ICICI Lombard Car Insurance
ICICI Lombard Car Insurance Overview:
ICICI Bank Limited and Fairfax financial holdings ltd together formed ICICI Lombard General Insurance Company. ICICI Bank is a private sector bank of our country while Fairfax Holdings is a Canada based company. Today, ICICI Lombard enjoys a dominant market position in the general insurance industry.
Why ICICI Car Insurance?
Availing a valid Car Insurance policy is mandatory as per The Motor Vehicles Act 1988. Apart, from this having a car insurance plan ensures safety of one’s vehicle against damages caused due to accidents, thefts, or any kind of liabilities arising out of damages caused to someone else’s property or to some other person.
Key benefits ICICI Lombard Car Insurance as the insured owner:
- The ICICI LOmbard General Insurance company offers roadside assistance along with the entire insurance plan that it issues.
- The company specializes in servicing of claims and their settlement in the fastest possible time.
- There is a facility of cashless claim settlement across 3300+ preferred garages across the country.
- The company provides for an immediate copy of the policy issued.
- A daily allowance is provided till the period the buyer’s car is in the garage.
- The company provides zero depreciation cover.
- The buyer also gets accidental coverage amounting up to Rs.2 lakhs for co passengers, if any.
- The ICICI Lombard General Insurance company also offers a No Claim bonus (NCB), subject to no claims having been made during the policy period. NCB can be availed of even if the policy being renewed has been taken from other institutions.
- Doorstep inspection facility is also provided in cases of break in insurance.
- The ICICI Lombard Car insurance plan provides Towing Facility in the event of a breakdown or accident
- The company offers a discount of 5% to the registered members of automobile associations.
- A comprehensive car insurance plan is offered by the company which covers for both third party liability and own damage liability under the same plan.
- These ICICI Lombard Car Insurance plans are issued for a period of one year.
ICICI Lombard Car Insurance Coverage Details
The following contingencies are covered for in the ICICI Lombard car insurance plan:
- Any kind of loss or damage due to natural calamities which may include fire, self-ignition or lightning, explosion, earthquake, hurricane, flood, storm,typhoon, tempest, cyclone,inundation, frost, hailstorm, rockslide or landslide
- Man-made causes which may cause damage like theft, burglary, riot, malicious act, terrorist activity, damage while the car is in transit by rail, road, inland waterway, elevator,lift,or air
- A mandatory Personal Accident cover to the driver or owner of the vehicle while driving or travelling and mounting or dismounting from the vehicle. The coverage under the ICICI Lombard Car Insurance policy is provided for up to Rs.2 lakhs. Optional accidental coverage for co passengers can also be availed for.
- A third party covers which compensates for any bodily injury or any damage to any third party or the surrounding property by virtue of the car.
Sum Insured under ICICI Car Insurance Policy
- The ICICI Motor Insurance plan provides for insurance of the vehicle at a fixed value called the Insured's Declared Value (IDV).
- IDV is arrived at by adding the value of the manufacturer's listed selling price of the vehicle to the listed price of accessories, if anyminus the depreciation per year as applicable according to the Indian Motor Tariff.
- In case the price of any electrical or electronic item installed in the vehicle is excluded in the manufacturer’s listed selling price, then the value of the item post depreciation can be added to the sum insured amount above the calculated IDV.
- The ICICI Lombard Car Insurance plan provides cover at an additional premium of 4% of the value of the kit for vehicles fitted with bi-fuel system like petrol and Diesel and CNG or LPG as valued by the concerned RTO. However, a separate declaration regarding the same has to be given in the proposal form.
Procedure to Claim ICICI Lombard Car Insurance Policy
In order to apply for a ICICI Lombard car Insurance claim with the ICICI Lombard General Insurance company, an applicant has to register the claim. The claim in case of an accident can be made by following the below mentioned steps:
- The plan buyer is required to note down the number of other vehicle (if any) involved in the accident and the names and contact details of the witnesses (if any).
- The plan buyer has to call at the dedicated toll free number and inform the concerned executive about the accident. The plan buyer will then be given a claim/reference number.
- The call center executive will then inform the plan buyer regarding the required documents and the list of the networked garages.
- The ICICI Lombard Car Insurance plan buyer has to file a First Information report (FIR) with the police in case of property damage, bodily injury, theft and other major damages.
