Tata Ace Insurance – Coverage, Premiums, and Claims

It offers two types of coverage – comprehensive policy and third-party liability – to safeguard against losses or damages due to accidents, fire, theft, acts of nature and other occurrences.

Why Tata ACE Insurance is Essential for Your Business

The following are the reasons you should keep your tata ace insured at all times –

1. Mandatory by law: In India, it is compulsory as per the Motor Vehicle Act, to have at least a third-party commercial insurance policy to protect against damages and losses. Without one, you are liable for a fine when caught.
2. Coverage against unforeseen circumstances: A commercial vehicle insurance will ensure that you’re covered for damages due to either a third-party or your own Tata Ace.
3. Protection for driver-owner & paid driver: Along with covering losses and damages to your, or the third-party vehicle, Tata Ace insurance also covers for any bodily injury or the death of the driver.

Key Features Of Tata ACE Insurance

Key Features	Benefits
Third Party Risk Coverage	TPPD cover up to 7.5 lac & Unlimited for liabilities.
Accidental Coverage	Driver and liability cover, Own Damage.
Theft Cover	Included in comprehensive policy.
Models Covered	Tata Ace Gold, Tata Ace Zip, Tata Ace Mega, Chota Hathi, Tata Intra.
Price	15750 Rupees For Third Party Insurance

How Much Does It Cost

Third party tata ace insurance price list updated as on January 1st, 2023

Tata ACE Model & Variant	Premium
TATA ACE	16500
TATA ACE HT	16650
TATA ACE GOLD	16800
TATA ACE ZIP	16950
TATA ACE MEGA XL	17050
TATA ACE SUPER	17250
TATA ZIP XL	17500

Factors That Determine Tata Ace Insurance Price – Understanding Premium Rates

• GROSS WEIGHT OF VEHICLE – Third party premium for tata ace insurance is fixed as IRDA decides Goods Carrying Vehicles third party insurance price on the basis of their GWV which means Gross Weight of Vehicle. For all vehicles upto 7.5 ton the premium is 8432 plus GST for private goods carrier and 15746 plus GST for public goods carrier. All tata ace variants has gross weight under 7.5 ton so the price is fixed as mentioned above in 2021.
• IDV VALUE – IDV refers to Insured Declared Value and is the maximum sum assured fixed by the insurer that is offered in case of theft or total loss of a vehicle. In short, IDV is the current market value of your vehicle.
• NO CLAIM BONUS DISCOUNT – No Claim Bonus or NCB is a reward given by an insurance company to an insured for not raising any claim requests during a policy year. The NCB discount is offered on the premium amount during renewal.

How to Calculate Tata ACE Insurance Premiums

Getting an instant quote for your Tata ACE insurance premium is now easy and convenient with the online premium calculator. All you need to do is follow these three steps:

1. Enter your vehicle’s registration number
2. Select the applicable registration date, no claim bonus, and sum insured.
3. You can also add additional coverage if needed before calculating the updated insurance premium.

Alternatively, you can use the following formula: Tata ACE Premium = (Own Damage Premium + Third Party Premium) + Applicable GST.

Types of Tata ACE Insurance Plans Available in 2023

There are two types of commercial vehicle coverage policy available online for tata ace –

1. Third Party Tata ACE Insurance 

Third-party insurance for Tata Ace vehicles provides coverage for any damages caused to third-party individuals or property. In the event of an accident where the driver of the Tata Ace is at fault, the third-party insurance policy will bear the expenses incurred by the other party. These expenses may include damages to the other party’s vehicle, property, or any injuries sustained by the other party.

Third-party insurance is mandatory as it offers protection to all parties involved in the event of an accident. In the absence of insurance, the owner of the Tata Ace would be held responsible for all the damages caused by the accident, which could result in a significant financial burden, particularly in the case of severe accidents.

The premium for third-party Tata Ace insurance is determined by the Insurance Regulatory and Development Authority of India (IRDAI) and varies depending on the tonnage of the vehicle.

It should be noted that third-party insurance solely covers damages caused to third-party property or individuals. It does not provide coverage for damages to your own Tata Ace vehicle. For comprehensive protection, it is highly recommended to opt for comprehensive insurance, which covers both third-party damages and damages to your own vehicle.

