ICICI Lombard Car Insurance

ICICI Lombard General Insurance Company Ltd. is a joint venture that was established in the year 2001. It is a collaboration between India’s second largest bank - ICICI, and the Canadian financial service company called Fairfax Financial Holdings Limited. Apart from its adherence to quality and professional dealings, this company is also known for its CSR initiatives as it actively lends a hand to various concerns affecting the vehicle owners in India. It organizes several road safety campaigns and makes promotional videos that promote road safety specifically for kids. ICICI Lombard goes beyond its responsibilities and delivers more at multiple levels.

ICICI Lombard Car Insurance is one the most recognized and renowned car insurance undertakings in India. It is a subset of ICICI Lombard GIC Ltd. This car insurance initiative is adorned with a number of customer-centric features. It is a highly scalable and cost-effective policy, which is aligned with the customer’s expectations and limitations. ICICI Lombard car insurance policy offers a range of amazing benefits to their customers. The primary features of this insurance policy include 24x7 customer support, roadside assistance, cashless claims at more than 3500 network garages, online purchase and renewal of policies, etc.

Why Purchase ICICI Lombard Car Insurance Policy?

The ICICI Lombard Car Insurance is packed with practical features and thoughtful benefits. These are the various perks of the ICICI Lombard Car Insurance Policy:

• A digitally signed e-copy of the policy is instantly sent to the customer via email for the customer's ease and convenience.

• Cashless claim settlement facility is available at over 3500 authorized network workshops across India.

• Garage Cash Cover: For the times when the car is parked in the garage for servicing routine, the policyholder gets a daily allowance for transport.

• No Claim Bonus (NCB): Applicable during renewal when the customer hasn’t raised a claim during the previous policy term.

• Roadside Assistance Cover: Convenient and quick roadside support in case the vehicle suffers an unexpected breakdown or malfunction

• Zero Depreciation Cover: A special coverage on replaced parts, providing zero deduction for depreciation resulting from the natural wear and tear.

• Discounts on Renewal: different discounts during policy renewal

• Accident Cover for co-passengers of Rs.2 lakhs

• Coverage against third party liabilities.

• Various add-on benefits like Voluntary deductible, doorstep Surveyor Facility, reminders for policy renewal dates, towing assistance, etc.

Key Highlights & Features

• Buy Policy Instantly: The policy can be purchased as well as renewed online. The policy is instantly approved and issued without any paperwork or waiting period.

• Wide Network of Garages: ICICI Lombard has more 3500 garages all over the country where customers can avail cashless claims.

• No Claim Bonus (NCB): It is awarded to those customers who run through the whole policy term without staking a single claim.

• Relocate conveniently: The policy allows transfer of all the benefits of the accumulated NCB when shifting from ICICI Lombard to another vehicle insurance company or vice versa.

• Constant Support: A phone call to the insurer can fetch all the help one may need during an emergency.

• Additional Perks: The company offers several additional perks, such as Rs.1500 in towing charges, Garage Cash Cover of Rs.500 daily conveyance allowance when the car is in the garage.

Add-On Cover

The ICICI Lombard Car Insurance Policy provides a host of add-on covers to enhance the protection level of the insured vehicle and reduce the owner's applicable liabilities. These add-on covers are popular among customers:

Zero Depreciation: This add-on cover allows the policyholder to obtain the full claim amount without losing any amount over depreciation of the vehicle.

Roadside Assistance: This is a very handy facility. It helps customers through vehicle breakdowns or unfortunate accidents by providing assistance with towing, fuel supply, flat tires, battery issues, replacement of keys, etc. This facility can be used 4 times in a policy year.

Consumables: This feature assists in the procurement of consumables, like nuts, bolts, grease, lubricants, brake fluid, etc., that are used in the vehicle and requires replacement after an accident. Consumables include

Return to Invoice: In the case of a total loss of the vehicle or constructive total loss, this add-on feature pays the difference amount between the Insured’s Declared Value of the car (IDV) and its actual purchase value as per the invoice.

Engine Protect Plus: This cover takes care of the various expenses incurred in repairing the engine, the gearbox or any problem with other vehicle parts occurred due to conditions such as the leakage of lubricating oils, water ingression, etc., that aren’t usually covered by the main policy.

Garage Cash: It provides a daily allowance for an extended duration when your car is parked in the garage for a scheduled or unplanned servicing routine. C

Loss of Personal Belongings: This cover accounts for the loss of personal belongings that were locked in the car, and hence damaged or lost due to a theft or an accident. An FIR is required to make this claim.

Key Protect: This add-on feature takes care of the expenses incurred in repairing or replacing the car keys and locks.

