You've decided to buy a car insurance thinking about what type of car insurance you need and now, the question is how can you find a policy that's right for you? Car insurance is essential nowadays. The financial implications of this decision are long-lasting and can sometimes be irreversible. To make a good decision on car insurance, you should know what is available to you and which one will best benefit your specific needs.
However, this decision has become much easier with the help of PolicyBachat. Looking for New India Assurance vs ICICI Lombard Car Insurance Comparison, Key Benefits, and Features to buy the best car insurance, PolicyBachat is helping you find the best one.
The two insurance companies, New India Assurance, and ICICI Lombard Car Insurance are both well-established in the Indian insurance market. They have been around for many years and provide a variety of insurance plans to their customers. They have a significant customer base that provides service & convenience for potential clients.
Both companies offer insurance plans for your car for all your needs. However, there are some key differences between them. You should know about these beforehand so you can make the most informed choice for yourself before buying a car insurance policy.
| Key Points |
New India Assurance Car Insurance |
ICICI Lombard Car Insurance |
| Claim settlement ratio |
85.35% |
76.53% |
| Cashless Garages |
3000+ |
9700+ |
| Solvency Ratio |
2.13 |
2.90 |
| Branches |
2214 |
165+ |
| Claims Settled |
3,73,594 |
2,01,143 |
What is New India Assurance Car Insurance?
New India Assurance Car Insurance is a leading provider of car insurance in India. New India Assurance Car Insurance is a company that offers car insurance for both new and used cars. New India Assurance Car Insurance is a company that offers car insurance for both new and used cars. It's one of the leading providers in the country with over 24,000 employees, 1.3 million customers, and an annual turnover of Rs. 600 crore.
New India Assurance Car Insurance provides cover against theft, fire, accidental damage to your vehicle, loss or damage to your vehicle while traveling abroad and accidents caused by third-party negligence among other things. Their policies are designed to suit your needs and budget.
What is Covered?
- Death or bodily injury to a third party person.
- Damage to third party property.
- Covers loss or damage to the insured vehicle and its accessories due to:
- Fire, explosion, self-ignition, or lightning.
- Burglary, housebreaking, or theft.
- Riot and Strike.
- Malicious Act.
- Terrorist Act.
- Earthquake (Fire and Shock) Damage.
- Flood, Typhoon, Hurricane, Storm, Tempest, Inundation, Cyclone, and Hailstorm.
- Accidental external means.
- Whilst in transit by road, inland waterway, lift, elevator or air.
- By landslide/Rockslide.
What is Not Covered?
- Wear and tear, breakdowns
- Consequential loss
- Lose when driving with an invalid driving license or under the influence of alcohol.
- Loss due to war, civil war, etc.
- Claims arising out of contractual liability.
What is 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 cover.
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 also provide discounts for all kinds of users.
What is Covered?
- Coverage for natural disasters like earthquakes, floods, fires, and storms
- Cashless repairs in 4800+ network garages
- Coverage for theft, accidents, and terrorist activities
- No claim bonusup to 50%
- ₹15 lakh Personal Accident Cover
- 9 add-ons to choose from
- Third-party legal liabilities cover
- Instant claim settlement via InstaSpect.
What is Not Covered?
- Car wear & tear and aging
- Damages while driving under the influence of drugs or liquor
- Any consequential loss
- Mechanical or electrical breakdown
- Damages while driving without a valid license
- Loss/damage due to war, mutiny, or nuclear risk.
Comparison of New India Assurance Car Insurance vs ICICI Lombard Car Insurance
Two of India's most popular car insurance companies are New India Assurance and ICICI Lombard. Both companies have been in business for decades and provide a reputation for trustworthiness & reliability.
New India Assurance Insurance 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’s take a look at the differences between these two plans, and see which one is better suited for your needs.
| Distinguish |
New India Assurance Car Insurance |
ICICI Lombard Car Insurance |
| Types of Policies |
- Standalone OD (Own Damage)for Private Car
- Private Car
- Standalone CPA (Compulsory Personal Accident) Cover.
|
- Private Car Package Policy
- Stand-alone Own-damage
- Third Party Car Insurance.
|
| Add-ons/ Riders |
- Zero Depreciation Cover
- Road tax cover
- No Claim Bonus
- Engine Protect Cover
- Towing Charges
- Co-passenger Cover
- Hydrostatic lock.
|
- Roadside Assistance Cover
- Zero Depreciation Cover
- Engine Protect Cover
- Garage Cash Cover
- Consumables Protect Cover
- Loss of Personal Belongings Cover.
|
| Extra Coverages |
- Loss or damage to accessories fitted in the vehicle such as stereos, fans, air-conditioners, etc.
- Personal accident cover under private car policies for:
- Legal liability to employees.
- Legal liability to non-fare paying passengers in commercial vehicles.
|
- Personal Accident cover up to Rs. 15 lakh
- No claim bonus (NCB) covers up to 50%
- Third Party Cover is up to Rs.7.5 lakhs.
- Personal Accident cover for owner/driver.
|
What are the Benefits and Features of New India Assurance Vs ICICI Lombard Car Insurance?
Car insurance is a vital part of the commute for most people. It protects them from financial loss if their vehicle is stolen or damaged. It offers protection from financial loss in the event of an accident, and it covers damages to a vehicle as well. Car insurance is also important for those who have serious medical conditions that could put them at risk if they get behind the wheel without coverage.
| New India Assurance Car Insurance
| ICICI Lombard Car Insurance |
Features:-
- Quick claim settlement
- Instantaneous Purchase
- Wide range of Add-ons
- Claims are settled within 3 days of the application
- The complaint is resolved within 15 days of acknowledgment
- Claim payment is made within 3 days of discharge voucher receipt.
|
Features:-
- Quick policy purchase online
- 24x7 claim assistance
- Cashless claim settlement at network garages
- Touchless policy issuance
- The instant and hassle-free claim settlement process
- No break-in coverage.
|
Benefits:-
- Third party liability covers up to 7.5 lakhs
- The policy also pays for towing charges from the place of the accident to the workshop up to a maximum limit of Rs.300/- for Scooters/Motorcycles and Rs.1500/- for cars and commercial vehicles.
- A restricted cover is also available covering the risk of Fire and/or Theft only, in addition to the compulsory cover granted under the "Liability Only Policy".
|
Benefits:-
- 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%.
|
Highlights:
- New India Assurance is the first non-life insurance company to get an 18,000 Cr premium.
- Been a market leader for four 4 decades.
- New India Assurance is the only Global Insurance company with a presence in over 28 states.
- New India Assurance has a total Assets of 61,720 Cr. and a total Net worth of 28,895 Cr.
- New India Assurance Add-on covers
- Get the New India Assurance add-on covers for extended benefits in case of any mishap.
|
Highlights:
- 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 2ndtier 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.
|
Conclusion:
To get protection from unfortunate damages which make an adverse impact financially, it is better to be insured. Check all the features and benefits of New India Assurance vs ICICI Lombard before concluding the right insurance policy. Configure the premium with the benefits availed on New India Assurance vs ICICI Lombard, and compare top car insurance company quotes from top insurers online on PolicyBachat.
Select the car insurance company which has all the features and benefits that you are looking for. To make a better decision, you should make sure to know all the required information above and go for the one which gives the best coverages at good prices.