ICICI Lombard, a private general insurance company, launched a slew of solutions within motor insurance aimed at further enriching the end-customer experience.
The Motor Floater offer for its customers is in line with the recent announcement made by IRDAI. It will enable those individuals owning multiple vehicles to insure their vehicles, including cars and two-wheelers, under one policy with a single renewal date and a comprehensive cover.
As a result, now there can be a single Motor Insurance Policy for vehicles owned by them. This new offering makes it convenient for customers to have a single policy and renewal date for all their motor policies along with a single premium. At the same time, customers opting for the Motor Floater offering will be provided a lower premium for their multiple vehicles insured under the Motor Floater offering. Overall, it will save customers’ efforts of maintaining multiple motor insurance policies for each vehicle owned by them.
The full benefits of the no-claim at each vehicle level will be preserved under the Motor Floater offering when one shifts from independent policies to the Motor Floater policy. In case of no claims during the policy period, a no-claim bonus is offered to policyholders on renewals as per the applicable slab and up to 50 per cent. Under this product, customers can also make additions and deletions at any point in time during the policy tenure.
Furthermore, telematics add-ons are offered to convert the base motor product into an ‘asset cum usage’ based product. The premium charged for the insurance of the base motor vehicle would depend partially on the usage. The add-ons will be effective for the same period as the motor’s own damage under the relevant section of the policy unless and until stated otherwise.
Under the Telematics add-ons, customers can opt for different plans like:
Pay-As-You-Use (PAYU): Under this plan, customers would be provided the flexibility to choose from different “kilometers” depending on usage. Hence premium of the policy would be limited only to the extent the vehicle is used or estimated to be used by the customer. In case of exhaustion of the initially purchased “kilometers,” customers can also top up the kilometers during the policy period. Coverage under this add-on would be valid only if the purchased kilometres (or additional grace kilometres provided to the customer) remains partially or fully used at the time of occurrence of loss.
Pay-How-You-Use (PHYU): Under this plan, the premium charged would change as per the driving behaviour score. A customer with good driving behaviour can avail of attractive discounts over the base premium of the policy. This policy would reward good driving behaviour and would also inculcate and encourage the adoption of good driving habits by disincentivising bad driving behaviour.
ICICI Lombard delivers end-to-end solutions to its consumers through its insurance products. The Motor Floater & Telematics add-ons offerings show the company’s focus on delivering a stellar experience to its customers on the policy.
Further customers can download the signature IL TakeCare app for all their insurance and wellness needs. The app surpassed ~1.9 million user downloads till date.