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ICICI Lombard Bike/Two Wheeler Insurance
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ICICI Lombard General Insurance Limited is amongst India’s leading private sector general insurance companies which offer insurance coverage for health, travel, motor, home, student and more. ICICI Lombard has been conferred with “The Association of Talent Development Best 2018” Global awards for the sixth time in the year 2016.
Established in the year 2001, ICICI Lombard General Insurance Company is a joint venture company of ICICI Bank, second largest bank of India and Fairfax Financial Holdings Limited, a financial services company which is based in Toronto. ICICI Lombard acquired Bharti Axa General Insurance in August 2020 through a share swap deal. ICICI Lombard has 273 branches and over 840 virtual offices spread across India. It’s incurred claims ratio of motor insurance for the financial year 2018-19 stood at 74%. (Source: https://www.irdai.gov.in)
Types of ICICI Lombard Two-wheeler Insurance Plans
ICICI Lombard General insurance offers the following types of two-wheeler insurance policies:
- Third-party liability only insurance-
Third-party liability only insurance policy covers the policyholder against legal liabilities arising out of a bike accident. Under this type of insurance policy, if your two-wheeler causes any injuries or damages to third parties or third-party surrounding property, then your insurance company will bear the financial liability. The Indian government has made third-party liability compulsory for all bike owners.
ICICI Lombard General Insurance offers the following types of liability only insurance policy-
- One year liability only policy-
It covers all the liabilities arising to the third party for a tenure of one year.
- Long term liability only policy-
It covers all the liabilities arising to the third party for the tenure of 5 years. It provides coverage against third party liabilities on new bikes.
- Two-wheeler vehicle package policy-
When you buy a third-party liability-only insurance plan you do not get coverage for your own vehicle. To cover your own vehicle you need to buy a comprehensive two-wheeler insurance plan which not only offers two-wheeler third-party liability benefits but also provides cover for damages suffered by your own bike. ICICI Lombard general insurance offers a single year two-wheeler package policy renewable annually.
- Bundled plan-
Bundled insurance policy covers own damages for one year and third-party liability for 5 years.
- Standalone own damage two-wheeler insurance-
Standalone own damage two-wheeler insurance plan covers damages caused to your bike or scooter due to any natural disasters such as flood, cyclone, earthquake, landslide or any man-made disasters such as riot, strike, theft, etc. It does not include coverage against third-party liability. Standalone own damage two-wheeler insurance policy can be brought only if you have existing third-party liability coverage.
According to the latest guidelines issued by IRDAI, you are required to buy a minimum of 5 years of third-party liability policy if you are buying a new scooter or a bike. Along with a 5-year third-party liability, you can also opt for one-year own damage cover under the bundled plan or standalone one-year own damage cover.
Benefits of ICICI Lombard Two-wheeler Insurance
Now let’s take a look at the various benefits that you can avail when you buy an ICICI Lombard two-wheeler insurance policy:
- Instant issuance of policy-
The simplified process of ICICI Lombard helps you to buy a two-wheeler insurance policy instantly. Enter the relevant basic details of your two-wheeler, select the coverage options and make the payment. You will receive your policy instantly through email.
- Large network-
ICICI Lombard two-wheeler insurance has tie-up with over 5900 partner garages all over India. You can get your vehicle repaired at any of these network garages and avail cashless settlement.
- Customer service-
ICICI Lombard provides 24*7 claim assistance through its call centre and chat services so that your claims are settled quickly. The customer service of ICICI Lombard is one of the best in the industry.
- Emergency assistance-
ICICI Lombard two-wheeler insurance provides you with the facility of 24/7 emergency assistance including roadside assistance making the insurance policy convenient and beneficial for the policyholders.
- Online renewal-
It is not enough to just buy an insurance policy you also need to renew your policy every year. ICICI Lombard insurance ensures that the renewal of your insurance policy is as simple as buying it. You can renew your policy online without any inspection or any extra charges. All you have to do is enter your previous policy details and your plan will be renewed instantly.
