ICICI Bank Limited and Fairfax Financial Holdings Ltd. together they formed ICICI Lombard General Insurance Company. ICICI Bank is a private bank of our country, while Fairfax Holdings is a canada based company. Currently, ICICI Lombard occupies a dominant position in the general insurance sector.

ICICI Lombard Logo

ICICI Lombard Car Insurance Overview :

A car is one of the most desirable assets of the family. Therefore, it is even more important to invest in car insurance in time to protect them from all the risks they might be faced to. Car Insurance covers the cost of repairing the car in the event of an accident, theft or loss of the car.

As well as according to the Motor Vehicles Act of 1988, car insurance is mandatory in India. All vehicle owners must carry insurance documents, registration documents and driving licenses with them while traveling.



ICICI Lombard is a trusted insurer offering some of the best car insurance in the market. ICICI Lombard car insurance protects your car against third party personal liability and offers own damage cover, that ensures your damages are covered without you having to break a sweat.


Key Benefits of ICICI Lombard Car Insurance :

  • Special discounts : Insured persons who are registered members of the Automobile Research Association of India can receive a special discount of up to 5% and an additional 2.5% if there is an approved anti-theft device installed in the car
  • A wide range of add-on options : ICICI Lombard offers a variety of attractive add-on options including garage cash,accommodation benefit, towing assistance, engine protect plus, etc.
  • Cashless garages : ICICI Lombard Car insurance policyholders can avail cashless garage facility at more than 3400 network garages across the country.
  • Easy purchase & renewal :ICICI Lombard products are released online with the click of a button with minimal effort. The ICICI Lombord renewal process is also fast, simple and can be done online in minutes.
  • Hassle-free claim settlement process :It is very easy to file a claim with this insurance company. The customer support team is responsible for the regular and efficient settlement of complaints throughout the day. Minor damages can be handled immediately through the cashless garage network.
  • 24/7 call center : Assistance will be provided at any time of the day. Customers can contact the emergency toll-free number and make use of the towing services which will be available 24/7. In case the vehicle needs to be towed, charges up to Rs.1500 will be covered.
  • Roadside Assistance: This benefit 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 a rental vehicle, Arrangement or Supply of fuel, Arrangement of Accommodation, Message Relay.This service is available 24*7.
  • Endorsements : It is a document which states any changes in the term of the policy. Endorsements are of two types:
    1. Premium bearing endorsement : It is an endorsement which is done at the cost of an additional premium. For example, Addition of LPG/CNG kit ,Transfer of ownership and change of RTO location.
    2. Non Premium bearing endorsement : It is an endorsement which is done at no extra cost in the form of an additional premium. For example, rectification in contact details, rectifications in the engine or chassis number and additions of hypothecation.


Discounts Offered by ICICI Lombard Car Insurance :

ICICI Lombard car insurance offers specific discounts such as,

  • NCB discount: Can be availed on own damage premium depending on the number of consecutive claim free years.
  • Membership of AAI: Membership of any Automobile Association of India wins brownie points.
  • Opting for Voluntary Deductions: If the Voluntary Excess you opt is higher, your premium will be lower
  • Installing Anti-Theft devices: ARAI approved anti theft devices, attracts extra discounts on the premium.

Types of Coverage ICICI Lombard Car Insurance :

  • Third Party Legal Liability :The ICICI Lombard Car Insurance offers protection against legal liability due to accidental damages that result in any kind of permanent injury and damage caused to the third-party property.
  • Damage caused due to natural disaster :Damage caused due to natural disasters like flood, cyclone,storm, fire, earthquake, explosion, typhoon, hurricane, landslide, rockslide, frost etc.
  • Personal Accident Cover : With ICICI Lombard Car Insurance, the insured receives Rs.15 Lakh coverage for the driver of the vehicle when mounting or dismounting the car or while traveling. ICICI Lombard car insurance also offers optional personal accident cover for other car travelers.
  • Damage caused due to Man-made Calamities : Man-made calamities like theft, strike, riot malicious act, terrorism,burglary, inland waterway, accident by any external means etc. are included.

Also Read : 10 Tips for lower Car Insurance Premium


Add-on Covers on ICICI Lombard Car Insurance Policy :

