TATA AIG Car Insurance
TATA AIG Car Insurance is a product of TATA AIG General Insurance Company. The Company is a joint venture of the American International Group (AIG) and the Tata Group. In this collaboration, TATA Group holds 51% shares whereas AIG Group holds 49% shares.
In the year 2020, the TATA AIG General Insurance has celebrated its 20 years of service as it started its operations in India on 22 January 2001. This company has grown strongly as a preferred choice of general insurance in India and offers products in automobile, property, travel, personal accident, marine, energy, and many more sectors.
Being one of the popular names in Indian general insurance category, TATA AIG has it headquarter in Mumbai. With end – to – end services the company is fanning out its business through various channels such as brokers, agents, and banks to direct channels of servicing such as e-commerce, telemarketing, and website to make sure that their business is on run always.
|Features||Coverage and Benefits|
|Third Party Coverage||Up to 7.5 Lacs|
|Incurred Claim Ratio (ICR)||79.31%|
|Personal Accident Insurance||Yes|
|Network Workshops||3000+ across India|
|No Claim Discount||Yes|
TATA AIG Car Insurance Policy Features
TATA AIG Car Insurance includes both comprehensive and third-party coverage.
- The company has more than 3000 cashless network garages.
- The plan includes third-party coverage up to 7.5 lakhs.
- Personal accident damages are covered under the comprehensive policy
- Discount on the own damage premium is offered to individuals who are a member of Automobile Association of India.
- The company provides a simple and hassle-free renewal process.
- Special additional coverage as depreciation cover, NCB protection, etc. is offered under their car insurance plan.
- 24*7 claim assistance service to the policyholder
Key Benefits of TATA AIG Car Insurance
TATA AIG Car Insurance has numerous benefits to offer to its customers. Let’s take a look at some of the benefits offered:
- This plan covers accidental damage or loss of the insured car. In case of damage due to explosion, lightning, fire, burglary, theft, housebreaking, external accident, terrorism, malicious activities, natural calamity, etc., the expenses incurred are taken care by the insurer.
- TATA AIG car insurance policy includes personal accident cover to the owner/driver, in the event of any injury or death due to an accident. The compensation as personal accident cover is provided to the policyholder:
- 100% in case of the death
- 100% in case of loss of sight in both the eyes and loss of both the limbs.
- 50% in case of loss of sight of one eye and loss of one limb.
- 100% in case of total or permanent disability.
- TATA AIG car insurance includes third-party insurance coverage, which is specifically designed to ensure that the car owner is safe against any type of third-party legal liability that may occur due to the accident the coverage under this option includes death/ injury or property damage occurred by the third party.
TATA AIG Car Insurance Sum Insured Options
TATA AIG Car Insurance sum insured is fixed by the insurer and is payable to the policyholder for claims arising due to theft, loss or total loss of the vehicle. Simply put, IDV is the present market value of the insured vehicle.
The depreciation computed on the car for constructive total loss claims will be as follows:
|Car Age||Depreciation Value|
|Up to 6 months||10%|
|1 to 2 yrs.||20%|
|2 to 3 yrs.||30%|
|3 to 4 yrs.||40%|
|4 to 5 yrs.||50%|
For cars older than 5 years or obsolete models, IDV can be decided between the policyholder and the insurer
Coverage under Tata AIG Auto Secure Comprehensive Plan
- Any accidental damage or fire loss and associated perils are insured under this plan.
- Theft and housebreaking damages
- Third party property damage and bodily injuries are also covered under this plan.
- Strikes and riots causing damage
- Natural disasters including flood, earthquake etc.
