ICICI Lombard Car Insurance Renewal

Have you renewed your car insurance yet? Renewing car insurance is as important as purchasing one. When our policy is about to end and we haven’t made any claims, it is natural to think that having a car Insurance is not necessary. But it is essential to realise that insurance is purchased for unforeseen situations only and hence should be renewed.

ICICI Lombard Insurance Company Ltd. is a leading private insurance company in India. They have a large market share in the motor insurance business. ICICI offers a range of insurance including car insurance. In this segment, we will be guiding you through the process of car insurance renewal, its importance, and its benefits.

Consequences of Not Renewing Your Car Insurance Policy

The consequences of not renewing your insurance are serious. In case of an accident and severe damage to your car, you will have to pay huge costs of repair causing financial stress. Moreover, not having third-party liability insurance increases the amount payable under the law in case of damage caused to a third party in an accident. Not renewing car insurance brings a big financial risk in the face of the below-mentioned factors:

• Legal Compliance: Under the Motor Vehicle Act 1988, it is mandatory to have third-party insurance. Failure to do so can cause fines or imprisonment.

• Financial Protection: Not renewing your car insurance policy on time can create a gap in your insured time. If you fail to renew your policy after its expiry and plan to renew it during the grace period, you won't be subjected to any claim for the period between them putting your car at risk.

• No Claim Bonus: ICICI Lombard gives a 50% No claim bonus which gives a big discount to you on your renewal.

Advantages of Renewing Your Car Insurance with ICICI Lombard

ICICI provides many benefits for renewing your car insurance, the top ones are mentioned below:

• Best Prices: Great deals on premium starting at just Rs. 2,094 only.

• Discounts: No claim bonus up to 50%.

• Great Services: A network of more than 6,100 cashless garages and roadside assistance.

• Add-ons: Availability of 9 add-on covers.

• Quick Service: Instant survey via InstaSpect for claim settlement.

• Pay as You Drive: Pay as you drive is a unique feature of ICICI Lombard Car insurance which enables you to lower your premium depending on the kilometers you drive. If you drive less, you pay less and if you cross the limit you can always top up.

ICICI Car Insurance Renewal Dates and Reminders

Here is how you can check and stay informed regarding ICICI Lombard Car Insurance renewal date & reminders:

How to Check the Renewal Date?

For ICICI Lombard car Insurance renewal date & reminders, here's how you can check and stay informed:

• Check your policy: The current policy expiry date is mentioned on your policy papers. Usually, the renewal date is right after the policy expiration date.
• Check website: As an alternative, you can check on InsuranceDekho website to find your policy renewal date. Once you log in, enter the details and you will get access to the policy insights.
• Customer Support: Customer support of InsuranceDekho or ICICI Lombard can help you in obtaining your policy expiry dates. You can contact our Customer Support on 755 1196 989

Note: In case you forget to renew your ICICI Lombard car policy on the expiry date, you can still renew it during the Grace Period provided by the insurer to avoid a gap in your coverage.

Reminder Options

Listed reminders below help you keep track of your policy renewal date:

• InsuranceDekho Reminder: InsuranceDekho ensures that you stay informed about your ICICI Lombard car insurance policy renewal date by sending timely reminders through WhatsApp messages or emails.

• Email or SMS by Insurer: You can also expect renewal reminders directly from ICICI Lombard or your current insurer via emails, or SMS alerts.

Documents Required for Renewal

If you had purchased previous insurance from ICICI Lombard and want to renew, your required documents would be minimal; if you are choosing ICICI Lombard as a new insurer, you might need more documents.

If you are renewing with a new insurer you would need the following documents:

• Drivers Licence
• Registration certificate of Car
• Insurance papers of previous insurance
• Vehicles mileage

Optional Documents:

• Claim history of the car
• Your car maintenance history
• Vehicle ownership information ( in case you are not the registered owner)

If you are renewing with the same insurer you would just need your Registration Certificate and documents of previous policy.

It's always best to check with an InsuranceDekho advisor for the latest guidelines and clarity regarding documents.

How to Renew Your ICICI Lombard Car Insurance Policy?

The renewal process of ICICI Car Insurance can be done online as well as offline through InsuranceDekho.

Online process

Step 1: On the official InsuranceDekho website click on "Support" from the top bar.

Step 2: Go to the "Renew Policy" webpage from the dropdown list.

Step 3: Click "Send OTP" after entering your mobile number in the given field..

Step 4: You will be given access to your ICICI Lombard car insurance policy details.

Step 5: Click the "Renew" button and then you can renew your policy.

Step 6: Lastly, complete the payment to finalise the policy renewal. After successful payment, your ICICI Lombard car insurance policy will be renewed successfully.

