A brief overview of ICICI Lombard Car Insurance

Owning a car is a very big event for any family, not just as a utility but also as a status symbol. People put in a lot of money into buying their dream car and thus protecting it becomes very important. Car insurance comes to rescue for emergencies and events out of control and ICICI Lombard car insurance is one of the best car insurances that gives you a feeling of complete safety. ICICI Lombard car insurance protects the car from risks uncertain. It is one of the trusted car insurances which gives you comprehensive coverage from third-party liability, own damage and man-made and natural calamities.

A product of ICICI Lombard general life insurance, jointly owned by ICICI Bank Limited and Fairfax financial holdings, ICICI Lombard car insurance has been dominating the car insurance industry ever since.

Why should one buy car insurance?

Car insurance, in general, helps you in dealing with situations that are uncertain and can cause you financial, physical and psychological loss. Car insurance helps you when

  • You have a dent in your car which causes a financial dent in your pocket
  • Your car is in repair
  • Your car breaks down in the middle of nowhere
  • You go on drives, you can go without any worries
  • Covers your costs and helps you during emergencies

Benefits of ICICI Lombard car insurance

ICICI Lombard car insurance comes with a lot of benefits for policyholders. Some of them are listed below

  1. ICICI Lombard car insurance offers roadside assistance for the policyholders to help them in case of breakdown or accident
  2. ICICI Lombard car insurance has one of the largest and fastest claim settlement records
  3. Policyholders can enjoy cashless claim settlements in the network garages anywhere in the country
  4. Immediate processing of the policy
  5. Provides accidental coverage, zero depreciation and other facilities
  6. Several add-ons cover to enhance the policy experience
  7. Towing facility on the case of a sudden breakdown
  8. Offers voluntary deductible service and doorstep survey options to the policyholders
  9. ICICI Lombard car insurance offers various discounts to the policyholders
  10. ICICI Lombard car insurance has an easy, quick and effortless issue and renewal process

Features of ICICI Lombard car insurance

The distinct features of ICICI Lombard car insurance make it one of the most trusted brands for insurance solutions.

  1. Third-party coverage
    ICICI Lombard car insurance provides protection and covers the policyholder against any third party liability arising out if permanent disability/injury or death of the third party or any damage caused to the property of the third party.
  2. Network Garages
    ICICI Lombard car insurance has a network of more than 7800 certified garages where the policyholder can get cashless services for assistance, whenever needed across the country.
  3. No Claim Bonus
    The No Claim Bonus is a type of discount that the policyholder gets for making zero claims during a year. This bonus increases with the number of years that the policyholder drives safely and makes no claim.
  4. Personal Accident cover
    ICICI Lombard car insurance provides personal accident cover for the co-passengers, driver/owner of up to Rs 2lakh.
  5. Incurred claim ratio
    The incurred claim ratio is simply explained as the ratio of the net claims settled against the net premiums received. ICICI Lombard car insurance has one of the highest incurred claim rations with 77.44%.

ICICI Lombard Insurance Vehicle Insurance Plan:

ICICI Lombard car insurance is comprehensive vehicle insurance which covers the vehicle insured various uncertain incidents and accidents that leave the car owner under huge emotional and financial trauma. ICICI Lombard also ensures that the policyholder enjoys a hassle-free process of buying or renewing the insurance policy along with 24*7 coverage and support both online and offline throughout the year.

ICICI Lombard car insurance provides third party cover for unforeseen events and provides coverage of maximum of 7.5 lakhs in case of property damage of a third party.

Under the ICICI Lombard car insurance, the sum insured is fixed through IDV or Insured Declared Value which is calculated by adding the listed price by the manufacturer and listed price of accessories. Electrical accessories excluded from the manufacturer’s listed price, then the depreciated value of the items is added for calculating the IDV. Also, vehicles installed with Biofuels, diesel, CNG or LPG can get cover on the additional 4% premium to the value of the vehicle kit after submission of a separate declaration.

Coverage under ICICI Lombard car insurance

The ICICI Lombard car insurance provides the following coverage to the policyholder:

  1. Own Damage
    • Under this coverage, the policyholder gets protection against the loss of vehicle or damage due to an accident while driving, mounting or dismounting
    • Covers the vehicle against natural calamities and damages caused due to fire, lightning, self-ignition, explosion, earthquake, flood, storm, hurricane, cyclone, hailstorm, landslide, rockslide, etc.
    • Covers the vehicle against man-made calamities like a riot, theft, burglary, terrorist activities, damage during transit by rail, air, road, waterways, elevator or lift
    • It provides a personal accident cover for the driver/owner up to Rs 2 lakh in case of death, permanent disability and also for hospitalization cost due to accident. This is also available for co-passengers as well
    • Provides cover for third party injury or any damage or bodily injury caused to the third party or any property of the third party. ICICI Lombard car insurance Third party liability cover provides the policyholder with a maximum of Rs 7.5 lakh in case of property damage. In case of death or permanent injury of the third person, ICICI Lombard provides unlimited liability amount as per the policy.

