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Wednesday, May 06, 2009

Tata AIG unveils value added motor (add-on) covers

Launches 8 unique add on covers

IRDA recently approved Tata AIG General Insurance Company's (Tata AIG) launch of 8 unique add on covers as part of its motor portfolio. These new covers will be added to strengthen the offering of its Motor Insurance product-Auto Secure. With the launch of these add on covers, Tata AIG's Auto Secure is being repositioned as a Value Added Car Insurance solution in the market place. The covers have been designed to offer greater value and enhanced protection to the customers.

The 8 add on covers launched offer the following benefits-

Depreciation Reimbursement- Offers full claim on value of parts replaced without any deduction.

Daily Allowance-Offers to pay daily allowance to help meet the cost of hired transport while vehicle is under repair in consequence of a valid claim for covered peril under the policy.

Return to invoice- Offers to pay (if the insured vehicle being a Total Loss / CTL)the shortfall between the amount receivable and the purchase price of the vehicle as in the sale invoice OR current replacement price of new vehicle in case exactly same make/model is available, whichever is less.

No Claim Bonus Protection- Offers the same No-Claim Bonus at the time of Renewal

Key Replacement- Offers the cost to replace the lost / stolen vehicle or residence keys / locks as well as cost of hiring a rental car.

Repair of Glass, Fiber, Plastic and Rubber parts- No Claim Bonus will not be impacted if repair is opted for damage to only Glass/ plastic/ rubber/ fiber parts rather than replacement

Loss of personal belongings- Offers to pay for the loss or damage to personal belongings caused by perils mentioned under section 1 of the policy, while in the vehicle at the time of loss or damage to the vehicle.

Emergency Transport and Hotel Expenses- Offers to pay the cost of overnight stay and taxi charges for returning back to the place of residence, or the nearest city, if insured vehicle has met with an accident and can not be driven.

Tata AIG will be launching these innovative covers shortly. These will be made available to customers through Tata AIGs agents, brokers as well as affinity partners.

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