Know About Cars

ICICI Lombard Motor Insurance

ICICI Lombard motor insurance policies have been launched by ICICI Lombard, one of the premier insurance companies in India. The company comes with a range of benefits and covers for the auto insurance customers in India.

About ICICI Lombard Motor Insurance

ICICI Lombard Motor Insurance policies are offered by ICICI Lombard General Insurance Company Ltd., the biggest private sector general insurance company in India. As of March 2010, the company has a Gross Written Premium (GWP) of more than 3,694.80 crore (US$ 838.72 million). More than 44 lakh insurance policies have been issued by the company and ICICI Lombard has settled more than 62 lakh claims. The company has a claim disposal ratio of 96% of overall informed claims.

ICICI Lombard General Insurance Company Ltd. is a joint venture between ICICI Bank Limited, the second biggest bank in India and Fairfax Financial Holdings Limited, a diversified financial services provider based in Canada with an asset value of USD 30 billion. ICICI Bank holds 74% of the shares and 26% is held by Fairfax Financial Holdings Ltd.

The company carries out its insurance business in India with the help of 4,634 employees who work in 350 branches throughout India.

ICICI Lombard utilizes a multichannel technique to service, sales, and other associated operations. The channels implemented by the company can be broadly categorized into online channels and telesales channels.

About ICICI Lombard Motor Insurance Policies

Motor insurance policies offered by ICICI Lombard can be classified as the following:

1. Car insurance

Principal benefits

The principal benefits offered by ICICI Lombard Motor Insurance policies are as follows:

  • You can access above 2700 network garages with regards to cashless claims facilities throughout India.
  • A digitally signed policy will be issued instantly via the online services of ICICI Lombard.
  • Doorstep evaluator facility to secure your vehicle with break-in (or burglary) insurance
  • Non-compulsory personal accident cover of up to Rs.2 Lakhs for co-passengers.
  • Towing charges of up to Rs.1,500 if there is an accidental loss (as decided by the terms and conditions of the policy).
  • You are entitled for NCB (No Claims Bonus) while renewing the policy, if you have not claimed anything throughout the last policy term.
  • Certified Automobile Association Members can qualify for 5% discount.
  • You can switch all No Claim Bonus (NCB) benefits at the time of transferring your motor insurance policy to ICICI Lombard.
  • You can get add-on covers for things like music system, fog lights, and seat covers.
  • If you equip your car with an ARAI (Automotive Research Association of India) accepted antitheft gadget, then you can avail a 2.5% discount on your premium.
  • You can purchase the policies on the Internet and make payment in installments with no additional fees.

What is covered by a car insurance policy by ICICI Lombard?

Given below is a list of things for which you will receive coverage from an ICICI Lombard Car Insurance Policy:

Damage or loss to your car from natural calamities

Explosion, fire, lightning or self-ignition, flood, earthquake, hurricane, typhoon, tempest, storm, cyclone, inundation, frost, hailstorm, rockslide, and landslide.

Damage or loss to your car from man-made tragedies

Theft, burglary, strike, riot, accident by outside factors, malicious activities, any loss in transit by rail, road, inland watercourses, elevator, lift, or air, and terrorist operations.

Personal accident cover

You will get a coverage of Rs.2 lakhs for the individual driver of the car at the time of touring, getting on or getting down from the vehicle. Nonmandatory personal accident covers are available for co-passengers.

Third Party Legal Liability

Cover for legal liability on account of accidental losses causing long-term injury or death of an individual, and damage created to the adjacent property.

What is not covered by a car insurance policy by ICICI Lombard?

The following things are not covered by an ICICI Lombard Car Insurance Policy:

  • Usual depreciation and normal ageing of the car
  • Any major loss or decrease in value of the car.
  • Electrical/technical problem
  • Depreciation of consumables such as tubes and tyres, if the automobile is not damaged simultaneously, where the legal accountability of the company will be restricted to 50% of the replacement cost.
  • Automobiles including vehicles being used differently than in line with restrictions.
  • Damage to/by an individual driving any car with no legitimate license
  • Damage to/by an individual driving the car under intoxication (under the influence of liquor or drugs)
  • Loss/damage because of rebellion, warfare, or nuclear hazard

What is the sum insured for a car insurance policy?

The sum insured for a car insurance policy is calculated on the basis of the following factors:

  • All cars are insured at a fixed value known as the Insured’s Declared Value (IDV).
  • Insured’s Declared Value is worked out on the basis of the listed selling price of the car, which is decided by the car manufacturer (along with the listed price of any equipments) following the deduction of the depreciation for each year according to the plan offered by the Indian Motor Tariff.
  • When the price of any electronic and/or electrical equipment fitted in the car is not incorporated in the listed selling price of the car manufacturer, then the actual value (following depreciation) of this equipment can be summed up with the amount insured in addition to the IDV (Insured’s Declared Value).
  • If the cars are equipped with bi-fuel system like CNG/ LPG and Petrol/ Diesel, allowed by the concerned Regional Transport Office (RTO), the CNG/LPG equipment installed in the car has to be insured individually with an extra premium of 4% on the price of such equipment. This has to be particularly mentioned in the proposal form.

2. Two wheeler insurance

The two wheeler insurance policies offered by ICICI Lombard General Insurance Company come with same features, benefits, and coverage. Two wheeler insurance is absolutely necessary for those who drive them. A significant number of people living in small towns of India like to purchase a two wheeler rather than a car. As there are no rigorous traffic regulations in a small town area, motorcycles are useful choices of moving around one requires to do. Nevertheless, road mishaps and untoward events do take place anytime and so, you have to be ready for these events to safeguard your savings. Motorcycle insurance or two-wheeler insurance policies offered by ICICI Lombard can protect you from these unprecedented happenings and help you save money. Your two wheeler has to be insured and the most effective means to perform this is to buy a two wheeler insurance policy. If you are thinking about how to find two wheeler insurance and which policy is suitable for you, ICICI Lombard is there to assist you.

Contact Details:
ICICI Lombard General Insurance Co. Ltd.
401-402, Interface Bldg; No.11
Link Road, Malad (West)
Mumbai - 400064.
Toll Free: 1800 209 8888