  • Zero Depreciation Cover: The vehicle will be protected against any kind of loss that arises due to the depreciation on the whole or depreciation of specified parts in the car. Thus the policyholder receives the full claim amount without any deductions due to depreciation.
  • Accommodation assistance- If the car in concern is rendered immobile because of an accident, the insured party will be eligible to avail hotel accommodation for one day at the price of up to Rs.5000. However, this benefit is only offered if repair work extends for 12 hours or more hours.
  • Engine Cover: Policyholder can protect their engine damages caused due to floods or leakage of lubricants through this cover.
  • Return to invoice cover: the owner gets 100% reimbursement of the car value if car is declared as a total loss after the accident under this cover. In other words, the gap between the car insurance settlement amount and the actual cost of the vehicle including road tax and other prerequisites will be included.
  • Consumable Cover: Car’s consumables and expenses are covered which arises out of any damage or loss of vehicle.
  • Loss of personal belongings- Cover will be provided for personal things like phones, laptops, clothes, etc, that remain locked in the car during an accident or an unfortunate event. A sum of Rs.500 has to be paid as deductible to avail this claim.
  • Engine protect Plus- The insurance provider will cover loss towards the repair and replacement of engine parts, differential parts and gearbox parts of the insured vehicle if damage has occurred due to leakage of lubricating oil.
  • Battery jump start- If the vehicle breaks down and stops running due to a battery damage, a technician will take care of the issue.
  • No claim bonus- Policyholders will be eligible to avail a discount on their premium during renewal and they gets no claim bonus for every claim free year.
  • Message relay- In the case of an unforeseen emergency, the insurance provider will take the initiative to send the message to family
  • Flat tyre replacement- The insurance company will provide the policyholder the benefit of availing services in case of a flat tyre. The repair and maintenance for the same will be taken care of as per the policy terms.
  • Arrangement of rental vehicle- A separate vehicle will be arranged to provide the policyholder an alternate means of transport in case of a breakdown, accident or any other unfortunate event.
  • Legal adviser- The insurance provider will make arrangements to provide the policyholder legal help in case of an accident or breakdown. Contact details of established legal experts will be shared.
  • Referring a hospital- In a situation where the policyholder or others travelling in the car require hospitalization, a list of references for specified, good quality hospitals will be provided. A contact list will be shared
  • Taxi benefit-Taxi services will be taken care of for a distance of at least 50 km. For this, the accident or breakdown should have occurred at least 50 km away from the residence of the insured party.
  • Key protect- The insurance company will cover costs towards repair and replacement of keys and locks due to theft, accident, breakdown, natural calamities or if damage has been caused to the lock and key. Not more than two claims can be made for this add-on in a policy year.


Eligibility Criteria :

Eligibility criteria for buying ICICI Lombard Car Insurance is,

  • Entry Age is 21.
  • Car owners who have got their vehicles registered under their respective names with the Regional Transport Authority in India.
  • A valid driving license is must.
  • ICICI Bank account is must.

How to Apply for ICICI Lombard Car Insurance Online?

To apply online for ICICI Lombard Car Insurance, individuals need to follow the below mentioned steps:

  1. Visit the official website of ICICI Lombard.
  2. Choose Motor Insurance field.
  3. Select Car Insurance.
  4. Enter Mobile Number and Email address.
  5. Enter first three letters of RTO City.
  6. Enter Car model.
  7. Enter Purchased Year.
  8. Choose your plan from the given options.
  9. Customize the plan as per your need.
  10. Click “Buy Now”.
  11. A quote will be displayed and you will be redirected to new page for payment.

Also read : Top 10 Car Insurance Companies in India


Documentation required to apply for a Car Insurance:

You can apply for ICICI Lombard Car Insurance at any of the branches as well as online. When you apply in branches,you required following documents :

  • ID Proof
  • Address Proof
  • Income Proof
  • Age Proof
  • Medical Certificate
  • Passport size photo

Claim Procedure :

In the case of an accident, breakdown, theft or other unfortunate event, immediate assistance will be offered to the customer throughout the claim process. The policyholder must first call the company’s toll-free number to file a complaint.Cashless repair services can be availed or reimbursement can be claimed for the expenses incurred.Customers can take advantage of free-pickup, towing and washing services from the network garage list.

1. Cashless Claim Process

  • Call the toll-free number, provide your policy details and register for the required service.
  • The car will be towed to the nearest network garage and the customer service manager will contact you.
  • Provide all the necessary documents.
  • The car will be repaired at the network garage and the payment will be made by your insurance provider.

2. Reimbursement Claim Process

  • First of all fill in the claim form.
  • Provide all the relevant documents such as RC (Registration Certificate) copy, DL (Driving Licence), policy copy, and FIR (First Information Report) copy along with other bills and invoices.
  • Claims will be reimbursed within 7 working days.

Also Read : What is RTI in Car Insurance?


Documentation Required to Claim ICICI Lombard Car Insurance :

1.In case of Accidents

  • Rightly filled claim form with sign
  • Registration Certificate Copy (RC copy) of the car
  • Driving license Copy of the policyholder
  • First two pages from the copy of the policy
  • If applicable,First Information Report (FIR)
  • Payment Receipt
  • A stamp is necessary if the vehicle is a company registered
  • Original Estimate Slip
  • Original Repair Invoice

2. In case of Theft

  • Rightly signed and filled claim form
  • Registration Certificate Copy (RC copy) of the car along with the keys of the vehicle.
  • Driving license Copy of the policyholder
  • Car Insurance Policy Copy
  • First Information Report (FIR) Copy
  • A report of no trace issued by the police which claims about not finding vehicle anywhere
  • Form 28 (3 copies)
  • Form 29 (2 copies)
  • Form 30
  • Form 35 in cases of hypothecated vehicles
  • A stamp is necessary if the vehicle is a company registered
  • The claim must be made immediately after the accident

3. In case of Third Party Claims

  • Rightly signed and filled claim form
  • Registration Certificate Copy (RC copy) of the car
  • Driving license Copy of the policyholder
  • The Policy Copy
  • First Information Report (FIR) Copy

ICICI Lombard Car Insurance Renewal :

Renewal of ICICI Lombard Car insurance starts 60 days before the expiry date of the existing policy. Once the policy expires,insurer will inspect the car before policy insurance.

