TATA AIG Zero Depreciation Car Insurance

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TATA AIG Car Insurance Highlights

TATA AIG (Car Insurance)
Tata AIG General Insurance Company Limited is a joint venture between the Tata Group and the American International Group (AIG). Tata AIG General Insurance Company Limited celebrated 20 years of service as on 2020, since it commenced operations on January 22, 2001. The company has made a mark in the industry by launching several innovative products and services over the years.
Claim Settlement Ratio

Buying a car in India comes with a few other formalities. First, you have to buy a government-mandated third-party insurance policy along with your vehicle. This is because there is a high possibility of accidental damage to the car in a densely-populated country like ours. Then, specific other plans and covers are bought on the compulsory third-party policy. 

A zero depreciation cover is one such add-on that is commonly bought over a base policy. This car insurance policy offers coverage for the depreciated value of your vehicle. With time, every car suffers through depreciation in terms of its value. Under other policies, the insurer is not liable to cover the depreciation of a vehicle. However, in a zero dep add-on cover, the insurer would be liable to pay complete damages, including the depreciation. Therefore, the TATA AIG zero dep car insurance policy is a great choice when looking for the same. Let us further delve into the details of buying TATA AIG zero depreciation car insurance.

How does TATA AIG Car Insurance Zero Depreciation Cover Work?

A TATA AIG zero depreciation cover is also known as a bumper-to-bumper or nil depreciation insurance cover. It does not consider the effect of depreciation on a vehicle in the event of reimbursing expenses for an accident or collision. Therefore, it would cover even the depreciated value of the car and the costs incurred at the time of an accident.

The TATA AIG zero dep cover is an add-on that can be bought over a comprehensive car insurance policy. It would take care of the entire value of the car when claimed. Depreciation would not be deducted from the car's value at the time of claim settlement. A TATA AIG zero dep car cover would increase the value and protection of your vehicle.

Benefits of TATA AIG Car Insurance Zero Depreciation Add-on Cover

Following are the benefits of TATA AIG zero depreciation car insurance cover:

  • A zero depreciation cover of TATA AIG car insurance policy can be bought over a base insurance policy as an add-on.
  • As an add-on cover, this policy would increase the coverage of your car.
  • It would negate the depreciation incurred by the car, hence providing complete coverage against damages.
  • You would not have to pay for depreciation out of your pocket.
  • This cover would also add to your insurance claim amount during claim settlement.
  • Without increasing the premiums considerably, the cover adds to the protection of your car and financial liabilities.
  • It provides you with peace of mind regarding financial obligations at the time of claim settlement.

Depreciation Rate Applicable on Car With and Without Zero Depreciation Cover

The following table shows the depreciation rate applicable on a car with and without a TATA AIG zero dep cover:

Car’s AgeWithout Zero Depreciation CoverWith Zero Depreciation Cover
Less than 1 year5%0%
1 year-2 years10%0%
2 years-3 years15%0%
3 years-4 years25%0%
4 years-5 years35%0%
5 years-10 years40%0%
10 years or more50%0%

Depreciation rate for all other car parts:

Car PartsDepreciation Rate With Zero Depreciation Add-on Depreciation Rate Without  Zero Depreciation Add-on
Rubber/plastic parts, tyres/tubes, etc.0%50%
Glass & Fiber parts0%30%
Metal parts0%0%-50%
Car Paint0%50%

What is Included Under TATA AIG Car Insurance Policy With Zero Depreciation Cover?

A TATA AIG zero depreciation car insurance cover would protect you against the damages of your car, including the vehicle's depreciated value. In addition, it would provide reimbursement for depreciated vehicle components such as nylon, plastic, and rubber parts.

What is not Included Under TATA AIG Car Insurance Policy With Zero Depreciation Cover?

A TATA AIG zero depreciation cover would not cover the following damages:

  • Cost incurred by the car in the form of gear oil, clutch oil, brake oil, etc.
  • Damages incurred due to mechanical and electrical breakdowns.
  • All damages incurred by a car that is more than five years old. 
  • Damages due to drunk driving.
  • Damages due to the use of a private car for commercial purposes.
  • Damages due to driving without a valid licence.
  • Damages due to driving without a valid third-party insurance policy.
  • Damages incurred by the car outside of the geographical region of the insurance coverage.
  • Damages due to illegal driving and use of vehicle.

Factors Affecting TATA AIG Car Insurance Zero Depreciation Cover

The following factors affect the TATA AIG zero dep car insurance add-on cover:

  • Location: If you are located in an accident-prone area, the premiums would be high due to the insurance provider's risk-bearing ability.
  • Car's age: If your vehicle is less than five years old, your insurance premium would be high.
  • Policy cost: The policy cost incurred at the time of purchase also influences the premium amount.
  • Car’s model: Apart from a few select car models, all the vehicles in India are eligible for a zero dep cover.

How to Buy TATA AIG Car Insurance Zero Dep Cover?

Following the steps given below to buy TATA AIG zero depreciation cover:

  1. First, go to the nearest TATA AIG insurance office or visit their website.
  2. Select the option for a zero dep add-on cover over your base policy.
  3. Enter your base policy details and fill in the application form.
  4. Submit the necessary documents.
  5. Select a quote and pay the premium.
  6. Collect all the other information via email or in person.

TATA AIG Car Insurance Zero Dep Cover Review

The TATA AIG insurance company is known for providing impeccable services when it comes to policy perks and discounts. You can also be sure that your car would be protected against all expenses with the services offered by the insurer. When in doubt, the insurer also provides 24/7 customer care services to answer all your queries and inquiries satisfactorily.

TATA AIG Zero Depreciation Car Insurance FAQs

  • 1. Is it possible to buy TATA AIG zero depreciation car insurance cover over my base third-party car insurance policy?

    You cannot buy a zero dep cover over a third-party car insurance cover.

  • 2. Should people who buy expensive cars buy TATA AIG zero dep cover for their vehicles?

    Yes, car owners who have high-end cars must buy this cover as they are more likely to incur increased expenses in an accident due to depreciation.

  • 3. Can I buy TATA AIG zero dep cover for my more than five years old car?

    Usually, zero dep cover cannot be offered to cars more than 5 years of age. But in some cases, if purchased offline, more than five years old cars can also be covered under zero depreciation.

  • 4. Is fiberglass depreciation covered under TATA AIG zero dep car insurance cover?

    Yes, fiberglass depreciation would be covered under a zero dep car insurance add-on.

  • 5. Can I renew my policy online with TATA AIG?

    Yes, you can renew your TATA AIG car insurance policy online.

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