Bajaj Allianz and ICICI Lombard are two popular car insurance providers. They have been in the industry for a long time, and they have a lot of customers. But which one is the best? We will compare them in this article to find out. We will compare them on the basis of their cost, features, customer service, etc. Let’s get started!
Bajaj Allianz and ICICI Lombard are two of the most popular car insurance companies in India. The article highlights the key differences between these two companies, features, their pricing structure, service levels, and more importantly their target customers to help you choose which one is better for you.
Both Bajaj Allianz vs ICICI Lombard Car Insurance Companies offers a wide range of cover options with a low premium, has a dedicated customer service team that helps customers get the best deal possible, and offer an easy claim process.
We explained in detail the difference between Bajaj Allianz insurance company and ICICI Lombard Car Insurance. The comparison will be done based on various factors such as claims, customer service, policy cost, and more.
Bajaj Allianz Car Insurance:
Bajaj Allianz Car Insurance is a leading automobile insurance provider in India. It offers affordable insurance plans to its customers and has been offering the same for more than 80 years. Bajaj Allianz Team is here to help you navigate the journey of having your car insurance with a seamless process.
This policy covers the damages caused to the life and property of individuals, other than you, affected by an accident your car, unfortunately, becomes a part of. The other most common form of insurance is Comprehensive Car Insurance. It helps you cover the majority of the liabilities you might attract if your car gets damaged in social unrest, natural calamity, or even gets stolen in a case of theft.
What is Covered?
- Covers Expenses on Own Damages
- Third Party Liabilities
- Personal Accidents
- Additional convenience
- Extended benefits with Add-ons
- Loss due to natural calamities
- Loss due to man-made disasters
What is Not Covered?
- Depreciation
- Influence of Substances
- 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.
| Add-on/Riders |
- Zero Depreciation
- Engine Protector
- Consumable expenses
- 24x7 Spot Assistance
- Key and Lock Replacement
- Personal Baggage
- Conveyance Benefit
|
| Types of Policies |
- Third Party Car Insurance
- Comprehensive Car Insurance
- Standalone Own Damage Car 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 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 bonus up 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.
| Add-on/Riders |
- Roadside Assistance Cover
- Zero Depreciation Cover
- Engine Protect Cover
- Garage Cash Cover
- Consumables Protect Cover
- Loss of Personal Belongings Cover.
|
| Types of Policies |
- Private Car Package Policy
- Stand-alone Own-damage
|
Comparison of Bajaj Allianz Car Insurance vs ICICI Lombard Car Insurance:
Bajaj Allianz Car Insurance and ICICI Lombard Car Insurance are two of the most popular car insurance providers in India. The key difference between these two is the price. Bajaj Allianz is a little cheaper than ICICI Lombard, but it also offers fewer benefits for its customers.
If you are looking for a cheaper car insurance policy that still provides you with some benefits, then Bajaj Allianz is a good choice for you. However, if you are looking for a more comprehensive car insurance policy and don't mind paying more, then ICICI Lombard is the better option.
| Differences |
Bajaj Allianz Car Insurance |
ICICI Lombard Car Insurance |
| Cashless Network Garages |
6000+ |
9700+ |
| Claim Settlement Ratio |
65.83% |
76.53% |
| Solvency Ratio |
3.45 |
2.90 |
| Claims settled |
192077 |
2,01,143 |
| Branches |
1100+ |
165+ |
| Benefits |
- Zero depreciation cover available
- Get your car insurance within 3 minutes
- Cashless claim facility
- Claim process done within 20 minutes
- Policyholders are eligible for 75% on account payment in case the cashless facility is unavailable.
- Dedicated telephonic service is available 24×7 on holidays as well to provide support during claims settlement and for any other issues
- In case a car gets damaged due to an accident, the towing facility is available
- Policyholders can avail themselves of high standard service and get their cars inspected at selected workshops.
|
- 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 |
- Voluntary excess discount
- Anti-theft device installation discount
- Online policy buying/Renewal, voluntary Excess discount
- 24x7 Assistance
- Policyholders are entitled to shift as much as 50% of their existing No Claim Bonus from their previous car insurance providers
- The company is known for settling its claim in a record time.
- There are numerous policies offered by this company for every consumer.
|
- Get Instant Quotes
- Payment Reminders
- Instant Coverage
- Quick Issuance
- Zero paperwork
- Convenience
- Control over coverages
- 24x7 customer service
|
| Highlights |
- Online policy issuance and renewal
- 24x7 spot assistance available
- Self-vehicle survey and instant claim settlement with Motor-on-the-spot.
|
- 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.
|
Conclusion:
In this article, we discussed how Bajaj Allianz and ICICI Lombard car insurance plans are different. You'll learn the pros and cons of each plan, as well as the different impacts they can have on your monthly car insurance payment.
To handle the financial consequences caused by unfortunate circumstances, it's best to get insurance. Compare Bajaj Allianz vs ICICI Lombard for a comprehensive overview of coverage per feature to find the right policy for you.
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.