ICICI Lombard General Insurance Company Limited is a 74:26 joint venture between icici bank limited india's second largest bank and fairfax financial holdings limited a Us $ 26 billion diversified financial services corporate engaged in general insurance, re insurance, insurance claims management and investment management.Lombard canada LTd a group of company of fairfax financial holdings limited,is canadas 200 year old property and casualty insurance company.
Some Main Exclusions are:
Mechanical breakdown
Consequential loss
Depreciation
Wear and tear
Any contractual liability
intoxicated driving
Deliberate accidental loss
Damages Due to nuclear weapons material or war

Exclusive Features
Immediate policy issuance through online facility
Traumatowing services available trhough 24/7 call center
Towing charges upto rs.1500 covered
Cashless claim settlement at network dealers
online approval for minor claims through cashless network dealers

At What value do i insure my vehicle?
The indian motor thraffic predetermines the value for every type of vehicle, based on the age of the vehicle. It is caluculated on the basis of todays showroom price of the vehicle, and decreased by the depreciation rate to be applied as per the age. This value is called the IDV or the insured's Declared Value.

How is the premium calculated?
 The basic premium is calculated as per indian motor tariff.It depends primary on the following factors.
Type of vehicle
Age of vehicle
Period of Coverage
Discount/loadings
IDV 

Discount
Appropriate bonus loading discounts are taken into account while caluculating your premium also past claims experience , security and additional features are considered.
some of the discounts are as below.

If  you do not make any claim over a period of them a no claim bonus is offered on renewals. This discount can go as high as 50%. However if there is any claim the discount will be zero for the next renewal.

Therefore, before making small claims, one should be careful. Especially when you have a high ncb.
You will get the full benefit of no claim bonus, even when you shift your motor insurance policy to icici lombard from any other insurance company.

A further discount in the premium is also available if you opt for voluntary excess in addition to compulsory excess. compulsory excess is the amount of the loss, which the insured has to bear in each and every claim.

You can also avail of additional discount if you are a member of a recognized automobile association in india.