- The customer service manager will then contact the plan buyer within 24 hours of registration of the claim.
- The ICICI Lombard Motor Insurance plan buyer is then required to submit all the documents to the dealer or the customer service manager (CSM) along with the originals.
- The CSM then after spot verification gives an estimate of the damage caused and gives instant approval.
- The payment to be made against the repairs is done directly to the networked garage after all the necessary repair work has been done.
- The CSM will inform the plan buyer in case any extra amount has to be paid by the buyer, as per the policies of the plan.
Documentation Required to Claim Car Insurance By ICICI Lombard
The ICICI Lombard General Insurance Company requires certain documents in order to settle a claim. The documents required differ depending upon the type of the claim.
In case of accidents:
- A claim form duly filled and signed by the plan buyer.
- RC copy of the vehicle
- Copy of the plan buyer’s driving license.
- First two pages of the copy of the policy
- First Information report, if applicable.
- An Original Estimate Slip
- Payment receipt and original repair invoice.
- Only Repair Invoice in case of repairs undertaken in cashless and networked garage.
- In case of company registered vehicle, a stamp is required.
In Case of Theft:
- A claim form duly filled and signed by the ICICI Lombard Car Insurance policy buyer.
- RC copy of the vehicle along with the keys of the vehicle.
- Copy of the plan buyer’s driving license.
- A copy of the ICICI Lombard Car Insurance policy
- A true copy of the First Information report.
- RTO transfer papers along with Form 28 (3 copies), 29 (2 copies), 30 and Form 35 (in cases of hypothecated vehicles).
- A no trace report issued by the police claiming that the vehicle is nowhere to be found.
- The claim has to be made immediately by calling at the specified toll free number.
- In case of company registered vehicle, a stamp is required.
In Case of Third party Claims:
- A claim form duly filled and signed by the plan buyer.
- RC copy of the vehicle
- Copy of the plan buyer’s driving license.
- A copy of the policy
- A copy of the First Information report.
Some Extra benefits of availing Car Insurance with ICICI Lombard:
- Roadside Assistance is provided in cases of a sudden breakdown or accident of the vehicle. This service is provided in cases of minor repairs, Flat tyre, Battery jump start, Arrangement of keys, Towing on breakdown or accident, Arrangement of rental vehicle, Arrangement or Supply of fuel, Arrangement of Accommodation, Message Relay.
- Roadside assistance can be availed for a maximum 4 times in a given policy period.
- In order to avail this facility, the ICICI Car Insurance plan buyer has to call at the designated toll free number and follow the instructions.
- Roadside assistance service is available 24*7.
Endorsement is a document which states any changes in the term of the policy. Endorsements are of two types:
- Premium bearing endorsement: It is an endorsement which is done at the cost of an additional premium. Some of the examples of such endorsements are Transfer of ownerships, Addition of LPG/CNG kit and change of RTO location.
- Non Premium bearing endorsement: It is an endorsement which is done at no extra cost in the form of an additional premium. Some of the examples of such endorsements are rectification in contact details, rectifications in engine or chasis number and additions of hypothecation.
The company offers for online purchase of insurance policies. Such ICICI LOmbard Car insurance plans are issued instantly without the hassles of supplying too many documents. The buyer may choose to pay via credit cards (Visa, Master Amex Card), Net banking or even debit cards.
Only private vehicles and two wheelers insurance plans can be purchased online.
Methods of applying for ICICI Lombard car insurance plans:
Car insurance plans offered by the company can be applied to through multiple channels like:
- Individuals wishing to buy car insurance plans can simply call the Sales helpline of the company to speak to the company’s representative.
- They can provide their name, mobile number and details of the product they wish to purchase on the website of the company and request for a call back.
