ICICILOMBARD CAR INSURANCE

What is car insurance?

A car insurance policy, also known as vehicle insurance, saves you money when your car is damaged in an accident or natural calamity. It also covers your vehicle against theft and burglary. At times, you may end up hurting others or damaging property in an accident. A car insurance policy covers such third-party liabilities as well. If you own a car in India, having third party car insurance is a must for you. That’s why it’s crucial to buy and renew your policy on time to stay on the right side of the law and be covered against car damages. At an affordable premium, our reliable car insurance policy protects you against all these risks so that you can drive worry-free. Apart from comprehensive car insurance, third-party only and own-damage only car insurance policies are also available. You can choose the policy type as per your needs.

Pay As You Drive

• Pay lower premiums for your car insurance with Pay As You Drive add-on.
• Pay-as-you-drive cover operates on the simple rule that you should pay less insurance price if you drive less. Since you are not out on the road often, you have a low accident risk, and your insurance bill should reflect the same.
• Depending on your driving needs, you can opt for 5000 and 7500 km/year plans. If you exceed your plan's kilometres, you can top up your insurance coverage with more kilometres for that particular policy year.
• Unlike other car insurance policies in the market, these newly introduced add-ons are designed to give you more control of your vehicle insurance costs.
• Since standard car insurance premiums depend on geography, make-model, and age of the vehicle and are not based on their usage, most car owners who opted for Pay as you drive policy saved on their premiums.
• Our experience with the Pay as you drive policy under the Sandbox regulation in 2020 also helped us learn that 56% of customers chose to Pay as you drive over conventional insurance due to its cost-effectiveness and usage-based premiums. In comparison, 22% bought this policy due to its telematics benefits.

Key features of ICICI Lombard's car insurance

• Car Insurance Premium
• No Claim Bonus
• Cashless Garages
• Add-on Covers
• Personal Accident Cover
• Third Party Damage Cover
• Own Damage Cover
• Claim Settlement

Benefits of ICICI Lombard's car insurance

• Starts at ₹2,094
• Up to 50%
• 5,700+ Network GaragesC & Roadside Assistance
• 9 Add-on Covers
• Up to ₹15 lakhs
• Covers Injuries to Third party & Property
• Covers Accidents, Natural calamities, Theft, Fire & Personal Belongings Accident Cover
• Instant claim settlement via InstaSpect

What are the different types of car insurance policies?

1: Comprehensive car insurance policy : 

Comprehensive car insurance, also known as a private car package policy, is a type of auto insurance that provides complete coverage for your vehicle. It is an optional car insurance policy but is highly recommended for car owners who want the best protection for their four-wheelers.

Comprehensive car insurance covers damage caused by natural disasters, accidents, theft, fire, and other such incidents. It covers damages to both your vehicle and third-party vehicles and property. This car insurance policy also covers third-party liabilities, which will cover any legal costs or compensation you may be liable for in case of an accident caused due to your fault. In addition, some comprehensive policies also offer additional benefits such as roadside assistance, towing service and more. Even though comprehensive insurance policies tend to be more expensive than Third-Party Liability or Standalone Own Damage policies, but they offer broader coverage.

2 : Stand-alone own-damage car insurance :

Stand alone own damage insurance, also known as "Stand-alone OD", is a type of car insurance policy that is designed to cover damage to your own vehicle in case of an accident. It is an optional coverage that can be purchased in addition to the mandatory third party liability insurance.

This four wheeler insurance policy can be bought online, and it covers damages to your own car in case of any natural or man-made disasters such as accidents, fire, theft, and so on.

If you own an older car or a car that is not in the best condition, purchasing a Stand alone OD policy is highly recommended as it will cover the cost of repairs, or in case the car is beyond repair, the policy will cover the market value of the car.

When you buy car insurance online, you can choose the coverage limit that best suits your needs and budget. Stand-alone OD policies do not cover damage to third-party vehicles or injuries to third-party individuals: for that. you need to have a separate third-party liability insurance coverage.

 3 : Third party car insurance :

Third-party liability car insurance is a mandatory car insurance policy legally required to drive any car on Indian roads. This car insurance policy protects you from any legal responsibility in an accident where you may have caused harm to someone or their property by mistake. This car insurance policy also covers the cost of damage caused to a third party's vehicel.

when it comes to buying car insurance online, this is a must-have for any car owner as it acts as a safety net that financiolv protects vou in case of on accident It's important to note that this car insurance policy only covers the compensation that you may have to pay to the person you caused damage to. it does not cover any damage to your own car or injunes to yourselt or your passengers. Therefore buving a separate policy like standalone Own Damage Insurance or a comprehensive insurance policy is necessary to cover damages to your vehicle.

The coverage limit for third-party libility insurance is set by the Indian Motor Tariff and is currently at 37.5 Lakh for injury/death of one person. 715 Lakh for injury/death of multiple persons and 72 Lakh for damage to third-party property.

Why should you buy a comprehensive car insurance policy?

1. Third-party car insurance is mandatory : As per the Motor Vehicles Act of India, it is compulsory for all vehicles running on the road to be insured. As a car owner, you must have third party liability coverage.
2.  Saves you from traffic fine : As per the new Motor Vehicle Act 2019, you can get a traffic fine of ₹2000 for driving without car insurance. If you get caught for a second time, the penalty would be ₹4000.
3. Provides personal accident coverage for owner driver : Our car insurance policy provides ₹15 lakh coverage for injuries to the registered owner driver while travelling in the car, or getting in or off the car.
4. Gives easy access to cashless garages : We have a network of 5600+ cashless garages that take care of your car post damage. We pay for the repairs as per the claim and settle the dues directly with the garage.
5. Covers damages to the car : Our car insurance policy covers any damages to your car due to accidents or natural calamities and takes care of the repair costs.
6. Covers your car against theft : In case your car is stolen and cannot be recovered, we pay for your loss.