It can be very annoying to have various plans covering different automobiles. AIG group keeps things straightforward by providing coverage for a variety of vehicles on a single policy. Continue reading this article to get a clear understanding of what AIG car insurance is all about!
What does AIG stand for?
AIG is an acronym for American International Group, and it is a leading international insurance company.
What type of insurance company is AIG?
AIG is an insurance company that provides all types of coverages ranging from auto to property and other types you can think of. Customers in over 70 countries and jurisdictions can access a variety of property casualty insurance, retirement solutions, life insurance, and other financial services from AIG member firms. These varied solutions are in form of goods and services that support asset protection, risk management, and retirement security for both enterprises and individuals. The New York Shares Exchange lists AIG common stock.
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Does AIG do car insurance?
Yes, AIG focuses on providing all types of auto coverages for automobiles.
Types of AIG car insurance
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Own damage (OD)/ Collision damage
If you choose collision damage auto insurance coverage, the expense of repairing your damaged car is covered. The age of the vehicle and the insured declared value are factors in calculating the cost of collision coverage. The insured declared value (IDV) is based on the vehicle’s market value.
The maximum amount reimbursed under the collision coverage policy is determined by the IDV less accrued depreciation when a claim is made. You should purchase collision coverage if you borrowed money to buy your car.
2. Comprehensive auto coverage
The most comprehensive sort of auto insurance covers third-party liabilities as well as own damage expenses, loss from theft, natural disasters, etc. In the event that your car is stolen or irreparably destroyed, you will be compensated with the IDV or the full market value.
3. Zero-depreciation coverage
This coverage is typically offered as an add-on to auto insurance contracts. Suppose you need to replace some parts because your car is damaged. The depreciated worth of the parts will be taken into account by the insurer when settling claims. You can collect the full claim amount with a Zero Depreciation Cover by not taking any cost depreciation into consideration.
4. Third-party liability only cover
You are entitled to the following advantages when you purchase this kind of automobile insurance:
- Cost of replacing or repairing a damaged car owned by a third party
- Hospitalization and medical care for others’ expenses
- Liabilities caused by third-party deaths
The Motor Vehicles Act states that having third-party auto insurance is a requirement for operating a vehicle on public highways. According to the driving conditions, the sum promised should be huge enough to prevent OOP expenses on your part.
Other packages include;
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Personal accident cover
You can purchase personal accident vehicle insurance coverage when you want to protect yourself. This can be done by choosing to be reimbursed for medical costs following an accident.
2. No claim bonus protection
In general, you become qualified for NCB deduction at the time of renewal if you don’t file a claim under your policy. You can file a certain amount of claims with this add-on insurance and still receive the NCB discount.
3. Repair of plastic components, glass, and fiber
You will be compensated for the cost of repairing glass, fiber, and plastic components. Your NCB is unaffected by the claim made under this auto insurance add-on. However, each policy year is limited to a single claim.
4. Emergency expenses coverage
With this add-on, which is included with comprehensive auto insurance, you can receive reimbursement for emergency expenses. For instance, the cost of overnight lodging and transportation to the city that is closest to your destination if you become stranded following an accident. Let’s explore some of the benefits of choosing AIG.
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Benefits of choosing AIG car insurance
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Panel shop for repairs is available
You can take your insured vehicle to the AIG panel shop for repairs if it has been damaged in an accident. They will take care of the costs, sounds good right? Their committed car claim professionals will communicate with the workshop regarding the expense of accident-related repairs.
2. Customizable add-on coverage
They provide a variety of add-on coverage options that are suitable for you and your car when you’re driving. You can choose to extend these specific coverages. They include windshield, passenger protection plan, exceptional hazards (in case of natural occurrences), or accident guard, but at additional prices.
3. Coverage for auto theft and fire
If your car is stolen or destroyed by fire, they’ll pay you the market value or agreed-upon value of it. Simply make sure to file a police report right away. However, this is valid only If your car is protected by a policy with an agreed value.
4. Complete payout in total auto damage
If you have an agreed value insurance with them that covers your car, you’ll receive the entire payout for total automobile damage. Getting protected with them on an agreed value policy is always advised. In addition, the initial agreed-upon insured value rather than your car’s declining market value is paid to you.
5. Trust
Insurance coverage provided by AIG has a track record of supporting insureds and their families in their time of need. Years of assisting families in recovering from many types of events have up trust. They are really proud of their reputation and take it very seriously. They also collaborate with partners to offer insurance solutions that aid in your contingency planning.
6. Consumable expenses
This add-on will pay for the replacement of oil filters, gearbox oil, air conditioner gas, and other consumables following an accident.
How do you contact AIG?
For bill pay, account support, claims, corporate information or any other questions, call AIG toll-free at +1(800) CALL-AIG (800-225-5244)
Final thoughts
You should be aware of the various coverage options so that you may pick a suitable insurance with practical add-on riders. Consider AIG car insurance for comprehensive coverage, simple claim processing, and round-the-clock customer service. To calculate the entire cost of the premiums for the selected coverage, use an online car insurance calculator.
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