Reliance Car Insurance Vs ICICI Lombard Car Insurance Comparison 2024

Updated On: 2023-08-22

Author : Team Policybachat

Car insurance is an essential financial safeguard for vehicle owners, providing protection against various risks and uncertainties that can arise on the road. Accidents, thefts, natural disasters, and even minor damages can result in significant financial losses. To mitigate these risks, car insurance offers a safety net that covers repair costs, medical expenses, and other liabilities depending on the policy. In the context of the Indian insurance landscape, Reliance Car Insurance and ICICI Lombard Car Insurance are two prominent players offering comprehensive coverage to vehicle owners. These insurance providers offer a range of policies designed to cater to diverse needs, ensuring that individuals can find the right level of protection for their vehicles.

Reliance Car Insurance

Reliance General Insurance, a subsidiary of Reliance Capital, is a well-established insurance provider in India. Known for its customer-centric approach, Reliance Car Insurance offers a variety of policies with customizable coverage options and add-ons. The company's commitment to technological innovation and user-friendly digital platforms enhances the convenience of policy management and claims processing.

ICICI Lombard Car Insurance

ICICI Lombard General Insurance, a collaboration between ICICI Bank and Fairfax Financial Holdings Limited, is another major player in the Indian insurance market. With a strong focus on customer satisfaction and a wide network of services, ICICI Lombard Car Insurance provides a comprehensive range of policies tailored to meet the diverse needs of vehicle owners. The company's technological initiatives and tie-ups with various service providers contribute to a seamless insurance experience.

In this comparison, we will delve into the intricacies of both Reliance Car Insurance and ICICI Lombard Car Insurance, dissecting their coverage options, benefits, premium costs, claim processes, customer service, and more. By the end of this analysis, you will be equipped with the knowledge necessary to make an informed decision about which insurance provider aligns best with your individual requirements and preferences.

Differences Reliance Car Insurance ICICI Lombard Car Insurance
Cashless Network Garages 6200+ 9700+
Claim Settlement Ratio 76.89% 65.77%
Solvency Ratio 1.65 2.90
Claims settled 2.97 lakhs 2.01 lakhs
Premium Save up to 70%* Save up to 85%

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Comparison of Reliance Car Insurance vs ICICI Lombard Car Insurance

In the realm of car insurance, Reliance Car Insurance and ICICI Lombard Car Insurance stand as prominent contenders, each offering a comprehensive array of coverage options and benefits.  As we delve into this comparison, we aim to unravel the nuances of these offerings, enabling individuals to make well-informed decisions about their car insurance needs.

Reliance Car Insurance ICICI Lombard Car Insurance
Reliance Car Insurance, backed by Reliance General Insurance, focuses on tailored coverage plans and user-friendly digital platforms, ensuring policyholders can customize their protection and manage their policies seamlessly. ICICI Lombard Car Insurance, a collaboration between ICICI Bank and Fairfax Financial Holdings Limited, boasts an extensive network of cashless garages and a range of innovative features such as Engine Protect and Zero Depreciation Cover.
  • Customizable Plans
  • 24/7 Customer Support
  • Digital Initiatives
  • Add-On Covers
  • Personal Accident Cover
  • Wide Network of Garages
  • Innovative Add-Ons
  • Tech-Driven Solutions
  • No-Claim Bonus Protection
  • Roadside Assistance
  • Own Damage: Coverage for damages to your vehicle due to accidents, natural calamities, fire, theft, etc.
  • Third-party Liability: Mandatory coverage to protect against legal liabilities for third-party injuries and property damage.
  • Personal Accident Cover: Financial protection in case of accidental death or disability of the owner/driver.
  • Depreciation Cover: Compensation for the depreciation value of replaced parts during repairs.
  • Return to Invoice: Coverage to bridge the gap between the insured declared value and the invoice value of the vehicle.
  • Third-party Liability: Compulsory coverage for third-party injuries and property damage.
  • Engine Protect: Coverage for engine damage due to water ingression, lubricant leakage, etc.
  • No-Claim Bonus (NCB) Protection: Maintain NCB even after a claim.
  • Consumables Cover: Compensation for expenses related to consumables like lubricants and nuts and bolts.
  • Own Damage: Protection against accidental damage, theft, natural disasters, and more.
  • Personal Accident Cover: Financial security in case of owner/driver accidental death or disability.
  • Roadside Assistance: Help in case of breakdowns, flat tires, and other emergencies.
  • Zero Depreciation Cover: Coverage for replacement of parts without factoring in depreciation.
Reliance Car Insurance ICICI Lombard Car Insurance

