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ICML motors is an Indian automobile manufacturer that is most popular for creating durable tractors. They are a very successful brand owing to the fact that most of the Indian population practices agriculture. ICML motors stood fourth in the list of highest-selling tractor brands as of 2012. The company also retails other vehicles like cars and school buses. Since a vehicle is a crucial component for carrying out various activities related to a business, buying ICML Car Insurance becomes imperative. This article lists all things you need to know about ICML insurance, please take a look:
Following are the benefits of buying vehicle insurance for an are ICML:
The Indian constitution says that a vehicle should be driving only with a valid insurance policy. If this is not followed, the owner can be fined heavily. Thus, you follow the law by buying an insurance policy for your vehicle.
A commercial vehicle is constantly on the road for business purposes. This makes it more vulnerable to accidents and theft. This situation can prove to be a huge financial burden for the owner if no insurance policy is purchased.
Heavy vehicles can cause a lot of damage to life or property. Insurance helps in compensating a person against such losses.
Buying a comprehensive policy allows the policyholder to buy additional coverages that have multiple insurance benefits like access to more services or higher claim amounts.
The above factors ensure that the owner/driver of the ICML vehicle can be at peace as he/she does not have to worry about spending additional money against damages related to the commercial vehicle.
Car insurance plans for ICML can be of the following types:
Third-party vehicle insurance offers a financial back-up against injuries, damage, and legal liabilities arising out of an accident with the third party. It is mandatory to buy at least this type of cover for a car in India. Not buying compulsory cover will attract fines and penalties.
A comprehensive policy offers more coverage than the third-party plan. It not only covers damages or injuries caused to others but also the insured car. This type of policy can also be enhanced with the help of add-ons. An insurance company offers a discount on a comprehensive plan if no claims are raised during the policy period.
The scope of a car insurance policy decides if the policyholder can raise a claim for an unfortunate incident. This scope is nothing but the coverages or claimable events. For ICML car the following situations stand true for raising a claim:
1. Third-party liability: Third-party is a person affected by the insured car. ICML insurance covers the insured person against third-party liabilities.
2. Third-party Legal Liabilities: A legal liability may arise out of an accident with the third-party. This cost is covered under insurance.
3. Personal Accident Cover: The cover is offered to the owner/driver of the vehicle. It pays a lump sum of Rs. 15 lakh in case of death or disability.
4. Damage due to Fire: In case of fire, self-ignition, or lightning to the car, the cost will be covered.
5. Theft Coverage: Theft of the car is covered.
6. Accidental Damage: Damage due to an accident will be covered.
7. Damage due to calamities: Natural or man-made calamities are covered under ICML car insurance.
8. Malicious Act: Damage arising out of a malicious act.
9. Terrorist Activities: Terrorist activity that causes damage to the car is covered.
Exclusions are conditions of an insurance policy under which the policyholder cannot raise a claim. Following are the general exclusions of ICML insurance:
Claim raised on situations not mentioned in the listed inclusions.
Damage occurred outside the geographical limits of the country.
Damage to the vehicle when used for illegal activity.
Damage if the vehicle was not driven by a listed driver.
Damage due to a radioactive or nuclear weapon material.
Driving without valid documents.
Damage when driving in an intoxicated state.
Buying suitable car insurance add-ons is helpful when it comes to claims and availing additional services. Here are the add-ons suitable for ICML cars:
1. Consumables cover: Consumables like nuts and bolts, engine, oil, air filters, etc. need to be replaced during vehicle repair. This cost is covered under Consumables cover.
2. Engine Protect: Damages to the engine of the insured car are not covered under a basic insurance policy. However, the cost of repairing or replacing the engine can be covered with this add-on.
3. Invoice Cover: The invoice value of the car can be obtained from the insurance company in case of theft or damage beyond repair.
4. Loss of License & RC: The add-on pays for the cost of getting valid documents from the transport department in case of loss.
5. NCB Protect: NCB is No Claim Bonus. The add-on helps in keeping the discount intact despite a claim.
6. RSA: RSA is Roadside Assistance add-on and can be used to avail various services like on the spot repairs, fuel refill, tyre change etc. when required.
7. Zero Depreciation: The claim amount increases with this cover as the insurance company does not factor depreciation.
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Acko works on a no-commission model. This enables the company to offer discounts on car insurance. Thus, the policyholder gets the best price for the insurance for their car.
Acko is a digital-first insurer, which means most of the services can be availed online. Be it buying a policy or raising claims, almost all the processes can be completed without leaving the comfort of your house or office.
Acko has a top-rated customer support team that guides potential policyholders at every stage of an insurance policy. Right from purchase to claims, the team is here to help you.
Here is how you can raise a claim against your ICML car insurance policy:
Step 1 Intimation: Get in touch with the insurance company as soon as possible after the damage.
Step 2 Documents: Arrange the documents as communicated by the insurance company.
Step 3 Raising a Claim: The claim process laid down by the insurance company should be followed diligently.
Step 4 Inspection: The insurance company will send a surveyor to assess the extent of damage caused to or because of the insured vehicle.
Step 5 Claim settlement and repairs: After the claim is approved, your damaged vehicle can be sent for repairs. The claim type can be either a cashless claim or reimbursement claim. Both types of claims need you to inform the insurance company about the damage before repairs.
Add-ons suitable for insuring a ICML are explained in Add-on section. Please take a look.
Factors like the cost of the vehicle, its manufacturing year, additional accessories, type of insurance policy, the owner/driver’s claim history, driving habits, etc. affect the cost of an insurance policy.
Buying a vehicle insurance policy online can give you a lot of benefits as compared to buying it offline. For example, there are no agent commissions involved when purchasing an insurance policy online. You can save time and buy the policy from the comfort of your home or office. Digital insurance companies also offer online services that are useful after the purchase of the policy.
The Claim Settlement Ratio (CSR) can increase or decrease depending on a lot of factors. The insurance regulator (IRDAI) publishes reports related to CSR annually and one can take a look at such reports to know the best insurer CSR-wise. However, choosing an insurance company based only on its CSR could be a very bad idea.
Please visit www.acko.com to purchase insurance for your ICML vehicle at the best price.
Add-ons that are suitable for insuring ICML are explained in Add-ons section. Please take a look.
The cost of vehicle insurance depends upon various factors related to the vehicle and its owner. For example, the Insured Declared Value i.e. the approximate market value of the vehicle plays a vital role in the premium. Similarly, the type of vehicle insurance policy, a number of add-ons, claim history, etc. are also important. All these play an important role in determining the cost of ICML’s insurance policy.
No, if you choose to buy insurance online, you can get your policy within minutes.
Commercial vehicles require regular attention as they are constantly on the road. One may have to spend money regularly depending upon the nature of the business for which the vehicle is used. For private vehicles from ICML, the maintenance cost is not as high as other brands.