TATA AIG Vs. ICICI Lombard Car Insurance Comparison – Forbes Advisor INDIA

For many, after home, a car is among the most valuable investments. It is not only considered a necessity, but a sign of wealth. What if it is stolen, had an accident, or worse, caught fire? It’s painful and a strain on your pocket. This is where car insurance comes into the picture. 

Now, there are varied car insurance policies, offers, and benefits. Among them, TATA AIG and ICICI Lombard are prominent names. They not only sell car insurance but are a trust to millions. Both brands have a good history and goodwill in the market.

So, here’s a detailed comparison between TATA AIG and ICICI Lombard car insurance. 

Note: Both TATA AIG and ICICI Lombard offer three types of car insurance policies. These are comprehensive, standalone own damage, and standalone third-party. Here, we are comparing the comprehensive type of car insurance policies.

What is Covered in ICICI Lombard Car Insurance?

The ICICI Lombard car insurance is a comprehensive car insurance cover, governed by the Indian Motor Tariff. From the vehicle itself to bodily injuries, it covers almost everything. Below is the detailed coverage of the insurance cover. It covers:

• Damage against natural calamities – Any kind of damage or loss due to natural calamities such as storm, typhoon, cyclone, frost, hailstorm, flood, earthquake, fire or self-ignition, lightning, landslide. 
• Damage against man-made causes – Any kind of damage or loss due to man-made causes such as theft, riot, malicious activity, terrorist activity, burglary, or damage while the car is in travel by road, rail, air, inland waterway, or elevator.
• Personal accident cover – This car insurance cover provides compulsory personal accident cover for individual owners of the vehicle while driving. You can even opt for a personal accident cover for passengers.
• Third-party legal liability – It also covers legal liability due to accidental damage for permanent injury, death of a person, or damage caused to the property. 
• Additional covers – Electrical/Non-electrical accessories can be covered for example – Fog Lights, Music Systems, Seat Covers, etc. You can even cover your bi-fuel system such as CNG.

What is Covered in TATA AIG Car Insurance?

The TATA AIG car insurance is a comprehensive car insurance cover. It also covers almost everything. Below is the detailed coverage of the insurance cover. It covers:

• Damages against accident – Any kind of damage by a minor or major car accident. The cover will provide full financial protection against the repairs necessitated by accident.
• Damage against natural calamities –  Any kind of damage or loss due to natural calamities such as storm, typhoon, cyclone, frost, hailstorm, flood, earthquake, fire or self-ignition, lightning, landslide. 
• Damage against man-made causes – Any kind of damage or loss due to man-made causes such as theft, riot, malicious activity, terrorist activity, burglary, or damage while the car is in travel by road, rail, air, inland waterway, or elevator. If your car is stolen, you’ll be provided with full reimbursement against the Insured Declared Value (IDV) or the total market value of your car. 
• Third-party legal liability Cover – It also covers legal liability due to accidental damage for permanent injury, death of a person, or damage caused to the property. 
• Personal accident cover – This cover offers protection against permanent total disability, death, and major injuries caused to the owner-driver by accident. With this insurance cover, you can also add an optional cover such as Liability to Unnamed Passengers – if you need added coverage over the Personal Accident Cover.

Comparison between ICICI Lombard Car Insurance vs. TATA AIG Car Insurance

While deciding on car insurance, you would wish to opt for the one that is low in cost and high on benefits. The entire comparison depends on factors such as customer service, claim settlement ratio, product portfolio, pricing, best coverage, and suitability. Have a look at the table below to learn more about it.

Which is Better ICICI LOMBARD or TATA AIG Car Insurance?

In terms of claim settlement ratio, cashless network garages, offerings of Add-ons, and additional coverages, TATA AIG is undoubtedly better than ICICI Lombard car insurance. It also requires you to pay a less premium amount of INR 2,094, compared to INR 2,525 for ICICI Lombard car insurance. 

Customer service and customer reviews are also on the positive side of TATA AIG. So, for the value of money, TATA AIG is definitely a go-to option.