Advantages of Buying An ICICI Lombard Comprehensive Car Insurance Policy

Having a car insurance policy is mandatory for every car owner according to the Indian Motor vehicle Act. However, it is very important to purchase an insurance policy that provides the required coverage. If you have found ICICI Lombard’s comprehensive car insurance to be suitable for your needs, this article will give you detailed information on its top 5 facilities. 

Top 5 Facilities Offered By ICICI Lombard For Comprehensive Insurance

A comprehensive car insurance policy provides financial assistance to compensate for the loss of the third party in case of any accident and also to repair any damage caused to your car due to events other than a collision. Comprehensive insurance thus offers more coverage than a third-party insurance policy. The following are the benefits of purchasing a comprehensive car insurance policy from ICICI Lombard- 

• Zero Depreciation Cover

This is an additional cover that is offered by ICICI Lombard along with a comprehensive car insurance plan. If you file an insurance claim, your car insurance company will pay you the price of your car less depreciation. Adding the zero depreciation cover offers full settlement without any write-off for depreciation. The premium for this policy is relatively higher but is very useful for mid and top-segment expensive and luxury cars. 

• Cashless Claim Facility

Most insurance companies have tie-ups with garages in many areas. This is for the convenience of the insurance company as well as the policyholders. In case of any accident, the policyholder can repair their car at their nearest network garage without paying any money from their pocket. The repair bills are settled directly to the insurance company without the involvement of the policyholder for any payment. ICICI Lombard has a network of over 3,500 garages. This will make the cashless facility simple and hassle-free.

You may also like to read:- Top Differences Between Zero Depreciation and Comprehensive Car Insurance Policy  

• Break-In Insurance

The break-in period is nothing but the time or latency period when your car insurance policy expires till you renew your policy. Any accident that occurs in this period will not be covered by your insurance company. However, ICICI Lombard offers you ‘Break-in insurance’ seamlessly at an affordable price. It also provides a doorstep surveyor facility along with a digitally signed policy. This makes the purchase of your break-in insurance policy hassle-free. Thus, you can remain covered even after your policy expires. Your NCB component will also remain intact if you renew your car insurance within 90 days. 

• Personal Accident Cover

A personal accident cover is the most vital cover for any car insurance policy. This provides financial assistance in case the policyholder has been involved in any accident that has resulted in damages to their car or any bodily injury. A personal accident cover extends monetary support to repair the damages sustained by the policyholder’s car in case of any accident and also pays the medical bills in case of any bodily injury. This cover can be added separately to your comprehensive car insurance policy. 

• No Claim Bonus

The no-claim bonus is one of the biggest discounts that you can get on your car insurance premium. This is a discount that is offered by your insurance company when you have a claim-free policy year. NCB is cumulative and incremental in nature. This means that you will be receiving a higher percentage of discount on your car insurance premium for every claim-free year. ICICI Lombard offers a discount of up to 50% on your premium along with the facility of retaining the NCB component from the previous insurance policy.

Also read 

Comprehensive Car Insurance Explained

Take Away

Purchasing a car insurance policy should be done only after comparing different plans and insurance companies. Make sure to check the facilities offered by different insurance companies and compare them with the other policies to purchase the most optimal car insurance policy. 

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.