Is AIG Auto Insurance Only for the Wealthy?
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The American International Group, Inc. (AIG) is a global insurance corporation headquartered in the United States. AIG auto insurance is part of the property-casualty and life insurance policies the company sells. AIG also offers business clients retirement solutions and financial services through their General Insurance, Life & Retirement and Investments divisions.
How Are AIG Auto Insurance Ratings and Reviews?
Here are the ratings that different accrediting agencies have assigned to AIG Auto Insurance
Standard & Poor's - A+
Fitch - A+
Moody's – A2
Consumer Affairs: 2.7/5
Consumers Advocate: 4.9/5
NAIC Complaint Index: 3.39
J.D. Power- Below Average
Is AIG Auto Insurance Right For Me?
AIG is not a typical auto insurance company since the insurer doesn't write standard insurance policies for customers. It only offers coverage through its Private Client Group. AIG helps high-net income policyholders protect their most expensive assets. AIG Auto Insurance provides coverage for high-end assets like luxury homes, art collections and yachts. AIG also offers excess liability and life insurance policies. AIG Auto Insurance is coverage for affluent clients and usually you'll have to own substantial assets to gain acceptance in their Private Client Group. Most of AIG's clients have made the Fortune 400 or Forbes list of the wealthiest Americans.
Does AIG Auto Insurance Have Affordable Rates?
AIG auto insurance coverage isn't cheap. They specialize in providing insurance policies for high-end sports cars, luxury vehicles and classic cars. AIG auto insurance insures multiple collectors vehicles listed under a single policy. AIG also offers coverage for family cars and standard automobiles. To qualify for this coverage, you must belong to their Private Client Group, which requires a fee to join. This expense will increase the premium. A unique feature of AIG auto insurance is that its liability insurance for clients extends throughout the world. It also provides other comprehensive coverages that protect your pets and items stolen from your vehicle.
Unfortunately, AIG's auto insurance policies are out of reach for most people with median incomes because of the cost. In the past, AIG once offered standard auto insurance coverage to drivers; however, it sold this branch to 21st Century Auto Insurance in 2009. If you're not on the Fortune 500 list like most people, you'll want a good deal on car insurance premiums. SmartFinancial can compare car insurance rates from the top insurers to see who will offer you the best rate.
What Coverages Auto Insurance Coverage Does AIG Have?
AIG Auto Insurance offers the standard liability coverage required in most states; however, it primarily covers luxury vehicles.AIG auto insurance insures different vehicles, including standard automobiles, sports vehicles, luxury cars, high-value antiques and collectibles. These include high-end car brands like Maserati, Ferrari, Bentley BMW, etc. AIG also provides coverage for all-terrain vehicles, motorcycles, motor homes, and golf carts on a single policy.
Here are the standard liability coverages that they offer:
Bodily Injury Liability (BI) – This insurance pay for the medical expenses of another driver injured in an accident that you caused. It will cover their doctor's visits, hospital treatments, and rehabilitation. For example, you can avoid paying out-of-pocket for another driver's emergency treatment, MRI and other exams.
Property Damage Liability (PD) – It will cover the damages you cause to another driver's property in an accident. It will also pay for any replacements or repairs, so you don't have to pay for these expenses out of pocket. For instance, if you sideswipe a car, you won't have to pay for repairs for another driver's vehicle.
Medical Payments / Personal Injury Protection (MedPay/PIP) – This insurance pays for medical expenses that result from an auto accident. It includes treatments for your injuries, rehabilitation costs, funeral fees, and dental care.
Uninsured/Underinsured Motorist Bodily Injury – It will pay for your medical treatments if a driver with little (or no) insurance injures you in an accident.
Uninsured/Underinsured Motorist Property Damage – If another driver crashes into your vehicle, it will pay for the damages or replacement costs for your automobile.
Collision – It pays to repair or replace your vehicle when it's damaged or totaled in a car crash, regardless of who is at fault.
Comprehensive – This coverage helps pay to replace or repair your vehicle when it is stolen or damaged in an incident that's not a collision. It includes falling objects, fires, vandalism, and hail.
Other Comprehensive Features of AIG Auto Insurance
AIG auto insurance doesn't just provide the standard liability coverage required by most states. Its policies include several perks that other insurance policies do not. Here are some comprehensive features that AIG's Auto Insurance Policies have:
360 Support – AIG covers more than standard liability, vehicle repairs and medical payments. It also provides beneficial coverage for personal property that's damaged or stolen.
Emergency Living Expenses - These policies will provide emergency living expenses if you're injured in an accident away from home.
Agreed Value – The insurer will pay the settlement amount it agreed to when you signed up for your policy. It will pay this amount if your car is stolen or totaled due to a covered loss.
High Liability Limits – This insurance provides limits of $1 million per occurrence. Individuals can also buy umbrella liability coverage with limits up to $100 million.
Cash Settlement – The company provides a cash settlement option if a covered loss results in damages of 50 percent or more than the agreed value.
Original Manufacturers' Parts Replacement – AIG will cover the replacement costs of your automobile's parts with the authentic, factory-issued ones if they are still in production.
Rental Car Reimbursement – The insurer offers rental reimbursement up to $12,500 with no per-day limits.
