TATA AIG is a leading general insurance company which is a joint venture between TATA Group of companies and the American International Group (AIG). The company was established in the year 2000 and it offers a range of general insurance products. The company offers both retail and commercial general insurance plans. Whether it is health insurance, motor insurance, fire insurance, etc. the company has all the solutions.
Car insurance policies are mandatory for your car as specified under the Motor Vehicles Act, 1988. These policies protect the interest of individuals if they suffer from any loss due to your car. TATA AIG also offers car insurance policies to its customers. Let’s understand the facets of TATA AIG’s car insurance policies –
There are two types of car insurance plans which are available in the market –
TATA AIG offers the following types of car insurance policies –
Type of policy
Auto Secure – Private Car Policy
This is a comprehensive policy which offers a wider scope of coverage. The policy is issued for one year
3 Years Auto Secure – Private Car Policy
This is a comprehensive policy which is available for a period of 3 years. This policy is for cars which are bought on or after 1st September 2018
3 Years Standalone Third Party Long Term Auto Secure – Private Car Package Policy
This is an independent third party liability policy which is issued for 3 continuous years. The policy is mandatory for cars bought on or after 1st September 2018
Bundled Auto Secure – Private Car Policy
Since a long term coverage is mandatory for cars bought on or after 1st September 2018, this policy offers a long term third party liability cover for 3 years and an annually renewable own damage cover.
Coverage under TATA AIG’s car insurance policy depends on the type of policy bought. Coverage under the two main types of car insurance policies is as follows –
Both comprehensive and third party policies have the following exclusions in which the subsequent claims are not paid-
Comprehensive car insurance policies offered by TATA AIG offer 13 additional coverage options which are called add-ons. You can choose any number of add-ons with your comprehensive policy by paying an additional premium.
The available add-ons include the following –
Name of the add-on
Under this add-on, the depreciation* deducted from the cost of the parts repaired or replaced is reimbursed by the insurance company. Thus, through this add-on, no depreciation is deducted from the claim and a high claim amount is paid
Return to invoice
In the case of a total loss of the car or theft, the Insured Declared Value (IDV) of the policy is paid as a claim. This value is lower than the actual cost of the car. If the add-on is selected, the invoice value of the car is paid in case of total loss or theft.
Under this add-on, a daily cash benefit is paid for your commute if the vehicle is in repairs for more than three days
Emergency transport and hotel expenses
If, after an accident, the vehicle cannot be used, the add-on covers the costs incurred in arranging for transportation back to your home. If you are far from home, the cost of hotel accommodation is also covered if you need to stay at a hotel overnight
If your vehicle meets with an accident or breaks down in the middle of the road, this add-on provides you with 24*7 assistance in the form of a flat tyre, jump-starting of car’s battery, spare key, refuelling, etc.
If the vehicle has suffered an accident for which it is under repairs or in case of total loss or theft, the add-on provides a replacement car for your conveyance needs
No Claim Bonus (NCB) Protection Cover
NCB is earned if you don’t make a claim in the policy. This bonus increases after every claim-free year and gives you a premium discount. A claim, however, nullifies the accumulated NCB. This add-on protects the accumulated NCB even after a claim
Repair of Glass, Fibre, Plastic and Rubber Parts
If, in case of damage suffered by the car, repairs are required only for the glass, fibre, plastic or rubber parts, the add-on protects the accumulated NCB
Key replacement cover
The add-on covers the cost of replacement keys if your vehicle’s keys are stolen or lost
Loss of personal belongings
If you or your family’s personal belongings are lost while they were in the car, the add-on would cover the cost of such loss if it is more than INR 250
The cost of consumables used in the repairs of the car is covered under this add-on. Consumables include lubricants, oil, screw, nuts and bolts, etc.
Under this add-on, the damages suffered by the tyre are covered if there is no other loss suffered by the car
If the engine and its internal parts are damaged due to water seepage, the add-on covers the cost of repairs
*Depreciation on the parts of the car depends on the type of part.
The rates of depreciation applicable in different parts of the car include the following –
Types of parts of the car
Rate of depreciation applicable
Rubber, plastic or nylon parts
Tyres and tubes
As per the depreciation of the Insured Declared Value of the car
Buying a car insurance policy from TATA AIG is quite easy. You can buy it in any of the following ways –
Let’s understand the processes:
Turtlemint offers you an easy platform to help you buy a car insurance policy. The process is as follows –
Renewal of TATA AIG’s car insurance plans can also be done offline or online just like buying the policy. You can choose to renew from TATA AIG’s website or from Turtlemint.
To renew from TATA AIG’s website, the following steps would be needed –
If you want to renew an existing policy which has been bought from another insurance company, you would have to choose ‘Buy’ rather than ‘Renew’ and follow the above-mentioned process for buying a car insurance policy from TATA AIG.
To renew from Turtlemint, the process is similar to buying the policy. It is as follows –
To buy TATA AIG’s car insurance policy you would need to submit a copy of the following documents –
Claims under TATA AIG’s car insurance plans occur in the following instances –
Rather than following the above-mentioned steps, you can get your car insurance claims easily settled through Turtlemint’s help. For getting the claims settled through Turtlemint you simply have to inform Turtlemint through a phone call or an email. Calls can be made at Turtlemint’s toll-free number 1800 266 0101 and emails can be sent at firstname.lastname@example.org. Once Turtlemint’s claim handling team is informed, they would coordinate your claim with the insurance company and help you in getting a quick settlement.
For making a valid claim on your car insurance policy, the following documents would have to be submitted to the insurer –
The claim would be settled only after the insurance company verifies your documents and finds them authentic.
IDV means the Insured Declared Value. It represents the market value of the car after deducting depreciation based on the car’s age. As per the depreciation rates prescribed by the Insurance Regulatory and Development Authority of India, IDV of the car is as follows –
Age of the car
Up to 6 months
95% of the market value
More than 6 months but less than 1 year
85% of the market value
More than a year but less than 2 years
80% of the market value
More than 2 years but less than 3 years
70% of the market value
More than 3 years but less than 4 years
60% of the market value
More than 4 years but less than 5 years
50% of the market value
No, the benefit of zero depreciation add-on is available only for a maximum of two claims. If you make a third claim, depreciation would be deducted from the parts of the car even if you have the depreciation reimbursement add-on.
No, long term plans are mandatory only for cars which have been bought on or after 1st September 2018.
You need to pay a part of the claim because of the compulsory deductible. Every car insurance policy has a component of compulsory deductible which represents the part of the claim which is payable by you. Thus, in case of a claim, the compulsory deductible portion would be paid from your pockets.
Yes, a range of discounts is available under car insurance policies. These include the following –