ICICI Lombard Electric Car Insurance
An ICICI Lombard electric car insurance policy provides crucial coverage for EVs, protecting you against financial & legal liabilities that may occur due to accidents or collisions, natural/man-made disasters, theft, fire, etc.
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Benefits of ICICI Lombard Electric Car Insurance
Here are some benefits offered under the ICICI Lombard EV insurance policy:
- With ICICI Lombard EV insurance, you get instant claim approval & settlement via InstaSpect app.
- The company has 5900+ garages in India that offer hassle-free cashless repairs.
- ICICI Lombard's Women Assist supports female motorists stranded from 8pm to 5am, offering instant response & on-site assistance, including a cab drop, at no extra cost.
Types of ICICI Lombard EV Insurance Policy
ICICI Lombard General Insurance Company offers three types of electric car insurance policies. These include:
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Third Party EV Insurance
ICICI Lombard third party (TP) EV policy offers coverage for third-party injury or death or property damages from road accidents involving the insured EV. While the compensation for TP injury/death is unlimited and is decided by MACT (Motor Accidents Claims Tribunal), for any TP property damage, it is limited to up to Rs. 7.5 Lakh.
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Own Damage EV Insurance
Own-damage (OD) EV policy covers damages to the insured EV due to collisions/accidents, fire, theft, natural disasters, man-made acts, etc. You can purchase this coverage with an existing TP policy for a wider protection.
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Comprehensive EV Insurance
Lombard comprehensive EV policy covers both third party liabilities as well as damages sustained by the insured EV. The coverage of this policy can be further extended by opting for add-on covers at an extra premium.
ICICI Lombard EV Insurance Premium Calculator
The Insurance Regulatory and Development Authority of India (IRDAI) sets third-party EV insurance premiums and are based on the EV's battery capacity. The table below shows the premium prices for a third-party electric car insurance policy.
| Battery Capacity (kWH) |
EV Insurance Premium Rates |
| Below 30 |
Rs. 1,780 (approx) |
| Between 30 & 65 |
Rs. 2,904 (approx) |
| Above 65 |
Rs. 6,712 (approx) |
*Disclaimer: (These premium prices are decided by IRDAI and are subject to change. For latest updates on insurance prices, always refer to the IRDAI's official website.)
Conversely, you can calculate comprehensive EV insurance premium using the car insurance premium calculator. Additionally, here is the formula to manually calculate your ICICI Lombard electric car insurance premium for a comprehensive coverage policy:
Comprehensive EV Insurance Premium = Own Damage Premium Price – (No claim bonus + discounts (if any)) + (Third Party EV Premium)
ICICI Lombard Electric Car Insurance Add-Ons
An ICICI Lombard comprehensive EV insurance policy has the following add-on covers that you can opt for an additional premium:
Zero Depreciation Cover
The Zero Depreciation cover in ICICI EV insurance financially protects you by covering the depreciation amount deducted from the value of the replaced or repaired car parts in case of a own damage claim.
It offers 100% coverage for both the EV battery as well as charging equipment. The benefits of this add-on can only be availed if you get your EV repaired at the an authorised network garage of your insurer.
*Disclaimer: The number of claims under the zero dep add-on is limited to 2 during the policy term.
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Emergency Roadside Assistance (RSA)
The Return to Invoice cover helps a policyholder get the original invoice value of the insured EV in case of a total loss or theft claim.
The RSA in car insurance add-on provides the emergency assistance in case of a car breakdown on the road.
Services under this add-on include minor repairs, flat tyres, towing, spare keys, etc.
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Return to Invoice (RTI) Cover
The Invoice Price or Return to Invoice (RTI) add-on covers the original invoice value of the insured EV in the event of a total loss or theft.
This value includes the registration fees & road tax as well.
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Consumables Cover
The Consumables cover covers the cost of screws, nuts & bolts, grease, etc., which require repair or replacement after an accident involving the insured vehicle.
Downtime Protection
Under the downtime protection add-on, ICICI Lombard covers your expenses on travelling by cabs for daily & routine purposes while your EV is being repaired, ensuring uninterrupted journeys.
Key & Lock Replacement Cover
The Key Replacement cover covers the cost of replacing the insured EV's lockset and keys if they are lost, stolen or damaged, including the labour cost involved.
Key & Lock Replacement Cover
The Key Replacement cover pays for the replacement of the insured EV's keys if they are lost or stolen or damaged.
It also covers the labour cost involved with key or lockset replacement.
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View more Add-ons
How to Buy/Renew ICICI Lombard EV Insurance?
Follow this simple procedure to renew or buy ICICI electric car insurance in just a few minutes:
- Visit the homepage of Policybazaar.com and select 'Car Insurance.'
- Enter your EV's registration number.
- In case of a new vehicle, select ‘Brand New Car.'
- Next, input your EV's make & model, variant, and RTO, among other information.
- Proceed further to enter your name & mobile number.
- Select the expiry date of your existing car insurance and choose if you previously made a claim.
- Now, you will see the list of various insurance policies.
- Select the ICICI Lombard EV policy and choose any add-ons if required.
- Check your policy coverage and premium.
- Now, you can make the premium payment through cards, UPI, or net banking.
- Upon the payment, your electric car insurance policy for your EV will be sent to your email address.
How to File a Claim Under ICICI Lombard EV Insurance?
To raise your ICICI Lombard electric car insurance claim, follow this straightforward process:
1
Notify Insurer About the Incident
Inform the ICICI Lombard General Insurance Company about the unfortunate incident.
2
Claim Registration
Submit a claim request to obtain a claim intimation number.
3
Survey & Inspection
Once your claim is registered, your insurer will assign a surveyor to inspect your EV for damage evaluation.
4
Submission of Documents
Next, give your necessary documents to the surveyor. These include the claim form, your EV's RC, ID/ address proofs, driving licence, etc.
5
Claim Resolution
After document verification, your insurer will settle the claim directly with the network garage. On the other hand, in case of a non-network garage, the insurer will provide you with the reimbursement later for the amount you paid for your EV repair.
Documents Required for Raising ICICI EV Insurance Claim
Here is the list of documents you will require at the time of filing a claim against your ICICI EV insurance:
- Completely filled & signed claim form
- Your EV insurance policy copy
- Police FIR
- Your EV's registration certificate & driving licence
- Aadhar/PAN Card
- Repair Estimate
- Cancelled cheque (in case of a reimbursement claim)