- Online car insurance plans can be simply applied to by clicking the ‘Get a quote and Buy’ tab available on the website. The process of policy purchase can be done in three easy steps:
a) All he needs to do is login to the company’s website and select the relevant tab. On doing so a new webpage will open asking for certain details such as current insurance policy details, registration details of the vehicle for which the insurance is being sought, personal details of the plan buyer such as his name, marital status, mobile number, email id and other such related details, The details of the vehicle owned by the plan buyer. These details include information such as the model no and make of the car, manufacturer of the car along with the ex showroom price of the car. Along with these details, the plan buyer also needs to enter details pertaining to previous policy. These details include previous policy issuance and expiry dates, no. of claims made in the previous plan and details of the NCB, if any.Based on the information provided by the buyer the page calculates the premium to be paid by the buyer in order to avail the plan. The applicant may play with various options till he reaches a premium amount which is convenient to him. Having reached at the premium amount to be paid, the buyer has to click on the ‘continue’ button.
b) A new page opens asking for the buyer’s credentials such as his name, age, residential address, official address, email id, telephone number, and credentials of all the members to be insured, the details of the nominee(s) of the plan. The plan buyer also has to supply additional details in regard to the vehicle; these details include the engine/chasis number, vehicle registration plan, and loan or hypothecation details, if any. The ICICI Lombard Car Insurance plan buyer needs to fill up the relevant details. The details provided should be accurate. On having supplied the necessary details, the buyer again needs to click on the ‘continue’ tab.
c) A new page will open, wherein; the policy buyer is required to make payments for the policy bought as per the decided premium amount.
- Lastly, customers may also visit the company’s branches or get in touch with an agent to buy the plans required.
ICICI Lombard Car Insurance - FAQs
1. What are the factors affecting the premium of ICICI Lombard car insurance?
ICICI Lombard decides the premium rate on the basis of the following factors:-
- Cubic capacity of the engine
- Age of vehicle
- Geographical zone
- Type of vehicle
- Insured Declared Vehicle (IDV)
2. What documents do I need to submit when buying ICICI Lombard’s car insurance?
All you need to submit is a duly-filled and signed proposal form— in certain cases some additional documents such as previous year insurance policy and no claim bonus certificate may also be required, if applicable. Once that is accepted, you just have to pay your premium in full by cash or cheque.
3. What do you mean by constructive loss in ICICI Lombard car insurance?
Constructive loss refers to accidental damages/losses to your vehicle when the total cost of retrieval or repair amount is more than 75% of the insured’s declared value (IDV).
4. Is ICICI Lombard’s roadside assistance available 24x7?
Yes, ICICI Lombard offers roadside assistance 24x7.
5. What are the events covered under ICICI Lombard car insurance?
ICICI Lombard’s car insurance covers the following events:-
- Third-party liability
- Fire, explosion, lightning
- Riot and strike
- Flood, typhoon, storm, cyclone
- Malicious act
- Terrorist act
- Landslide and rockslide
6. Will I be eligible to get discounts if I am a member of the Automobile Association of India?
Yes, as a member of any of the following Automobile Associations of India, you will get a discount on own damage premium part of the insurance.
- The Uttar Pradesh Automobile Association
- The Automobile Association of Eastern India
- The Western India Automobile Association
- The Automobile Association of Southern India
- The Automobile Association of Upper India
7. What are the different modes of premium payment?
ICICI Lombard offers the following modes of premium payment:-
- Credit Card
- Net Banking
- Debit Card
- Cash Card
- Cheque/Demand Draft
8. Does ICICI Lombard offer cashless service?
Yes, cashless facility is available at over 2900 network garages.
9. Can I pay the premium of ICICI Lombard’s car insurance in installments?
No, Insurance Act 1938 doesn’t allow you to pay premiums for motor insurance in installments.
10. What are the documents required to file a claim?
In case of accidental damages, ICICI Lombard asks you to submit the following documents:-
- Duly filled and signed claim form
- Valid R.C copy of the vehicle
- Valid driving license of the vehicle
- Copy of FIR, if any
- Original repair bill and cash receipt
You can also check insurance for the following car models:
ICICI Lombard Car Insurance - Latest News
BMW India Financial Services has entered into a joint venture with the general insurance provider, ICICI Lombard General Insurance Company. The duo has teamed up to provide motor insurance policies for the BMW clientele. The idea is to offer such services that cover the majority parts of the vehicle under a claim.
The alliance would ensure that under the the cover provided to the MW customers, all the damaged parts are completely replaced and not repaired. The automobile manufacturer asserts that all the damage to the car would be repaired at an authorized BMW centre and the service expenses for the same shall be covered by the insurance policy.
CEO and MD of BMW India Financial Services, Stefan David Schlipf said that the company has entered the venture with ICICI Lombard to ensure that its valuable customers get the most beneficial and comprehensive motor insurance coverage.