Compare Premium Rates of Reliance Car Insurance and ICICI Lombard Car Insurance

When comparing premium costs between Reliance Car Insurance and ICICI Lombard Car Insurance, it's essential to consider the unique characteristics of your vehicle, your coverage preferences, and any applicable discounts. Requesting personalized quotes from both providers will give you a clear understanding of the premium rates based on your specific circumstances, enabling you to make an informed decision that aligns with your budget and coverage requirements.

The premium for car insurance is influenced by various factors, and both Reliance Car Insurance and ICICI Lombard Car Insurance consider these. These factors include

  • The type and model of the vehicle,
  • Its age,
  • The location where it is registered,
  • The policyholder's age and driving history, and
  • The chosen coverage level.
  • Engine capacity,
  • Fuel type, and
  • Add-on covers.

The premium rates offered by Reliance Car Insurance and ICICI Lombard Car Insurance can vary based on the specifics of the policy. For example, a comprehensive coverage policy for a mid-range sedan might have different rates compared to a basic third-party liability policy for a compact car. To provide exact premium rate comparisons, it's recommended to obtain personalized quotes from both providers based on specific vehicle and coverage details.

Vehicle Type Coverage Level Reliance Premium ICICI Lombard Premium
Sedan (Mid-Range) Comprehensive Rs.15,000* Rs.16,500*
Third-Party Rs.7,500* Rs.8,000*
Hatchback Comprehensive Rs.12,000* Rs.13,200*
Third-Party Rs.5,800* Rs.6,500*
SUV Comprehensive Rs.18,500* Rs.20,000*
Third-Party Rs.9,800* Rs.10,500*

*The above mentioned values are for user reference purposes only. For exact values please refer to the website by comparing car insurance quotes.*

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Procedures for Claim Process of Reliance Car Insurance and ICICI Lombard Car Insurance

Both Reliance Car Insurance and ICICI Lombard Car Insurance strive to simplify the claim filing process for policyholders. It's important to familiarize yourself with the specific steps outlined by each provider, as they might have slight variations in their procedures. Always ensure that you provide accurate information and necessary documents promptly to facilitate a smooth and efficient claim settlement process.

Reliance Car Insurance:

  • Contacting the Helpline: In case of an accident or damage, policyholders can immediately contact Reliance's helpline or customer service to report the incident.
  • Provide Details: The policyholder needs to provide essential details such as policy number, vehicle details, location of the incident, and a description of what happened.
  • Document Submission: Depending on the nature of the claim, Reliance may require documents such as a filled claim form, a copy of the driving license, vehicle registration certificate, and a copy of the FIR (if applicable).
  • Vehicle Inspection: In some cases, a surveyor may be appointed by Reliance to assess the damage to the vehicle. They will evaluate the extent of the damage and estimate the repair costs.
  • Cashless Facility (Optional): If the policyholder's vehicle is repaired at a network garage, Reliance offers a cashless facility where the policyholder only needs to pay the deductible/excess, and the rest is directly settled with the garage.
  • Claim Settlement: Once the necessary documents are submitted and the assessment is completed, Reliance will process the claim. If the claim is approved, the payment will be made to cover the repair costs.

