ICICI Lombard Car Insurance: Features, Plans, Eligibility & More

Founded in the year 2001, ICICI Lombard Car Insurance Company is a joint venture between a financial services provider Fairfax Financial Holdings Limited and India’s second largest bank ICICI Bank. Catering to a wide range of customers across insurance domains like health, motor, life, investment, crop, liability etc, ICICI Lombard General Insurance Company has processed over 3.6 million claims. This page will give you an understanding of the offering under ICICI Lombard’s Car Insurance. The content covered will be key features of the company, key metrics to look for, eligibility of buying a car insurance, types of ICICI car insurance plan, price, key add-ons and frequently asked questions.

About ICICI Lombard Car Insurance

Your car insurance is an important tool to protect you in the time of need. A car insurance policy covers your car from accidents, theft or burglary, saving you money. At times when you are in a situation where you have accidentally damaged someone else’s vehicle, your car insurance helps in providing the needed monetary support to you. ICICI Car Insurance is one of the most preferred car insurance companies in India offering all types of car insurance like stand-alone, comprehensive and third-party car insurance.

Key Features

Every company has a certain USP they focus on, ICICI Lombard Car Insurance has the following key features:

1. Doorstep Cashless Repair – Get car repair service like never before! With ICICI Lombard car insurance, you can avail cashless repair service at your doorsteps now.
2. 6 Months Repair Warranty – Avail cashless repairs for a period of six months with assurance of best in class service quality. You can do this by opting for the nearest cashless garage within their partner network.
3. Towing Assistance (Till 50 kms) – With ICICI Lombard’s roadside assistance cover you can tow your car to a nearby network garage, minor repairs, on-call support, taxi benefit and battery jumpstart.
4. Quick Claim Settlement – ICICI Lombard is known for its great customer service and you can expect a quick and hassle free claim settlement experience by taking car insurance from the brand.

Key Metrics

Refer to the tables below to check the key metrics of ICICI Lombard Car Insurance:

Key Metrics of ICICI Lombard Car Insurance	Data
Founded in (year)	2001
Claims Settled (in percentage)	88
Claim Assistance (time)	24*7
No Claim Bonus	Covered
Repair Warranty (in months)	6
Cashless Garages (PAN India)	6100+
Car Insurance Premium (starting price in Rupees)	2094

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Types of Car Insurance Plans Offered by ICICI Lombard

Mentioned below are the list of car insurance plans offered by ICICI Lombard:

1. Own Damage (OD) – This safeguards you financially since it provides protection for your car from damages like theft, road accidents, man-made (fire, riot, etc) and natural disasters (earthquake, cyclone, etc).
2. Third-party Liability (3PL) – This protects you financially from any third-party damage (to vehicle, person or properties). Note that the compensation from a 3PL is provided only in case of death or bodily injury to or property damage of the third-party.
3. Comprehensive – A comprehensive car insurance gives you a more secured monetary shield since it offers you a financial cushion in case your car is damaged and to any damage caused to third-party vehicles also. This is a more sought after plan to buy.
4. Pay As You Drive – With the recent introduction of Pay As You Drive, you can choose to pay only for the amount of time you are on the road driving. This plan can be activated through an add-on and you can choose from a plan for 5000 and 7500 km/year. In case you drive more than that, you can do a top-up [3]. The Pay As You Drive is offered only by ICICI Lombard, HDFC ERGO, Zuno, Bajaj Allianz and Reliance General insurance.

Add-Ons offered by ICICI Lombard

Add-ons compliment your insurance plans and help provide added benefits with a minor increase in your premium price. The top add-ons offered by ICICI Lombard Car Insurance are mentioned below:

