Car accidents may come in the most unexpected ways. When they do, only adequate car insurance can protect the owner/driver against various finances. Its effectiveness, however, is limited by the selections policy-seekers make when purchasing their car insurance.
Since there are a gamut of car insurance providers in India with their own distinct features, it may seem like a lot of pressure to choose any one of them. Therefore, this post will compare two nationally popular car insurance products, HDFC ERGO Car Insurance and ICICI Lombard Car Insurance, so that car insurance seekers can select the right product as per their requirements.
Detailed Comparison Of HDFC ERGO Car Insurance & ICICI Lombard Car Insurance
| Parameters | HDFC ERGO Car Insurance | ICICI Lombard Car Insurance |
| Cashless Garages | 6400+ | 6100+ |
| Incurred Claim Ratio (Specifically For Motor Claims) | 74.66% (FY 2021-22) | 70.88% (FY 2021-22) |
| Note: The ICR value has been taken from the latest IRDAI report. | ||
| Number Of Add-Ons | 9+ | 5+ |
| No Claim Bonus | Up To 50% | Up To 50% |
| Personal Accident Cover | Available | Available |
| Third-Party Liabilities | Covered | Covered |
| Car Insurance Premium Starts @ | Rs. 2094/Year | Rs. 2094/Year |
| Mobile App Support | Available | Available |
| Pay As You Drive Benefit | Available As An Add-On | Available As An Add-On |
| Natural Calamities | Covered | Covered |
| Man-Made Calamities | Covered | Covered |
About HDFC ERGO Car Insurance
HDFC ERGO Car Insurance enhances the policyholders’ financial security by protecting them against losses brought on by theft, weather-related incidents, and man-made accidents. The corporation is a joint venture between ERGO International and HDFC Bank.
The insurance provider offers four types of car insurance, namely Single Year Comprehensive Cover, Third Party Cover, Compulsory Personal Accident Insurance, and Standalone Car Insurance. With more than 6400+ network garages present across the nation, the car insurance from HDFC Ergo allows easy accessibility to the policyholders for availing cashless repair services.
About ICICI Lombard Car Insurance
ICICI Lombard Car Insurance, which is offered by ICICI Lombard General Insurance, is a preferred choice among various policy seekers because it offers multi-faceted protection against car theft, damage, or any other mishaps. The insurance provider is a joint venture between Fairfax Financial Holdings and ICICI Bank.
From comprehensive to standalone and third-party car insurance, ICICI Lombard offers different car insurance products to cater to the different needs of different individuals. The car insurance from ICICI Lombard also offers a large number of dedicated garages for car repairs, a 24/7 customer support team through call and chat, and instant motor claims with the help of its mobile application.
Distinguishing Features & Benefits Of HDFC ERGO Car Insurance
Though there are many features and benefits of car insurance from HDFC Ergo, some of them are worthy of discussion and mentioned below:
Budget-Friendly Premiums:
There is no denying the fact that HDFC Ergo offers maximum coverage and benefits at affordable premiums. The official website of the insurance provider itself claims that the premium amount of its car insurance starts at just Rs. 2094 per year. To know more about how much the car insurance by HDFC Ergo costs you, kindly use the insurer’s premium calculator.
Wide Network Garages:
With more than 6400 cashless network garages available across the nation, the car insurance holders of HDFC Ergo can get their car repaired without any hassle of arranging last-minute money. Since the number of HDFC Ergo network garages is extensive, the policyholders will find it easy to locate a nearby network garage for seamlessly repairing their cars.
Quick, Transparent, And Hassle-Free Policy Issuance:
In case insurance seekers have made up their minds about HDFC Ergo Car Insurance, they can purchase the product in a breeze and without any hassles. They just need to enter a few details on the website of the insurer and make a payment, after which, the car insurance by HDFC Ergo will be issued to them.
Moreover, the process of buying the product online through the website of HDFC Ergo is quite transparent and there is almost zero paperwork needed. If customers face any issue, they can just get in touch with the insurer’s team and buy the product within the comforts of their homes.
Pay As You Drive Benefit:
When purchasing car insurance from HDFC Ergo, one can also buy a ‘Pay As You Drive’ add-on. This feature allows the car driver to pay for the insurance premium as per the kilometers they have driven.
So, if drivers drive more, they have to pay more premiums; whereas, if they drive less, then the insurance price will also be less. This is helpful in saving on car insurance costs and can be bought along with comprehensive or standalone car insurance products.
Add-On Benefits:
To allow insurance holders to enhance their car insurance from HDFC Ergo, the insurer offers various add-on covers, including zero depreciation, engine & gearbox protector, no claim bonus protection, and emergency assistance cover, to name a few. These add-on covers are available for an additional premium amount. For more details on them, kindly check the insurer’s website.
Overnight Car Repairs:
With HDFC Ergo Car Insurance, one can say goodbye to the days when car owners/drivers had to wait for a whole day or even a few days for the repair to be done. The insurer claims to offer car repair services, including inspection and fixation, within one night. This approach is much faster and simpler than other car insurance providers.