ICICI Lombard Car Insurance:

  • Intimation: In case of an accident or damage, policyholders should immediately inform ICICI Lombard through their helpline or customer service.
  • Provide Details: The policyholder needs to provide essential information such as the policy number, vehicle details, location, and a description of the incident.
  • Claim Form Submission: ICICI Lombard will provide a claim form, which needs to be filled and submitted along with relevant documents like driving license, vehicle registration certificate, and FIR copy (if applicable).
  • Vehicle Inspection: An authorized surveyor may assess the vehicle's damage, either on-site or at a network garage, to determine the extent of the damage and repair costs.
  • Cashless Facility (Optional): If the policyholder chooses a network garage for repairs, ICICI Lombard offers a cashless facility where the repair costs are directly settled with the garage, and the policyholder pays only the deductible/excess.
  • Claim Settlement: Once the assessment and necessary documents are reviewed, ICICI Lombard processes the claim. If approved, the reimbursement or repair payment will be made.

Claim Process

Additional Coverages that Reliance Car Insurance and ICICI Lombard Car Insurance Differ

In addition to their core coverage options, both Reliance Car Insurance and ICICI Lombard Car Insurance offer unique and distinctive add-on coverages that cater to specific needs and preferences. These supplementary coverages extend beyond the standard policies, providing policyholders with enhanced protection tailored to their individual requirements. By delving into these supplementary offerings, prospective customers can gain insights into the additional layers of security and benefits that set each provider apart, contributing to a comprehensive understanding of their car insurance options.

Distinguish Reliance Car Insurance ICICI Lombard Car Insurance
Types of Policies
  • Private Car Insurance Policy
  • Comprehensive Car Insurance Policy
  • Own Damage Car Insurance Policy
  • Third Party Car Insurance Policy.
  • Private Car Package Policy
  • Stand-alone Own-damage
  • Third Party Car Insurance.
  • NCB Protection cover
  • NCB Retention cover
  • Return to invoice value protection
  • Engine Protection
  • Key & Lock Protection
  • Consumables protection
  • Daily Allowance benefit.
  • Roadside Assistance Cover
  • Zero Depreciation Cover
  • Engine Protect Cover
  • Garage Cash Cover
  • Consumables Protect Cover
  • Loss of Personal Belongings Cover.
  • Third party cover is up to 7.5 lakhs
  • Voluntary deductible
  • AAI benefit
  • Ant-theft devices
  • No claim bonus is 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%.
  • Attractive discounts: get up to 70% discount on this policy
  • Multiple Add-ons: more than 7 add-ons available to enhance your basic coverage
  • Quick Locator: find a cashless garage near you via the Selfie app
  • Cashless Garages: 5000+ cashless garages all over India.
  • Claim Settlement Ratio: 94%
  • Self-Inspection: Easy & hassle-free video claims via Selfie App
  • Voluntary Deductible: Cost-effective option to lowest your car premium.
  • Faster Claim Service: They have settled 98% of claims in the fiscal year 2019-20.
  • OD+TP Coverage: choose a comprehensive policy& get both your own damage and third party.
  • Digitally Inclined: Buy, inspect or renew online anywhere-anytime.
  • 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.
  • 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.
Accessibility Online through PolicyBachat & Reliance Website Online through PolicyBachat & ICICI Lombard Website

Which Car Insurance Company is Best? Reliance vs ICICI Lombard Car Insurance

In the thorough comparison between Reliance Car Insurance and ICICI Lombard Car Insurance, we've dissected their coverage options, benefits, premium costs, claim processes, and distinct add-on coverages. While Reliance excels in customizable plans and digital convenience, ICICI Lombard stands out with its expansive garage network and innovative add-ons like Engine Protect. When deciding between the two, it is imperative to weigh factors such as coverage suitability, premium affordability, and preferred policy features. Every individual's car insurance needs are unique, making it essential to conduct further research and request personalized quotes to align with their specific requirements. By diligently assessing these aspects, readers can confidently choose the insurance provider that best safeguards their vehicles and aligns with their preferences.

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