Tata AIG Ranked #1 of 2 Insurance Companies

5 from 1 reviews

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  1. amogh

    amogh Staff Member Janitor

    Messages:
    1,377
    Pune
    Grande Punto 1.3
    Dear All,

    Most of you might have read my review of Bajaj Allianz Insurance Company. If not, read it here : http://www.teamfiat.com/reviews/item/bajaj-allianz.55/discussion

    As mentioned in that review, I did not renew my policy with Bajaj Allianz (due to their exorbitant quote) and shifted to TATA-AIG.

    After deciding against Bajaj, I visited TATA-AIG's website : http://www.tataaiginsurance.in/taig/tai ... index.html and entered my contact details in the "Have us Call You" section. (First test of checking their promptness and Turn Around Time). After entering the details I got a call from them after a couple of hours. Soft spoken lady told me the various options / packages they had for a motor insurance policy. I asked her to give me a renewal quote for a "comprehensive" package and also informed her that my existing policy was with Bajaj Allianz and I have had two claims on it. She took down all the details of my car and the existing policy and gave me a renewal quote of 16,501. I pushed for giving additional discount, but since I had multiple claims she said it was very difficult for her to do anything more (and I kinda agreed to that)

    A couple of features I saw for the first time in an insurace policy:

    1. "Zip through" AutoSecure Green Channel Experience
    2. Assurance of AutoRestore Accident Repairs Warranty

    More details about the above two and rest of the features offered with the policy can be found here : http://www.tataaiginsurance.in/taig/tai ... e_car.html

    Following details are part of the insurace document (pdf). I am seeing this for the first time. Bajaj Allianz did not offer this:

    TA01-Depreciation Re-imbursement
    This coverage is applicable if it is shown on Your schedule.
    We will pay You the amount of depreciation deducted on the value of parts replaced for own damage claim lodged under section 1 of the policy, provided-
    - Vehicle is not more than years old from the date of purchase or date of registration, whichever is earlier at the start of period of insurance.
    - There are not more than claims during the period of insurance.
    - Vehicle is repaired at any of our Authorised Garage.

    TA08-Repair of Glass, Fiber, Plastic & Rubber Parts
    A claim for only Glass / plastic / rubber / fiber part where You opt for repairs rather than replacement, at Our authorized workshop, will not affect Your No Claim Bonus eligibility at the time of renewal with Us if there is no other claim for damage to the vehicle during the period of insurance..

    Transaction Details:

    I bought the policy over the phone. No representative from TATA-AIG met me. The entire transaction took place on the phone. They carefully took down all the details and confirmed multiple times if they were correct (especially the engine and chassis number, owner's name, contact number and e-mail ID). Mentioning the e-mail id is extremely important since they first send a pdf of the policy on email. The physical copy takes about a week to arrive.

    The payment was done using a credit card. A note / advice here : If you have a Citibank or ICICI Credit card, you can pay the premium in 6 EMI's. No monthly charges, no transaction fees, no interest charged. Since I have a Citibank Credit Card I happily agreed to the deal (why let go of a deal where you are getting interest free loan for 6 months ?)

    NOTE : The entire conversation / transaction (from the time the lady called me till I completed the payment and hung up) : lasted for 45 minutes.

    I bought the policy on the evening of 14th July (my current insurance policy expires on the midnight of 15th July). I received the pdf of the new policy on email from TATA-AIG yesterday. To my surprise, absolutely no mistakes in the policy.

    The breakup of the premium is as follows :

    Total Own Damage Premium - Rs.12,121.28
    Add Depreciation Reimbursement - Rs. 1,913.89
    Basic - Rs.800
    Add : Compulsory PA Cover for Owner-Driver Rs.2,00,000 - Rs.100.00
    Add : Legal Liability to paid driver - Rs. 25.00

    Net Premium - Rs. 14,960.17
    Add : 10.30% Service Tax

    TOTAL PREMIUM : 16,501.00

    Overall, the transaction process was smooth and the 6 month EMI deal was a pleasant surprise.

    I will update this thread after I receive the hard copy of the policy.

    Amogh
    1 person likes this.
  2. VahanPujari

    VahanPujari Staff Member Janitor

    Messages:
    2,303
    Mumbai
    Re: Buying Experience : TATA-AIG General Insurance

    Thats very good Amogh.

    Am intrigued on Depreciation part. Does it mean that the depreciation deducted at the time of claim - will they pay that also (means 100% of the cost of the part)? Isn't that the case with all insurance co's? I mean today if I were to replace a part worth Rs. 10,000/-, I shall get claim for Rs. 10,000 & not Rs. 8,000 (net off depreciation) - is this correct?
  3. amogh

    amogh Staff Member Janitor

    Messages:
    1,377
    Pune
    Grande Punto 1.3
    Re: Buying Experience : TATA-AIG General Insurance

    Yes VP : what you are saying is correct.

    But I am really praying to god that I don't have to use ANY of the features listed in the policy.
  4. Ravi

    Ravi Staff Member Janitor

    Messages:
    6,001
    Bangalore
    Grande Punto 1.3
    Re: Buying Experience : TATA-AIG General Insurance

    Very good review Amogh.
    I am in same situation, the buggers in Bajaj has jacked-up the premium.
    Though i have very less quotes from Reliance and Cholamandalam, but i am also thinking to take it from Tata-Aig.
  5. cliffhanger

    cliffhanger Amatore

    Messages:
    94
    madras
    Re: Buying Experience : TATA-AIG General Insurance

    Amogh,

    I read your post, but couldn't figure out whether yours is a "Bumper to Bumper" policy or the normal one. As per the sales person with whom I'm in touch with, the 'bumper to bumper' policy offers full cover even for plastics and rubber parts. I was offered a normal cover for 11k and this special one for 14k. Weren't you informed about this new policy?
  6. Grandeur

    Grandeur Staff Member Janitor

    Re: Buying Experience : TATA-AIG General Insurance

    Is this B2B policy been offered by TataAIG? It's time for me as well to renew my policy by this month end, started checking out with all insurance compnay about there best offers.
  7. amogh

    amogh Staff Member Janitor

    Messages:
    1,377
    Pune
    Grande Punto 1.3
    Re: Buying Experience : TATA-AIG General Insurance

    @Cliff : as per my policy document : rubber and plastic parts are covered
  8. Ravi

    Ravi Staff Member Janitor

    Messages:
    6,001
    Bangalore
    Grande Punto 1.3
    Re: Buying Experience : TATA-AIG General Insurance

    Even I got a call from Tata-Aig and with 10% depreciation, they are quoting ~15K.
    The offer looks interesting, specially the NCB (No Claim Bonus) will continue even if there is any claim.
  9. Ravi

    Ravi Staff Member Janitor

    Messages:
    6,001
    Bangalore
    Grande Punto 1.3
    Re: Buying Experience : TATA-AIG General Insurance

    NCB Clarification from Tata-AIG
  10. Re: Buying Experience : TATA-AIG General Insurance

    Read the line carefully ...

    "A claim for only Glass / plastic / rubber / fiber part where You opt for repairs rather than replacement, at Our authorized workshop, will not affect Your No Claim Bonus eligibility...."

    I doubt if at all we repair Glass, bumper which is plastic, grill's & chrome strips which are fibre, damaged rubber beadings etc.
    These parts are 99.9 % of times replaced than repaired.

    If replaced, you lose your NCB.
    NCB will remain intact ONLY if you repair (and NOT replace) Glass / plastic / rubber / fiber parts.

    I personally feel, it is not worth paying a higher premium for the above.

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