- Terrorist acts resulting in a damage
The plan also offers add-on coverage under which the policy takes care of the eventualities that are not covered under the basic policy. Let’s take a look at the add-on covers offered by the policy to enhance the basic coverage:
- Depreciation Cover- Under this plan, the insurer will pay the complete value of the replaced parts for the first 2 own damage claims.This is one of the most common add-on features offered by the policy. This feature entitles the insured to claim the total cost of replacement of the car parts damaged in an accident and saves them from burning a hole in the pocket. Generally, the depreciation reimbursement is valid for 5 years period from the date the car was purchased, up to a maximum of 2 claims in the tenure of the policy
- Daily Cash Allowance- Under this plan, a daily reimbursement is given by TATA AIG Car Insurance to the policyholder to cover the transport expenses for the duration for which the car was in the garage for repairs. However, the number of days is restricted to 10 days for damage claims and 15 days for theft or total loss claims.
- Return to Invoice- This add-on benefit is recommended for cars that are lesser than 3 years old. In a basic plan, the claim amount will be equal to the IDV of the vehicle. And with this benefit, you get an amount equivalent to the on-road cost of the vehicle that you paid while purchasing the policy.
- Roadside Assistance- It is one of the important additional features, which provides 24x7 roadside assistance to the insured like towing, refueling, technical problems related to battery, change of flat tyre, and provides mechanic’s services in case of car breakdown and so-on. Moreover, under this option, the plan also provides taxi service and any type of utility benefit, in case the insured is stuck in a remote location.
- Courtesy/ Hire Car- To make the life easy for the policyholder in absence of the damaged car, the insurer will provide a hired car or travel allowances for a maximum of 10 days.
- Repair of Fiber, Glass, Plastic & Rubber Parts-One claim is permissible during the insurance term. Claims for the mentioned repairs will not change the No Claims Bonus at the time of renewal.
- No Claim Bonus Protection Cover-Under this TATA AIG Car Insurance plan, your NCB will be retained despite filing a claim throughout the policy term. It is subjected to policy terms and conditions.
- Key Replacement Cover-The cost of replacement of key will be reimbursed in case of theft /lockouts/break-ins.
- Tyre Secure- Under this plan, the expenses related to replacement or repair of the tyres will be taken care off by the insurance provider.
- Engine Secure- The Company will reimburse for repair & replacement for engine damage that includes gearbox, internal parts, transmission and different assembly due to water flow in or oil leakage.
This add-on benefit is for individuals who own a new car or high-end cars that are up to three years old. Under the engine secure option, the insured gets the compensation for even those parts of the cars and engine that are not related to the accident. This option can be particularly used by those individuals who are living in flood-affected areas or where waterlogging in the monsoon happens frequently. However, one needs to pay an extra cost to avail of this benefit, but it’s totally worth the cost.
- Consumable Expenses-The plan covers the cost of consumables that are necessary after the accident and the payments will be made as mentioned in the schedule. This option covers the expenses of consumables requiring such as oils, nuts, and bolts, screws, etc. that are not covered by the basic plan. Consumables are very expensive in high-end cars, so those individuals who own a high-end car are advised to get this additional cover along with the basic TATA AIG car insurance plan.
- Loss of Personal Belongings- The loss of personal belongings will also be covered under this plan.
- Emergency Transport and Hotel Expenses- It covers the transport charges between the place of accident and insured person’s residence and the related expenses for an overnight hotel stay. The payment here is prefixed and the payout is given on submission of expense proofs.
- Predetermined added Add on Bundles are there under this plan which has 5 plans namely Gold, Pearl, Pearl Plus, Titanium, and Platinum.
- No Claim Bonus (NCB) is provided to the insured in case no claim is filed by them during the tenure of the policy. There are certain discounts offered by the insurer to the insured for making no claim every passing year, i.e. up to a maximum of 50%.
Under the option of NCB protection, the insured can make claim for losses like total vehicle theft, replacement or repair of windshield glass, accessories and also for the total loss of the vehicle. The NCB protection coverage takes care of the first two claims made by the insured. However, this option is not applicable to the vehicles that are older than 3 years.
Now let’s have a Brief Outlook on Each of TATA AIG Car Insurance Plans:
|Add-On Bundles||Benefits of the Plans|
|Gold Add-On Plan||
|Pearl Add-On Plan||
|Pearl Plus Add-On Plan||
|Titanium Add-On Plan||
|Platinum Add-On Plan||
TATA AIG Third Party Car Insurance Plan
TATA AIG Third Party Liability Insurance Policy protects the vehicle owner from the risk and the damage arising due to third-party damages in case of an accident resulting in third-party injury, death and 3rd party property damage.
