What does motor insurance cover?
A comprehensive motor package insurance policy provides coverage for own damage and third-party liabilities. Under a motor insurance policy, losses or damages to the insured vehicle, caused due to natural and manmade disasters are covered. Personal Accident Cover is included in case of injury or death of registered owner-driver in any vehicle-related mishap.
What is the period for which a motor policy is issued?
Commonly, a motor insurance policy in India is issued for a period of 12 months, i.e. 1 year. However, for two wheeler owners, it is now possible to opt for long-term motor insurance. IRDAI has introduced long-term two-wheeler insurance for a policy term of up to 3 years.
How can I cancel my claim?
After filing a motor insurance claim, in case you wish to cancel the claimin case you do not want to pay the deductible or for any other reasons you wish to cancel the claim, you can reach us through any of the following modes:
What if I do not have a motor insurance policy?
You must get a motor insurance policy for your own benefit. It’s not just the repair costs that you’ll have to bear in case of any damages, you may also have to pay a fine of Rs. 2000 if you are caught driving without a valid motor vehicle insurance by the police.
It is easy to buy motor insurance online if you have your vehicle registration number. You can buy ICICI Lombard motor insurance either from our website or IL Insure app through the following steps:
- Enter the vehicle registration number and your contact details
- Review instant quote received for your motor insurance policy based on your vehicle type
- Pay the premium if you’re happy with quote
- View and download policy instantly online
When you buy vehicle insurance online, remember to look for add-on features that suit your need.
How is motor insurance premium calculated?
Motor insurance premium for a vehicle is calculated on the basis of multiple factors, including the Insured Declared Value (IDV) of the vehicle, make and model of the vehicle, seating capacity, cubic capacity etc. The premium amount also depends on a few other factors such as the type of policy chosen, deductibles, and add-on covers. Third-party premiums are decided by the IRDAI.
How is the Insured Declared Value (IDV) of my vehicle determined, and how does it affect my coverage?
The Insured’s Declared Value (IDV) of the vehicle will be deemed to be the ‘Sum Insured’ and it will be fixed at the commencement of each policy period for each insured vehicle.
The IDV of the vehicle (and accessories if any fitted to the vehicle) is to be fixed on the basis of the manufacturer’s listed selling price of the brand and model of the insured vehicle at the start of the insurance or renewal. The IDV would subsequently change according to the depreciation grid below for each one year block within the policy period for the insured vehicle. All vehicles, provided they have a valid fitness certificate as required by law, will be covered by the aforementioned product.
| AGE OF VEHICLE |
Not exceeding 6 months |
| % OF DEPRECIATION FOR FIXING IDV |
5% |
| Not exceeding 6 months |
5% |
| Exceeding 6 months but not exceeding 1 year |
15% |
| Exceeding 1 year but not exceeding 2 years |
20% |
| Exceeding 2 years but not exceeding 3 years |
30% |
| Exceeding 3 years but not exceeding 4 years |
40% |
| Exceeding 4 years but not exceeding 5 years |
50% |
The IDV arrived as per the above method may also be adjusted basis various factors such as location, usage, road type/ terrain etc, with agreement of the insured and as captured in the policy schedule.
IDV of vehicles beyond 5 years of age and for obsolete models (i.e. models that manufacturers have discontinued) is to be determined on the basis of an agreement between the insurer and the insured.
IDV shall be treated as the Market Value throughout the policy period without any further depreciation for the purpose of Total Loss (TL)/Constructive Total Loss (CTL)/Cash loss claims.
The Insured’s Declared Value (IDV) of the vehicle will be deemed to be the ‘Sum Insured’ and it will be fixed at the commencement of each policy period for each insured vehicle.
The liability of the Company shall not exceed the Insured's Declared Value (IDV) of the vehicle in the event of total loss/ constructive total loss/cash loss for the year in which loss has occurred. In order to ascertain the Total IDV as on date of loss, Tenure-wise chart is accompanied in the policy schedule.
Insured Declared Value of Car = Manufacturer's listed selling price - Depreciation Value
For instance, if your car is less than 6 months of age and its current market value is Rs. 10,00,000 then at 5% rate of depreciation, the IDV would be around 9.5 lakhs. However, if the car is above 1-2 years, then at 20% rate, the IDV would be 8.0 lakh.
* The above provisions of Insured declared value are in line with the erstwhile India Motor Tariff
What are the turnaround times (TAT) for my insurance services?
