Availing a valid Car Insurance policy is mandatory as per The Motor Vehicles Act 1988. Apart, from this having a car insurance plan ensures the 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.
Coverage and Benefits
Third Party Coverage:
It covers third party damage or loss in case your vehicle is involved in an accident.
Incurred claim ratio:
Personal Accident Insurance:
Up to 1 Lakh
3100+ network of garages across India
No Claim Bonus
The following contingencies are covered for in the ICICI Lombard car insurance plan:
In order to apply for an 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 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.
The endorsement is a document which states any changes in the term of the policy. Endorsements are of two types:
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.
Car insurance plans offered by the company can be applied to through multiple channels like:
1. Do I need to ensure my Car?
Insurance helps you to cope with the losses like accident, theft, fire or a like incident happened to your car subject to the events covered by the policy. It also assures that you and your passengers will be taken care of against bodily injuries if any.
2. Can I purchase ICICI Lombard Car Insurance policy online?
Yes, you can purchase ICICI Lombard car insurance online and make the payment through your Debit or Credit card, or Internet Banking.
3. What does Constructive Loss mean in ICICI Lombard car insurance policy?
The term Constructive Loss refers to accidental damage/loss to your car when the cost of repairing comes out to be more than 75% of its IDV.
4. Does ICICI Lombard provide roadside assistance?
Yes, ICICI Lombard car insurance policy includes roadside assistance and the service is available 24x7. You need to give a call on 1800 2666 and follow the IVR instructions.
5. Can I renew my existing ICICI Lombard car insurance online?
Yes, ICICI Lombard allows you to renew your existing car insurance policy online 60 days prior to its expiration date. In case the policy has expired already, an inspection of the vehicle would be done by an authorized surveyor of the insurance company. A successful inspection along with the submission of required documents would lead to the issuance of the new policy.
6. Can I renew my other car insurance policy with ICICI Lombard?
Yes, you can renew your existing car insurance policy with ICICI Lombard and make the payment via a Debit/Credit card, or Internet Banking.
7. What type of vehicles does ICICI Lombard insure?
ICICI Lombard offers insurance coverage to private cars and two-wheelers.
8. Does ICICI Lombard cover accidental damages to vehicle only or other expenses too?
ICICI Lombard provides assistance only for the damages and not for the other expenses or additional costs like fuel, damaged/broken parts, taxi to home etc.
9. Can I transfer my NCB discount?
Yes, if you have accrued bonus and you want to switch to ICICI Lombard from your existing car insurance policy, then you need to submit the required document at least 90 days prior to the renewal date. The same goes for when you want to switch to any other insurer from ICICI Lombard.
10. How many times can I avail roadside assistance during the policy period?
This add-on permits roadside assistance at most 4 times during the policy period. Only the services opted for at the time of purchasing the policy can be claimed.
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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