Coverage Provided in TATA AIG Third Party Car Insurance Plan
- Protection against injury or death caused to a third party
- Protection against accidental damage of a third-party property
Exclusions of TATA AIG Third Party Car Insurance Policy
- Claims arising out of contractual liabilities
- Accidental damage or loss arising due to consequential loss
- Accidental damage or liability occurred outside the geographical region
Exclusions under TATA AIG Car Insurance Plans
There are certain conditions or situations where the payment will not be made under any TATA AIG car insurance plans that can be summarized as follows:
- Consequential loss
- Depreciation /wear and tear
- Breakdowns/ failures –whether it’s mechanical or electrical
- Accidental damage or liability occurred outside the scope of geographical coverage
- Consumption of alcohol before/while driving
- Occurrences beyond specific usage limits
- Claims beyond the scope of policy coverage
- A person driving without a valid license
- Eventualities of war and related activities
- Nuclear perils
Discounts under TATA AIG Car Insurance Plans
Under this Tata AIG Car Insurance policy, own damage discounts are given:
- For memberships with a reputed automobile association.
- If approves anti-theft devices are installed.
List of Tata AIG Car Insurance Plans
- Private Car Insurance Plan
- Commercial Vehicle Plan
- Second Hand Car Insurance Plan
Let’s discuss all the plans in detail:
Tata AIG Private Car Insurance Plans
TATA AIG recognizes the monetary loss that happens to an individual in case of any accidental damage or collision or theft. Therefore, to cope up with the loss, the insurer has come with their Private Car Insurance Plan named as Auto Secure.
Advantages of TATA AIG Private Car Insurance
- Free pick of car
- Up to 6 months of accident repair warranty
- Direct settlement facility at certain specified garages
- Guaranteed quality spares and materials
- Claim settlement within 7 days
- This plan can be purchased and renewed online
TATA AIG Private Car Insurance Eligibility
All car owners are eligible to apply under this plan.
Commercial Vehicle Plan by TATA AIG Motor Insurance
TATA AIG Car Insurance also covers the commercial vehicles against third party damages including the loss or damage caused to the vehicle.
Features & Benefits of TATA AIG Commercial Vehicle Insurance Plan
This TATA AIG Motor Insurance plan covers the loss arising out of the following
- Fire and associated perils, burglary& thefts
- Riots and strikes
- Damage in transit by air, rail, road, and sea.
- Third party legal liability - Third party property damage and bodily injuries are also covered under this plan.
- Discount (NCB) for claim free years
- Simple process and hassle-free documentation
- If the vehicle is immobilized, then spot survey facility is available under this plan
- The direct settlement at all manufacture authorized workshops
- A faster claim settlement process
Eligibility Criteria for TATA AIG Commercial Vehicle Insurance Plan
All car owners who own light or heavy commercial vehicle are eligible to buy this plan.
Claims / Queries / Grievances can be filed through the Following Ways
- Calling at the toll-free number of the company
- Writing to general.claims@tata-aig[dot]com and customersupport@tat-aig[dot]com for queries / Grievances
It’s a TATA AIG Car Insurance policy where the second hand cars or the used cars are also provided coverage.
Features of TATA AIG Second Hand Car Insurance Plan
- Comprehensive Value-Added Insurance
- Special Add On covers provides an extra guard to the second-hand vehicles
Compulsory Personal Accident Cover Plan with TATA AIG Car Insurance
The TATA AIG General Insurance Company will pay the compensation of personal accident from injury/ death for the owner driver for all the vehicles registered under an individual’s name. The compensation provided is as follows:
- 100% in the case of Death
- 50% in case of loss of one limb and or one eyesight
- 100% in case of loss of both limbs or both eyesight and one limb and one eyesight
- 100% in case of total Permanent Dismemberment (other than above mentioned)
TATA AIG Car Insurance Claim Process
TATA AIG Car Insurance plans have the following stages in a claim:
- Report the accident or the loss to the company on their helpline number.