Note: To Renew with the insurer directly, you can visit the insurer's website and follow their steps.

Offline process

If you wish to opt for the offline process to renew your ICICI Lombard car Insurance policy, you have two options:

Call or Home Assistance by InsuranceDekho: You can connect with an InsuranceDekho advisor on call to get complete assistance or request home assistance service, and a Relationship Manager from InsuranceDekho will visit you to assist in the renewal process.

Visit the Insurer's Branch Office: Alternatively, you can visit the ICICI Lombard’s branch office in your city. You can get renewal assistance from there as well.

Online Payment Options for ICICI Car Insurance Policy

Payment Options:

You can choose to make the payment using any of the following modes:

• EMI (Equated Monthly Instalments) or yearly payment
• Credit Card
• Debit Card
• Digital Payment Applications, if applicable.

The following factors affect the renewal of car insurance premiums, understanding these factors can give you an idea of how your premium will be calculated.

• Make, Model, Variant: These factors play an important role in calculating your car premium. Sports cars and luxury cars or cars with powerful engines usually have higher premiums.

• IDV ( Insured Declared Value): This value is the estimated value of your car at the time of insurance renewal and plays a huge role in influencing your premium. It considers the car's market cost, depreciation value, and condition of the car.

• Registration year: Premium usually decreases with the age of the cars. Old cars can cost less to repair than new cars with the latest technology.

• No Claim Bonus (NCB): If you have yet to file any claim during the policy, you get a discount on the premium. The duration of your claim-free period influences your NCB, a longer duration would mean a higher bonus.

• Add-ons: Add-on covers like zero-depreciation and roadside assistance give more benefits, but also increase premiums.

Things to keep in Mind while Renewing Your Car Insurance

• Age of Car: The Car's age altogether impacts the renewal premium. For the most part, as your vehicle gets older, the possibility of a higher renewal premium increases.

• Inflation Impact: The Inflation impact on the business can add to an increase in the renewal premium. At the end of the day, the renewal price of ICICI Lombard car coverage may be changed by the organisation to match the increasing costs in the industry.

• Policy Changes: Any progressions in ICICI Lombard can trigger an increment in the premium pay during policy changes.

• Claim History: Your car insurance claim history, particularly for expensive costs, can affect the expense of renewing your ICICI Lombard car Insurance.

• Grace Period: In case your policy has already expired and you haven't renewed it yet, you can still get the renewal benefits before the grace period ends.

What is Grace Period for Your ICICI Lombard Car Insurance?

ICICI Lombard medical insurance provides a grace period of a few days for policy renewal. This provides policyholders a window to renew their policy even after the expiry date. This enables you to get the benefits from your previous policy like the No Claim Bonus (NCB), carried to your new policy even if you miss renewing it immediately.

*The grace period can differ ranging from 15-30 days depending on your policy.

If your car insurance policy expires and you renew it within the grace period, be mindful that there will be no coverage during the gap between the expiry date and the renewal date. This signifies that the insurance company won't cover any repair expenses incurred or claims made during this interval.

Example: If your ICICI Car Insurance policy expires on 1st October, the grace period will extend till 16th October (if the grace period is 15 days). Now, if you get your car insurance policy renewed on 10th October, no coverage will be provided from 1st October to 9th October, as the insurance provider will not be liable for any claims or expenses during this gap period.

The premium for renewing an expired ICICI Car Insurance policy during the grace period generally remains the same. However it might change if you have opted for add-ons, shifted to a new city, or your age bracket has changed.

Renew the Expired ICICI Lombard Car Insurance policy

In case your policy lapses before you think of renewing, you shall be prepared to face some serious consequences.

Car Inspection: If you choose to purchase insurance after your grace period ends your car will go through a process of inspection. The results of the inspection will determine if your car is even eligible for insurance or not.

Change in Premium: The inspection results will also influence the premium you will have to pay, as you will have to pay according to the current condition of your car.

Why Renew with InsuranceDekho?

Some other reasons you should choose InsuranceDekho are:

• Unbiased Opinion: InsuranceDekho provides unbiased insurance advice tailored to your needs.

• Compare quotes: provides you a chance to compare all insurance quotes altogether giving you the chance to choose what suits you hassle-free

• 24x7 Support: Count on InsuranceDekho for hassle-free policy renewals and modifications. Our team is available for your support 24x7.

• Port Feature: If dissatisfied, we offer a port facility to you that allows you to change your insurance provider.

ICICI Lombard Car Insurance Renewal: Customer Support & Assistance

If you encounter any difficulties during the renewal process of your ICICI Car Insurance policy, feel free to reach out to the customer support team of InsuranceDekho.

Email : support@insurancedekho.com

Helpline Number: 755 1196 989

You can also directly contact ICICI Lombard through their official website.