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#KnowYourInsuranceCompany: ICICI Lombard General Insurance

Wish

Written by Sharad Bajaj

Updated Oct 14, 2023

Here is your guide for ICICI Lombard Car Insurance policies.

ICICI Lombard General Insurance is one of the leading general insurance companies in India. The insurance company has a deep reach in the country, including the farthest places, with over 260 branches and more than 900 virtual offices. As for March 2019, the company had issued around 26.5 million policies and had settled over 1.6 million claims. Along with other general insurance products, it also sells car insurance policies and offers cashless claim settlement service at more than 7,800 cashless garages pan India.

Car Insurance Policies Offered By ICICI Lombard General Insurance

Travelling on a road may sometimes turn out to be unfortunate. An accident caused by your car can result in multiple types of losses for you, your car and/or a third party. Besides physical loss, mishap can also result in a financial liability. Thus, ICICI Lombard General Insurance offers three types of car insurance policies offering varying coverage as follows:

ICICI Lombard Private Car Liability Policy Coverage

The most common liability which arises out of an accident is compensating for the loss of a third party. ICICI Lombard Private Car Liability Policy provides the following coverage for third party liabilities:

  • Bodily injury of a third party caused by the insured’s car
  • Death of a third party
  • Third party property damage up to Rs. 7.5 lakh
  • Expenses incurred during the court trial

The private car liability policy is offered 1 year as well as for 3 years.

ICICI Lombard Private Car Package Policy Coverage

ICICI Lombard private car package policy is comprehensive coverage to policyholders. Its coverage includes the following:

  • All third party liabilities - bodily injuries, death of a third party as well property damage up to Rs. 7.5 lakh
  • Damages sustained by the insured’s car in a road mishap
  • Damages incurred by the insured’s car due to any natural calamity such as earthquake, flood, etc. or even due to a manmade disaster such as riot, vandalism, etc
  • Theft of the insured’s car

ICICI Lombard Stand-alone Own Damage Private Car Insurance Policy Coverage

The policyholder can also opt for a standalone Own Damage (OD) cover which insures him/her only against the own damages sustained by his/her car. Its coverage is as follows:

  • Damage incurred by the insured’s car in transit.
  • Damages incurred due to self-ignition.
  • Damages sustained in a road accident, natural/manmade calamity, fire, theft, etc.

What All Is Not Covered Under ICICI Lombard Car Insurance Policies?

Although the ICICI Lombard car insurance policies cover most of the things, there are some cases/events which are not covered by them. These are as follows:

  • Mechanical/electrical breakdown of the insured’s car
  • Wear and tear of the car
  • Contractual liabilities
  • Accident caused when the car is being used for a purpose other than specified in the policy document
  • Accident caused when the driver is driving the car without a valid driving licence/ RC or had been driving the car under the influence of intoxicants
  • Accident occurred due to sheer negligence of the driver of the insured’s car
  • Car damages incurred in a war or nuclear attacks

Having said this, a policyholder can insure a few things that are not covered under the standard car insurance policy. This can be done by purchasing car insurance add-on covers.

ICICI Lombard Car Insurance Add-on Covers

ICICI Lombard has a vast portfolio of add-on covers for car insurance policies (comprehensive and standalone OD policy). They are as follows:

  • Zero Depreciation: Waives of the depreciation cost so that you can enjoy higher claim amounts.
  • Consumable Items: Allows you to get compensation for loss/damage of consumable items such as engine oil, gearbox, etc.
  • Garage Cash: On payment of an additional premium, the insurance company will pay you daily cash allowances when your car is out for repairs with this add-on.
  • NCB Protect: This add-on cover retains the No Claim Bonus (NCB) discount even after the policyholder has filed a claim in the policy tenure.
  • Return to Invoice: It allows you to get full showroom price of the car irrespective of the IDV in case of total loss/constructive total loss.
  • Road Side Assistance: With this add-on cover, you can ask for assistance services in case of breakdown of the car in any location.
  • Engine Protect Plus: This add-on cover allows you to get indemnification for damages caused to engine parts, differential parts and gearbox due to water ingression or leakage of lubricating oils.
  • Key Protect: Having this add-on cover, you can get reimbursement for expenses incurred in securing a new key in case the original/previous one is lost/damaged.
  • Tyre Protect: This add-on cover will help you to get compensation for damage caused to tyres and tubes.
  • Loss of Personal Belongings: Having this add-on cover, the policyholder can claim compensation for damage/loss of personal belongings kept in the car.

Exclusive Benefits Of Having ICICI Lombard Car Insurance Policies

ICICI Lombard General Insurance offers the following exclusive benefits to its customers:

  • Doorstep surveyor facility in case of requirement of an inspection of the car
  • Towing assistance in the event of the breakdown of the insured’s car
  • Cashless claim settlement services at over 7,800 authorised workshops across India
  • Self-inspection facility for renewal of expired car insurance policy

For further reading:

#KnowYourInsuranceCompany: HDFC Ergo General Insurance

#KnowYourInsuranceCompany: TATA AIG General Insurance

Disclaimer: This article is issued in general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

Wish

Written by Sharad Bajaj

Sharad is an insurance industry veteran who has managed motor insurance products for over a decade. Read More

Disclaimer

This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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