If your vehicle gets damaged due to some reason, you would get impacted in ways more than one. To get over the financial impact, you would need a vehicle insurance plan like ICICI Lombard Motor Insurance policy. It offers financial support to manage unforeseen circumstances like damage to your car or two wheeler due to situations like accident, theft, etc
Types of ICICI Lombard Motor Insurance Policy
ICICI Lombard Motor Insurance policy comes with 2 different plans.
1. Car Insurance: This plan is designed to provide insurance solutions for your car. Also, this is private car insurance and is not applicable if you use your car for commercial purposes.
2. Two wheeler Insurance: This plan provides insurance for two wheeler like a scooter or a motor bike.
Documents Required to Purchase Policy
Here are some of the basic documents that need to be submitted for a hassle-free purchasing process:
- Proposal Form
- Driving License
- Vehicle’s Registration Certificate (RC)
- Any valid photo ID of owner (Voter ID Card, PAN Card, etc.)
- Address Proof (Aadhaar Card, Passport, Ration Card, Utility Bills, etc.)
- Residence Proof (Passport, Ration Card, Utility Bills, Voter ID Card, etc.)
- Any other detail asked by the insurance company
Following conditions must be met with in order to buy any of the plans offered under ICICI Lombard Motor Insurance Policy:
- Applicant must be at least 18 years of age
- Vehicle must be registered under the name of the applicant
- Applicant must have a valid driving license
What ICICI Lombard Motor Insurance Policy Covers?
Both car and two wheeler insurance plans under this motor insurance are of comprehensive nature, i.e. inclusive of all. There is no separate policy for third party liability, since this is not optional but mandatory. Following points are included in the coverage of ICICI Lombard Motor Insurance:
- Loss/damage to vehicle: The policy compensates the financial loss incurred in case of damage to car or two wheeler due to:
- Natural disasters like fire, explosion, self-ignition, flood, earthquake, cyclone, hailstorm, landslide, etc.
- Man-made disasters like accident, theft, terrorist activities, riots, in-transit damage, etc.
- Personal Accident Cover: It provides coverage to the owner in case of accidents occurring while driving the vehicle
- Third Party Liability Cover: If and when there is some sort of damage by the insured vehicle to a third party (bodily injury to a person or property damage), you are liable to compensate for the same. This coverage provides financial support to manage such situations. This coverage is mandatory in India
Add-On Covers (Riders)
Riders or add-on covers are additional benefits provided by ICICI Lombard Motor Insurance. These benefits, availed of by paying little extra, help in enhancing the coverage offered by the plan.
- Garage Cash: When your car is being repaired in a garage, this cover will take care of your daily commute expense. A total of Rs. 500 is given on a daily basis
- Zero-Depreciation Cover: When this cover is active, no depreciation cost will be deducted from the claim amount. Thus, in case of complete car damage/loss, entire claim amount is paid
- Roadside Assistance: As part of this cover, you get quick help round the clock for on-the-road cases like sudden breakdown, running low on fuel, etc.
- Engine Protect Plus: For safe trips, it is important to keep the health of the engine in check. However, many a times, this is ignored, leading to big financial troubles. This cover reimburses the cost of repair or replacement of engine and/or its parts
- Cover for Consumables: Over the time, you need to change/replace consumable items installed or being used by the vehicle so as to ensure smooth working of the machine. These items may include nuts & bolts, ball-bearings, fuel filter, engine oil, etc. Cost incurred in doing so is covered with this rider
Note: This is not an exhaustive list. For more information, visit the official website of ICICI Lombard.
How to Buy ICICI Lombard Motor Insurance Policy
A car or a two wheeler insurance can be purchased online. By providing the details about yourself and your vehicle, you get to see the premium to be paid. If satisfied with the quote, you can make the payment and purchase the plan.
- Access the official website of ICICI Lombard
- Select car or two wheeler as per your requirement
- A new page will open. Here, of the 3 options, click on ‘Buy New’
- Enter your email id and mobile number
- Click on ‘Submit’
- A form page will open. Fill in the required details
- Instantly your quote will be generated
- Proceed for online payment through any online channel
- The insurance policy shall be emailed instantly
In case of an eventuality like an accident or loss of the vehicle, you need to file claims, which are of 2 types – cashless and reimbursement. Follow the steps mentioned below to get the required compensation:
- As soon as the need of claim arises due to an accident, breakdown, theft, etc. intimate the company on 18002666 OR SMS as “CLAIM” to 575758 in order to receive call from the customer support
- Provide all the details you have of the other vehicle involved in the accident, contact details of the people involved and/or witnesses, policy number and other relevant details
- Call centre executive will inform you to compile necessary documents for your claim
- It is mandatory to file the FIR at the nearest police station for major damage, theft, third party liability, bodily injury, death, etc.