Worldwide Liability Coverage – AIG auto insurance policies offer coverage throughout the world, no matter where you travel. It's not limited to the U.S. and its territories. Most standard insurers don't provide this coverage.
New Vehicle Replacement Option -If your new car is totaled within three years of purchase, AIG has an option that you can receive the initial agreed-upon value in your contract. You can also replace your vehicle with one of the same make and model year. They extend this replacement to alternative fuel and hybrid ones.
One-Policy Program – You can insure multiple vehicles under the same policy instead of separate ones, unlike standard insurance companies.
Pet Medical Coverage – This insurance will pay for your pet's medical expenses if it is injured in a car accident.
Collector Car Insurance
Do you own a sleek 1964 Ferrari 250 LM, a 1963 Aston Martin DP 215, or a 1994 McLaren F1 LM? Well, you may need AIG's Collector Car Insurance Policy.
AIG insures expensive vintage vehicles like the smooth 1939 Alfa Romeo Lungo Spider. The company has classic and antique car insurance that offers the following coverage in its policies:
Automatic Insurance for New Purchases – When you purchase new collectible vehicles, AIG provides immediate insurance. It protects your vehicle's value during the period it takes to add them to your policy (up to 90 days).
Market Appreciation Coverage to Account for Rising Values – Antique and classic cars can rise in value. AIG's policy will pay an additional 50 percent of the agreed-upon value. It protects your asset if the vehicle appreciates but is damaged before the insurer updates its value.
Diminution in Value Coverage for Partial Losses – A classic car can lose value if it is damaged, even when it receives repairs. The insurer's policy includes coverage for the difference in value before and after the incident.
Full Transit Coverage – AIG will protect your vehicles as you ship them to different locations, whether it means your second home in another state or another country.
Comprehensive Liability Coverage – You can use policy to cover the entire collection.
AIG Auto Insurance History
Cornelius Vander Starr founded AIG in 1919. He opened a general insurance agency in Shanghai, China, called the American Asiatic Underwriters (AAU). The company quickly expanded into selling life insurance and other products. By the 1920s, AIG opened branches in Indonesia, the Philippines and Indonesia. Starr launched the first office in the United States in 1926 called the American International Underwriters. The group later expanded into Cuba and South America by the 1930s.Today, AIG has branches in more than 80 countries and jurisdictions. AIG has several subsidiaries and divisions, including:
- American General Life Insurance Company
- AIG Life and Retirement
- American Home Assurance Company
- Fuji Fire and Marine Insurance Company
- The United States Life Insurance Company
- The Variable Annuity Life Insurance Company
- Private Client Group
Other Insurance Products that AIG Sells
Do you need additional coverage for your high-end assets? You can select one of AIG's multiple insurance products available through its Private Client Group. They include:
- Equine and Wildlife Insurance
- Excess Flood
- Excess Liability
- Mutual Funds
- Structured Settlements
- Kidnap, Ransom, Extortion Coverage
- Life Insurance
- Private Aviation
- Private Collections
- Travel Insurance
Wealthy individuals can also purchase insurance products from their Private Client Group Insurance. These products protect high-end assets.
Can You Save Money by Bundling Insurance with AIG?
The company's Private Client Group doesn't provide bundling options. Policyholders can access multiple insurance options when they join. Individuals may purchase their luxury AIG homeowners insurance, excess liability coverage, private collections and yacht insurance.
How to File a Claim with AIG Insurance
Are you an AIG Auto Insurance customer who needs to file a claim? Contact your independent insurance advisor for immediate assistance. U.S.-based clients may call AIG's Private Client Group at (888) 760-9195 or (866) 858-1472. If you're traveling abroad, you can also call them at +1-(302) 482-6000. AIG Auto Insurance customer claims service is available 365 days during the year, 24/7. Premier Client Solutions customers can also use this contact information. When making a claim, provide documentation to substantiate your claims, including accident reports, medical bills, and doctor's report.
Is AIG Auto Insurance Available in Every State?
AIG is headquartered in New York City; however, you can buy auto insurance from their Private Client Group from anywhere in the nation. It includes metro areas like Dallas/Fort Worth, Denver, Atlanta, Miami, and other locations.
How to Get an Online AIG Auto Insurance Quote?
Right now, you can only get an AIG Private Client Group auto insurance quote by requesting a complimentary policy review. To initiate the process, you will have to enter your personal information into their policy review form available on their website. An independent insurance agent will contact you to start the process.
What Are AIG Payment Options?
AIG allows customers to pay their bills online using the following three options:
AIG auto insurance has a secure site to make payments using their checking account, American Express, MasterCard or Visa credit card. You can also contact their toll-free number at (888) 978-5371 to make a telephone payment. You can also use their messaging service to contact their customer service department about their billing address, wire transfers, or other payment questions. Text "Hi" to 893-18. Messaging and data rates may apply.
Is AIG Auto Insurance Good?
AIG designed its policies to protect luxury vehicles and high-end valuables. It is better for drivers with a high net worth that can afford specialized coverage, if you're seeking inexpensive car insurance, you should consider shopping through SmartFinancial to compare your options. To get started, fill out your zip code below and answer a few questions. We'll provide you with a list of quotes and coverage options from local insurance companies within your area.