Steps to renew Car Insurance :

  1. Visit the official website of ICICI Lombard
  2. Click on “Renew Car Insurance”
  3. Fill the required details in the form and submit
  4. Pay the premium. You can pay with the credit cards (Visa, Master Amex Card), Net banking or even debit cards.


Inclusion & Exclusion ICICI Lombard Car Insurance :

ICICI Lombard InclusionsICICI Lombard Exclusions
No-claim BonusAccident due to intoxicatin
Roadside assistanceDamage due to own
negligence
Third-party liabilityWar related risks
Personal accident coverMechanical or eleccal
breakdown
Loss or damage due to man-made
calamities
Loss due to nuclear
risks
Loss or damage due to natural
calamities
Valid only in India
Own damage cover due to natural &
manmade calamities
Tyre damage
Loss of personal belongings
Engine repair & replacement

What is Insured Declared Value (IDV) :

The current market value of the car means Insured Declared Value (IDV). It is the fixed assured amount which the insurer pays to policyholder,in case of total loss of the car. IDV depend upon the brand and model of the vehicle at the commencement of insurance renewal or adjustment for depreciation.

Below is a sample of how IDV is determined :

Age of the carPercentage Depreciation
Less than 6 months5
6 months to 1 year15
1 to 2 years20
2 to 3 years30
3 to 4 years40
4 to 5 years50
More than 5 Yearsbased on an understanding between the
insured and the insurance provider

Important Aspects of Car Insurance:

  • Before buying car insurance first compare all things.
  • Check Sum Insured for the car insurance.
  • Check the Insured Declared Value (IDV) of the car.

Benefits of car insurance :

Benefits of Car Insurance

FAQ’s

Q. How can I apply for the ICICI Lombard Car Insurance

Answer: Customers can buy an ICICI Lombard Car Insurance Policy at any of the branches of ICICI Lombard, or online on the website of ICICI Lombard.

Q. What is the difference between third-party insurance policy and a comprehensive car insurance policy?

Answer: A third-party car insurance policy is cheaper than a comprehensive car insurance policy, but its coverage is limited as well. A third-party car insurance policy offers protection against legal liability due to accidental damages that result in any kind of permanent injury and damage caused to the third-party property only and a comprehensive car insurance policy offers complete coverage, for the policyholder and the third-party involved in the accident. In addition to this it comes with an own damage cover following a natural calamity, if its fire situation, or if the car is stolen.

Q. Can I transfer my NCB (No-claim Bonus) discount and if yes then how?

Answer: Yes, if you want to transfer your previous car insurance policy to ICICI Lombard, then you have to submit the required documents at least before 90 days to the renewal date.This process is same for the situation,when you want to switch to any other insurer from ICICI Lombard.

Q. During the policy period how many times I can use the roadside assistance cover?

Answer: You can use the roadside assistance cover at most 4 times during the policy period and it gives you only those services which fixed at the time of the policy.

Q. What is a zero-depreciation cover?

Answer: In this cover the policyholder receives the full claim amount without any deductions due to depreciation. It means the car will be protected against any kind of loss that arises due to the depreciation on the whole or depreciation of specified parts in the car.

Q. Does the comprehensive car insurance policy will come up with free road-side assistance cover?

Answer: No, the road-side assistance is an add-on cover. So that policyholders have to buy that one in addition to the premium of the base policy and is not inclusive in the comprehensive car insurance policy.

Q. Can I renew ICICI Lombard car insurance online?

Answer: Yes, you can renew your existing ICICI Lombard car insurance online before 60 days to its expiry. In case the policy has expired, an inspection of the car would be done by the insurance company. If this inspection is successful and you submitted all the required documents then you can issue the new policy.

Q. How can I file a claim?

Answer: You have to call on 1800 1200 771 and have to inform the insurance company as early as possible about the accident.

Q. Can I renew my other existing car insurance policy with ICICI Lombard car insurance policy?

Answer: Yes, you can renew your other car insurance policy with ICICI Lombard car insurance policy.

Q. Do I need to ensure my car and if yes why?

Answer: Yes, you should ensure your car because as per the “Motor Vehicles Act of 1988”, car insurance is mandatory in India as well as car insurance helps you to covers the cost of repairing the car in the losses such as accident, theft or fire.

Q. What is meant by ‘endorsement’?

Answer: It is a written proof of the changes made in the car insurance policy, mutually agreed upon by the insurer and the policyholder.


This article was written by,

Mayuri Navarkhele


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