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Icici Lombard Car Insurance India – ICICI Lombard Private Car Insurance will indemnify you against any loss or damage to your vehicle and its accessories –
Personal accident (PA) auto insurance coverage acts as your financial safety net against death or bodily injury in the event of an accident. It comes with your regular car insurance and works like regular insurance, providing financial protection.
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In the event of death or bodily injury to the owner-driver, the company will compensate him based on the following facts:
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Loss of two limbs or loss of vision in both eyes or loss of vision in one limb and one eye.
Insurance Declared Value, or IDV, is the maximum amount your insurance company will cover if your car is damaged or stolen. In other words, IDV is the maximum compensation you can receive from your car insurance.
1. Zero Depreciation If you pay an additional premium to the insurer, the insurer will not deduct any depreciation amount for replacing damaged parts and/or accessories of your insured vehicle due to any perils covered under the policy. However, please note that this endorsement only applies to the first two claims made during the policy period. Any subsequent claim may be subject to a depreciation deduction at the rate indicated in the policy schedule.
The supplement is only applicable if the company has accepted the claim in accordance with Clause 1 of the policy. However, this does not apply if the vehicle has been recognized as a total loss or constructive total loss under the policy.
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Each time you file a claim covered by this supplement, you must pay a certain amount called a voluntary deductible. This is in addition to the applicable deductible on the basic policy. And for this increase, the calculated premium will be deducted according to the attached table entitled “Voluntary Deduction for Zero Depreciation”.
2. Consumables If you pay an additional premium, the insurer will cover the costs you incur on consumables if your vehicle and/or its accessories are damaged due to any perils covered by the policy.
Excipients refer to products or substances that have a specific use. When used for their intended purpose, these goods are completely consumed or suitable for constant and permanent use.
This includes nuts and bolts, screws, washers, lubricants, greases, clamps, AC gas, bearings, distilled water, engine oil, oil filters, fuel filters, brake oil and similar items covered by this policy and subject to its terms, exceptions. , conditions and restrictions.
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The company is not responsible for additional payments for accidental loss or damage after the vehicle has been removed from the garage.
A) Your vehicle is not taken to a workshop within 24 hours of the accident or damage, and
4. NCB Protection If you pay the additional premium, you will receive the no-claim bonus as per the table in clause 1 of the policy below.
If you make more than three claims under Clause I of the policy in the same policy period, you will not receive any No Claim Bonus. Policy terms, exclusions, conditions and limitations apply.
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5. Return to invoice After paying the additional premium, the company will pay the insured amount, which is calculated as the difference between the declared insured value (IDV) of your vehicle and the actual total cost of purchasing a new vehicle for the same . vehicle. . The make and model of the insured vehicle in accordance with the manufacturer’s or dealer’s on-road value in the event of a total or constructive total loss as defined in the policy.
6. After payment of the additional fee for Engine Protect Plus, the Company will reimburse you for expenses related to the repair or replacement of engine parts, differential parts and gearbox parts damaged as a result of water ingress or lubricating oil leakage.
In this case, it is necessary to prove damage to the chassis, mainly engine parts, gearbox parts and/or differential parts, resulting in oil leaks and consequent damage to covered parts, to guarantee accident coverage.
7. Roadside assistance If you pay an additional premium, it is agreed that the insurer will cover 4 claims related to emergency services, despite anything to the contrary in the policy. You can order these services yourself. These services are available in locations where the company has workshops or service providers.
Vehicle Insurance & Depreciation Factor
If your vehicle becomes immobile or resistant to the road, the Company will provide a towing service to the nearest workshop within a radius of 50 km from the location of the accident/accident. However, any charges for distances outside this radius will be your responsibility.
In the event of minor mechanical damage, defects or non-functioning of your vehicle or its parts, the company will provide telephone assistance to resolve the problem.
If your car runs out of fuel and is immobilized, the company will ensure that you receive up to 5 liters of fuel instead of the breakdown. However, please note that the company will cover labor and transportation costs and you will be responsible for fuel costs.
If your vehicle is filled with the wrong type of fuel, the company will arrange for technicians to empty the fuel tank. If necessary, they will also arrange to have your car towed to the nearest garage to empty the fuel tank. However, it is important to note that all towing costs will be your responsibility.
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If your car key is lost, the company will replace the keys and deliver them to the location or send automotive technicians to unlock the car on site. The insurance company will cover all labor and transportation costs, but you must prove ownership of your vehicle before using this service. Furthermore, the service is only available within a 100 km radius of the location.
If your vehicle is immobilized due to a dead battery, the company will send a vehicle technician to start the vehicle. However, you will be responsible for all costs associated with charging or replacing the battery. The company will cover all expenses related to the transportation of labor and technicians to support the rapid operation.
If your vehicle is immobilized due to an accident or breakdown, the Company will, at your request, send emergency messages to specific people through any available means of communication.
If your vehicle is immobilized due to a flat tire, the company will take necessary action – ICICI Lombard General Insurance Company – History, Policy, Offers, Claims, Features, Benefits | Buy and renew your policy online
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ICICI Lombard General Insurance Company was incorporated in 2001 and was India’s first private sector general insurer. Over two decades, ICICI Lombard has established itself as a market leader in general insurance.
ICICI Lombard General Insurance Company Ltd is India’s leading general insurer. Incorporated in 2001, it is the first licensed private sector general insurer in India. Over two decades, ICICI Lombard has established itself as a market leader in general insurance.
ICICI Lombard General Insurance Company has issued over 32.7 million insurance policies, settled 3.6 million insurance claims and reported gross written premium (GWP) of Rs 21,772 crore for the year ending March 31, 2023 , 417 employees, as of March 31, 2023. The ICICI Lombard network has 13,134 garages and 25,136 network hospitals.
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ICICI Lombard General Insurance Company offers a wide range of general insurance products including accident insurance, health insurance, travel insurance and motor insurance. In the corporate space, the company offers a wide range of insurance types, such as marine insurance, civil liability insurance, work accident insurance, fire insurance policies, group health insurance policies. History of ICICI Lombard General Insurance Company Ltd
ICICI Lombard General Insurance Company Limited was founded in 2001 as a joint venture between ICICI Bank and Fairfax Financial Holdings. Today, the company is India’s largest private sector general insurer, ICICI Bank initially held a 64% stake and Fairfax Financial held a 36% stake in the joint venture. Over the years, Fairfax has divested part of its stake in ICICI Lombard through share sales. In 2016, ICICI Bank sold its 9% stake to Fairfax for an enterprise value of Rs 172.25 billion. Later in 2019, Fairfax exited ICICI Lombard entirely by selling its remaining stake.
ICICI Lombard expanded its distribution network by partnering with Karur Vysya Bank in 2019 for bank guarantees. To further strengthen its market leadership position, ICICI Lombard acquired Bharti AXA General Insurance Company in 2020 through a share exchange transaction. With 305 branches and 840 virtual offices across India, the company has seen tremendous growth over the last two decades, becoming the number one private general insurer in the country.
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