National Insurance and ICICI Lombard are two well-established names in the car insurance landscape of India. Both companies have earned their reputation over the years for providing comprehensive insurance solutions to vehicle owners across the country. As you navigate the complex world of car insurance, understanding the key differences and advantages between these two giants is crucial. Whether you are a first-time car owner looking for a budget-friendly policy or a seasoned driver seeking extensive coverage, this comparison will shed light on which provider aligns better with your specific needs and preferences. So, let's dive into the details of National Insurance and ICICI Lombard car insurance to help you make a well-informed choice for your prized possession on wheels.
Car insurance serves as an essential financial safeguard for every vehicle owner, providing protection against unforeseen accidents, damage, and liabilities on the road. It is not just a legal requirement in many countries but also a vital means of securing your financial well-being and peace of mind. However, selecting the right car insurance provider is as crucial as having insurance itself. The choice you make can significantly impact the coverage you receive, the ease of claims processing, and ultimately, your overall satisfaction as a policyholder. In this article, we will delve into the comparison of two prominent car insurance providers in India: National Insurance and ICICI Lombard. By examining their offerings, coverage options, and customer feedback, we aim to help you make an informed decision when it comes to safeguarding your vehicle and your financial interests.
| Key Points |
National Car Insurance |
ICICI Lombard Car Insurance |
| Claim settlement ratio |
78.55 |
76.53 |
| Cashless Garages |
3100+ |
9700+ |
| Solvency Ratio |
0.62 |
1.59 |
| Branches |
373+ |
165+ |
| Claims Settled |
2.3 lakhs |
1.5 Million |
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National Insurance Car Insurance
National Insurance Company Limited (NIC) is one of the oldest and most preferred general insurance firms in the country. The company is one of the oldest insurance players offering multiple insurance policies to fulfill the different needs of the customers.
National Insurance Company, one of the premier insurance firms in India, offers a third-party liability policy and a comprehensive car insurance policy. The company also offers customers benefits like cashless claims settlement, discounts, etc.
National Car Insurance is meant to protect private car owners against any own car damages and legal liabilities. Additionally, it also offers personal accident cover to provide financial assistance during any injuries caused due to an accident.
What is Covered?
- Loss incurred by the insured’s car in the following events:
- 1. Burglary or theft
2. Riot and strike
3. Terrorist Act
- 4. Fire, explosion, or lightning
5. Earthquakes, floods, typhoons, hailstorms, etc.
6. Rockslide or landslide incidents
7. Accidental external means and so on.
- Injury or death of third party due to an accident involving the insured’s car
- A compensation of up to Rs 7.5 lakh for third party property damages.
What is Not Covered?
- Any wear-and-tear of the car due to aging
- Any mechanical and electrical breakdown
- Private cars used for remuneration purpose is not covered
- Driving without a valid driving license
- Loss or damage caused while driving under the influence of alcohol or any other intoxicating substance
- Loss or damage due to depreciation of the car's value
- Loss or damage due to war or nuclear risks
- Consequential loss - if the original damage causes subsequent damage / loss, only the original damage will be covered under our motor car insurance.
- Compulsory deductibles - a fixed amount that gets deducted at the time of the claim.
| Types of Policies |
Add-ons/Riders |
Additional Benefits |
- Private car liability policy
- Private car package policy.
|
- Liability only cover
- Package cover
- NCB protection
- Return to Invoice value protection
- Engine Protection
- Key & lock Protection
- Consumables Protection
- Roadside Assistance
|
- Optional personal accident cover of up to Rs. 15 Lakh for the insured
- Optional coverage for the co-passengers in the insured’s car for up to Rs. 2 Lakh
- No-claim discounts ranging from 20% to 50% are applicable on own damage premium
- Availability of add-on covers like Zero depreciation, Engine protect, NCB protect etc.,
- Fast cashless claim settlement procedure at network garages of National General Insurance.
|
ICICI Lombard Car Insurance
ICICI Lombard Car Insurance is a private car insurance company in India. It is one of the leading insurance companies with a market share of over 30%. ICICI Lombard Car Insurance offers comprehensive car insurance, roadside assistance, and travel accident coverage.
ICICI Lombard Car Insurance is an Indian car insurance company. They offer a wide range of car insurance plans to cater to every need. They have been in the market for over 50 years and have served more than 10 million customers. They offer a range of policies from basic to comprehensive and provide discounts for all kinds of users.
ICICI Lombard Insurance offers a range of car insurance plans that are suitable for everyone. They offer affordable car insurance coverage and they can be availed by both new and old customers. ICICI Lombard Car Insurance plans come with collision damage waiver, third-party liability, uninsured/underinsured motorist coverage, and theft and fire protection, roadside assistance cover.
What is Covered?
ICICI Lombard offers a range of car insurance policies, and the coverage provided may vary depending on the specific policy and add-ons you choose. However, here are some common elements typically covered in ICICI Lombard Car Insurance:
- Covers Third party Liability Car Insurance
- It offers the highest level of security to your car
- Compensation in case of death or disability
- Covers legal and financial hurdles
- Secures your car against theft
- Protection against vandalism
- Full protection from flying objects
- Full protection against natural calamities.