Also, he stated that both the companies are looking forward to a long-lasting association which will take the insurance experience for the Indian customers of BMW to another level BMW India had also invested an extra amount of Rs. 110 Crores towards its unit for financial services in the previous year.
Jan 21st 2016:- A positive result in the nation capital is effected by recently odd even traffic rules. The vehicle which is running on the road for half day, does not provide proper insurance which likely effect the motor insurance company this is what the senior officials often utter in grief.
According to the company- people usually fail to deposit the premium as per claim data. The judgment of a senior of Icici Lombard general insurance says- that the vehicles run for half a day, and has minimized its risk factor of basic accidents, this is pre-assumed though. On the proper law implementation with evaluation the motor insurance premium are likely lower down in a short period of time.
The expert’s reveal- the chances of road accident are occurring very high due to low number of vehicles running on roads. Icici Lombard is a company that provides the best wide-range of motor car assurance policies in India and probably achieved the best acclamation indeed.
9th November, 2015, Amendment has been issued by IRDA that car owners may seek quick settlement of claims for cars through external surveyors and limits for hiring external surveyors have been extended for car insurance as INR 50,000 and INR 1,00000 for general insurance.
The amendment to the Loss Assessor Regulations and insurance surveyors by IRDA (Insurance regulatory and development authority) has raised limits for settlement of claims and it demands that there is no necessity of appointing external surveyors up to this limit. So, only internal insurance surveyors are enough to manage the claims up to this limit. Earlier limit for each claim was INR 20,000.
IRDA assured that rules will be revised every third year.Mr. Sanjay Dutt. Chief underwriter, ICICI Lombard has assured that, if it is required insurance service providers may appoint external surveyor depending upon the complication of the case. He said that in natural cases, insurance carriers can release payment without waiting for reports of the external surveyors resulting in quick release of claims. So, the amendment has been adopted by IRDA for the sake of the clients.
January 20 ,2016 : ICICI Lombard general insurance, survey says that a young millennium is more aware about their own damage and third party insurance policies for their car and bikes. ICICI Lombard has conducted surveys on car and bike owner from Mumbai, Bangaluru, Pune, Ahmadabad, Delhi and Kolkata.
Age group selected for the survey was millennial. The report says that 76% of surveyed millennial were aware about car insurance policy in own damage and third party. Among those 41% of informed millennial bought insurance for their car and bike. In case of a TP (third party) motor insurance, 78% of people were aware about insurance and 23% of people have availed on the same.
While in case of own damage and third party bike insurance, 38% of people availed from a total of 80% of surveyed people, who have knowledge about the insurance.
ICICI Lombard looks to settle 8.5 lakh claims under the division of motor insurance, specifically own-damage claims by this financial year just like it had settled 7.4 claims in the last financial year (FY’14-15). A major part of these claims is in relation to the devastating floods in Tamil Nadu, which people are expecting to be settled in this financial year.
The motor insurance arm of the company accounts for about 45% of the total premium collected. As per Sanjay Datta, Chief – Underwriting and Claims, ICICI Lombard General Insurance said, the company so far has settled claims of Rs. 100 crore out of 10,000 claims received from Chennai only. Nevertheless, the company’s non-life insurance arm has a sum of Rs. 700 crore as the claim amount to settle, the company official said.
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Reviews for ICICI Lombard Car Insurance
Car insurance i have is fantastic which i have took from icici loambard insurance. Premium is low with tow car facility at any location. The vehicle is secure except tires of the car. Garages are many and because of that the service is facilitate without any delay.
The car insurance plan of my new car is fantastic which has low premiums and provide tow service absolutely free. The policy coverage is high even the whole car is secure and full repairing for it except tires. Service is very nice and garages are many so no waiting in the queue for servicing.
Good Car Plan
My car insurance plan has number of benefits like the car tow facility at any location. Premium is low and policy cover whole car except fiber parts, tire and interior of the car. Claims are high and easily sanctioned due to fast service facilitate by the executives. Nice insurance policy.
I have car insurance policy plan with icici lombard general insurance. Huge number of garages are there and they providing great services. The fiber and interior parts are also included in the claims. Policy coverage is 80% with low premiums. Good work team.
Great Policy Plan
Great policy and great work icici lombard car insurance. Policy coverage is 96% and the premiums are Rs.2300 Per month. Claiming amount is ~3 L and the service providers behave very well with fast service. Large number of garages are there for customer help on time.