- A survey of the damaged vehicle will be done by the insurance company and a loss evaluation will also be done within 48 hours.
- The company will thereafter inform you about the settlement amount, which will be provided as per the sum insured/IDV of the vehicle. After this, the claim will be settled with the authorized workshop.
- Report the accident or the loss to the company on their helpline number.
- A survey of the damaged vehicle will be done by the Tata AIG technical experts and a loss evaluation will also be done within 48 hours.
- The policyholder will have to submit the necessary documents post which the claim will be processed and the amount will be reimbursed. The documents required are as follows:
- Completed Tata AIG Motor claim form
- Driving License of the individual driving the vehicle at the time of the accident /loss
- FIR copy where the claims are against bodily injury or theft and property damage
- Vehicle Registration document
TATA AIG Car Insurance Renewal - Renew Car Insurance Policy Online
Online transactions save us plenty of time and effort, thus making our lives easier. The technological advancements have made purchasing products and services, a quick and hassle-free procedure. Renewing TATA AIG car insurance can easily be done online from the comfort of your home.
Just like purchasing car insurance is important, renewing car insurance policy before its due date is equally important. It makes sure that you along with your vehicle are safeguarded from various risks that you are exposed to while driving a car.
Procedure to Online Renewal of TATA AIG Car Insurance Policy
The process of your TATA AIG car insurance renewal has made car insurance renewal process very easy. Gone are the days when you had to visit TATA AIG branch office, stand in long queues, fill up the TATA AIG Car Insurance renewal form and make the insurance payment. In a matter of few seconds, you can renew your policy online.
It is very easy, simple and convenient to renew your TATA AIG car insurance plan. Before you start this renewal process, keep your car insurance policy related information handy. There are two ways to renew your insurance plans online which are mentioned below:
Log on to TATA AIG Insurance website and click on the car insurance tab. You'll be redirected to a page, click on the option - 'Renew Existing Policy'. Once you've clicked on that, you'll be redirected to 'Renew Online' tab.
The new page will be opened and you will be asked to fill your existing TATA AIG car insurance policy details. The first field will ask you to enter your existing car insurance policy number. There will be several fields where you need to enter the following details to initiate your TATA AIG car insurance renewal:
- Policyholder's Name
- Client ID
- Engine Number of your insured car
- Chassis Number of your insured car
- Registration Number of your insured vehicle
In addition to these details, you need to fill the information related to your source of income - salary, business, or any other source. Also, you need to provide your contact information such as your email address, mobile number, so that the renewal process can be finished.
You can go ahead with the first option. But if you want to save money on your renewal premium, you can compare the best car insurance premiums on Policybazaar’s website and opt for the one that offers you maximum saving.
Why to Apply Online for TATA AIG Car Insurance?
TATA AIG provides online purchase of car insurance plans and the reasons why one should avail the same can be summed up as follows:
- Transparent, fast, easy and reliable: The plans are very translucent, faster in processing, easy to understand and can be relied upon.
- Simple Documentation: Easy and hassle-free documentation makes all the online plans very simple.
- Nonstop Coverage: With an e-copy of the policy, life becomes much easier and simple.
So online insurance plans for the car, be it purchase of insurance plans or renewal of insurance plans, all become much more user-friendly and customer focused. So online insurance plans for the car, be it purchase of insurance plans or renewal of insurance plans, all becomes much more user friendly and customer focused.
Tata AIG Car Insurance - FAQs
Ans: Tata AIG calculates Insured Declared Value (IDV) on the basis of age, model, and brand of a vehicle. The registration and insurance costs are excluded from IDV. As the car grows old, its IDV also depreciates. To calculate IDV, Tata AIG follows the following depreciation schedule:
Age of the vehicle % depreciation for calculating IDV Not exceeding 6 months 5% Exceeding 6 months but less than 1 year 15% Exceeding 1 year but less than 2 years 20% Exceeding 2 years but less than 3 years 30% Exceeding 3 years but less than 4 years 40% Exceeding 4 years but less than 5 years 50%
Ans: The Insurance Act, 1938 doesn’t allow you to pay your car insurance premium in installments. If you buy Tata AIG Car Insurance policy online, you can use the credit card to make the entire payment and then repay it to the credit card company in installments.
