Wednesday, June 12, 2024

Is ICICI Lombard car insurance good

Do you know if the ICICI Lombard car insurance is good or wanna know about the features, pros and cons of ICICI Lombard car insurance? Then you are in the right place. In this post we are going to cover each and every point in detail. At the end of this post you are going to decide if ICICI Lombard car insurance is good for you?

What is the need for an insurance policy ?

As you know that it is mandatory for everyone to have a third party insurance to drive a vehicle legally in India. Therefore it is a compulsory kit and it is important not only legally but ethically and morally too. This is because it helps cover financial expenses resulting due to any unfortunate incident or mishap.

It is important to take an insurance policy according to someone’s own need and budget so as to recover any loss primarily financial or any other due to any mishap. An insurance cover helps cover against any unfortunate incident and acts as a shield of safety and security to you and your family.

What should you check before purchasing a car insurance policy

It is mandatory to check some of the details before purchasing any insurance policy and verify it according to our own needs and budget. This helps us purchase the best insurance policy cover according to your own needs.

  1. Brand value and trust– Brand value has a very high role in the maintenance of a cover for an insurance policy. This is directly proportional to the surety of the disbursement of the claim made through the user,
  2. Personal accident cover – PA cover or personal accident cover refers to the insurance cover for the medical treatment to the owner or driver. This is ensured in case of any unfortunate mishap of the car.
  3. High claim settlement ratio – There are higher chances for reimbursement if the particular company has the higher claim settlement ratio. It is better to check for the high claim settlement ratio before purchasing any insurance policy. 
  4. Cashless garages –You can get your car repaired without paying any upfront cost . This happens in any cashless garage provided by the company. The more number of cashless garages offers higher flexibility of getting repaired.
  1. Optional riders or add ons – There are some of the exclusions or the condition in which a comprehensive insurance policy does not cover. Here comes the benefit of optional riders that satisfy the coverage in that particular situation and condition. This gives you the coverage in case of that special excluded condition.
  1. Customer support team –  It is very necessary that the insurance provider that you are taking a cover from, should have a dedicated customer support team. This solves all the queries and doubts seeked by the policyholder.

Types of car insurance policies by ICICI lombard

Mainly there are three types of car insurance policy out there in India. They are named as standalone own damage car insurance, third party insurance policy and the comprehensive car insurance policy. All the types of the insurance policy covers different types of covers catering to the different needs.

  1. Standalone own damage car insurance- As the name suggests, standalone own damage car insurance policy provides cover against own damage only. It also covers against natural disaster, theft, fire, etc but does not cover against third party damage.

A standalone own damage insurance cover is provided by nearly all insurance providers. As it is necessary to have a third party insurance policy to drive legally. It is compulsory to have a prior third party insurance policy while purchasing a standalone own damage car insurance.

  1. Third party insurance policy- It is the most important and least compulsion requirement. This is as per the motor vehicles act to drive a car legally in India. This car insurance policy covers a policyholder against own damage. Additionally it covers against the damage to the third party properties and objects too. It covers all the coverage provided in standalone own damage too.
  1. Comprehensive car insurance policy- A comprehensive car insurance policy covers against all the damages due to natural disaster, theft, fire, attack, etc. Along with it, this covers all the coverage provided by the standalone own damage insurance and the third party insurance policy. Basically it covers all the types of liabilities.

ICICI Lombard car insurance provisions-

  1. Coverage for natural disasters – The insurance coverage covers all types of natural disaster such as flood, earthquake, etc.. This means that it protects you aginst all type of natural disaster.
  2. Cashless garage in 6100+ garages – The cars can be repaired without paying any upfront cost in 6100+ garages.
  3. No claim bonus up to 50% – It refers to the fact that not any claims made by you in the past 1 year or 2 years. It provide you better discounted deals which can go up to 50%.
  4. Coverage against accidents, terror attacks, etc. – The insurance coverage covers against accidents, terror attacks and riots, etc. This gives the policyholder a complete peace of mind.
  5. Multiple add- ons to choose from – The opportunity to choose a multiple set of riders or add-ons means you can select as much as 9 add-ons which covers you against the excluded condition in that insurance policy.
  6. Third party liabilities cover – It means getting coverage against any damage made to the third party property or object.
  7. 15 lakh PA cover – PA cover or personal accident cover comes into light in case of medical treatment of the owner or the driver of the car in case of any unfortunate incident. In this case the insurance provider reimburses the medical cost.
  8. Instant claim settlement via instaSpect – The instaSpect feature allows the insurance provider to verify and inspect about the incident in a fast way and to make the claims settled as soon as possible.
  9. Dedicated customer support team – The dedicated customer support team ensures to clear every doubts and queries of the policholder.
  10. Coverage against natural and manmade cover – The insurance policy and the coverage made to the consumer ensures the coverage against the man made and natural disaster both. This allows the policyholder with complete peace of mind.

ICICI Lombard car insurance add on covers

  1. Roadside assistance cover
  2. Engine protection cover
  3. Garage cash cover
  4. Zero depreciation cover
  5. Loss of personal belongings cover
  6. Consumables cover

Conclusion

Now as we have understood about the importance of a car insurance policy that is both legally and ethically. We have also known about the different types of car insurance policy out there. Then we have also known about the features and the benefits of the ICICI Lombard car insurance policy.

We have also known about different terms related to ICICI Lombard car insurance. Now it is totally up to you whether the ICICI Lombard car insurance is good? At the end an insurance policy should fit your personal needs, customisation and budget. Thanks for reading

*This website or its post do not promote any insurance policy or insurance provider. Data, facts and information provided on the website is taken from the internet. Please do your proper research before purchasing any insurance policy.

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