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ICICI Lombard Third Party Bike Insurance
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Owning and riding a bike gives a lot of advantages as buying and maintaining it is much more economical and easier than a car. However, despite these benefits, riding a two-wheeler is extremely risky if the condition of the roads is terrible and there is huge traffic. Also, circumstances like bad weather, rash driving by other drivers, and road spills can cause harm to you and your bike. And don’t forget, stealing bikes has become a raging problem these days. Therefore, buying two-wheeler insurance policy is a surplus and also a necessity. Here are provided with the benefits that ICICI Lombard third party two-wheeler insurance offers and how it can be availed.
How does ICICI Lombard Third Party Two Wheeler Insurance Policy Work?
ICICI Lombard bike insurance policy protects you against legal liabilities arising from an accident. Under this two-wheeler insurance policy, your insurance company will take care of these charges if your bike causes injuries to a third-party person or damages his surrounding property.
A Third-party bike insurance policy is recommended for every bike owner. Also, the Indian Motor Traffic Law, 1988 also made it mandatory to have at least a third-party bike insurance policy.
ICICI Lombard Third Party Two Wheeler Insurance Vs Comprehensive Two Wheeler Insurance
| Basis | ICICI Lombard Third Party Bike Insurance | ICICI Lombard Comprehensive Bike Insurance |
| Coverage | ICICI Lombard third-party bike insurance covers the financial and legal expenses only for third party liabilities. | Comprehensive policy covers not only third party liabilities but also protects the insured against his own damages. |
| Add-ons | No add-on covers are available for ICICI Lombard third party two-wheeler insurance. | ICICI Lombard offers a number of add-on covers to enhance the coverage. |
| Cost | Comparatively cheaper than an ICICI Lombard comprehensive policy due to its limited coverage. | Expensive than a third-party cover due to its wider coverage. |
| Mandatory by Law | Yes. It is mandatory to have a third-party policy. | No, it’s not mandatory to have a complete comprehensive insurance policy. |
How to Buy ICICI Lombard Third Party Two Wheeler Insurance?
By following the below-mentioned steps, a bike owner can buy the ICICI Lombard bike third party insurance online.
- Visit the bike insurance page on the ICICI Lombard website.
- Enter all the required details like your mobile number, email ID, your bike registration number, registration city, registration, year, etc.
- In the next step, select the policy of your choice (ICICI Lombard third party bike insurance policy in this case)
- You are allowed to choose to edit your coverage according to your requirement, after the selection,
- When selection is made, make a payment through net banking, debit cards, credit cards, Paytm, etc.
What All is Covered Under ICICI Lombard Third Party Two Wheeler Insurance Policy?
ICICI Lombard third-party two-wheeler insurance policy offers protection against the following risks:
- Third-party legal liability due to accidental damages caused to the surrounding property or damage caused injury or death of a third-party person.
What All is not Covered Under ICICI Lombard Third Party Two Wheeler Insurance Policy?
ICICI Lombard third party bike insurance policy does not offer protection against the following risks:
- Coverage against own damages, be it insured or his bike
- Normal wear and tear to the bike
- Electrical and mechanical breakdown of the vehicle
- Damages caused while driving the vehicle under the influence of drugs or alcohol
- Damages caused while carrying the invalid driving licence/policy
- Damages occurred outside the geographical location
- Private bike being used for commercial purposes
Key Benefits of Purchasing ICICI Lombard Third Party Two Wheeler Insurance
ICICI Lombard two wheeler third party insurance policy offers numerous benefits to the policyholders, including,
- Up to INR 7.5 lakh of coverage against third party property damage
- Unlimited coverage for the demise or any permanent disability of a third party
- Liability coverage
- Discounts and offers
- Instant quote
- Instant policy issuance
- Transparency in process
- Simple renewal
- 24/7 online support
- Easy payment
ICICI Lombard Third Party Two Wheeler Insurance Review
The ICICI Lombard third party bike insurance buying process is very easy with a minimum premium. No risk factors are there. Also, no need for any paperwork. It is available anywhere, getting reminders for the last 30 days. Happy with it.
Add ons for your Two Wheeler Insurance
ICICI Lombard Third-party Bike Insurance FAQs
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.