2. Comprehensive Or First Party Insurance – Apart from covering all things as mentioned above in third party policy, comprehensive insurance will also cover the damages to own vehicle in case of any accident, theft or fire or damage to the vehicle by any external means.

Premium – 16999 onwards excluding taxes

Comparison Of Third party vs first party Tata ACE insurance Policy Coverage & Price

COVERAGE	THIRD PARTY INSURANCE	FIRST PARTY INSURANCE
Coverage amount for third party property damage	Up to Rs. 7.5 Lac	Up to Rs. 7.5 Lac
Coverage amount for third party death/injuries in any accident	Unlimited	Unlimited
Protection Against Own Vehicle Damage	Nil	Up to Sum Insured
Vehicle Theft	Not Covered	Covered
Fire	Not Covered	Covered
Manmade calamities like riots	Not Covered	Covered
Natural calamities like floods, earthquakes, storms, lightening or thunder	Not Covered	Covered
Price	15750+GST	16500+GST Onwards.

Understanding Tata ACE Insurance Inclusions and Exclusions

Here are the inclusions this policy covers

Followings are the Conditions when your tata ace policy does not provide coverage to your vehicle

• Unethical Driving: If during making a claim, the driver-owner is found to be driving the bus under the influence of alcohol or without a valid driving license then your Tata Ace won’t be covered.
• Consequential Loss: In case of any loss/damage, which is a direct result of a certain action by the insured or the third party. For example, driving the vehicle in the land slide or the rain or in a flooded locality, leading to the damage of the engine or any other parts of Tata Ace.
• Own Damages for Third-Party Policy holder: If you’re only going for a Third-Party Commercial Insurance for your Tata Ace, then act of deliberate damage and losses won’t be covered.
• Routine Wear and Tear: Any damage or loss that your Tata Ace incurs because of a known cause such as damaged gear box or damaged engine because of leakage for a long time won’t be covered.
• Depreciation and breakdowns: Depreciation of the vehicle, mechanical and electrical breakdowns will not be covered.
• State of War: Any damage or loss incurring to your Tata Ace due to war, civil war, mutiny and so on won’t be covered.

General Exclusions Of This Policy

• Any accidental loss or damage and/or liability caused, sustained or incurred outside the geographical area as covered in tata ace policy certificate.
• Any claim arising out of any contractual liability.
• Damages sustained or incurred whilst –
  (a) being used otherwise than in accordance with the ‘Limitations as to Use’ in tata ace insurance policy schedule
  or
  (b) being driven by or is for the purpose of being driven by him/her in the charge of any person other than a Driver as stated in the Driver’s Clause.
• Any accidental loss or damage to any property whatsoever or any loss or expense whatsoever resulting of any consequential loss.

Add-On Coverage Options for Tata ACE Insurance

• Zero Depreciation Cover – Nil Depreciation or zero depreciation policy helps you avoid paying any depreciation charge when making a claim in your tata ace policy.
• IMT 23 Cover – IMT 23 is a type of commercial vehicle add on cover which provides coverage to fenders, headlights, front bumpers & tires which are not covered in normal commercial vehicle insurance.
• Paid Driver Cover – Liability cover to paid driver compensate against paid driver death in case of any accident involving insured tata ace and its paid driver at the same time.
• Owner Driver Cover – Personal Accidental cover to owner driver provide 15 lac of cover when opted in commercial vehicle insurance policy for tata ace
• Cover to other employees such as conductor or coolie
• No Claim Bonus Protection Cover

Benefits Of Buying Tata ACE Insurance Policy Online

There are multiple of benefits when it comes to buying insurance online for any commercial vehicle in India. Here is the list of top 5 benefits you get on buying your tata ace insurance online –

