Bike insurance is necessary for owners to safeguard themselves against harm that could result from accidents, thefts or loss. Offered by numerous insurers such as ICICI Lombard, bike insurance serves as a protection cover against facing legal responsibility to any third party. The special part about ICICI Lombard bike insurance is the long-term plan you will get. As a result, you don't need to renew your insurance policy every year, preventing you from a potential default in the premium payment and keeping your policy benefits intact. Besides, numerous premium discounts of ICICI Lombard's long-term bike insurance plan ensure a hassle-free experience for you. Let's discuss these benefits in greater detail.
Benefits of a Long-term Two-wheeler Insurance Policy from ICICI Lombard
Ease of Availing
You can get a long-term bike insurance policy from iCICI Lombard in a few minutes. All you have to do is provide the basic details about your vehicle and select the mode of payment, and you are done.
Ease of Renewing Online
With ICICI Lombard, it is easier to renew your bike insurance coverage. You can do the same without the hassle of examining or paying additional fees. Bike insurance renewal just got a lot easier with ICICI Lombard. We need to look at the below to understand the renewal benefits of a long-term ICICI Lombard bike insurance plan.
Renewing a bike insurance policy can be challenging, deterring people from going through the process each year. However, online long–term two-wheeler insurance has eliminated the challenges associated with renewing. A long-term bike insurance policy is a good way to avoid the time-consuming process of renewing a policy each year.
Option of No-claim Bonus
In the absence of any claims filed during the preceding policy term, it is possible to get a no-claim bonus. It results in a premium discount for policyholders on renewal. But what helps long-term bike insurance of ICICI Lombard stands out is the availability of NCB benefits even when you claim. Yes, NCB is available for one or more claims as per the policy period.
Cashless Garage Services
Don't look for your bike's essential garage services and repairs anywhere now. Now avail every service at more than 2500 garages across the country.
Get rid of unnecessary delays and formalities in availing of bike insurance online. Go through an easy process to complete all the formalities relating to the bike insurance policy. Get complete clearance in no time and stay insured after completing minimum formalities.
Tired of waiting for a response from any 3rd party bike insurance provider? At ICICI Lombard, get hassle-free services and buy two-wheeler insurance without waiting. Get the benefit of quality assistance and prompt insurance support at the first request.
Easy Claim Settlement
Avail quick and easy settlement of claims for two-wheeler vehicle insurance. The process involves minimum formalities and takes very little time.
Big Savings On Premium
The IRDAI regulates the rates of third-party motor vehicle insurance in India. Due to this, insurance companies cannot exploit customers by selling insurance at a price higher than what is fixed by the IRDAI. However, each year, the premiums for such insurance tend to increase by almost 20%.
For this reason, purchasing 1-year insurance will entail payment of an increased premium next year after renewal. However, long-term bike insurance will help you stay protected for longer, as the premium rates cannot increase during a policy tenure.
Avoiding Policy Lapse
According to the Motor Vehicles Act, 1988, riding a vehicle without insurance is a punishable offence, leading to hefty penalties and even imprisonment. Taking a long-term bike insurance policy from ICICI Lombard shields you against the risk of policy lapse.
At the end of the policy tenure, you will have to go through some bare minimum formalities to complete the renewal process.
You could lag on renewing your bike insurance. Let us say that you did not renew your bike insurance for the last two years. Now, if you plan to purchase new bike insurance, you might have to face an inspection of your vehicle since there is a considerable gap between the two policies.
In this scenario, you could face a situation where the insurance company rejects your renewal request if the vehicle is not found to be in an insurable condition. Otherwise, the premium on your bike could be higher. A long-term ICICI Lombard bike insurance policy prevents this condition.
What is the Coverage of ICICI Lombard Long-term Bike Insurance Policy?
ICICI Lombard's long-term comprehensive bike insurance provides wide coverage, including the following:
Damage or Loss to Vehicle
The insurance policy provides coverage for any loss or damage to the vehicle itself or to any of its accessories, which can result due to natural calamities such as explosion, fire, earthquake, hurricane, storm, cyclone, frost landslide, rockslide, lightning, flood, typhoon, or hailstorm, or due to any artificial calamities such as burglary, malicious acts, riots, strikes, accident due to terrorist activity, damage during transit by rail, road, elevator or air.
Personal accident Cover
ICICI Lombard comprehensive bike insurance for the long-term comes with a compulsory personal cover against accidents for the individual owners of the two-wheeled vehicles, which could result during driving. It is optional to choose the personal accident cover for accompanying passengers.
Third-party Legal Liability
The insurance comes with an added cover for any legal liability resulting from any accidental damage of any type, resulting in permanent injury, death of a person, or damage caused to property.
Depending on the details submitted when taking the ICICI Lombard bike insurance policy, you can exercise the option to avail coverage for electrical or non-electrical accessories such as music systems, seat covers, and more. The policy may also provide coverage for any bi-fuel systems such as CNG.
Exclusive Features of ICICI Lombard Long-term Bike Insurance
By selecting ICICI Lombard as an insurance coverage provider for two-wheelers, you can make the most of these features:
- Issuance of policy on an immediate basis through a dedicated online facility.
- A 24 * 7 call centre for towing vehicles or responding to trauma calls.
- Coverage of towing charges for an amount up to INR 1500.
- Settlement of cashless claims at network dealers.
- Option to avail online approval for minute claims through dedicated cashless network dealers.
How is the ICICI Lombard Long-term Two-wheeler Insurance Premium Calculated?
The Indian Motor Tariff governs the premium calculation for the insurance of a two-wheeler vehicle. The following factors dictate the quantum of the premium amount:
- Type of the vehicle
- Age of the vehicle
- The coverage period of the policy
- Loadings and discounts
Any appropriate discount or bonus shall be considered while calculating the premium amount. The insurance shall also be determined based on experience with claims, additional features and security.
Sometimes, the discount for a no-claim bonus can go as high as 50%. The benefit of no claim bonus can be availed even if the policyholder is shifting the motor insurance policy from another insurance service provider to ICICI Lombard.
Are There Any Exclusions from ICICI Lombard Long-term Bike Insurance?
Some of the main exclusions from the policy are as follows:
- Breakdown of mechanical nature.
- Any consequential loss.
- Fall in the value of the motor vehicle due to depreciation.
- Any wear and tear.
- Any contractual liability.
- Accidents due to intoxicated driving.
- Any deliberate accidental.
- Damages resulting due to war or nuclear weapons.
Considering ICICI Lombard's two-wheeler insurance features, it is convenient to conclude that the insurance provides comprehensive motorbike coverage against damage or loss due to various incidents.
The long-term policy also offers the option to add on several elements, providing better coverage to the insurance holder and the passengers. Policyholders can conveniently get in touch with the bank to avail themselves of hassle-free and quick insurance coverage.