ICICI Lombard charges a hefty amount of premium as no less than other insurance companies, but I experienced at the time of accidental claim they go crazy saving their money. Do whatever is required, decline some parts or labor cost or force repair against a replacement for any specific part whether possible or not, they do everything possible under the sun to ensure they escape paying as less as possible.
This is with reference to Claim ID- MOTO06337022 dated 9th Feb 2017.
My bike met with an accident and was handed over to the nearest workshop for repairs.
The insurance IDV was Rs. 100000 for which I paid them Rs. 3500 as premium.
The repair was delayed by the workshop and I got my bike repaired on 12th of Mar 2017.
For reference, I am documenting the entire process and instances.
-A 1st level survey from insurance company happened where the insurance company’s representative visited the workshop, inspected the bike and took some photos. He ensured all damage is on metal parts and with some depreciation, all parts would be covered.
-The bike was open in parts after a few days and the same person from ICICI Lombard visited, took pictures of damaged parts being scattered on the floor. He said all parts in this picture would be covered and if any part left out will not be covered.
-During the repair process, I got an SMS stating the person in-charge is changed and now a new person would be looking into this case.
-The repair process got over and then came the day when even after paying the bill and taking delivery of my bike on 12th Mar, ICICI Lombard’s in-charge went to asleep and forgot to coordinate with the service center to collect my bills and process the claim.
-I kept calling Abhishek Srivastava from ICICI Lombard who has to process my claim but I failed to catch him in office. Every time I called he was out somewhere and committed a call back once he reaches office but he never called back until I called him again and the same thing kept happening in a loop.
-On 18th Mar 2017, I, fortunately, called him at a favorable time when he was in office and to my surprise, he said he haven’t received the bills yet. When checked with the service center, my bills were already handed over along with 2 other bikes for accidental claims.
-Somehow I managed service center send them a duplicate bill. Next day Abhishek from ICICI Lombard called me and said my insurance claim is for Rs. 3552 against my invoice of Rs. 13476. I failed to understand the depreciation of Rs. 10000 where I was assured on every step that all parts and labor is covered under insurance considering normal depreciation.
-On my request, Abhishek paused the proceedings and I contacted the service center where I found the insurance partner has not approved certain parts and approx 70% of labor cost.
-After numerous follow up with service center and the insurance company were multiple times I failed to catch the person in-charge on his seat and helpless, we landed to 31st Mar 2017, the financial closing day of the year.
-Abhishek called me and with all urgency, he said he need to close the claim today being 31st March. After being harassed for 20 days and running after their life, he informed me that the claim settlement amount is Rs. 8183. To my surprise, he hasn’t considered the actual labor cost billed by the service center.
-The repair work was done at an authorized service center and they bill as per predefined labor codes for every job carried in the workshop. Still, after all the logic and facts, he denied approving any more.
-When demanded breakup about depreciation, as which part got how much depreciated while claim settlement, he denied stating the definitions are updated on the official website.
-His urgency to close the claim on 31st Mar and my limit of tolerating their stupidity made me settle for whatever it takes to close this chapter. I agreed for the settlement amount of Rs. 8183 and ended up paying over Rs. 4000 from my own whereas throughout the process I was, again and again, assured that I will get all covered after minor depreciation.
My bike’s insurance is valid until June 2017 and that of my Car’s is till Oct 2017, and I don’t need to say I will never go for ICICI Lombard ever again.
Not at all recommended and I suggest to try any insurance company but not ICICI Lombard.