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ICICI Lombard Commercial Vehicle Insurance

ICICI Lombard commercial vehicle insurance provides legal and financial protection to commercial vehicles like trucks, auto-rickshaws, tractors, buses, etc. A commercial vehicle insurance helps you financially cover the insured vehicle against unforeseen events such as road accidents, natural and man-made disasters, theft, etc. You can purchase ICICI Lombard commercial vehicle insurance via Policybazaar or the official website directly. Read more

About ICICI Lombard General Insurance Company

A joint venture between ICICI Bank and Fairfax Financial Holdings Limited, ICICI Lombard is a general insurance company offering insurance coverage for various sectors such as motor, health, travel, etc. You can easily purchase a policy from ICICI Lombard online on its official website.

ICICI Lombard is strongly focussing on being a digital platform. It has launched several technological features to make the process of buying insurance policies online smooth and hassle-free.

Key Features of ICICI Lombard Commercial Vehicle Insurance

Features	Coverage/Benefit
Third Party Coverage	Yes
No Claim Bonus Benefit	Yes
Towing Facility for Mechanically Disabled Vehicles	Yes
Personal Accident Coverage	Up to Rs. 15 Lakh
No. of Zero Dep Claims	3

Coverage Under the ICICI Lombard Commercial Vehicle Insurance

What is Covered?
What is not Covered?

Policyholders can file a claim against their commercial vehicle insurance if the damage is caused due to the following:

Third party liabilities and third party property damages are covered
Damages due to any natural disasters such as earthquake, floods, hurricanes, etc
Losses occurred due to riots and strikes
Any damage due to fire explosion, self ignition, lightning
Total or partial loss in case of burglary, house breaking, or theft
Any loss due to malicious or terrorist activity
Damages occurring while in transit via rail, water, air, or road

The policyholder is not eligible for a claim if the losses arise due to any of the following.

Any consequential losses
Damages caused due to depreciation, regular wear and tear, mechanical or electrical breakdown, failures or breakages
Losses caused by overloading or strain of the insured vehicle
Damages to accessories by burglary, housebreaking or theft
Damage caused if the insurer is driving under the influence of intoxicating liquor or drugs

ICICI Lombard Commercial Vehicle Insurance Add-Ons

You can purchase some additional covers with your ICICI Lombard commercial vehicle insurance to get enhanced coverage and protection. Some of the most common add-ons are mentioned below.

IMT 23: IMT 23 is an extended cover that provides financial coverage against damages occurring to excluded parts such as lamps, tyres, tubes, mudguards, bonnet, side parts bumpers, headlights and paintwork of damaged portions provided the vehicle is also damaged at the same time.
IMT 24: This cover is only available in a package policy. The insurer will cover any losses or damages occurring to electrical and/or electronic fittings that are not included in the manufacturer's listed selling price of the vehicle.
Zero Depreciation: If you have this add-on, the commercial vehicle insurance company will not deduct any depreciation on the repaired parts such as glass, fiber glass, etc, in case of an accidental claim.
Personal Accident (PA) Cover: A PA cover is a mandatory cover as per the Indian Motor Vehicle Act. In case of death, loss of 2 limb or sight of 2 eyes, or permanent total disablement from injuries, the insurer will pay you 100% compensation, whereas in case of loss of one limb or sight of one eye there will be a 50% reimbursement. The PA cover will be of maximum ₹15 lakhs.

How to Renew ICICI Lombard Commercial Vehicle Insurance?

A commercial vehicle insurance is legally mandatory for all commercial vehicle owners. You can renew your ICICI Lombard Commercial Vehicle Insurance online using policybazaar.com using the steps mentioned below:

Step 1: Go to the homepage of policybazaar.com and click on 'commercial vehicle insurance'
Step 2: Enter your vehicle details and click on submit.
Step 3: Fill in with all the details asked and include any add-ons if required
Step 4: Choose the ICICI Lombard commercial vehicle insurance plan and check the premium.
Step 5: After verifying all the details, make the payment using netbanking/cards/UPI.
Step 6: Your policy will be sent to your registered email address.

How to File a Claim Under ICICI Lombard Commercial Vehicle Insurance?

Inform the Insurer

To make a claim, immediately intimate the insurer in case of any unforeseen event.

Damage Assessment

A surveyor will be assigned to examine your case and loss.

Document Submission

Submit all the documents required like insurance copy, claim RC, Driving License, form, FIR, etc.

Claim Settlement

When all documents are submitted and the vehicle is sent to the authorised network garage, it will be repaired and the insurer will directly settle the claim. You can also file a reimbursement claim, wherein the claim amount will be reimbursed once the repairs are done.

Documents Required to Raise a Claim Under ICICI Lombard Commercial Vehicle Insurance

To file a claim under the ICICI Lombard commercial vehicle insurance, you must submit the following documents:

Claim Form
Registration Certificate
Driving License
Aadhar/PAN Card
Policy Document
FIR (if applicable)
Challans
Receipt
Final Repair Bill Copy

FAQs

Q1. How to file a claim for ICICI Lombard commercial vehicle insurance?

Ans: To file a claim against your commercial vehicle insurance, you must immediately inform the insurer and wait for the damage assessment.
Q2. What is zero depreciation cover in commercial vehicle insurance?

Ans: Zero depreciation or bumper-to-bumper/nil depreciation is an add-on cover with your own damage commercial vehicle insurance under which the insurer will pay the full cost of replacing the damaged parts in case of an accident, without deducting any depreciation.
Q3. What is all covered in commercial vehicle insurance?

Ans: The ICICI Lombard commercial vehicle insurance protects commercial vehicles such as buses, trucks, lorries, taxis, etc, from unforeseen events like road accidents, fire, theft, natural calamities, etc.

Q4. How is commercial vehicle IDV calculated?

Ans: The IDV is the “sum insured” that your insurer will pay if your commercial vehicle is stolen or damaged beyond repair (if the repair cost exceeds 75% of the IDV) after deducting the depreciation cost. The IDV can be calculated using the formula mentioned below.

IDV= (Manufacturer's listed selling price - depreciation) + (Accessories not included in listed selling price - depreciation)

View more FAQ’s

Written By: PolicyBazaar

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Disclaimer: The list mentioned is according to the alphabetical order of the insurance companies. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in