Add-on Features under ICICI Lombard car insurance

The following Add-on covers are available with the ICICI Lombard car insurance to enhance the experience of the policyholders and reduce their stress and liabilities arising out of unexpected events.

  1. Zero Depreciation cover
    Any insurance deducts a certain amount from the claim amount for depreciation arising out of wear and tear and normal ageing of the parts. Zero depreciation cover saves you from such deductions.
  2. Roadside Assistance cover
    This cover is a very useful cover which helps you or indeed saves you at times when you need assistance due to sudden breakdown or accident. Roadside assistance cover allows you to travel without any worries and can be sought four times during the policy year. It assists you for the supply of fuel, vehicle towing, battery issues, flat tyres, replacing the lost key, etc
  3. Consumable cover
    This cover helps you for the procurement of the consumable items used in vehicles like nuts and bolts, grease, brake oil, engine oil, lubricants, etc.
  4. Engine protect plus
    The engine protects plus cover takes care of the expenses of engine repair, gearbox repair, and other differential parts repair which occur due to leakage of oil, water ingression, etc.
  5. Returns to invoice
    This cover pays the policyholder the difference between the Insured Declared Value and the actual value of the purchase as listed on the original invoice. This add-on cover helps during the total loss or damage to the vehicle.
  6. Daily allowance on repair>
    This add-on cover gives you a daily allowance for the time when the insured vehicle is in the workshop for more than 24 hours. This cover also extends towards the payment of lump-sum payment of the amount in case of constructive loss or total loss.
  7. Key protection cover
    This add-on ICICI Lombard car insurance cover takes care of the repair or replacement of the key and locks or related issue expenses.
  8. Loss of personal belongings
    This add-on cover repays you the loss incurred due to losing personal belongings that were inside the car or which were damaged due to an accident. An FIR of the details of the loss or theft is mandatory for making this claim.

Discounts Offered under ICICI Lombard Car insurance:

ICICI Lombard car insurance  offers its policyholders wide range of discount options to save money on renewals and premiums.

  1. No Claim Bonus:
    This is the discount offered to the policyholders if they do not make any claim throughout the year. The No Claim Bonus can also be adjusted when you renew the policy the next year on the premiums.
  2. Members of Automobile Association:
    Policyholders who are members of the Automobile Association are given discounts upon renewing their policy.
  3. Anti-theft device:
    Vehicles installed with Anti-theft device also get discount under the ICICI Lombard car insurance.
  4. Voluntary deductions:
    Under this, the policyholder gets a discount if he/she agrees to pay a certain amount of the claim themselves. The amount beyond the sum paid by the policyholder is paid by ICICI Lombard up to the sum insured. This voluntary deduction helps in saving on premiums and renewals.
  5. Handicap discount:
    If the vehicle is equipped with or is designed to ease out the process for handicapped travellers, then the vehicle is entitled to 50% discount on the premium of own damage.
  6. Third-party damage:
    Under this, Rs 100 discount is applied if the policyholder is willing to bear the liability exceeding Rs 6000 and arising due to an accident.

Application Process for ICICI Lombard car insurance plans:

Getting your car insured with ICICI Lombard is very easy and does not demand huge time. It can be done through multiple channels and quickly

  1. If an individual wants to buy car insurance offline the one will have to call the sale representative of the company
  2. The company representative will collect mobile number, and other details, insurance requirement and ensures a callback from the sales representative who will take care of everything after
  3. For buying car insurance policy online from ICICI Lombard car insurance, one will simply have to click on ‘Get a quote’ tab on the official website and follow the easy steps
  4. Upon logging in on the company website, the page asks information for further processing such as vehicle registration details, vehicle model, personal details, policy details (if any). Based on the information collected, the premium to be paid by the buyer is calculated. If the buyer is satisfied with the insurance premium, then click on ‘continue’
  5. A new page opens which asks the buyer details like name, age, address, email address, mobile number, nominee details, etc. The buyer will also have to provide details like engine number, vehicle registration, a loan is taken, etc. and entre ‘continue’
  6. Another new page will be opened for payment. The buyer will have to make the payment through debit/credit card
  7. The policy will be mailed on the email and over the given address

How to buy ICICI Lombard car insurance from Turtlemint?

