ICICI Lombard - Motor Plans

http://www.icicilombard.com

Car Insurance - Introduction

ICICI Lombard brings to you a comprehensive Package Policy for your four-wheelers, which covers Third Party Liability (TPL) for bodily injury and/or death, Personal Accident cover for owner-driver and loss or damage to the vehicle insured (Own Damage or OD).

Policy Details

Policy Coverage

Our 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 or it’s accessories 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, accident by external means, terrorist activity, any damage in transit by road, rail, inland waterway, lift, elevator or air.
  The rates of the vehicle and its parts are subject to depreciation as per the schedule provided by the Indian Motor Tariff.
• Personal accident cover: The motor insurance provides compulsory personal accident cover for individual owners of the vehicle while driving. 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.

Key Benefits

• A digitally signed policy is issued immediately through online facility.
• You can claim towing charges up to Rs 1,500 through 24*7 call centers.
• Cashless claim settlement at network garages all across India.
• 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 to another company.
  • Voluntary Excess discount: A further discount on the premium is available if you opt for a Voluntary Excess in addition to the Compulsory Excess. (Compulsory Excess is the amount of loss which the insured has to bear in each and every claim.)
  • Additional discounts: You can also avail of additional discounts if you are a member of a recognized Automobile Association in India.
  • ARAI 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.

Sum Insured

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.

Policy Exclusions

Under this policy, you are not covered against -

• Normal wear, tear and general aging of the vehicle
• Depreciation or any consequential loss
• Mechanical/ electrical breakdown
• Wear and tear of consumables like tyres and tubes
• Vehicle being used otherwise than in accordance with limitations as to use
• Damage to/ by a person driving the vehicle without a valid license
• Damage to/ by a person driving the vehicle under the influence of drugs or liquor
• Loss/ damage due to war, mutiny or nuclear risk

FAQ

Can commercial vehicles be insured online?
Currently, only private cars can be insured online. But we are in the process of launching online insurance for commercial vehicles too.

Can I take a policy for a vehicle belonging to someone else?
Yes, the person who buys the policy need not be the owner himself. Anyone can buy the policy acting on behalf of the insured.

Why do I need to insure my motor vehicle?
Your car is probably one of the expensive things you own. Insurance protects this asset and helps you in coping with the expense of accidents, damage or theft. While driving, you are responsible for the safety of:

• Your passengers
• Your fellow drivers
• Other people’s property
• Pedestrians
• Yourself

Insurance helps cover the costs of potential damages or injuries in case of an unforeseen accident or theft. And above all, in India it is mandatory to have motor insurance before you can drive on the roads.

When should I report to the police?
Incidents such as "Third Party Property Damage", "Bodily Injury To Self or Third Party" or "Theft" should be reported to the nearest police station, under whose jurisdiction the incident has occurred.

What is No Claim Bonus?
An insured becomes entitled to No Claim Bonus (NCB) only at the renewal of a policy after the expiry of the full duration of 12 months. If the insured has not claimed a single claim in the duration. As per the schedule of tariff). NCB can be earned in the Own Damage section of Policies covering all classes of vehicles but not on Motor Trade Policies (Road Transit Risks / Road Risks / Internal Risks) and policies that cover only Fire and / or Theft Risks.

Is my No Claim Bonus transferable?
Yes, in case you are changing from any other insurance company to ICICI Lombard and have accrued some NCB from them, we will make sure that you get the benefits for your NCB with our company too since we do not want you to loose out on any benefits accrued.

Is there any specific exclusion under this policy?
Following are not included in this policy

• Mechanical breakdown
• Wear & tear
• Consequential loss
• Depreciation
• Deliberate accidental loss
• Intoxicated driving
• Any contractual liability

What are the events covered in this comprehensive policy?
The ICICI Lombard Motor Insurance policy is very comprehensive vehicle insurance, as mandated by the government, which covers you for:

• Any Loss or damage to your vehicle
• Third Party Liability
• Any permanent injury / death to a person caused by your car.
• Any damage caused to the property (excluding vehicle) of some other individual by your vehicle.
• A Personal Accident Cover for the owner of the vehicle while he is driving.

In case of loss or damage to the vehicle or the accessories insured, the Insurance Company covers the insured if the accident occurs due to the following hazards:

• Fire, explosion, self ignition or lightning
• Burglary, housebreaking or theft
• Riot and strike
• Earthquake (fire and shock damage)
• Flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm, frost
• Accident by external means
• Malicious act
• Terrorist activity
• Whilst in transit by road rail inland-waterway lift elevator or air
• Landslide and rockslide

What if someone else was driving at the time of the accident? Is that person covered by my policy? Will I still be covered?
If the person driving the vehicle is a valid license holder, the vehicle is insured for all the accidents that occurred due to the hazards specified. To insure the person driving the vehicle, who is not the owner, an additional personal accident cover has to be taken for unnamed passengers. For the owner-driver, the policy compulsorily has a personal accident cover, as per tariff.

What if I have an accident with an uninsured vehicle? What is the extent to which I am covered?
If you have taken a comprehensive policy for your vehicle you are fully covered against all the hazards mentioned, irrespective of whether the other person has an insurance policy or not.

What is third party insurance liability? Is it covered?
As mandated by the government, third party insurance covers the following:
Any permanent injury / death to a person caused by your car.
Any damage caused to the property (excluding vehicle) of some other individual by your vehicle.
In any of the above events, the insurance company will be fully liable to the person suffering such a loss.