1. Zero Depreciation: This amazing add-on helps you in recovering the amount depreciated from your vehicle at the time of sale. This is because your car value keeps depreciating every year, the zero depreciation add-on technically locks the price of your car.
2. Consumables Protect: Helps in covering you for your vehicle’s cost of repair and replacement for the following: nut and bolt, screw, distilled water, oil filter, engine oil, brake oil, fuel filter, grease, washer, etc.
3. Engine Protect: Engine Protect covers the price of repairing your current engine or replacing it with a new one. This add-on is especially beneficial for people living in flood-affected regions.
4. Garage Cash: This add-on helps you to avail daily cash amount when your car is in the garage for maintenance. You can choose to pay your cab, auto, or other transportation bills from this cash in hand.
5. Loss of Personal Belongings: In case you have your personal belongings in your vehicle like clothes, laptop, gym equipment, etc you can be covered with this add-on if they get lost during an accident or a mishap.
6. Roadside Assistance: This add-ons helps you by providing your towing assistance to the nearest cashless garage in case of a vehicle breakdown or accident.
7. No Claim Bonus Protection: This helps you get the bonus for being a responsible driver. You can take this add-on to protect your no claim bonus even in case your car was damaged due to any event. The only caveat – your car should be in parking or in the event of a natural calamity.
8. Emergency Assistance Cover: With an emergency assistance cover you can get covered for attaining minor repair, fuel tank emptying service, towing, tyre change, and battery jumpstart services in case you have an emergency and you are stuck on the road.
9. Cost of Consumable Items: This add-on helps you in getting reimbursement for the cost incurred in replacing your consumable items like nut and bolt, oil filter, brake oil, fuel filter, etc.
10. Key Cover: With this add-on you can get protection of your car keys in case they are lost or when you need a replacement. This cover also covers key repair and replacement of your car’s lockset.
11. Tyre Cover: This cover helps in getting coverage in case of accidental loss, damage or cut of tyre, theft of tyre, and any additional labour charges incurred in the repair of your tyre.
12. Driver Cover: This cover protects your driver in case there is any accident. The cover is usually called personal accident cover for paid drivers and can only be paid to the person listed as your paid driver in the insurance policy document.

Note for Premium Vehicle Owners: In case the value of your car is greater than INR 15 lakh it is advisable to take key, and tyre cover as the cost of repair and replacement is significantly higher than other vehicles.

Note for People Who Have Paid Drivers: In case you have employed a paid driver or chauffeur, it is advisable to have a paid driver cover to protect them in case of any emergency.

Note for People Who Often Travel by Car for Work or Leisure: Having a loss of personal belongings will keep you protected on the road by getting coverage for your items kept in your car like a laptop, any tools and equipment, clothes etc

ID Recommended Car Insurance Plan and Add-ons

Vehicle Age	Plan Type	Recommended Add-ons
0 Years (New Vehicle)	1 year Standalone Own Damage (SAOD) + 3 Years Third-party Damage	RTI + Zero Depreciation, Consumable Protection, Roadside Assistance, Engine Protect, Key Protection
1-3 Years	Standalone Own Damage (SAOD)	Zero Depreciation, Consumable Protection, Roadside Assistance, Engine Protect, Key Protection
4-5 Years	Comprehensive Plan	Zero Depreciation, Consumable Protection, Roadside Assistance, Engine Protect
6-7 Years	Comprehensive Plan	Zero Depreciation, Consumable Protection, Roadside Assistance
8-10 Years	Comprehensive Plan	Basic Plan
More than 10 Years	Third-Party Plan	No add-ons

Note 1: Personal Accident Cover is Mandatory by Law Note 2: Third-party Car Insurance is Mandatory by Law

Eligibility To Buy ICICI Lombard Car Insurance Plan

In order to purchase a car insurance plan, here’s the list of must haves:

• Your vehicle should be registered under the Regional Transport Office (RTO)
• You must have your car registration papers
• You must own a valid driving licence
• Other documents may be required depending on the requirements by the insurer

Factors to Consider Before Buying or Renewing Your Car Insurance

Here are the key factors to consider before buying or renewing your car insurance policy:

1. Credibility of the Insurer: The credibility of the insurer you are choosing to buy your car insurance from needs to be good and valid. Do check the claim settlement ratio, customer reviews, number of cashless garages under the insurer to validate.
2. Add-ons Required and Add-ons Offered: It is important to analyse your situation based on the car’s age, mileage, travel requirements, geographical location requirements etc. Based on these your add-on requirements will also change. Choose a company that is able to provide you with the required add-ons.
3. Deductible: Factors like how much deductible are you willing to pay, what is the amount of compulsory and voluntary deductibles under each insurance, will also impact your premium hence they must be taken into consideration.
4. Risk Exposure: Your exposure to risk should also be evaluated before buying or renewing your car insurance. In case you are someone who frequently travels through accident-prone areas, you should be making sure you consider the factor of risk.
5. Extra Features: There are regular feature and plan updates happening in the industry, it is essential to review details of your previous insurer and prospective insurers before buying or renewing your car insurance.