Third Party Liability Motor Insurance Cover

The Motor Vehicles Act of 1988 mandated that this is compulsory for all vehicles. This is a protection against possible financial liabilities in which the insured vehicle is responsible for or has been involved in an accident, which resulted in the damage or loss of any third-party property and/or caused injury/death of a third-party individual. Instead of benefitting the insured directly, this cover saves him/her from the legal, medical and repair costs that the affected party may ask for a settlement. The ICICI Lombard third-party motor insurance is created with excellent features to provide the maximum protection.

Protection against any legal liabilities that may arise due to any unforeseen event and may lead to loss of property or permanent injury/death of a third person. ICICI Lombard Third Party Motor Insurance offers a maximum cover of Rs 7.5 lakh against damage to property. If the accident leads to an injury or the death of the third party, the policy extends its cover to an unlimited amount of liability. This cover does not reimburse the expenses borne by the customers for the repair or maintenance of their vehicle.

Applying for ICICI Lombard Car Insurance Online

The neglected condition of roads in India, the rash driving and the lawless traffic conditions, car accidents have become quite common in every city these days. Moreover, cars are also vulnerable to threats like theft and vandalism. To protect vehicles from all the possible dangers, the Indian Government has made it compulsory for every vehicle owner to have a comprehensive car insurance policy. ICICI Lombard's comprehensive Car Insurance policy encompasses all major possible damages to vehicles. Applying for the policy online adds to the benefits of the policy.

• Instant approval with easy and minimal documentation and immediate issuance of ‘digitally signed policy document’

• Complete coverage for the insured vehicle from damage due to both natural and human causes

• Easy policy renewal process for online customers

• 24x7 coverage - The online purchase and renewal ensures that customers never run out of coverage between the time when the current policy expires and the policy renewed. Online renewal readily issues an e-copy of the policy, ensuring that customers stay insured without any break.

• 24x7 customer care assistance

Coverage

The ICICI Lombard Insurance policy covers the following conditions with regards to the insured vehicle:

• Natural Reasons: Damages caused by natural catastrophes, such as fire, earthquake, hurricane, lightning, landslide, rockslide, cyclone and other similar uncontrollable acts of nature are covered.

• Man-Made Reasons: Damages to the vehicle or complete loss of the vehicle due to any intentional or unintentional acts of man are covered. These include acts with malicious intent, theft, terrorism, strikes, accidents caused by external means, damage caused to the vehicle when being transported, etc.

• Personal Accident Cover: If the owner or the driver of the vehicle meets with an unfortunate accident while driving or using the vehicle for its intended purpose, then he/she is entitled to receiving Rs.2 lakh as Personal Accident Cover. Moreover, the passengers of the vehicle, who may be victims of the accident, are also protected by additional personal accident coverage.

• Third-Party Liability: This is a protection against possible financial liabilities in which the insured vehicle is responsible for or has been involved in an accident, which resulted in the damage or loss of any third-party property and/or caused injury/death of a third-party individual. Instead of benefitting the insured directly, this cover saves him/her from the legal, medical and repair costs that the affected party may ask for a settlement.

• Additional Covers: Additional protection can be easily purchased for electrical or non-electrical accessories by paying some additional premium.

Exclusions

The following aren’t covered by the ICICI Lombard Car Insurance policy:

• General wear and tear to the car due to natural aging

• Damages caused to the vehicle when the driver was either not carrying a driver’s license or drunk driving or driving after consuming mood/mind stimulating substances.

• Electrical or mechanical breakdowns.

• Damages to the vehicle during a war, mutiny or nuclear attacks.

• Damages to the tires and tubes of the vehicle

• Depreciation of the vehicle

• Damage or loss of the vehicle while it is outside India.

Discounts

ICICI Lombard car insurance offers special discounts to the policyholders if they do the following:

• Install an anti-theft device in the vehicle

• Possess or take membership of Automobile Association

• Opted to pay a voluntary deduction, wherein, the customer agrees to bear a certain part of the expenses, exceeding which, the insurer will bear the remainder.

• No Claim Bonus (NCB) - If the insured hasn't claimed insurance during the previous policy term(s).

• Handicap Discount: Vehicles that are custom made or redesigned for a handicapped person, then a 50% discount on the own damage premium is allocated to the insured.

• Third Party Property Damage: A discount of Rs.100 is applicable if the customer is willing to bear any liability exceeding Rs.6000 in particular situations wherein the vehicle is involved in an accident that has cause third-party property damage. The amount exceeding Rs.6000 will be borne by ICICI Lombard Car Insurance.

Sum Insured

All insured vehicles are assured a fixed sum to be provided in case of any damage to the insured vehicle or theft, subject to the coverage policy. This is the Insured Declared Value or IDV of the vehicle. The IDV of a car is calculated after deducting the depreciation value of the car from the selling price of the vehicle as listed by the manufacturer. The depreciation amount is decided based on the car's age and its wear and tear. Here's how ICICI Lombard calculates the IDV:

• The insured car’s selling price as set by the manufacturer and the listed price of all the accessories is calculated.

