Why ICICI Lombard is the Most Preferred Vehicle Insurance Company

Business Efficiency and Customer Orientation:

ICICI Lombard is considered to be the most preferred vehicle insurance company. Actually, it is the joint venture run by ICICI Bank Ltd. and Fairfax Holdings. Fairfax is a foreign body. The insurance company has won many awards as it has performed and is performing all the relevant tasks with much efficiency.

With the modern outlook of customer orientation designs and schemes, the company aims at various vehicle insurance policies. By availing these plans, users can safely ride their bikes and cars along with useful information.

Users can easily settle their claims; they need not face any complication.

The company has a gross written premium of Rs. 64.19 billion. It is with over 13.87 million issued policies.

Privileges of purchasing ICICI Lombard Two and Four Wheeler Insurance:

Along with an attractive two wheeler insurance policy, customers are benefited with many company plans like a long term plan. The customers can avail this plan at a single premium. This facility depends upon some particular factors such as geographical zone, the cubic capacity of the engine, age of the vehicle, and type of the model. The IDV or Insured Declared Value is also a measurement for the above mentioned scheme. Claim servicing and settlement are processed as fast as possible.

Across the country, customers can avail the facility of cashless claim settlement across 1913+ preferred garages. The company arranges for such system so that customers are facilitated with an immediate copy of the issued policy. If there are co-passengers, person who buys the insurance is allowed to have accidental coverage up to Rs. 2 Lacks. If buyers do not claim during the policy period, a No Claim Bonus or NCB is offered by the company.

Along with roadside assistance and the entire insurance plan, the company aims at servicing of claims and settlement within minimum of time. Customers enjoy the facility of cashless claim settlement across 3300+ preferred garages across the country. With the instant copy of the policy issued, there is also a daily allowance up to the period the buyer’s car is in the garage.

Besides, the zero depreciation cover is provided. Such car insurance plans along with additional coverage up to Rs.2 Lacks for co-passengers and a NCB are issued for one year. If there is break in insurance, customers are benefited with doorstep inspection. Customers are benefited in cases of arrangement or supply of fuel, keys, accommodation, flat tier, minor repairs, and battery jump start etc.

The company also provides 24*7 roadside assistance along with sudden breakdown or accident of the vehicle, towing on breakdown, arrangement of rental vehicle, and message relay. Customers can also buy such plans online. But one should take care while buying any Car Insurance Online.

It does not matter if the customer has taken the renewed policy from other institutions. On a yearly basis, you can avail the discount facility. It starts from 20% in the first year of purchasing the policy. The rate is up to 25% in the following year.

This continues in the same orbit over the subsequent claim free years. Such ICICI Lombard Two and Four Wheeler Insurance Plans are issued for a period of one year. You can opt to pay via Visa, Master Amex Card, Internet Banking, debit cards, demand drafts, cash cards, and cheques.

Some exceptions under the ICICI Lombard Bike and Car Insurance Plans:

There are some exceptional cases which are not covered by the ICICI Two and Four Wheeler Insurance Plans. They are as following:

  1. The ICICI Lombard excludes coverage against any wear and tear due to regular vehicle usage.
  2. If the vehicle suffers from any mechanical problem, this is not covered by the company.
  3. The insurance plan does not cover against the violation of the limitations of vehicle use.
  4. Any loss arising out of such problem is not encouraged by the company.
  5. If, while driving, you are alcoholic, you can’t expect for any coverage from the company.
  6. If you have not the valid license and your vehicle gets damaged, the company does not stick to bear with the coverage.
  7. The company does not provide coverage against any damage due to nuclear risk and war.
  8. The company is liable to pay 50% of the cost of replacement of such consumables like tyres and tubes get damaged.

Procedure for Claim Settlement under ICICI Lombard Bike and Car Insurance:

At any of the networked garage, buyers can avail claims in the form of cashless service. In such cases, repairs can be undertaken at the garages other than the networked garages.

The condition is that the buyer should apply for reimbursements. For this, the applicant should get registered with the company. In the field of accident cases, the following steps should be noted down:

  1. To avail the ICICI Lombard Bike and Car Insurance plans, the buyer should note down the number of other vehicle related to the accident. He/she should also note the names and contact details of the witnesses if present on the spot.
  2. You have to inform the concerned executive at the mentioned toll free number about the accident. After this, you will be provided a reference number.
  3. Next, the buyer will be informed by the call centre executive about the required documents and the list of the networked garages.
  4. If there are property damage, bodily injury, theft, and other major damages, the buyer should file the First Information Report or FIR with the police.
  5. Within 24 hours of registration of the claim, the customer service manager will contact the applicant.
  6. Next, the buyer is asked to submit all the required documents.
  7. After the spot verification, the customer service manager provides the estimate of the damage caused and issues instant approval.
  8. The payment on all the repairs is made directly to the networked garage after the completion of the entire repairing process.
  9. If the buyer is required to pay any extra amount, the customer service manager will inform about it.
  10. The company’s website has already launched an online facility called ‘Lodge a Motor claim’. This is for alternative solution for registering and tracking the buyer’s claim online.

Opportunities under coverage:

You can buy the ICICI Lombard Two and Four Wheeler Insurance Plans against any loss to the two and four wheelers due to any natural calamity like earthquake, explosion, lightning, fire, flood, typhoon, and storm. It also covers the plans against tempest, hailstorm, frost, and landslide. The scope of coverage is included against burglary, theft, riot, strike, terrorist activity, and any malicious act. The company also facilitates buyers with insurance coverage against the damage which occurs when the two and four wheelers are in transit by rail, road, lift, air, elevator, or inland waterway.

At the time of driving, travelling, dismounting or mounting the vehicle, the owner or driver can be benefited with the Personal Accident Covers up to Rs. 1 Lacks and 2 Lacks respectively. This facility can also be enjoyed by the co-passengers. Moreover, coverage can include the legal liability for any harm to the third party or any property.