- If the vehicle is not in moving condition, the insurance company will arrange for a pick up and drop it at the selected network garage
- At network garages, the company pays directly to the garage. You only pay amount for items not covered in the policy
- In case you do not find a network garage nearby, you can get your vehicle repaired at any convenient garage and get claim reimbursement as per the policy terms
- Once your claim is registered with ICICI Lombard Motor Insurance Company, company’s customer service manager will contact you for document verification process
- Claim process will be initiated by the insurer and the payment will be released directly to the claimant after a scrutiny
Documents Required to File Claims
While filing the claims under car or two wheeler insurance, arrange for these documents to avoid any complication later.
- Duly filled in and signed Claim Form
- Registration Certificate copy of the vehicle
- Driving License copy
- Policy Copy (first two pages)
- FIR on a case-to-case basis
- Repair cost estimate
- Original repair bill and
- Receipt of payment
Additional Documents for Theft Claims
- RTO transfer papers duly signed with Form 28, 29, 30 and Form 35 (if pledged); Form 28 in triplicate, Form 29 and 30 in duplicate
- A Final No Trace report from the police, stating that the vehicle cannot be located
Time Taken to Settle Claims
For cashless claims, approval is provided within 4 hours of claim registration. For reimbursement claims, you have to pay to the garage and submit the invoices to the company. On receipt of the invoices and claim form, the company pays as per terms mentioned in the policy.
Like any other insurance, motor insurance also comes with exclusions. Thus, the insurance does not cover every kind of damage. Any intentional or planned damage to the car or two wheeler is out of the coverage scope of ICICI Lombard Motor Insurance policy. Below are some examples of exclusions:
- General wear and tear
- Depreciation of certain parts as the vehicle ages
- Mechanical and electrical breakdown
- Damage due to war or nuclear risk
- Accident caused by driver-owner without having a valid driving license
- Accident caused by a driver-owner if driving under the influence of alcohol or drugs
- Alteration of purpose – for example, the personal car being used as a commercial ferry
At the end of the policy term, which can be 1 year, 3 years or 5 years, you need to renew your policy, considering the fact that a vehicle insurance is mandatory in India. Let us look at the renewal process:
- If your existing motor insurance policy is in force, it is extremely easy to renew the policy. You can renew it online on the official website of ICICI Lombard
- If your existing policy is with ICICI Lombard only, you can complete the process with policy number and other minimum details
- If your existing policy is with other insurance company, you can renew it through the ICICI Lombard website with basic details like vehicle registration, chassis number and similar. The process is self-guided and extremely easy
- After you enter the details, the renewal quote will be generated
- Proceed for online payment or call customer care executive to collect the payment from your door-step
- On successful payment, your policy is renewed
Keeping certain points in mind is important while purchasing the motor insurance plan and making claims when needed. Let us look at some of them:
- In case of a lapsed policy, there is provision of renewal which is subject to satisfactory inspection by the surveyor along with submission of all the required documents (30 days after the policy expiration date)
- In case you install a CNG/LPG kit in your car, make sure to inform the insurance company about the same so that the necessary changes can be made in the policy and you avail the discount on premium
- There is a discount of 2.5% on the Own Damage premium if your car is installed with an ARAI (Automotive Research Association of India) anti-theft device certified by the agency
Advantages of ICICI Lombard Motor Insurance Policy
Getting a motor insurance plan from ICICI Lombard protects you from any expenditure on repairs. Some other benefits are:
- Instant online policy issuance
- 24×7 towing service in case of immobile damaged vehicle
- Towing charges covered up to Rs. 1,500
- Cashless repairs at 3500+ network garages spread across the country
- Online approval of minor claims
- Live chat on ICICI Lombard official website for instant help
- Professional customer care helps in easy grievance redressal
Q1. Can I get the advantage of No Claim Bonus of my other company policy while shifting to ICICI Lombard Motor Insurance?
Yes, you can avail the benefit of No Claim Bonus of the previous year, irrespective of the insurance company. ICICI Lombard will pass your NCB benefit when you renew the policy.
Q2. Why should I buy the Motor Insurance online?
You can avail the policy instantly with minimum efforts. You can get a better discount as there is no agent involved in the process.
Q3. My existing motor insurance policy has expired. Can I renew it?
In such a case, it is necessary to get your vehicle inspected by authorised surveyor of the company. After a satisfactory report from the surveyor, you can avail the motor insurance policy.
Q4. What are the different modes of payment towards ICICI Lombard Motor Insurance Policy?
You can opt from any of the following ways:
- Credit Card (Visa, Master and AMEX)
- Debit Card
- Net Banking
- Cash Card
- Cheque or Demand Draft
Q5. What is personal accident Insurance cover?
It covers death or disability caused due to an accident. ICICI Lombard Motor Insurance policy has a personal accident cover for the owner-driver at no extra premium. However, if the policyholder wishes to cover other than the owner and driver s/he needs to purchase a separate personal accident policy for which an additional amount is to be paid.
Q6. What are the factors affecting the premium amount for a two wheeler and car insurance?
The premium payable for two-wheeler and car insurance depends on the following factors:
- Cubic capacity of engine
- Age of vehicle
- Insured Declared Value (IDV)
- Geographical zone of purchase
- Brand and model of vehicle