- Easy claim process-
Its claim process is very easy and simple. ICICI Lombard General Insurance provides instant claim approval through its mobile app. You can opt for a cashless claim at any of its network courage.
What is Covered Under ICICI Lombard Two-wheeler Insurance Policies?
The coverage of ICICI Lombard two-wheeler insurance policy is stated as follows:
- Third-party legal liability-
ICICI Lombard two-wheeler insurance plan provides protection against all the legal liabilities arising due to accidental damages, bodily injury or death of a person. This cover is also available under two-wheeler comprehensive insurance policies of ICICI Lombard two-wheeler insurance.
- Natural and man-made disasters-
All the damages and losses arising due to disasters such as fire explosion, earthquake, self-ignition or lightning, cyclone, etc. would be covered.
Any damages or loss caused to your bike following an accident would be covered
If your two-wheeler gets stolen the company will pay you for the losses so that you can replace the vehicle with a new one.
- Personal accident (if opted) -
You can opt for personal accident cover under your ICICI Lombard two-wheeler insurance policy. The cover compensates the driver/owner of the bike if he/she suffers accidental death or disablement while riding the bike. Moreover, personal accident cover for the pillion rider is also allowed as an add-on benefit.
What is not Covered Under ICICI Lombard Two-wheeler Insurance Policies?
Certain situations are not covered under the two-wheeler insurance policy. Such situations are as follows:
- Wear and tear-
Wear and tear and ageing of scooter or bike are not covered. No coverage is offered for depreciation or any other consequential losses.
- Mechanical or electrical breakdown-
Coverage is not offered for a mechanical or electrical breakdown of the vehicle.
- Limitations to use-
Damages arising due to the vehicle being used for purposes otherwise than in accordance with limitations to using would not be covered.
- Regular servicing-
The servicing cost has to be borne by the owner of the bike as the insurance company will not offer compensation for regular servicing of the vehicle.
Wear and tear of consumables such as tires and tubes would not be covered unless the vehicle is damaged in an accident.
- War and allied perils-
Losses or damages due to war nuclear war are not covered
- Damage outside India-
You cannot make a claim if your vehicle is damaged outside the geographical limits of India.
- Driving without a valid licence-
If you are driving your vehicle without a valid licence or using your vehicle for illegal activities, the insurance company would not offer any compensation for any damages arising due to such activities.
- Drunk driving-
Any damages arising due to driving the vehicle under the influence of drugs or alcohol would not be covered.
How to Apply for ICICI Lombard Two-wheeler Insurance Policy?
It is very simple and easy to buy an ICICI Lombard two-wheeler insurance policy. The steps are as follows-
- Visit the website-
Visit the official website of ICICI Lombard General Insurance Company. Then go through the available bike insurance plans, check the coverage and prices, and pick the policy suits your needs the best.
- Fill in the relevant details-
After selecting the right plan fill in the relevant details such as your name, contact number, address, etc. Along with these, you are also required to fill in some basic information of your vehicle such as make and model of your bike, registration number, etc.
- Submit documents-
ICICI Lombard General Insurance asks for very few documents to be submitted at the time of buying an insurance policy. You just need to submit your KYC documents along with ID proof.
- Payment of premium-
Pay the premium amount through any of the payment modes offered by the insurance company and your policy will be issued instantly.
Buying an ICICI Lombard two-wheeler insurance plan is actually very simple and a hassle-free process.
ICICI Lombard Two-wheeler Insurance Claim Process
The claim settlement process of ICICI Lombard General Insurance is very smooth. The company claims to settle around 3 claims every minute. Let’s have a look at the step by step process below:
- Inform the insurer-
Contact the insurance company through their toll-free number and get your claim registered. You can also send a message as “CLAIM” to 575758 and the call centre representative will call you.