• The car’s depreciation value for each year, depending upon the regulations of the Indian Motor Tariff, is deducted.

• The depreciation value is deducted from the selling price and this becomes the Insured Declared Value (IDV).

If the manufacturer’s listed selling price doesn't include any electronic or electrical item installed in the vehicle, then the actual value of the concerned item after accounting for depreciation is added to the sum insured - over and above the IDV.

For example, many owners obtain permission from the RTO and install a bi-fuel system like CNG-LPG or Petro-Diesel. The bi-fuel kit, in such cases, should be insured by paying an additional premium of 4% on the value of the kit. However, it has to be specifically declared in the proposal form.

Claim Procedure

Raising a claim on an ICICI Lombard Car Insurance Policy is a simple procedure completed in these steps :

• Intimate ICICI Lombard: Notify the insurer about the accident or theft. You can do this by sending an SMS to 575758 from your registered phone number by typing ‘CLAIM.' You will hear back from ICICI Lombard’s customer service representative within 30 minutes. Describe the circumstances surrounding the theft or accident. Obtain a claim number and get directions to an authorized garage. You may request for free pickup or towing services. However, these services are offered by selected garages.

• Documentation: Initiate the claim application procedure. An ICICI Lombard customer support manager will reach you to collect the relevant documents. These include Registration Certificate of the vehicle, Policy Certificate and other applicable documents as required by the garage. These documents will be verified against the originals. If the garage concerned isn’t part of the ICICI Lombard network, then a few additional documents might be required. Find the list of documents in the next section.

• Survey: ICICI Lombard will send experts to survey the damaged vehicle and quote a prospective cost as well as duration required for repairs. This brief will help you estimate the personal liability that you may claim.

• Claim Settlement: If cashless claims are applicable, then you are expected to pay only for the repair charges that are not covered by the policy. For reimbursement claims, you need to clear the entire payment with ICICI Lombard will reimburse you for the expenses incurred.

While making an ICICI Lombard Car Insurance Claim after an accident or after the theft of the car, you may expect the policy to cover your medical bills, vehicle damages, and other costs. However, before everything else, you must register your claim with the company and submit all the required documents so that the claim is approved.

Documents Required

The following documents are required for accident claims:

• The claim form - duly filled and signed

• Original Estimate

• Vehicle’s RC book

• FIR on a case-to-case basis

• A copy of the Driving License

• First two pages of the Policy document

• Original Repair Invoice (Payment Receipt is also required for garages outside the approved network)

• Company registered vehicles should provide the company stamp

The following documents are required for Theft Claims:

• The claim form - duly filled and signed

• Vehicle’s RC book and all its original keys

• Duly signed RTO Transfer Papers and Forms: 28, 29, 30, 35.

• Copy of Driving License

• Copy of the Policy document

• Original FIR and a copy

• Two copies of Form 29 & 30

• Three copies of Form 28

• The final no trace report from the police station, mentioning that the vehicle was untraceable.

If the vehicle is stolen, customers are required to call the call-center and register the claim immediately.

• The following documents are required for Third Party Claims:

• The claim form - duly filled and signed

• Copy of the FIR

• Copy of Driving License

• Copies of the first two pages of the policy document

• Copy of the vehicle’s RC card/book

FAQs

How to renew an ICICI Lombard car insurance policy online?

• Log in and go to your policy page.

• Check the expiry date of the current vehicle insurance - you must renew it at least 60 days before the expiry.

• Pay the premium online and instantly receive the renewed policy.

Is the No Claim Bonus (NCB) exchangeable or transferable?

No Claim Bonus is awarded to those customers who run through the whole policy term without staking a single claim. The ICICI Lombard Car Insurance policy allows transfer of all the benefits of the accumulated NCB when shifting from ICICI Lombard to another vehicle insurance company or vice versa.

What are the benefits of purchasing vehicle insurance online from ICICI Lombard?

ICICI Lombard offers hassle-free policy issuing procedures and customers get their policies instantly if purchased online. Moreover, online purchases have plenty of added benefits. It also bypasses the stringent documentation. Moreover, customers get to pick a convenient payment option from Net banking or Debit/Credit card.

How to file for a claim?

Emergencies don't come with a warning and they leave very little room for technicalities and rationality. However, you must file for your claim at the earliest. Contact the nearest ICICI Lombard branch by calling their toll-free helpline 1800 2666. A customer care executive will guide you through the registration process. Alternatively, you may also register your claim online by using the ‘Lodge A Motor Claim' Service available on the official website of ICICI Lombard.  

What are deductibles? How can one know the deductible relevant to cars?

Deductible is a part of the total damage expense that the policyholder is supposed to bear during a claim. ICICI Lombard car insurance policy has an Obligatory Deductible: INR 1000 for cars that below 1500cc and INR 2000 for those above 1500 cc.