ICICI Lombard Vs IFFCO Tokio Car Insurance Comparison 2024

Updated On: 2023-04-19

Author : Team Policybachat

ICICI Lombard and IFFCO TOKIO are two of the most popular car insurance companies. They were in the industry for over a decade and offer multiple products. Their services have been compared because they provide similar offers in terms of cost, coverage, etc.

There are many different cover options available through these two insurance companies. ICICI Lombard provides a dedicated customer service team, easy claim processes, and a fantastic experience all-round. Another option is IFFCO TOKIO Car Insurance which offers an expansive range of cover options, highly knowledgeable claims advisors, and reliable service overall.

You can find the key differences between these two businesses and see what a better alternative is for you. You can decide based on which services they offer or the target audience each one is trying to serve.

Key Features ICICI Lombard Car Insurance IFFCO TOKIO Car Insurance
Premium Starts at Rs. 2072 Up to 70% savings
No Claim Bonus (NCB) Up to 50% discount Up to 50% discount
Claim Assistance Instant e-policy without paperwork & Reliable customer service 24x7 claim assistance
Easy Claims Through our, IL Take Care app App based claim settlement

“The premiums are displayed according to your details, compare the quotes, and by the policy according to your needs and budget.”

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.

  • Roadside assistance cover
  • Engine protect cover
  • Consumable protect cover
  • Zero depreciation cover
  • Garage cash cover
  • Loss of personal belongings cover.
Types of Policies
  • Private Car Package Insurance
  • Standalone Own Damage Car Insurance
  • Third Party Car Insurance.
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.

*Know about ICICI Lombard Car Insurance benefits and coverages in this Article*

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The major advantage of having an ICICI Lombard insurance policy is that the vast network of ICICI Lombard offices in the country can help you at the time of claim settlement. There are unique products that are offered by ICICI Lombard apart from the regular products. All the insurance policies from ICICI Lombard would be paper free and instant which requires minimum time for issuance and the same goes with claim settlement.

At ICICI Lombard 24*7 agents are dedicated to providing quality customer care service to the customers. ICICI Lombard commenced the non-life insurance business in the year 2001 and the year 2004 it emerged as the largest private sector general insurance company in India from there onwards there is no turning back for the growth of the company.

IFFCO TOKIO Car Insurance:

IFFCO TOKIO Car Insurance is one of the leading car insurance providers in Japan. The company has been providing customers with reliable insurance services since 1922. The company offers comprehensive coverage for both personal and commercial vehicles, along with a wide range of optional features, such as roadside assistance and comprehensive protection for rental cars.

IFFCO Tokio caters you the coverage against physical damage to your car, personal damage or injury, and third-party liability like personal injury or death and property damage. IFFCO TOKIO offers a comprehensive car insurance policy is the ideal plan for optimum protection of third-party liability, and personal liability, and is a popular add-on for easy claim settlement.

  • Zero depreciation cover
  • Engine Protection
  • No Claim Bonus Protection
  • Roadside Assistance
  • Return to invoice.
Types of Policies
  • Third Party Car Insurance
  • Comprehensive Car Insurance
  • Comprehensive Car Insurance with Zero Depreciation Cover.
What is Covered?
  • Comprehensive Car Insurance Covers Accidents, Natural disasters, Manmade Calamities, fire, and Theft.
  • Personal Accident Cover is covered up to Rs. 15 lakhs
  • Third Party covers losses or damages to third party property or vehicle.

*Know about IFFCO TOKIO Car Insurance benefits and coverages in this Article*

know More

IFFCO Tokio caters you the coverage against physical damage to your car, personal loss or damage, injury, and third party liability like personal injury or death and property damage. A comprehensive car insurance policy is the ideal plan for optimum protection cover of third party liability, and personal liability, and a popular add-on for easy claim settlement. Choose the right insurance policy according to your vehicle requirement.

This fully Government owned insurer offers a wide range of effective motor insurance products which can help deal with different types of situations on road. So if you own a car, you can buy an IFFCO Tokio car insurance policy without any second thought. Investing in motor insurance with IFFCO Tokio Insurance will be a perfect decision for you.

Comparison of ICICI Lombard Car Insurance vs IFFCO TOKIO Car Insurance:

We explained in detail the difference between ICICI Lombard Car Insurance and IFFCO TOKIO Car Insurance. The comparison will be done based on various factors such as claims, customer service, policy cost, and more.

However, some key differences make them stand out from each other.  This article will help you decide which insurance company to go with, explains the pros and cons of both policies, and how they compare with each other.

Differences ICICI Lombard Car Insurance IFFCO TOKIO Car Insurance
Cashless Network Garages 9700+ 4300+
Claim Settlement Ratio 65.77 84.04
Solvency Ratio 2.90 1.73
Claims settled 2.01 lakhs 8.61 lakhs
Branches 165+ 200+

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Key Features, Benefits, and Highlights Comparison:

Distinguish ICICI Lombard Car Insurance IFFCO TOKIO Car Insurance
Benefits & Features
  • This plan is highly customizable as there are varieties of add-ons available.
  • This plan can be chosen for various periods.
  • Third party car insurance is mandatory
  • Saves you from traffic fines by providing third party car insurance
  • Covers from damages to your car
  • Provides personal accident coverage for Owner-driver
  • Covers your car against theft.
  • Instant quote, and transparent process
  • No paperwork & touchless policy issuance
  • Quick & hassle-free policy
  • This plan offers self-damage cover as well as damage to the third party.
  • Choosing this plan will help you get up to 70% savings on premiums.
  • Coverage against natural causes like floods, storms, lightning, earthquake, landslide, etc.
  • Coverage against manmade causes like burglary, theft, accidental, external damage, etc.
  • Coverage for CNG/LPG fuel kit.
  • Coverage for loss or damage to electrical or non-electrical accessories.
  • Quick claim settlement
  • Trusted brand by no. of customers since 2000
  • Instant policy insurance
  • The claims are settled within the shortest possible time. The Claim Settlement Ratio in the financial year 2020 – 2021 was 97.9%
  • The company has won the ‘Claim Leader – General Insurance’ Award given by Indian Insurance Award
  • The company offers completely transparent products and services so that you know what you are buying
  • The claim settlement process of the company is quick and efficient ensuring that you get your claims settled within 4 hours
  • The company has various awards in its name which make it a reputed company.


In the end, both companies offer great customer service, competitive rates, and affordable premiums. Compare car insurance quotes and choose the best car insurance company to secure you from any mishap/theft, losses or damages, natural disasters, manmade calamities, and personal accident cover. Get your car insurance policy online for easy claim settlement and policy renewal.

PolicyBachat caters you to the best car insurance companies in India for hassle-free claim settlement, easy comparisons, and a lot more. Compare ICICI Lombard vs IFFCO TOKIO Car Insurance Company which has a reliable claim settlement ratio in less period. Choose the best car insurance company that provides good coverage at the best price.

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