What if I sell/ transfer the vehicle during the insured period?
In case you sell the insured vehicle during the insured period, you can exercise either of the following two options:

• Transfer the policy to another vehicle.
• The policy can be endorsed to the new owner/ buyer.

What is Personal Accident cover? What are the rules governing it?
The insured is adequately covered in case of an occurrence due to the specified hazards leading to bodily injury/ permanent disability or death. The motor insurance policy essentially has a PA cover for the owner-driver, as per tariff, for which no extra premium is to be paid. For a person other than the owner and driver, the PA cover has to be taken separately paying an additional premium. The amount paid as compensation depends upon the extent of cover opted for. And for the driver, the extent of the cover is in accordance with the Workmen’s Compensation Act.

Will I get a Personal Accident cover if the vehicle is registered under someone else’s name, but is driven by me and the premium also paid by me?
The policy essentially contains a Personal accident cover for the owner-driver, as per tariff. In case of unnamed driver, the accident cover has to be taken separately.

Can my No CLaim Bonus be forfeited? If yes, then why?
Your NCB will be forfeited in following cases only:

• If there is any claim made.
• If there is a break in the insurance period for more than 90 days.

Is there any discount available if I install anti-theft alarm and locking system?
If your vehicle is fitted with anti theft devices, which is approved by the Automobile Research Association of India (ARAI), a discount in premium is allowed.

Can the accessories of the vehicle be insured? If yes, to what extent?
You can insure your vehicle accessories under electrical and non- electrical items (accessories) whose amount is not included in the showroom price of the car but are fitted separately to the vehicle. For that you need to declare the value of such items separately, which will be added to the sum insured over and above the IDV. (Insured’s Declared Value).

What happens if my vehicle has an additional CNG kit?
In case of vehicles fitted with bi-fuel system such as Petrol/ Diesel and CNG/LPG, permitted by the concerned RTA, 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.

Will I be eligible for any discounts if I am a member of Automobile Association of India?
Yes, as a member of any of he following Automobile Association, a discount is given under the policy. The Associations are:

• Automobile Association of Eastern India
• The United Province Automobile Association
• The Western India Automobile Association
• The Automobile Association of Southern India
• The Automobile Association of Upper India

What are the factors affecting the premium amount?
The premium rates are governed by tariff as decided by the Tariff Advisory Committee. Generally speaking, the premium payable for your vehicle depends on:

• Type of vehicle
• Age of vehicle
• City of registration
• Period of coverage (For less than 12 months) and
• Any applicable discounts/loadings, as per relevant General regulation of motor tariff.

How is the value of the vehicle determined?
The value of the vehicle is calculated on the basis of the current showroom price of the vehicle multiplied by the depreciation rate that is set by the Tariff Advisory Committee at the commencement of each policy period. This is called IDV (Insured’s Declared Value).

Why should my place of residence affect the premium amount?
As per the Indian Motor Tariff, cities are categorized into specific zones based on the registration of vehicle and these zones have different rating factors for premium. For Cars, Two-wheelers and commercial vehicles.

• Zone-A: Ahmedabad, Bangalore, Chennai, Hayderabad, Kolkata, Mumbai, New Delhi and Pune
• Zone-B: Rest of India

The premium charged depends upon the city of registration, irrespective of the place where it is used or where the insurance in renewed.

What are the benefits available to handicapped people?
A discount of 50% is available on the own damage premium provided they modify such vehicles for use. The above discount is also available for institutions exclusively engaged in the service of the handicapped.

Can I ask for some advance in case the repair charges are very high?
We provide cashless claim service, wherein you are not liable to pay for the repair charges, as ICICI Lombard directly pays it to the garage. This is called the cashless facility. However if you wish to go for the non- cashless service and are unable to pay the entire charges, you have to intimate the same to the agent and ICICI Lombard would do the rest of the payment.

What is the claim procedure adopted by the company for settlements?
ICICI Lombard adopts the following procedure once the claim form is filled and filed along with the necessary documents.

• The surveyor attends the claim within 24 hours from the time of intimation.
• Take photographs, assess, estimate and inform assessed estimates to the User within the same day of assessment.
• After the completion of the job, the Surveyor carries out re-inspection. The insured then makes payment to the workshop/ garage as per the surveyor’s assessed estimation and releases a proof of release document. (The proof of release is an authenticated document signed by the insured to release his vehicle from the garage after it is checked and repaired).
• Lastly, the insured submits the original bill, proof of release and cash receipt (derived from the garage) to the surveyor.
  The surveyor then sends the claim file to the Insurance Company for settlement along with all the documents.
  Insurance company then reimburses the Customer within seven working days from the date of receipt of claim file.
  

What is the amount that I would have to bear?
You will have to bear the following:

• The amount of depreciation as per the rate prescribed by the Tariff advisory Committee
• Reasonable value of salvage (if not repaired at our outlet)
• Compulsory and voluntary deductions under the policy, if you have opted for it.

What documents are required to file a claim online?
In case of own damages claim following documents are required:

• Claim form duly signed
• Valid R.C. copy of the vehicle
• Valid driving license copy
• Policy copy (First 2 pages only)
• FIR if required (For Theft, Third party Injury / Damage; Highway accidents-Major only).
• Original repair bill, proof of release and cash receipt.

If I lodge a claim after the expiry of my policy date for an event that occurred during the policy period, will it still be valid?
Yes, you will be eligible for the claim even after the expiry of the policy date. This is because the event took place during the policy period.

Will the claim affect my renewal?
In case you file a claim for any kind of damages during the insured period, at renewal, you will loose all the NCB that you have accrued over the years.