The Motor insurance is governed by the Indian Motor Tariff, which covers you for:

1. Loss or damage to your vehicle: Covers you for any loss or damage to your vehicle or accessories due to:

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

2. Personal accident cover: The motor insurance provides compulsory personal accident cover for individual owners of the vehicle while driving. You can opt for a personal accident cover for passenger.

3. Third party legal liability: Covers for legal liability due to accidental damages for

- Any permanent injury/ death of a person
- Any damage caused to the property

Sum Insured
Sum insured in a motor vehicle policy operates on the concept of Insured’s Declared Value (IDV). IDV is calculated on the basis of today’s 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.

If any electrical and / or electronic items are fitted by the individual to the vehicle and the amount for the same is not included in the manufacturer’s showroom price, then the user can declare the same and its value can be added to the sum insured over and above the IDV.

Features & Benefits

1. Voluntary Discounts up to Rs. 2500: Discount on the premium is available if you opt for Voluntary Deductible. Voluntary deductible is the minimum amount that you declare to bear at the time of claim.

For E.g. if you have a deductible of Rs.2, 500 and there is a claim for Rs.8, 500. Then you will be eligible to be paid the difference of Rs.6000. However, if you choose a deductible of Rs.5000, you will get a discount on OD premium and you will be paid Rs.3, 000. The table of the discounts is mentioned below.

- Rs. 2,500: 20% on the OD premium, to a maximum of Rs. 750/-
- Rs. 5,000: 25% on the OD premium, to a maximum of Rs. 1,500/-
- Rs. 7,500: 30% on the OD premium, to a maximum of Rs.2, 000
- Rs. 15,000: 35% on the OD premium, to a maximum of Rs. 2,500/-

2. No Claim Bonus: If you do not make a claim over a period of time, a No Claim Bonus (NCB) is offered on renewals. This discount can go as high as 50%.

3. Transfer your NBC:Transfer your full benefit of NO Claim Bonus, even when you shift your motor insurance policy to ICICI Lombard from any other insurance company.

4. Automobile Association: You also get additional discount if you are a member of a recognised Automobile Association of India.

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. (ARAI- Automobile Research Association of India. As a member of any of the following Automobile Association, a discount is given under the policy)

5. Cover yourself, your driver and your family: You can also opt for a personal accident cover for other Unnamed passengers in your car, For E.g. your family, relatives, friends etc. You can also cover yourself against any legal liability to your paid driver.

6. Customise your insurance with additional covers: Electrical and/ or non-electrical items fitted to the vehicle can be insured separately. For example: fog lights, music system, seat covers.

In case of vehicles fitted with bi-fuel system such as Petrol/ Diesel and CNG/ LPG, permitted by the concerned RTO, 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.

^ TOP