etc., and man-made disasters like riots, terrorist activities, vandalism, etc. Hence, buying the right policy is important to be assured that if disaster strikes, you are financially prepared. As we compared Tata AIG and Bharti AXA, ensure that you compare the insurance companies where you want to buy the policy from. If there isn’t much that separates them, then drill down to the policy-level and find the perfect fit. Roads are unpredictable, and riding a two-wheeler can be risky. Consider all aspects thoroughly before buying the perfect two-wheeler insurance for your bike. Good Luck!

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Finance

How You Can Choose The Best Merchant Services Agent Program?

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If you are a businessman and want to take an advantage of the merchant processing ISO, it is important to go through certain points before selecting one. This would help in choosing the best merchant services ISO Company. Some of the points that need to be taken care of are as follows:

Hardware

I am very important for the merchant to check whether the hardware that is provided to him fits his business needs perfectly. If not, it is recommended to look for better hardware. It is known that some ISOs have their own hardware and therefore need to rent other firms’ hardware. But, there are many companies that create their own hardware. Having hardware of one’s own is better than renting as it can be customized as per one’s needs.

No matter whether the company is making the hardware or renting it, it is the duty of the ISO to be able to provide the merchants with the most suitable hardware according to their business needs. Apart from that the company needs to be able to have the capacity to take the extra effort so that they can formulate an extraordinary hardware system for their clients.

Flexibility that need for work

With the world getting digitalized, it has been observed that the online sales are increasing on a regular basis. This makes it important for the merchant to tie up with an ISO with that doesn’t have any restrictive gateway as that will seem to be terrible, and will have a negative effect on their sales. The competition is tough as more and more ISO companies are being established, this makes it necessary for the companies to come up with a better and flexible system that aims in making the work easier.

Average processing fees

It is very important for the merchant to go through thorough research on the amount that has to be paid and the number of times the payment is required before they decide to join an ISO. This will give the merchant an idea of how much he might end up saving. Let the company come up with the numbers as this becomes much easier. Once you have been made aware of the numbers, it’s time to negotiate and bring down the fees.

Loyalty of the programs

Loyalty programs help to grow the business, which makes it important for the merchant to check whether the ISO they have chosen provides such facilities. If they provide it, grab the opportunity otherwise let it go.

The hidden fees

There are a few ISO companies that charge really high proves if the merchant wants to discontinue the service and overcharges for each transaction that has been made with the help of the credit card processing machine. This affects the profit margin of a company and the merchant might end up being frustrated. To avoid being cheated or taken advantage of, it is important to see that the company does not hide any cost by making a lengthy contract.

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Finance

Developing perfect stock trading strategy in a few easy steps

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Developing a new stock trading strategy is a very challenging task. People who have strong knowledge of the market always lose money since they don’t have the skills to analyze the essential factors of the market. If you truly want to earn money in the stock trading business, you must learn to take the trades in a disciplined manner. Thousands of traders are earning millions of dollars just by investing money in the right stock. If you want to improve your skills and focus on the essentials of the market, you have to learn more about market dynamics. Follow the tips mentioned in this article and you will be able to do great.

Have long term vision

You must have long term vision to become a successful trader. People who are trading the market with a short term vision are doing bad most of the time since they don’t have the skills to analyze the essential elements in the short term. But if you analyze the longer time frame, you will be able to do great most of the time. The price movement will be much clear and it should give you a strong idea about the critical market dynamics. It might seem very challenging at the initial stage but once you do the math in the proper order, you will be able to give importance to a higher time frame trading strategy.

Develop a unique strategy

You must develop a unique strategy from scratch since it will allow you to take the trades in a disciplined manner. Navigate to this website to open a demo stock trading account. Professionally use the demo account so that you can take the trades with the best tools. Just because you are using the demo account doesn’t mean you won’t learn anything new. If you use the demo account without giving it the priority, it will be really hard to make consistent profit from this market. Stay tuned with the critical market dynamics and try to curate a perfect trading strategy so that you don’t have to lose too much money.

Learn to pick the right stock

You must learn to pick the right stock as it will help you to make better decisions in real life. People who are doing great in the stock trading business knows a lot about the market. They are skilled at analyzing the essential dynamics and they know the perfect way to pick the asset. It might be hard at the initial stage but if you stay focused and concentrate and the essentials of the market, you will be able to pick the right stock without having any major issues. Things might seem very challenging at the initial stage but once you know how to find the perfect stock, it will be an easy task to improve your skills. Stop taking trades in the penny stocks as it will increase the risk significantly.

Create a money management plan

Creating a perfect money management plan is a very tough task. People who have strong analytical skills are doing well most of the time since they know the proper way to manage the risk profile. If you want to protect your capital and professionally take the trades, you will be able to create a perfect risk management plan. People who have strong analytical skills are doing well most of the time since they know the proper way to manage the risk profile. If you want to stay tuned with the latest market and trade with low risk, you must trade with less than 1% risk. Increasing the risk just to win more money is never going to help. For the safety of the capital, you must develop a very well balanced trading strategy which can help you to win most of the trades.

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