What is Not Covered?
ICICI Lombard car insurance policies typically come with certain exclusions, which are specific situations and circumstances not covered by the insurance. While the exact terms and conditions can vary depending on the specific policy and add-ons you choose, here are common exclusions that you should be aware of:
- Regular Wear and Tear
- Mechanical or Electrical Breakdown
- Driving Without a Valid License
- Driving Under the Influence
- Racing or Speed Testing
- Consequential Damage
- Unauthorized Drivers
- Commercial Use
- Nuclear Risk and War
- Deliberate Acts
- Non-Disclosed Modifications
- Illegal Activities
- Unapproved Repairs.
| Types of Policies |
Add-ons/Riders |
Additional Benefits |
- Private Car Package policy
- Stand-alone Own-damage
- Third Party Car Insurance
|
- Depreciation cover
- Consumable cover
- Roadside assistance
- Key replacement cover
- Engine & Gearbox Cover
- Personal Accident Cover for Co-passenger
- Ambulance charges
- Invoice Price Cover
- Hospital Cash
- Medical Expenses.
|
- Quick policy purchase online
- 24x7 claim assistance
- Cashless claim settlement at network garages
- Touchless policy issuance
- No break in coverage
|
Comparison of National Insurance vs. ICICI Lombard Car Insurance
Two of India's most popular car insurance companies are National and ICICI Lombard. Both companies have been in business for decades and provide a reputation for trustworthiness & reliability. National and ICICI Lombard are both great choices when choosing an insurance plan. Both companies offer a wide variety of benefits to their customers, and differ in several ways as well! Let us look at the differences between these two plans, and see which one is better suited for your needs.
| Distinguish |
National Insurance |
ICICI Lombard Car Insurance |
| Benefits |
- Coverage of Rs.2 lakh for the owner-driver in case of a permanent total disability or an accidental death on a premium of Rs.100.
- Passenger Personal Accident cover: Passenger Personal Accident cover can be availed with 100 Rs/person for a Sum Insured of Rs.2, 00,000 for each of the occupants.
- Legal liability for Paid driver: Liability cover with a premium of 50 Rs/annually for the paid-driver
- No claim Bonus covers up to 50%.
|
- Personal Accident Cover: It covers up to Rs. 15 lakh
- Owner-Driver: Provides personal accident coverage for owner driver
- Coverage for natural disasters like earthquakes, floods, fires, and storms
- Affordable premiums and Easy Renewals
- Coverage for theft, accidents, and terrorist activities
- No claim Bonus covers up to 50%.
|
| Features |
- Instant car insurance renewal Hassle-free instant zero paperwork renewal
- Claim settlement Quick and hassle-free claim settlement
- Claim Assistance Service 24x7 claim assistance
- Decision on claims approval within 7 working days from the receipt of all documents.
|
- Get Instant Quotes
- Payment Reminders
- Instant Coverage
- Quick Issuance
- Zero paperwork
- Convenience
- Control over coverages
- 24x7 customer service
|
| Highlights |
- National Insurance is the First Company to introduce the “Office on Wheels in India”.
- National Insurance Provides 24x7 Live Chat Support.
- Discounts are also offered for vehicles that have anti-theft or other security devices installed.
|
- Over 9.8 Million policies issued, we have been issued 9.8 Million policies to our customers, our simple and paperless documentation process online helps us issue insurance policies to our customers easily.
- Claims settled, We settled 1.3 Million claims and stood as the best insurance company for immediate claim settlement.
- Our presence across India, We have 79 branch offices across India, a customer can find our branch offices in metro and 2nd tier cities to solve all queries related to insurance.
- AXA Assistance, We are ahead in providing 24*7 worldwide assistance for your abroad travel makes you stress-free by AXA assistance.
|
| Accessibility |
Online through PolicyBachat & National Website. |
Online through PolicyBachat & ICICI Lombard Website. |
Key Differences Between National Insurance and ICICI Lombard:
1. Premiums:
- National Insurance: National Insurance tends to offer competitive premiums, making it a preferred choice for budget-conscious customers. Premium rates may be relatively lower compared to some other insurers.
- ICICI Lombard: ICICI Lombard's premiums can vary depending on the type of coverage and add-ons chosen. It is known for providing a balance between affordability and comprehensive coverage.
2. Coverage Variations:
- National Insurance: National Insurance provides a range of coverage options, including third-party liability and comprehensive coverage. The extent of coverage may vary depending on the specific policy and add-ons selected.
- ICICI Lombard: ICICI Lombard offers comprehensive coverage options and various add-ons, allowing policyholders to customize their policies according to their specific needs.
3. Limits and Exclusions:
- National Insurance: The limits and exclusions in National Insurance policies are typically in line with industry standards. Policyholders should carefully review the terms and conditions to understand the extent of coverage and any specific exclusions.
