There are various insurance players in the market who offer Motor Insurance Policies. Popular among them are the General Insurance Company (GIC) and its three direct subsidiaries:
Besides, there are several private insurance players, who have tie-ups with all maximum car companies to offer you motor insurance. Contact us for more details
We provide all these insurance services
So why do you need insurance on your car? Legally, you need to take motor insurance as soon as you buy a car. Every year, you need to renew the insurance policy by paying the premium.
Insuring Your New Car
Insurance amount :
The amount of insurance is equal to the market value of the vehicle and not the original purchase price or book value of the vehicle.
The insurance policy needs to be renewed before expiry of the policy period. Any delay in insurance renewal can deprive you of the insurance benefits and also attract a penalty while renewing. Remember, it is against the law to drive an uninsured car. Moreover, if the insurance policy isn't renewed within the period of validity, the car will have to be brought to the insurance company office for inspection.
No-claim bonus :
No-claim bonus (NCB) clause is basically applicable to holders of comprehensive insurance policy. The clause refers to the discount that a policy holder can receive on the amount of premium payable, if he/she has not lodged any claim during the year.
The vehicles are insured at a fixed value called the Insured's Declared Value (IDV). IDV is calculated on the basis of the manufacturer's listed selling price of the vehicle (plus the listed price of any accessories) after deducting the depreciation for every year as per the schedule provided by the Indian Motor Tariff.
If the price of any electrical and / or electronic item installed in the vehicle is not included in the manufacturer's listed selling price, then the actual value (after depreciation) of this item can be added to the sum insured over and above the IDV.
Motor insurance Policy is governed by the Indian Motor Tariff. It covers you for:
Loss or damage to your vehicle :
The policy covers you against any loss or damage caused to the vehicle due to the following natural and man made calamities.
Natural Calamities –
Fire, explosion, self-ignition or lightning, earthquake, flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm, frost, landslide, rockslide.
Man made Calamities –
Burglary, theft, riot, strike, malicious act, and accident by external means, terrorist activity, and any damage in transit by road, rail, inland waterway, lift, elevator or air.
Personal accident cover :
The motor insurance provides compulsory personal accident cover of Rs. 2 lakhs for individual owner driver of the vehicle insured while traveling in, mounting or dismounting from the car. You can also opt for a personal accident cover for passengers.
Third party legal liability :
This protects you against legal liability arising due to accidental damages
Any permanent injury / death of a person
Any damage caused to the property.
You can avail of our cashless claim facility at our Cashless Garage Network all across India.
You can claim towing charges up to Rs 1,500 in the event accidental damage or loss to your vehicle as specified under the policy
Avail of the following bonuses and discounts -
No Claim Bonus :
If you do not make a claim during the policy period, a No Claim Bonus (NCB) is offered on renewals. This discount can go as high as 50%. (NCB will only be allowed provided the policy is renewed within 90 days of the expiry date of the previous policy.)
Transfer your NCB :
You can transfer full benefits of No Claim Bonus when you shift your motor insurance policy from another company to ICICI Lombard.
The discount rate remains the same; provided you show evidence that you are entitled to No Claim Bonus from your previous motor insurance company.
Evidence can be in form of renewal notice or Letter confirming the NCB entitlement from the previous insurer or NCB declaration.
Additional discounts :
If you are a member of a recognized Automobile Association in India you can avail a discount of 5% on the OD Premium subject to a maximum of Rs. 200.
Discount for Anti-theft Devices :
In case you have installed ARAI approved anti theft device in your vehicle, you get a discount of 2.5 % on the OD Premium to a maximum of Rs. 500.
Cover yourself and your family :
You can also opt for personal accident cover of up to Rs. 2 Lakhs for other unnamed passengers in your car. For e.g. your family, relatives, friends etc.
Customize your insurance with additional covers :
Electrical and/ or non-electrical items fitted to the vehicle can be insured separately. For example: fog lights, music system, seat covers.
In case of vehicles fitted with bi-fuel system such as Petrol/ Diesel and CNG/ LPG, permitted by the concerned RTO, the CNG/LPG kit fitted to the vehicle is to be insured separately at an additional premium of 4% on the value of such kit. You need to specifically declare this in the proposal form.
Need of Policy
The number of road accidents in India is estimated to be three times vis-à-vis developed countries. The number of accidents for 1000 vehicles in India is as high as 35 while the figure ranges from 4 to 10 in developed countries
Comprehensive Car Insurance serves as an add-on to the mandatory third-party cover and protects the car owner from financial losses, caused by damage or theft of the vehicle
Motor Claim Procedure
In case of motor insurance claim, you can avail cashless facility for the repair of your car in any of our All India Cashless Garage List. However, If the car is serviced in a garage outside the purview of our network, then you can claim reimbursement for the same.
In Case of an Accident
Note the number of the other vehicle involved in the accident, if any.
Jot down the names and contact details of witnesses, if any.
File an FIR at the nearest police station in case of property damage, bodily injury, theft and major damages.
After Registering the Claim, Our customer service manager will contact you within 24 hours of registering the claim.
Submit the copy of documents to the dealer / CSM and get verified with the originals.
Our CSM will get the estimate for the repairs of your vehicle and give spot approval after assessment.
After completion of repair at our preferred garage we will make payment of our share of the loss directly to the garage.
The insured to pay the excess mentioned in the policy and depreciation, salvage etc informed by the CSM.