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ICICI Lombard Two Wheeler Insurance FAQs
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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.
1. What if a bike owner gets caught with an expired ICICI Lombard bike insurance policy?
If the bike owner gets caught riding their bike with an expired two-wheeler insurance policy, they are liable to pay a fine of up to INR 2,000 or imprisonment of up to 3 months or both can be imposed as per the Indian Motor Tariff Act by the enforcement agency.
2. What details are required to enter by a policyholder during ICICI Lombard bike insurance policy renewal?
During ICICI Lombard bike insurance policy renewal, the policyholder is required to enter the following details:
- Your name and mobile number
- Your existing policy number
- Your bike's registration number
3. Why did ICICI Lombard reject my bike insurance policy renewal application?
The insurer can reject the bike insurance policy renewal application due to any of the following reasons:
- If your bike is of imported model
- In case you provide wrong details of yours
- Your age is not eligible for driving
- You don't have a valid driving licence
- You live in theft or fraudulent prone area
- You are not able to bear the premium
- You have modified your bike
- You have been associated with motoring offences in the past
4. How to check the ICICI Lombard bike insurance renewal due date?
ICICI Lombard bike insurance renewal date is written in the policy documents provided to you by the insurance company. Also, you can call the ICICI Lombard helpline number and ask for the same.
5. How much discount one can get during renewal with ICICI Lombard no claim bonus?
No claim bonus by the ICICI Lombard offers the customers during the renewal process of bike insurance policy can make you avail a discount from 20% to 50% of the premium.
1. Can I initiate an ICICI Lombard bike insurance claim online?
Yes, ICICI Lombard allows its policyholders to initiate the claim online by visiting its website.
2. What is the claim amount in case of third-party death?
The court of law evaluates the ICICI Lombard claim amount in case of third-party death.
3. How to make an ICICI Lombard claim for a stolen bike?
For an insured stolen bike, you first need to lodge an FIR and receive a report of 'no trace' from the police. During the claim, show the copy of the FIR and no trace report to the insurer.
4. What is the maximum discount one can earn with ICICI Lombard's no claim bonus?
The percentage of bonus offered by ICICI Lombard grows with back-to-back 5 consecutive claim-free years to 50%. Therefore, you can receive a maximum of 50% of your insurance as a no-claim bonus in case you don't make a claim.
5. Is a bike damaged in riots eligible for compensation under ICICI Lombard third-party bike insurance policy?
No, ICICI Lombard third-party bike insurance does not cover the damages or losses to the owner's bike in riots.
1. Does the copy of ICICI Lombard bike insurance policy include the details of no- claim bonus?
Yes, the copy of ICICI Lombard bike insurance policy includes the details of no-claim bonus, if any.
2. What are the details in ICICI Lombard bike insurance document that a policyholder must go through carefully?
Every policyholder must go through the following components of the bike insurance policy document:
- Type of policy
- Policy number
- Term of policy
- General exclusions and inclusions
- Policy terms and conditions
- IDV and premium amount
- Grievance redressal process of the insurer
- Details of the insured person and the bike
3. What information is required to get a duplicate copy of the ICICI Lombard bike policy document?
The FIR copy, the indemnity bond, a copy of the advertisement of the lost policy document issued in a newspaper, and a handwritten application addressed to the insurer are required to avail a duplicate copy of the ICICI Lombard bike insurance policy document.
4. How much fine is applicable on the bike owners caught without a bike insurance policy document?
A fine of INR 2,000 is applicable to those who ride their bike without any insurance policy documents with themselves.
Add On Covers
1. If I want to include only a single ICICI Lombard bike insurance add-on cover with my standalone bike insurance policy, can I do that or I need to buy add-ons in package form only?
Though ICICI Lombard General Insurance provides add-on covers in packages to optimize a policyholder’s policy coverage. If you require only a specific add-on cover to include in your ICICI Lombard standalone bike insurance policy, you can request the company for the same.
2. Who should purchase an ICICI Lombard zero depreciation bike insurance add-on cover?
Zero depreciation bike insurance cover offered by ICICI Lombard should ideally be purchased by the following:
- Who have just begun learning a bike riding
- Who have bought a new bike
- Who live in an accident-prone areas
- Who have luxury bikes which have expensive parts
3. Do I require to pay an additional charge to avail ICICI Lombard bike insurance add-on covers?
Yes, you must pay additional charges to enjoy ICICI Lombard bike insurance add-on covers benefits along with the regular premium amount of your basic insurance policy to avail them.
4. Is it compulsory to buy an add-on cover along with the basic bike insurance policy?
No, it is not compulsory to include an add-on cover with your bike insurance policy. To buy an add-on cover along with your bike insurance policy is totally your choice which depends on your budget and requirement.