- Submit Documents -
The call centre representative would contact you within 24 hours of registration of the claim and provide the details of the documents that are required for processing of the claim. The representative would also assist you with the details of the preferred cashless garages.
- Claim settlement-
The customer care representative will verify the documents and approve your claim. After approval, the payment will be made to the preferred garage directly by the insurance company.
- Get your bike repaired at your ease-
Under reimbursement claim process, ICICI Lombard will credit the approved amount of the claim directly to your account and you can easily repair your bike at your preferred garage.
ICICI Lombard General Insurance has made the entire insurance claim process easy and simple with digitalization. The company also provides an app through which you can avail insurance claim digitally without any involvement of any third person.
Renewing Lapsed ICICI Lombard Two-wheeler Insurance Policy
If you do not pay the premiums of your two-wheeler insurance plan on time, your insurance plan would lapse. However, you can pay the premium within the grace period offered by the insurance company. On payment of the premiums within the grace period, your policy will be reinstated. But if the grace period has expired and you have not paid the premium, you will have to inform the insurance company as your policy has lapsed. The insurance company will reassess your vehicle and then offer you a fresh quote. On payment of the premium, your policy will be renewed. However, it is advised to pay premiums on time so that your policy does not lapse.
Review of ICICI Lombard Two-wheeler Insurance
ICICI Lombard General Insurance Company has settled 99.8% Motor Insurance claim within 30 days of the date of filing of the claim. ICRA has assigned “iAAA” rating to ICICI Lombard General Insurance Company which indicates highest claim paying ability. ICICI Lombard General Insurance provides the easiest and smoothest claim settlement process. It provides e-claim services in which you can lodge a complaint on the website as well as on Insure app. You can use a life video inspection feature on the app which helps you to register your claim instantly and receive immediate approvals. Not only this with InstaSpect you can connect to a claim manager who will assist you for inspecting your vehicle on the video call. Thus, the company offers an easy two-wheeler policy which you can buy for your needs.
ICICI Lombard Two-wheeler Insurance Contact Information
|Registered office address||ICICI Lombard House, 414, Veer Savarkar Marg, Near Siddhi Vinayak Temple, Prabhadevi, Mumba-400025|
|Fax number||022 6196 1323|
Add ons for your Two Wheeler Insurance
ICICI Lombard Two Wheeler/Bike Insurance FAQs
1. Can I renew my insurance policy online?
Yes, you can buy your ICICI Lombard two-wheeler insurance policy online starting 60 days prior to the expiry of your existing insurance policy and within a period of 90 days from the date of expiry of your previous policy. To renew your insurance policy you can visit the official website of the insurance company click on ‘Renew the insurance policy’ and enter your policy number. On payment of premium, your policy will be renewed.
2. What are the factors which affect the two-wheeler insurance premium amount?
Bike insurance premium depends on various factors which include the cubic capacity of the engine, type of model, geographical zone, age of two-wheeler and IDV (Insured Declared Value) of the vehicle.
3. What are the add-ons available with ICICI Lombard two-wheeler insurance policy?
ICICI Lombard General Insurance offers all the standard two-wheeler add-ons. You can buy one or more of these add-ons at an added premium cost. You can get add-on such as zero depreciation cover, roadside assistance cover, engine cover, etc. at the time of buying an ICICI Lombard two-wheeler insurance policy. However, choosing add-ons will increase your premiums.
4. What are the different modes of payment of the premium offered by ICICI Lombard General Insurance Company?
You can pay the premium of your ICICI Lombard two-wheeler insurance policy in any of the five payment options offered by the insurance company. The payment options include payment through credit card, net banking, cash card, debit card or through cheque/demand draft.
5. Is my no claim bonus transferable?
Yes, you can transfer your no-claim bonus if you are already a policyholder of ICICI Lombard two-wheeler insurance policy or switching to ICICI Lombard from any other insurance provider. However, you can transfer your no-claim bonus within 30 days of your renewal due date of the previous policy.
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