Doorstep Windshield Repairs:
Whenever the insured car’s windshield gets damaged, HDFC Ergo Car Insurance will offer emergency doorstep windshield repair solutions. It will not only help the car owners/drivers in saving their time but will also offer convenience right in the comfort of their homes.
Key Features & Benefits Of ICICI Lombard Car Insurance
Some of the important features and benefits of car insurance by ICICI Lombard are as follows:
Doorstep Cashless Repairs & Claim Process:
Dealing with the aftermath of an unexpected car accident can be a daunting and time-consuming task. Since no one would like to spend hours with their car repairs in today’s fast-paced world, the car insurance from ICICI Lombard end-to-end doorstep car repairs and claim settlement services.
The feature focuses on getting the insured car picked up from and dropped off at the owner’s location, assigning a dedicated claim manager to the car owner/driver, and assuring repair quality. One can call 1800 2666 to receive doorstep cashless repair and claim settlement services instead of going to a garage.
Strong Network Of Cashless Garages:
Since ICICI Lombard has tied its knots with more than 6100 network garages, policyholders of ICICI Lombard Car Insurance need not worry about getting their car repaired quickly and easily. These garages are present across the nation in multiple locations, thus, offering ultra-convenience and higher accessibility to car insurance holders.
Instant Motor Claims:
Motor claims at many times can be hard to settle, resulting in unwanted delays and inconvenience for the policyholders. To tackle this issue, ICICI Lombard has designed the IL Take Care App, which can offer instant claim support in case policyholders have raised their car insurance claims.
Reliable Customer Support:
For any issue or queries regarding the car insurance products from ICICI Lombard, customers can contact the insurer by calling 1800 2666, mailing at customersupport@icicilombard.com, or live chatting with ‘Riya’. Moreover, the insurer has more than 300 branches in India, so customers can visit any one of them for the same purpose.
Pay As You Drive Benefit:
An additional option available to customers while buying car insurance from ICICI Lombard is “Pay As You Drive.” With the help of this add-on cover, a driver can pay their insurance premium based on the number of km they have driven.
Therefore, drivers who drive more must pay higher premiums; conversely, those who drive less will pay lower insurance costs. This can be purchased separately or in addition to comprehensive car insurance to help save money on premiums.
Affordable Product:
Similar to HDFC Ergo Car Insurance, ICICI Lombard Car Insurance provides maximum benefits and coverage at reasonable costs. According to the insurance company’s official website, the annual price for its car insurance starts at just Rs. 2094. Please use the premium calculator provided by the insurer to learn more about how much your ICICI Lombard Car Insurance will cost you.
Add-On Benefits:
The car insurance by ICICI Lombard also offers some special add-on protection covers, which can be purchased by the customers by paying a nominal extra premium that can greatly enhance their car insurance. Customers can also save a significant amount of money on repairs by choosing these add-ons. Some of them are listed below:
- Roadside assistance cover
- Engine protect cover
- Consumables protect cover
- Zero depreciation cover
- Garage cash cover
- Loss of personal belongings cover
For detailed information on the add-on covers offered by the insurance, kindly check the insurer’s website.
HDFC ERGO Car Insurance OR ICICI Lombard Car Insurance: Which One To Put In Your Bucket List?
Both car insurance providers are reputed brands with great network garages, pay-as-you-drive benefits, and various other car insurance features. Though the premiums of both car insurance products, HDFC ERGO Car Insurance and ICICI Lombard Car Insurance, start at similar prices, they are quite different from each other, especially in the context of their new features.
HDFC ERGO Car Insurance has introduced a few new features, such as ‘overnight vehicle repair services’ and ‘emergency doorstep windshield repair services’, that are quite revolutionary in the field of car insurance providers. With the service of ‘overnight vehicle repair’, the policyholders have to drop their car at the garage on their own and then it will be delivered back to them by early morning by the workshop.
On the other hand, ICICI has a ‘cashless and doorstep car repairs and claim settlement’ feature, which means that the policyholders do not have to worry about both dropping and collecting their car. However, the insurer does not claim the repairs to be done overnight. Instead, it boasts its instant claim settlement process through its IL Take Care App.
So, if you are overjoyed by the idea of ‘emergency and door-step windshield repairs’ and ‘overnight car repairs’, then HDFC ERGO Car Insurance is the best option for you. However, if you want a faster claim settlement process or you want to receive door-step services for repairing your car, then there is nothing better than ICICI Lombard Car Insurance.
Since both insurance providers have reliable and prompt customer support, convenient and faster claim settlement processes, and effective car insurance products, they merit a spot in the top 10 of the best car insurance providers in India. Both HDFC ERGO Car Insurance and ICICI Lombard Car Insurance offer 360-degree protection to their customers; and when the right add-ons are added, it may safeguard the financial future in case of unfortunate road mishaps.