5. Can I include ICICI Lombard bike insurance add-on covers if I own a third-party bike insurance policy from the same insurer?
No, ICICI Lombard General India Insurance offers no add-on covers with their third-party bike insurance policy. To avail of the add-on covers from ICICI Lombard, you must have an active comprehensive or standalone bike insurance policy.
1. Is geographical location considered for ICICI Lombard comprehensive claiming coverage for accidents?
Yes, while buying the insurance policy, the insurer specifies the geographical area within which the insurance is valid.
2. Can the maintenance or repair costs for the damages caused due to theft or burglary be claimed under this ICICI Lombard comprehensive policy?
Yes, any damage caused by theft is covered under the ICICI Lombard comprehensive bike insurance.
3. Can the ICICI Lombard comprehensive bike insurance be bought via an app?
Yes, the insurance policy can be applied for and bought using an app on your smart devices.
4. Does the ICICI Lombard comprehensive bike insurance policy include legal debts in case of the death of a third-party?
Yes, the insurance policy will cover all the possible liabilities that the insured will owe in case of the death of a third-party due to an accident caused by its two-wheeler.
1. What is the ICICI Lombard bike insurance claim settlement ratio?
ICICI Lombard bike insurance claim settlement ratio is comparatively impressive, which is 87%.
2. Who should buy the ICICI Lombard third-party bike insurance policy?
Every person in India who owns a motor vehicle must buy a third-party insurance policy as it’s been made mandatory by the Indian Motor Traffic Law to have it if you are driving on a public road.
3. Can I request a claim against theft for my bike if I own an ICICI Lombard third-party bike Insurance policy?
No, theft/own vehicle damage is not covered under the third-party bike insurance policy. The insurer doesn’t approve such claim requests. A third-party bike insurance policy protects your bike only against third-party liabilities.
4. Can I get add-ons with my ICICI Lombard third-party two wheeler insurance policy?
No, ICICI Lombard does not offer any add-on covers if you own a basic policy as third party bike insurance.
5. Will I get NCB if I raise no claim during my ICICI Lombard third-party two-wheeler insurance policy tenure?
No, ICICI Lombard offers no ‘No Claim Bonus’ benefits under its third-party coverage policy. You need to change your policy from third-party cover to either a comprehensive bike insurance policy or a standalone bike insurance policy to avail of the NCB during renewal.
1. Can I opt for an ICICI Lombard zero dep bike insurance policy for my 1-year-old second-hand bike?
Yes, as your second-hand bike is only 1 year old, you can opt for ICICI Lombard zero depreciation bike insurance along with your standard bike insurance policy.
2. How many garage networks does ICICI Lombard General Insurance have across India?
ICICI Lombard General Insurance has more than 2500 network workshops to offer a cashless claim settlement service to its policyholders.
3. Can I opt for ICICI Lombard two-wheeler zero depreciation add-on cover if I already have an ICICI Lombard third-party bike insurance policy?
No, with a third-party bike insurance policy, ICICI Lombard General Insurance does not offer zero depreciation add-on cover.
4. Who should opt for ICICI Lombard zero dep bike insurance?
Anyone who has bought a new or expensive bike should opt for ICICI Lombard zero dep bike insurance. Also, people whose bike parts are expensive are recommended to have the same.
5. Can I buy ICICI Lombard zero dep bike insurance if I have a standard bike policy from some other insurer?
If you own a basic bike policy from some other insurer, you can not buy the zero depreciation add-on from ICICI Lombard. To avail of the ICICI Lombard zero dep bike insurance, you must buy a basic ICICI Lombard bike policy, either a standalone or comprehensive plan.
1. What is the claim settlement ratio of ICICI Lombard General Insurance?
ICICI Lombard General Insurance has successfully settled 87% of the claims.
2. Who should buy the ICICI Lombard own-damage bike insurance policy?
Every bike owner who has an expensive luxurious bike and already has an active third- party bike insurance policy should go for an ICICI Lombard standalone two-wheeler insurance policy.
3. Can I raise a claim against stealing my bike under my ICICI Lombard standalone bike insurance policy?
Yes, my bike damage is covered under the standalone bike insurance policy. The Insurance company is bound to compensate you for the theft of your bike under the standalone bike insurance policy.
4. Can I opt for add-ons covers with my ICICI Lombard standalone two wheeler insurance policy?
Yes, ICICI Lombard offers several add-on covers if you buy a standard policy as standalone bike insurance.
5. Will I get NCB benefits if I request not even a single claim during my ICICI Lombard standalone bike insurance policy tenure?
Yes, ICICI Lombard offers ‘No Claim Bonus’ benefits with its standalone coverage policy. However, to avail of the NCB during renewal, you must request the same.
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