AIG Private Client Group, a division of the personal lines property and casualty insurance subsidiaries of American International Group Inc. (AIG), has launched its enhanced AIG Private Client Group Auto Program in Texas.
The offering is designed specifically for high net worth individuals who own high-value vehicles and/or collector cars. Unlike other Texas automobile programs, the AIG Private Client Group policy allows for protection against first-party diminution of value claims on covered or newly acquired automobiles.
An additional feature unique to AIG Private Client Group is its treatment of collector cars. Collector cars are typically maintained for use in car club activities, exhibitions, parades or private collections, and are driven with less frequency than everyday vehicles. However, many owners of these vehicles obtain mass-market auto insurance or deal with different carriers for each type of car. With the AIG Private Client Group Auto Program, collectors can purchase insurance that takes limited usage into account during the underwriting process and allows for a virtually unlimited number of collector and regular-use vehicles to be covered on one policy.
The AIG Private Client Group Auto Program also includes:
• Agreed value provisions: coverage amount determined at the onset of a policy is locked-in for the entire term;
• Coverage for specialty vehicles, including motorcycles;
• Freedom to choose a repair facility if damage occurs;
• A single bill for all auto insurance needs;
• Loss of Use at $5,000, including no per diem limit on rental reimbursement;
• Loss of Use limit is increased to $5,000 per occurrence; and
• Deductible waived in the event of a Total Loss.
Currently approved in over 20 states, the AIG Private Client Group Auto Program is part of a suite of insurance products and services developed exclusively for high net worth individuals and families.
“Our product innovation is dictated by the needs of our policyholders,” said Ross Buchmueller, president, AIG Private Client Group. “We are pleased that we can provide meaningful automobile coverage solutions for high net worth Texans.”
For more information on the AIG Private Client Group Auto Program in Texas, contact Andrea Bezark at (212) 770-8011 or visit www.aigpcg.com.
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