Policy purchase, claims, renewal & more
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08/12/2020 11:53:14
Your vehicle registration number is the unique vehicle identification number issued by Regional Transport Office (RTO) and mentioned in your vehicle RC book. The vehicle registration number is printed on license plate and affixed to your vehicle.
Kindly note: While entering your vehicle registration number, please be careful about similar looking characters and number, like alphabet ‘O’ being used in place of number 0 or vice-versa.
A cashless car insurance policy:
A cashless car insurance policy allows you to get your car repaired at network garages without paying upfront. Insurers have a tie-up with a wide range of garages. You can choose any of these garages to avail of cashless services. The insurer directly settles the repair bill with the garage. It results in:
You don't need to worry about arranging money for repairs. The process is quick and hassle-free.
You only need to cover costs like deductibles or repairs not covered under the policy.
Cashless claims reduce paperwork and ensure faster processing compared to traditional reimbursement claims.
Here’s how a cashless motor insurance policy works:
If your car gets damaged in an accident or due to any other incident, report it to your insurer immediately.
Your insurer arranges towing services to one of their authorised network garages for repair.
The garage inspects the damage, after which it sends a repair estimate to your insurer. You don’t need to handle payments directly.
After verifying the estimate, the insurance company approves the claim. The garage proceeds with the repairs.
Once repairs are completed, the insurer directly settles the bill with the garage. You only pay the deductibles, if applicable.
The process ensures faster claims and a seamless experience without waiting for reimbursement.
Depreciation in car insurance refers to the decrease in your car’s value over time due to wear and tear, age, and usage. It:
When you file a claim, the insurer considers the car’s depreciated value, not its original purchase price, reducing the claim amount.
Car parts like tires, batteries, and plastic components lose value faster. This affects the compensation during repairs.
Cars typically lose around 10% to 15% of their value every year, depending on age and condition.
To safeguard against depreciation, you can opt for zero depreciation coverage that ensures you get the full claim amount without factoring in depreciation.
A deductible in car insurance:
A compulsory deductible is the amount you need to pay from your pocket when making a claim under your cashless car insurance policy. The insurer fixes this cost and is deducted from the claim amount before it settles the remaining amount. Understanding this deductible helps you estimate and budget for potential expenses in case of an accident.
Being aware of this deductible can help you make more informed decisions about your coverage and ensure that you are financially prepared for any unforeseen events.
A voluntary deductible refers to the portion of a claim you choose to pay from your pocket before your car insurance kicks in. Opting for a higher voluntary deductible can reduce your premium, making your insurance more affordable. However, this also means you’ll bear a higher cost in case of an accident or damage. Let’s understand it with an example.
Suppose, you opt for a voluntary deductible of ₹ 5000 and the claim amount is ₹ 20,000. You need to pay ₹ 5000 from your pocket while the insurer will settle the remaining ₹ 15,000. Opting for a voluntary deductible is a smart way to save on premiums if you’re confident about your driving skills. It’s also a prudent option if your car is not on the roads frequently.
The general exclusions of a cashless car insurance policy include:
A network garage is a service centre the insurer partners with to offer cashless repairs for insured vehicles. Here, you can:
To avail of a cashless garage facility:
A cashless claims facility offers the following benefits:
Cashless claims streamline the insurance process. This lets you focus on repairing your vehicle without worrying about upfront payments.
Insurance companies settle bills directly with the network garage, eliminating the need for you to handle and monitor payments.
Since you don’t need to wait for reimbursement, repairs can begin immediately. This allows you to get back on the road sooner.
Insurance providers maintain a network of vetted garages, ensuring you receive quality service and repairs.
You can manage your finances better with no out-of-pocket expenses during the claim process. This is especially helpful during emergencies.
Inform your insurer about your claim and fill out the claims form along with the required documents. Submit it to your insurer, who, upon due diligence, will settle your claim directly with the insurer.
You need to submit the following documents to register your insurance claim:
Your insurer will inform you if you need to submit any additional documents.
With PAN India network garages and 24X7 claim support, ICICI Lombard’s cashless car insurance ensures hassle-free and prompt service. This minimises downtime and ensures your car is all set to go again.
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