Ans: Besides offering coverage against third-party liability, Tata AIG’s comprehensive policy covers the insured vehicle against various losses or damages such as:-
- Earthquake (Fire and Shock Damage);
- Flood, hurricane, inundation, storm, tempest, cyclone, hailstorm, frost, typhoon,
- Landslide, rockslide
- Whilst in transit by road rail inland – waterway, lift, or air
- Accident by external means
Ans: Yes, cashless facility is available with Tata AIG Car Insurance.
Ans: If the insured vehicle runs out of fuel and hence is immobilized, Tata AIG Car Insurance will give an emergency fuel up to 5 liters on a chargeable basis at the location of breakdown.
Ans: Yes, there is an NCB protection cover available under Tata AIG Car Insurance Plan. If you get plastics, rubber or fiber part repaired at the authorized center of Tata, it will not affect your NCB. However, this coverage is available up to 1 claim only.
Ans: Yes, contact the nearest branch with a written request. A nominal fee is charged for issuing a duplicate copy of the Tata AIG car insurance policy.
Ans: The roadside assistance of Tata AIG Car Insurance can be broadly classified under the following heads:-
- Repair and towing assistance service for a flat tyre- If the insured vehicle is halted due to a flat tyre, the insurer gives you emergency assistance to fix/replace the flat tyre.
- Flat battery jump start service- If the battery runs down, the insurer will make a available a technician to help you start the car.
- Spare key retrieval - If your car keys are locked inside the vehicle or are lost or are misplaced and you need to arrange for another set from your home or office, Tata AIG will help you to get your spare keys.
- Fuel support - If your vehicle runs out of fuel, you will get emergency fuel up to 5 liters on a chargeable basis.
Ans: Rs. 10,000 is the maximum limit to loss of personal belongings cover.
Ans: No, cash is not covered under personal belongings cover.
Ans: Renewing your car insurance policy is very convenient. You can do so in three simple methods mentioned below.
- Online Mode - You can renew your plan online by using your Debit card, Credit card or Net banking.
- Cheque Pick-up - You can avail a free cheque pick-up facility by calling toll-free number.
- IVR Payment - For making payment using IVR, call their toll-free number and follow the instructions.
Ans: If your car insurance policy has lapsed, it can’t be renewed without an inspection. Within 90 days from the expiry date of the policy, you can place your inspection request and renewal on their toll-free number.
In case the expiry date has exceeded more than 90 days, you need to apply for a fresh car insurance plan.
Tata AIG Car Insurance - News
In the times when our cars are low on usage due to restricted movement and we are still paying the complete amount for the insurance, TATA AIG has come up with an option wherein you pay as per the usage of the car. In this car insurance, you can save on your premium as you can choose the kilometres you wish to insure from a range of 2,500 km - 20,000 km. Less the kilometres insured, less the premium. Just in case you the kilometres chosen get exhausted during the insurance period, you will be able to buy extra kilometres ranging from 500 km - 1500 km.
The usage-based insurance introduced by TATA AIG has a unique functionality. It comes with a telematics based device and app, which has a GPS tracking system. The device tracks the distance you travel, along with the driving habits, which includes, speed, acceleration, hard braking, travelling at night and a few more. The people with safe driving habits are rewarded with bonus kilometres when they renew the insurance.
Apart from all of these, the device also protects your car from theft, thanks to the GPS tracking system and it also helps track the fuel-savings. Further benefits include no-claim bonus, depreciation reimbursement and many more.
Note: This is your car’s recommended IDV as per IRDAI’s depreciation guidelines.asdfsad However, insurance companies allow you to modify this IDV within a certain range (this range varies from insurer to insurer). Higher the IDV, higher the premium you pay.Read More