Turtlemint is a platform which offers you a number of insurance plans from various companies and also recommends you to the plan according to the best match with your vehicle. It also assists in claim settlements and various services as well. All you have to do is

  • Visit https://www.turtlemint.com/car-insurance
  • Enter you vehicle registration number or Registration location
  • You will be directed to a page where you will be needed to provide information like vehicle model, fuel type, car variant, details of existing or last policy, claim history, your personal details, etc.
  • Turtlemint will then suggest you various plans based on the information filled in by you for you to choose the policy
  • You can then choose the policy after comparing the various plans and premiums and buy it from Turtlemint to avail the extra benefits offered. 

Renewal Process of ICICI Lombard car insurance plans:

ICICI Lombard car insurance provides easy renewal of the policy online. Prior to 60 days of the policy expiring, the policy can be renewed easily through its website. In case the policy expires, a surveyor will inspect the vehicle. The policy will be renewed after the inspection and submission of the required documents to the surveyor.

Claiming Process of ICICI Lombard car insurance policy:

For claiming the ICICI Lombard car insurance, the policyholder will have to register a claim following the steps mentioned below

  • Notify ICICI Lombard: The policyholder will have to notify the customer service representative either by an SMS ‘CLAIM’ 575758 or by calling at the customer care. The customer care will get back to you and provide a reference number or claim number
  • The customer care executive will inform the concerned executive and the buyer will be informed about the registered garages
  • The buyer will have to file an FIR in case of accident, theft, bodily injury or any major damage
  • The service manager from ICICI Lombard will contact the policyholder and collect the documents required for processing the claim
  • The service manager will also do a spot verification of the vehicle to estimate the damage
  • The payment to the network garage will be made directly by ICICI Lombard if cashless services are opted for by the policyholder.

Alternatively, you can also avail claim settlements through Turtlemint. If you bought your ICICI Car Insurance policy through Turtlemint, you can inform Turtlemint and the company would then help you in getting your claims settled. Turtlemint has a claim handling team which handle the claims of their customers. You can get in touch with the company’s team of claim experts through their number 1800 266 0101 or post an email to the claim team at their ID claims@turtlemint.com. Once the team is informed of your car insurance claim, they would take up the claim process on your behalf and coordinate with the insurance company to get the claims settled.

Documents required for claiming the ICICI Lombard car insurance plans:

  1. For accidental claim for ICICI Lombard car insurance 
    • Copy of the duly signed claim form
    • Vehicle registration
    • Copy of driver’s license
    • Copy of the FIR
    • Original policy document
    • Original estimate receipt
    • Payment receipt in case of not availing cashless service
  2. For theft claim for ICICI Lombard car insurance 
    • Copy of the duly signed claim form
    • Vehicle registration
    • Copy of driver’s license
    • Copy of the FIR
    • Original policy document
    • RTO transfer papers along with form 28, 29, 30 and 35
    • No Trace report by the police after investigation
  3. For Third-Party Claim for ICICI Lombard car insurance 
    • Copy of the duly signed claim form
    • Vehicle registration
    • Copy of driver’s license
    • Copy of the FIR
    • Original policy document

Exclusions under the ICICI Lombard car insurance policy:

The following exclusions are not covered under the ICICI Lombard policy for vehicle insurance

  1. Natural ageing of the vehicle resulting in wear and tear
  2. Damage or accident caused when driving without a driver’s license
  3. Damage or accident caused while driving under the influence of alcohol, drugs or any other substance
  4. Electrical or mechanical breakdown
  5. Damage caused to the vehicle due to war, nuclear attack, mutiny, etc.
  6. Depreciation in line with market scenarios, etc

Review of ICICI Lombard Car insurance plans:

The ICICI Lombard car insurance brings multiple benefits to the buyers and also provides them with comprehensive protection for their vehicle. The quick customer service and the reliable process makes it one of the market leaders in the insurance industry. The add-on features enhance the policy experience for the customers and allow them to enjoy the luxury of their car without any worries.


FAQ’s

This is the loss due to an accident where the cost of repair comes more than 75% of the IDV


Yes, the no claim bonus is transferable to another policy and from another company as well when switching to ICICI Lombard car insurance.


Buying an insurance policy online is hassles and quick and one does not have to follow the stringent documentation process when buying a policy online.


Both private and commercial vehicles can be insured with ICICI Lombard vehicle insurance


Roadside assistance can be availed 4 times during the policy year.