What Is Covered and What is Not Covered?

There are certain inclusions and exclusions under every insurance plan. The major inclusions and exclusions under ICICI Lombard Car Insurance are listed below:

Inclusions

1. Natural disaster coverage which includes coverage from flood, storm, cyclone, earthquakes, etc
2. Personal accident cover of INR 15 Lakh
3. Access of cashless repairs in over 6100+ network garages
4. Choose from 12 add-ons
5. Coverage for accidents, theft, and terrorism
6. Coverage for third-party legal liabilities
7. Up to 50% no claim bonus
8. Usage of InstaSpect for instant survey

Exclusions

1. Ageing and wear & tear of your car
2. Breakdown – both mechanical and electrical
3. Any damage coming due to being under the influence of drugs or alcohol
4. Damages caused while driving without a valid driving licence
5. Any loss that is consequential
6. Any loss or damage caused due to war or nuclear risk

How to Claim Your Car Insurance?

You can also contact ICICI Lombard’s claim support team.

Factors Affecting Premium Of Your Car Insurance Plan

There are various factors that can affect the amount of premium you pay for your car insurance. Some of the major factors are listed below:

1. Car Model: The model of the car you have will significantly affect the cost of premium paid by you. Premium of cars above rupees 15 lakh will be higher than for cars under that amount. Premium of luxury cars will be even higher.
2. Driving Record: Your past driving history (breach of traffic rules, past road accident history, etc) will impact your insurance premium. Note that drivers with a clean record get a better premium price.
3. Credit History: The credit history of the driver/owner of the vehicle will also impact the premium price as your credit score helps in determining whether you will pay your premium on time or not.
4. Geographical Location: The location from where you buy the car or where you live will also determine the cost of your premium since the cost of premium for urban areas and metropolitan cities will differ from that of a rural or tier 2 and 3 cities.
5. Deductibles: Deductibles are the amount you agree to pay from your pocket in case your vehicle meets with an accident or there is any theft or damage due to natural calamity. The higher the deductibles the lesser your premium will be.
6. Age of Vehicle: The age of your vehicle is also a determining factor in the price of your insurance premium. If your vehicle’s age is less than five years, it is considered a low-risk vehicle, if your vehicle’s age is above 5 years the vehicle is considered a high-risk vehicle.
7. Add-ons Taken: The add-ons you take along with your vehicle insurance also impacts the premium price. The more add-ons you take, your premium price will correspondingly increase.
8. No-claim Bonus: In case you are renewing your car insurance from the same company, insurers offer a no-claim bonus discount which also results in decreasing the price of your premium.
9. Insured Declared Value: Your vehicle’s insured declared value becomes a crucial factor in determining your car insurance premium as it informs an insurer about the current value of your car.

What is Insured Declared Value and How is It Calculated?

While taking a car insurance, you must be well aware about all insurance companies offerings and market price to choose the best car insurance company as per your need. An Insured Declared Value (IDV) is nothing but the current market value of your car, this market value aids in determining the cost of your premium. It is also helpful in providing you the compensation in case of theft or total damage of your car.

Calculating Insured Declared Value (IDV)?

An IDV calculator is a tool that helps in calculating the current market value of your car and in determining the price of your car insurance premium. Use the IDV calculator to check the insurance premium price for your vehicle

Conclusion:

ICICI Lombard Car Insurance stands out as a reliable and comprehensive option for car owners in India. With a strong claim settlement ratio, extensive network of cashless garages, a wide range of add-ons, and innovative plans like Pay As You Drive, it ensures protection for both your vehicle and financial well-being. Whether you’re a new car owner or renewing an old policy, ICICI Lombard offers flexible, feature-rich solutions to meet every need.

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