ICICI Lombard Private Car Package Policy - Details and Benefits

Posted by Reena More on June 26th, 2019

ICICI Lombard’s car insurance is one of the topmost offerings of the ICICI group. It is ideal for car owners who want complete coverage and want to experience hassle-free drive. The ICICI Lombard car insurance policy will not only protect you against any damage or loss to the car, but will also provide protection against the loss of accessories, if you opt for the add on. The claim is payable for the following causes:

Manmade Causes

The ICICI Lombard Car Insurance will help you make claims against manmade causes such as accidents which are caused due to external means, thefts, fire, burglary, inundation, explosions, self-ignition mishaps, and even riots and terrorist activities. It further can help you manage losses against malicious acts and even damage caused during transit in rail, roads and even airways.

Natural Causes

As for natural causes, it will help you incur losses against floods, rockslides, typhoons, cyclones, hurricanes, landslides, hailstorm, frost and even lightning.

The ICICI Lombard Car Insurance will also help you stay safe against third party liability and even offers personal accident coverage for the owners and the drivers. This policy also providers personal accident coverage additionally for the driver and the owner. If you go for payment of extra premium, the policy will also provide a personal accident benefit for the passengers and offer legal liability of the paid driver. Following are some of the add-ons that you can choose while opting for the ICICI Lombard Car Insurance policy:

Addons for ICICI Lombard Car Insurance

With certain extra charges on the premium, this policy will also cover many additional benefits which are different from just a conventional car insurance policy. ICICI Lombard car insurance also provides the following add on covers:

-         Zero Depreciation Cover

Under this particular add-on the cover, ICICI Lombard Car Insurance would provide you protection against the depreciating costs. This particular add-on will not only pay the full claim, but not account for the depreciation costs that your car is liable for. 

-         Engine Protector

This is a very helpful add on as the company would cover all the expenses that are incurred over the replacement or repair that would be required to rectify the damages which arise out of ingression of water or the leakage of lubrication oil from your engine. This can majorly damage the engine parts as well as the differential parts. So, if you have a rough usage, it makes a lot of sense to opt for this add-on. This will help you stay protected against the engine damages.

Under this particular cover, the insurer will also provide compensation to the insured for the following features:

• Replacement or the repair of the internal small parts of the engine which may include piston rings, piston pins, connecting rods, valves, nuts and bolts too.
• It would also provide you replacement for the internal spare parts of the gearbox which may include the housing of the gearbox, the gear oil, gaskets, and even bearings.
• The labor cost which is incurred by the owner for these issues would also be covered by this add-on.
  

-         Return to Invoice

Under this particular add on offered by ICICI Lombard’s Car Insurance, two computations are made. This is also taken into account apart from the IDV of the vehicle. The difference between the price of the invoice which includes the first time registration and even stamp duty prices, as well as the IDV may be payable under this particular add on.

One important point to remember is that under this particular add on, the purchase invoice is very important. In case, you do not have one, then the price of the vehicle will be computed keeping in mind the IDV/(IDV/ (1-Depreciation% as defined below as per the age of The insured vehicle)

-         No Claim Bonus Protection

The no claim bonus protection is a must for really safe drivers. ICICI Lombard’s Car Insurance offers a feature wherein you can retain the claim of the insured vehicle, even if the claim is made. Under this add on, there are two sub options available as well:

-         One step down:
This will help you earn the no claim bonus, once the policy is reduced to the slab below the percentage which is earned during the last year. It will help you get a no claim even if there are three claims reported during this time.

-         Two step down:
As for two step down, the no claim bonus which is earned on the policy will reduce to two slabs computed against the percentage of last year. This can be availed even if three claims have been reported during the last year of the policy.
However, one needs to remember that the No claim bonus offered by ICICI Lombard car insurance will become negligible if additional claims are made during this particular period.

-         Cost of Consumables

If the car owner opts for this add on, then ICICI Lombard Car Insurance will also pay for the consumable items which may include bolts, screws, nuts, greases, washers, lubricants and bearings, battery water, gaskets and many more eligible items.

It is particularly helpful for companies which do not provide spare parts easily. Consumable items are basically items which have very particular uses and if they are spoilt, then they are rendered unfit for permanent and continuous use.

-         Loss of Personal Belongings

This is another useful add on that you can choose. Under this particular add on offered by ICICI Lombard’s Car Insurance, the company will not only pay for the losses of the car damage, but also protect the losses of personal belonging which were damaged under the car. It can be opted for in two ways:

One policy includes exclusion of mobiles and laptops, while the other one has a coverage for losses of personal belongings which include laptops and even mobiles. 

-         Garage Cash

As for the garage cash, the company will not only pay the insured a daily allowance for all the days in which the vehicle is under repair. It is quite a good add on for people who use vehicles for daily commutes and the other options are expensive. This will keep you from incurring additional losses and you would not need to shell out a lot of money for their daily transportation to their work places.