ICICI lombard general insurance is my car insurance company provider. The policy plan is 82% and the claims are good even for fiber parts too. Garages providing good services with fast response. Toe car facility is also present but not for free it take charges. Satisfactory policy plan.
Never trust to this and never buy the car insurance policy plan. Policy coverage is bad and the claims are not enough for even a single part. Premiums are high. Number of garages are very low and even the behaviour of executives and staff members are not good at all.
Okay car insurance policy i have from icici lombard general insurance. Claims are not high but okay. Fiber parts and interiors are not included in policy plan. Service is slow and number of garages are not much. Toe car facility is chargeable.
My car insurance policy plan is the best and i took it from icici lombard general insurance. Policy coverage is 97% and the claims are high. Investments are low but returns are many like toe car facility is free and the number of garages are high.
I bought car insurance policy plan from icici lombard general insurance. Policy coverage is 95% and the claims cover the whole car damages including the fiber parts. Service provided by the executives are good with nice behaviour.
Policy coverage is ~85% and the premiums are low but the yeah the service is bit slow and the fiber parts are not included in the policy plan. Good number of garages are working under this plan. Good work, icici lombard car insurance.
Okay Policy Plan
I have car insurance policy plan like every one else have but i buy it from icici lombard general insurance. Policy coverage is 70% and claims are good but not for fiber parts and the interior of the car. Service is okay and the number of garages are around 80% of the city.
Fair Policy Plan
My car insurance policy plan is with icici lombard general insurance. Policy plan is very good and fair enough according to premiums. In low investments i got huge benefits. Like toe car facility for free, number of garages are high.
Recently my friend suggested me to buy car insurance, so i took it from icici lombard car insurance policy plan. Policy is fantastic it has all facilities like policy coverage is 95% and the claims are for whole car. Huge number of garages are there for providing fast services.
I have car insurance policy plan which i buy from icici lombard general insurance. Policy coverage is ~80% and the claims are ~Rs.1.7 L including fiber parts but not the interior of the car. Premiums are low and the toe car facility is there for free.
Bad claiming experience
Car insurance is must in this risky roads, so i bought one from icici lombard car insurance policy plan. Policy coverage is 80% and the premiums are low. Services are good with good number of garages. Just the claiming part is not good. It covers only main parts not the fiber one or interiors of the car.
I buy car insurance policy plan and the service provided by the icici lombard general insurance is really very fast with full caring. Policy coverage is 80% and the claims are not for fiber parts. Approx. 80% garages of the city is providing services.
Perfect Policy Plan
ICICI lombard general insurance is the best and i purchase car insurance policy plan which has less investment but the returns are high like toe car facility is for free, all parts are included in the policy plan. Policy coverage and claims are really very nice. Large number of garages are proving services to the customers.
Bad Policy Coverage
My car insurance policy plan is good but the policy coverage is very bad. The fiber parts and the interior of the car is not included in the policy plan. Claims are not that bad and services are good with ~70% number of garages of the city. Toe car facility is not provided in this policy plan.
ICICI lombard car insurance i purchase with very low premiums i.e., 2599. Policy coverage is 60% and the claims are Rs.90K. But the fiber parts are not included in the policy plan. Number of garages are less and the service provided by the executives and the staff members are bit slow.
Good Insurance Policy
I own car insurance policy plan which i bought from icici lombard general insurance. Policy coverage is 92% and the claims are ~Rs.2L and fiber parts and interior also included. Service is fast with toe facility. Good number of garages are working for this company. Nice work team.
Good Policy Coverage
My car policy plan is with icici lombard general insurance. The service is good and good behaviour from executives and staff team. Claims are high and premium is low. Policy coverage is fantastic approx. 90%. Around 80% garages are working for good and on time services.
I have icici lombard car insurance for my new car. Policy coverage is good in just very low premiums i.e., Rs.2999. Claims are good with full car recovery except fiber parts. Toe up facilities also there for free and the huge number of garages are there for service.
I have got a new car that was insured by icici Lombard car insurance . It covers all the body parts of the car except scratches. They are also providing reimbursement upto 80 %-90%. There services provided are really good. The claim experience with them was really good and the process is so simple. The policy also covers both the vehicle as well as the owner.