ICICI Lombard General Insurance Company Ltd., the country's largest private sector general insurance company has announced that it will now offer customers zero depreciation add-on and consumable items add –on, which is a unique add on covers for motor insurance. Customers through zero depreciation add ons can limit their liability towards depreciation in case of an accident claim which results in partial loss / damage to the insured vehicle.
Customers benefit from this add on as they do not have to bear any cost of depreciation, which otherwise gets reduced from the claim amount at the point of claim settlement. Customers can enjoy complete cashless service at the network garages, all that they have to do is to quote their policy details and they can get their vehicle repaired.
The consumable Items add on comes with unique coverage of consumable items like nut and bolt, screw, washer, grease, lubricant, clips, A/C gas, bearings, distilled water, engine oil, oil filter, fuel filter, brake oil and the likes which otherwise get reduced from the claim amount at the time of claim settlement.
According to Ajay Shah, head, Customer Service Motor, ICICI Lombard General Insurance Company Ltd., "Motor Insurance is the largest product category contributing almost more than 50 per cent of ICICI Lombard's gross retail premiums. ICICI Lombard has continued to provide best of offers to its customers in the motor Insurance space. Add on covers like Zero Depreciation and Consumable items are designed such that a customer paying full premium, gets a full claim too. In a regular scenario, in case of a claim, an insurance policy covers only part of the spare part expense and certain deductions are made by the company on the total parts cost admitted."
Customers benefit from this add on as they do not have to bear any cost of depreciation, which otherwise gets reduced from the claim amount at the point of claim settlement. Customers can enjoy complete cashless service at the network garages, all that they have to do is to quote their policy details and they can get their vehicle repaired.
The consumable Items add on comes with unique coverage of consumable items like nut and bolt, screw, washer, grease, lubricant, clips, A/C gas, bearings, distilled water, engine oil, oil filter, fuel filter, brake oil and the likes which otherwise get reduced from the claim amount at the time of claim settlement.
According to Ajay Shah, head, Customer Service Motor, ICICI Lombard General Insurance Company Ltd., "Motor Insurance is the largest product category contributing almost more than 50 per cent of ICICI Lombard's gross retail premiums. ICICI Lombard has continued to provide best of offers to its customers in the motor Insurance space. Add on covers like Zero Depreciation and Consumable items are designed such that a customer paying full premium, gets a full claim too. In a regular scenario, in case of a claim, an insurance policy covers only part of the spare part expense and certain deductions are made by the company on the total parts cost admitted."
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