<
<
<
| Sr No |
DESCRIPTION OF SERVICE |
Servicing TURN AROUND TIME |
| 1 |
TAT acceptance of proposal |
07 days from the date of receipt of the proposal form |
| 2 |
TAT for issuing of policies |
15 days of the acceptance of a proposal |
| 3 |
TAT for passing an endorsement |
07 days from the date of receipt of request |
| 4 |
TAT for policy servicing |
07 days from the date of receipt of request |
| 5 |
TAT for appointment of surveyor |
24 hours of claim intimation |
| 6 |
TAT for receipt of survey report |
15 days from appointment |
| 7 |
TAT for claim approvals |
7 days from survey report / Assessment Sheet |
| 8 |
TAT for settlement of claims |
7 days from survey report |
What are the product details and policy documents for various motor insurance plans?
| Sr No |
Product Name List |
UIN |
Product Type |
LOB |
Motor OD Tenure in years |
Motor TP Tenure in years |
Other Tenure |
Link to Policy Wordings/ CIS |
| 1 |
Private Car Package Policy |
IRDAN115RP0017V01200102 |
Package |
Motor |
1 |
1 |
|
Policy wordings |
| 2 |
Two Wheeler Vehicle Package Policy |
IRDAN115RP0015V05201415 |
Package |
Motor |
1 or 2 or 3 |
1 |
|
Policy wordings |
| 3 |
Goods Carrying Vehicle Package Policy |
IRDAN115RP0013V01200203 |
Package |
Motor |
1 |
1 |
|
Policy wordings |
| 4 |
Passenger Carrying Vehicle Package Policy |
IRDAN115RP0014V01200203 |
Package |
Motor |
1 |
1 |
|
Policy wordings |
| 5 |
Miscellaneous Vehicle Package Policy |
IRDAN115RP0015V01200203 |
Package |
Motor |
1 |
1 |
|
Policy wordings |
| 6 |
Motor Trade Road Risk Package Policy |
IRDAN115RP0014V01200203 |
Package |
Motor |
1 |
1 |
|
Policy wordings |
| 7 |
Passenger Carrying Vehicle Package Policy |
IRDAN115RP0008V01202223 |
Package |
Motor |
1 |
1 |
|
Policy wordings |
| 8 |
Motor Trade Road Transit Risk Package Policy |
IRDAN115RP0006V01202223 |
Package |
Motor |
1 |
1 |
|
Policy wordings |
| 9 |
Motor Trade Internal Risk Package Policy |
IRDAN115RP0001V01200203 |
Package |
Motor |
1 |
1 |
|
Policy wordings |
| 10 |
Compulsory Personal Accident (Owner-Driver) Under Motor Insurance Policies |
IRDAN115RP0034V01201819 |
SPCA |
Motor |
NA |
NA |
Motor CPA - 1 Year |
Policy wordings |
| 11 |
Smart Drive Motor Warranty Insurance |
IRDAN115RP0020V01202122 |
EW |
MISC |
NA |
NA |
Motor EW Annual
or Multiple years
|
Policy wordings |
What are the policies regarding Total Loss, Constructive Total Loss, and Cash Loss for my insured vehicle?
The insured vehicle will be treated as a Total Loss / Constructive Total Loss / Cash-loss if the aggregate cost of retrieval and/or repair of the vehicle, subject to the policy's terms and conditions, exceeds 75% of the IDV of the vehicle.
As further guided by the Master Circular on General Insurance business, If a damaged motor vehicle is assessed as being unrepairable and hence a wreck i.e. a ‘total loss’ or ‘write-off’, the Insurer shall grant the Policyholder the option to retain the wreck and accept a ‘cash loss’ settlement (being the IDV less the assessed value of Salvage based on competitive quotes procured by the Insurer including any submitted by or through the Policyholder).
The liability of the Company shall not exceed the Insured's Declared Value (IDV) of the vehicle (including accessories thereon) as specified in the Schedule less the value of the wreck in the event of total loss / constructive total loss/cash loss for the year in which loss has occurred. In order to ascertain the Total IDV as on date of loss, Tenure-wise chart of IDV would be accompanied in the policy schedule.
In case of Total Theft of the vehicle, the liability of the Company shall not exceed the Insured's Declared Value (IDV) of the vehicle (including accessories thereon). However the company shall not be liable for Loss of or damage to accessories due to burglary, housebreaking, or theft unless the vehicle is stolen simultaneously.
* The above provisions for determining Total loss/Constructive total loss /Cash loss are in line with the erstwhile India Motor Tariff and as guided by the Master circular on General insurance products.