- ICICI Lombard: ICICI Lombard often provides flexibility in coverage limits and may offer additional benefits through its add-on options. Like National Insurance, it has its own set of exclusions that policyholders should be aware of.
4. Claims Process and Customer Service:
- National Insurance: The claims process with National Insurance can vary depending on the nature of the claim and the specific circumstances. Some customers have reported mixed experiences with the speed and efficiency of claim settlements. Customer service may also vary by location.
- ICICI Lombard: ICICI Lombard is known for its relatively efficient claims processing and customer-centric approach. It offers a hassle-free claims process, and its customer service is generally well-regarded for responsiveness and assistance.
5. Reputation and Financial Stability:
- National Insurance: National Insurance is one of India's oldest and most established insurance companies, which contributes to its reputation and trustworthiness. It is backed by the Government of India and is considered financially stable.
- ICICI Lombard: ICICI Lombard is a well-recognized private insurance company in India, known for its financial stability and innovative insurance products. It has gained a reputation for its reliability in the insurance industry.
In summary, both National Insurance and ICICI Lombard have their unique strengths and areas of specialization. The choice between them should depend on individual preferences, budget constraints, and specific insurance needs. It's essential for potential policyholders to thoroughly research and compare policies, read the terms and conditions, and consider their personal circumstances before making a decision.
How to Choose the Right Car Insurance for Your Needs? National Insurance vs. ICICI Lombard Insurance
Choosing the right car insurance for your needs is a crucial decision to ensure that you have adequate coverage and protection in case of accidents or unforeseen events. Here is a step-by-step guide to help you make an informed choice:
Assess Your Coverage Needs:
- Consider the type of coverage you need. In most places, liability insurance is mandatory, covering damages you cause to others. However, you may want additional coverage for your vehicle and yourself.
- Evaluate your vehicle's value and age. Newer or more expensive cars often require comprehensive coverage, while older vehicles may be adequately covered with basic insurance.
- Think about your driving habits. Do you commute long distances, drive in high-traffic areas, or frequently use your car for business purposes? These factors can influence your coverage requirements.
Understand Types of Coverage:
- Liability Insurance: Covers third-party injuries and property damage caused by you in an accident.
- Collision Coverage: Pays for damage to your vehicle in accidents involving collision with another vehicle or object.
- Comprehensive Coverage: Protects against non-collision incidents like theft, vandalism, natural disasters, and more.
- Personal Injury Protection (PIP) or Medical Payments: Covers medical expenses for you and your passengers in case of injury.
- Uninsured/Underinsured Motorist Coverage: Provides protection if you're involved in an accident with an uninsured or underinsured driver.
Consider Additional Coverage:
Evaluate add-ons or endorsements, such as roadside assistance, rental car coverage, and gap insurance. Choose those that align with your needs.
Set Your Deductible:
Decide on your deductible amount. A higher deductible can lower your premium, but it means you'll pay more out of pocket in the event of a claim. Choose a deductible that you can comfortably afford.
Compare Quotes:
Get quotes from multiple insurance providers. You can do this online or by working with an insurance agent. Ensure you're comparing policies with similar coverage levels and deductibles for an accurate comparison.
Research the Insurers:
Check the reputation and financial stability of the insurance companies you're considering. Look for customer reviews and ratings online to gauge customer satisfaction.
Inquire About Discounts:
Ask about available discounts. Many insurers offer discounts for safe driving records, bundling policies, anti-theft devices, and more. Take advantage of these to reduce your premium.
Review Policy Terms and Conditions:
Carefully read and understand the terms and conditions of the policies you're considering. Pay attention to coverage limits, exclusions, and any additional fees.
Consider Customer Service:
Contact the customer service departments of the insurance companies you're interested in. Evaluate their responsiveness, willingness to answer questions, and overall customer service experience.
Seek Recommendations:
Ask friends, family, or colleagues for recommendations. They can provide insights based on their own experiences.
Evaluate Policy Renewal Process:
Understand how policy renewals work, including premium adjustments and any changes in coverage or deductibles.
By following these steps and taking the time to assess your unique car insurance needs, compare quotes, research insurance providers, and understand policy terms, you can make an informed decision that provides the necessary coverage for your vehicle and circumstances while staying within your budget. Remember that the right insurance policy offers peace of mind and financial protection while you are on the road.
Conclusion:
In conclusion, the comparison between National Insurance and ICICI Lombard car insurance reveals two prominent options with their unique strengths and considerations. National Insurance, steeped in history and government backing, offers competitive premiums and a range of coverage options but may sometimes encounter challenges in terms of customer service and claim settlements. On the other hand, ICICI Lombard combines financial stability with a reputation for efficient claims processing and a customer-centric approach, although premiums may be slightly higher. The choice between these insurers ultimately depends on individual preferences, budget constraints, and specific insurance needs. Prospective policyholders should carefully assess their requirements, compare policies, and consider factors like vehicle type, usage, and personal circumstances to make a well-informed decision that ensures the right level of coverage and peace of mind on the road.