ICICI Lombard Third Party Car Insurance Policy
This policy protects you from legal issues if your car causes an accident. If your car injures someone or damages their vehicle or property, ICICI Lombard will pay for these costs. Every car owner must have third-party insurance. If you don't have a third-party four-wheeler insurance policy, you may need to pay heavy fines.
ICICI Lombard Third Party Car Insurance vs Comprehensive Car Insurance Policy
| Features | Third Party Car Insurance | Comprehensive Car Insurance |
|---|---|---|
| Coverage | Covers third-party liabilities (bodily injury, death, and property damage). | Covers third-party liabilities and damages to your own Car (accidents, theft, natural disasters, fire, etc.). |
| Own Damage Protection | Not included. | Included. |
| Personal Accident Cover | Covers injury or death of the policyholder in an accident. | Covers injury or death of the policyholder in an accident. |
| Premium Cost | Lower premium compared to comprehensive insurance. | Higher premium due to broader coverage. |
| Optional Add-ons | Not available. | Various add-ons available (e.g., zero depreciation, roadside assistance, etc.). |
| Legal Requirements | Mandatory by law in India. | Optional but highly recommended for complete protection. |
| Protection Against Thefts | Not included. | Included. |
| Natural Disaster Coverage | Not included. | Included. |
Key Benefits of ICICI Lombard Third-Party Car Insurance
Here are the main benefits of getting third-party car insurance from ICICI Lombard:
1Third Party Damage Cover
This insurance pays for injuries or damage to other people and their property, and it helps you avoid unexpected costs.
2Affordable and Standard Pricing
The cost of third-party car insurance is cheaper than comprehensive insurance, and the prices are fixed by the Insurance Regulatory and Development Authority of India (IRDAI), so it is consistent.
3Protection Against Traffic Fines
Having third-party car insurance means you won’t get traffic fines for not having insurance, as it's required by law.
What's Covered and What's Not in ICICI Lombard Third-Party Car Insurance
1What's Covered (Inclusions)
- Property Damage: If your car damages someone else’s property in an accident, they can get up to INR 1 lakh to fix the damage.
- Injury or Death: If your car causes an accident that injures or kills someone, you might have to pay for their medical expenses or other costs. The court decides how much you need to pay, and there’s no upper limit set by the insurance.
2What's Not Covered (Exclusions)
- Damage to Your Own Car: This insurance does not pay for any damage to your own car.
- Driving Under the Influence: If you have an accident while driving under the influence of drugs or alcohol, this insurance won’t cover the costs.
- Theft: This insurance does not cover the theft of any car, whether it’s yours or someone else’s.
- Learning to Drive: If you’re learning to drive without a proper license, or if you only have a learner’s license and no experienced driver with you, this insurance might not apply.
Disclaimer: The exact things covered and not covered might change based on your specific plan and any extra coverage you choose. Always check your policy details to understand fully what is included.
FAQs
It provides coverage against your costs if your vehicle causes injury to a person or property damage and saves you from paying a lot of money.
No. Third-party car insurance is budget-friendly, particularly in comparison with comprehensive insurance. The Insurance Regulatory and Development Authority of India (IRDAI) regulates its price; thus, it's consistent.
It is mandatory to have third-party insurance for driving cars in India. In addition, it protects you from financial losses arising from damage to an individual or damage to property as a result of you driving your vehicle.
No, third-party insurance covers damages caused to the other person's property; thus, any damage that your car suffers will not be covered.
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