1. Transparent Premiums Breakups – Unlike your next door insurance agents online websites offer your more transparent breakups where a customer can check & uncheck all the necessary or unnecessary add ons as per his requirements and not just on agents will which they almost never inform customers before issuing policies.
2. Comparison of multiple insurance company quotes – Offline agents usually only sell insurance for one or two insurance companies and they are bound to share their quotes only while when you compare tata ace insurance rates online you get multiple insurer quotes which allows you to copare the best plan and price for your tata ace policy.
3. Clear communication of coverage provided before buying insurance – Online websites provide you clear knowledge of inclusions & exclusions of tata ace insurance before buying and not after issuing the policy certificate which results in better customer satisfaction.
4. 24*7 Customer Helplines For Claim Support – When you buy or renew online insurance for your commercial vehicles we provide 24*7 helpline support if you need to file a claim or need any clarity regarding the same which is not possible when you buy policy offline through agents.
5. Timely renewal reminders to keep your vehicle always protected – Our online communications keep you informed about tata ace insurance renewal date which is necessary to avoid lapsed policies and avoid unfortunate financial burden if any claim arises in case your policy gets expired.

How to Buy and Renew Tata ACE Insurance Online

You can complete your tata ace insurance renewal online with your current insurer or you can also switch with new insurance company at the time of renewal without any restrictions.

To renew your tata ace policy online you can follow these simple steps –

1. Share renewal notice received from your current insurer or you can also just provide your existing policy copy.
2. If you have made any claim with existing insurer you need to mention it before you get quotes online to get the correct NCB mentioned your new insurance policy.
3. Get the quote from all the companies and select the best one as per your budget and features required.
4. Make payment online for the selected plan & download soft copy instantly. You can request for hard copy of your policy schedule if you need one.

The Tata ACE Insurance Claim Process – Step by Step

Claim process for commercial vehicles in India is pretty much effortless these days after introduction to self inspection survey apps launched by many insurance companies in India.

Follow these simple steps to file a claim in your tata ace policy.

Steps For Self Help Claims By Video Apps.

1. Install Video Inspection App from play store or from your insurer’s official website.
2. Do a through video inspection of the damaged area of the vehicle.
3. Upload & Submit to claim processing team. Also keep a copy of video for your own references.
4. Insurance company will verify the damages within 24-48 Hours & Inform you about the approval or rejection of the same.

Steps For Raising Offline Claims –

1. Inform your insurance company on their official claim support number to intimate the claim for damages.
2. Insurance company will assign a claim surveyor who will make a visit to asset & verify the damages for which you have raised a claim.
3. After verification by surveyor, Insurance company will inform you about the total claim amount which will be reimbursed to you if you get the vehicle repaired from your side or it can be settled to a authorized cashless garage if you have registered your claim through them.

Details of depreciation charges at the time of claim –

While making a claim in tata ace policy, Insured is required to pay some depreciation amount from their end. The amount of depreciation which insured will have to pay as per parts is mentioned below

1. For all rubber/nylon/plastic parts, tires, tubes, batteries and air bags – 50%
2. For fiber glass components – 30%
3. For all parts made of glass – Nil

Rate of depreciation for all other parts of tata ace including wooden parts will be as per the following table

Age of vehicle	percentage of depreciation
Not exceeding 6 months	0
Exceeding 6 months but not exceeding 1 year	5
Exceeding 1 year but not exceeding 2 years	10
Exceeding 2 years but not exceeding 3 years	15
Exceeding 3 years but not exceeding 4 years	25
Exceeding 4 years but not exceeding 5 years	35
Exceeding 5 years but not exceeding 10 years	45
Exceeding 10 years	50

List Of Companies offering tata ACE Insurance Policy

Here is the list of companies with higher probability of providing better discounted premiums for your tata ace

1. Godigit
2. Reliance
3. Acko
4. Tata Aig
5. ICICI Lombard
6. HDFC ERGO
7. Bajaj Aliianz
8. Magma HDI
9. New India Assurance
10. Iffco Tokio General Insurance

Mandatory Documents To Submit Before Filling A Tata ACE Insurance Claim?

Keep following documents handy while filing a claim for your tata ace commercial vehicle –

• Policy Schedule
• Filled claim form
• Vehicle Registration certificate and Driving license
• Fitness certificate
• Load Challan
• Tax Slips
• Original Insurance copy. (Print of soft copy is also valid)
• Aadhar Card
• Route Permit
• First Information Report copy 

Frequently Asked Questions

Follow this post on Pinterest

Find It on twitter