ICICI Lombard Commercial Vehicle Insurance

ICICI Lombard Commercial Vehicle Insurance Policy has been spending designed to protect your commercial vehicle against any unforeseen financial loss that could arise out of:

• ✔Legal liability towards third parties for personal injury/death
• ✔Third party property damage

However, with the comprehensive cover from ICICI Lombard commercial vehicle insurance, you can also get coverage towards any loss or damage to your commercial vehicle.

This policy basically has 2 variants that you can choose from:

• ✔Package or comprehensive policy
• ✔Third party liability only policy

Some of the key features of ICICI Lombard commercial vehicle insurance policy are following:

• ✔Offers cover for third party legal liabilities that could arise out of third party claims
• ✔Personal Accident Cover for Owner and Driver
• ✔Availability of No Claim Bonus (NCB)
• ✔Provides with effective add-on covers to extend protection
• ✔Enjoy cashless claim settlement at network garages ICICI Lombard all over the country

Have a look at the coverage available under ICICI Lombard commercial vehicle insurance policy.

Own Damage Cover

Own damage cover includes protection against loss or damage to the insured commercial vehicle against perils such as fire, lightning, explosion, self-ignition, housebreaking, burglary, theft, strike and riot, flood, typhoon, earthquake, storm, landslide, hurricane, accidental external means, terrorist activity, malicious act, in transit by rail, road, inland-waterway, air, lift or elevator, rockslide, etc. You can avail this cover is by opting for ‘Package Policy’ with ICICI Lombard commercial vehicle insurance.

Third Party Liability Cover

It offers coverage to the insured against third party liability arising out of the use of the vehicle in regard of death or bodily injury to occupants carried in a vehicle other than the insured’s vehicle. Third party policy also covers damage to property other than the property that belongs to the insured.

Personal Accident Cover for Owner - Driver

In the event if bodily injury or death to the owner or driver of the vehicle, the policy will offer compensation depending on the nature of injury sustained.

Nature of Compensation

• ✔It will offer 100% compensation for death and loss of two limbs/sight of two eyes/one limb & sight of one eye
• ✔It will offer 50% compensation for loss of one limb or sight of one eye
• ✔It will offer 100% compensation for permanent total disablement from injuries other than the specified ones

Note that the policy will pay the compensation when the death or injury is caused within 6 calendar months of accidental external and visible means. The policy will pay maximum Rs 2 lakhs towards personal accident cover during any one period of insurance.

No Claim Bonus (NCB)

As per the available NCB percentage, the insured is entitled to receive No Claim Bonus at the time of policy renewal. The percentage for the same includes 20%, 25%, 35%, 45% and 50%. It is offered as a percentage of discount on ‘Own Damage’ premium. Note that this benefit can be availed only under ‘Package Policy’.

Following are the additional cover (add-on covers) that you can avail with ICICI Lombard commercial vehicle insurance upon payment of additional premium.

Zero Depreciation: With this add-on cover, in the event of loss or damage to the insured vehicle, the insurance provider will not deduct any amount for depreciation on value of the parts replaced for up to 2 admissible claim.

Garage Cash: This additional covers offers a daily allowance to the insured person for each and every completed day of hospitalization, in case the insured's vehicle is under repair in a garage, due to any loss or damage caused to the insured vehicle.

Engine Protect Plus: This add-on cover offers protection against consequential damage to the internal parts of the Engine and Gear Box of the Insured Vehicle as a result of water ingression leakage of lubricating oil following damage to Engine parts, differential parts and Gear box parts owing to an accident.

NCB Protect: This cover will protect the insured's No Claim Bonus percentage even if claim is filed under a policy term. This benefits can be availed for up to 3 claims.

Consumable Items: This additional cover will pay for costs of consumables such as Gear box oil, Engine oil, Power steering oil, Brake oil, etc. that may incur while replacing or replenishing the damaged vehicle, after an accident.

Voluntary Deductible: In case of Total Loss or Constructive Total Loss (CTL) of the commercial vehicle, the insured shall bear an expense incurred towards loss or damage to the vehicle insured up to a voluntary deductible amount as chosen by the insured.

Voluntary Deductible: In case of Total Loss or Constructive Total Loss (CTL) of the commercial vehicle, the insured shall bear an expense incurred towards loss or damage to the vehicle insured up to a voluntary deductible amount as chosen by the insured.

Return to Invoice: Under this add-on cover, the difference between the amount received and the replacement value of vehicle is payable by the insurer in case of Total Loss or Constructive Total Loss (CTL) or Total Theft of the vehicle.

Loss of Personal Belongings: This add-on cover will pay for the loss, damage or theft caused to the personal belongings kept inside the insured vehicle.

Road Side Assistance: With roadside assistance add-on cover, policyholders can avail assistance while on the road. This additional cover offers service for emergencies like battery jump start, towing on arrangement/supply of fuel, breakdown/accident, repair of flat tyre, arrangement of keys, etc. Note that you can make a maximum of 4 claims for emergency assistance services under a policy term.

Key Protect: This add-on cover will pay for the cost incurred in fitting or purchasing new locks or replacement of keys of the insured vehicle, in the event of burglary/theft/ damage or loss to the keys and/or lock of the Insured’s vehicle.

Below are the conditions that ICICI Lombard will offer no coverage for:

• ✔Any accidental loss damage incurred outside the specified geographical area will not be covered
• ✔The policy will not entertain any claim arising out of any contractual liability
• ✔No coverage for vehicle being used otherwise than in accordance with the limitations specified under the policy
• ✔Any Mechanical or Electrical breakdown will not be covered
• ✔Consequential loss
• ✔Depreciation, wear and tear
• ✔Claim arising out of damage or loss to the vehicle while intoxicated driving
• ✔Loss or damage to the vehicle as a result of War, invasion, act of foreign enemy, etc

Note: This is not the complete list of exclusions. Please refer to the policy document for the complete list.