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As per the law of Indian motor traffic, bike insurance is made a mandatory requirement before plying your bike on Indian roads. An insurance policy is also a wise financial decision to protect you from the costs that may arise from an accident while riding your two-wheeler. A third-party bike insurance policy is the minimum to fulfill the regulatory insurance requirement. Yet, it only safeguards you against third-party liabilities. Therefore, to protect your bike and cover the expenditures incurred in repair and the expense of replacement of parts or procurement of spare parts, you should purchase an ICICI Lombard standalone bike insurance policy.
Standalone policy of ICICI Lombard two-wheeler insurance covers the damages to your bike caused by an unexpected event such as a road accident, natural calamities like cyclone, landslide, earthquake, flood, etc. or man-made disasters like riots, theft, burglary, strike, etc. If you already have a third-party policy for your bike, you are recommended to purchase an ICICI Lombard standalone bike insurance.
Basis | ICICI Lombard Third Party Bike Insurance | ICICI Lombard Standalone Bike Insurance | ICICI Lombard Comprehensive Bike Insurance |
Coverage | Covers only a third-party person’s death or bodily injury and their surrounding property damaged by an insured bike. | It covers the damages to your two-wheeler caused by an unfortunate event such as a road accident, natural disaster or man-made disasters. | It covers third-party liabilities as well as the damages to your bike in case of an accident or natural or man-made calamities. |
Add-ons | No add-on covers are offered along with third-party two-wheeler insurance. | Several add-on covers are offered with standalone bike insurance. | You can purchase a wide range of add-on covers with a comprehensive bike insurance policy. |
Cost | Cheapest of all the kinds of insurance policies. | Cheaper than comprehensive bike insurance but expensive than third-party policy. | Most expensive bike insurance policy as it offers wider coverage to your bike and also to third-party. |
Mandatory by Law | Yes, it is compulsory to buy third-party policy. | Optional to buy. | Optional to buy. |
A bike owner can buy the ICICI Lombard bike own-damage insurance online by the process given in the below-mentioned steps:
ICICI Lombard standalone bike insurance policy covers the following risks:
ICICI Lombard standalone own damage two wheeler insurance does not offer coverage for the following:
ICICI Lombard bike standalone insurance provides several benefits to the insured, including
ICICI Lombard bike standalone insurance policy works as a financial protection when you or your insured bike faces any mishap. When it comes to buying this policy, you can easily buy it online in just a few simple steps. The process is quite easy and hassle-free hence ICICI Lombard has become the favourite choice of many.
ICICI Lombard General Insurance has successfully settled 87% of the claims.
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.
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.
Yes, ICICI Lombard offers several add-on covers if you buy a standard policy as standalone bike insurance.
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.