Two wheelers make for quick travel, are easy to manoeuvre through traffic, and are also fun to ride. But it exposes you to more danger. When you are on the road, you are responsible for yourself, any passengers, your fellow commuters, pedestrians and people’s property. Insurance gives you protection against the financial costs you might incur in case of accident. You would not only have to bear costs of damage to yourself and your vehicle, but also to any third party who was injured as well. The Government made Third Party Liability Cover (TPL) compulsory under The Motor Vehicles Act (1988). But it’s wise to enhance your cover to protect yourself and any pillion you may be taking along with you with Own Damage and Personal Accident insurance plans.
Overview of ICICI Lombard Two Wheeler Insurance
ICICI Lombard has designed an insurance policy to give you a basket of benefits at reasonable rates. It provides for financial security of the two wheeler owner and third party legal liability. In case the vehicle and/or its accessories are damaged or stolen, ICICI Lombard will help you clear your losses. Damages due to man-made and natural calamities are covered, including fire, cyclone, floods, riots, theft, etc.
Features and Benefits
- Receive a copy of the insurance immediately online.
- No documentation required.
- Eligible for no claim bonus when you renew the policy if you did not make any claims in the previous period.
- Avail cashless servicing at 1850+ garages in India.
- Set reminders for policy renewable.
- Extend coverage to your co-passenger.
- Transfer all No Claim Bonus (NCB) benefits when you shift your two insurance policy to ICICI Lombard.
- Covers towing charges of up to Rs. 1500.
- Renew your policy online.
- Recognized Automobile Association members get 5% discount.
- Avail of 2.5% discount for ARAI approved anti-theft devices for your vehicle.
- Get add-on coverage for electrical and non-electrical items like fog lights, music system, seat covers, etc.
- You can also cover your bi-fuel system such as CNG.
Insurance amount is a fixed value known as the Insured's Declared Value (IDV). IDV is calculated as below:
Selling price of the vehicle (as listed by the manufacturer)
+ Cost of accessories
– Depreciation for every year as per the schedule given by the Indian Motor Tariff.
Coverage of ICICI Lombard Bike Insurance
There are three levels of insurance coverage in an ICICI Lombard two wheeler insurance policy. They are listed below along with the scope of coverage.
- Third Party Liability (TPL) – Covers only third party liabilities, permanent injury/death of a person or damage to person’s property.
- Own Damage (OD) – Covers your own bike repair expenses in the event of an accident, and manmade or natural calamities.
- Personal accident (PA) – Gives comprehensive cover for the bike owner inclusive of reimbursement for hospital expenses. In the event of death, compensation will be paid to the nominee. In the event of total and permanent disability, compensation will be provided.
Add ons Cover:
- Zero Depreciation – Receive full amount in the event of a claim.
- Garage Cash – Receive daily compensation while your vehicle is undergoing repairs in the garage.
- Personal Accident cover for passengers - Extend the insurance coverage to your pillion rider for up to Rs. 2 lakhs.
Premiums are calculated using a simple formula.
Your premium will be a total of TPL (Third Party Liability) Premium + OD (Own Damage) Premium + PA (Personal Accident) Premium. TPL
- TPL – the rate is fixed by the IRDAI and depends on the cubic capacity of the vehicle
- OD – is fixed as per insurance tariff. It depends on the IDV.
- PA - is also fixed as per insurance tariff and depends on the policy amount.
In case you meet with an accident, the process to claim insurance is as follows.
- Take down the number of any other vehicle involved.
- Make a note of the names and contact details of any witnesses if you can
- Contact ICICI Lombard toll free number and get your claim number. The customer care representative will give you all the information you need to claim insurance and where you can avail of cashless service.
- File an FIR at the nearest police station in case of damage to property or self, theft and major damages.
- After you register your claim, the customer service manager will contact you within 24 hours.
- Submit all required documents to the workshop. The documents you will need are the duly-filled claim form, RC copy of the vehicle, a copy of driving licence, policy copy, FIR, and other documents as specified by ICICI Lombard.
- The CSM will estimate the cost of repairs and give you a spot approval.
- Payments will be made directly to the garage. Any balance amount not covered by the insurance will have to be paid by you as per the terms and conditions of the policy.
- If in case you are availing of repair services at a garage that is not under our preferred list, you will not receive the cashless benefit. You need to submit your documents to ICICI Lombard and they will reimburse your expenses after the claim is approved.
Documents Required for ICICI Lombard Two Wheeler Insurance Thefts Claim
In case your vehicle is stolen, you must immediately file a claim to initiate the insurance settlement process. ICICI Lombard guarantees quick and hassle-free settlement process for two-wheeler insurance thefts claim. Here is a list of documents that must be submitted for thefts claims.
- Duly filled and signed claims form
- A copy of the policy
- Original FIR copy from a police station
- A copy of the driving license
- RC copy of the two-wheeler with all original keys
- Duly signed RTO transfer papers
- Form 28, 29, 30 and form 30 (if hypothecated)
- A final no-trace report from the police mentioning that the vehicle could not be located.
Any other relevant documents required to investigate the claim or the obligation to make payment for the claim will be requested if needed.
Documents required for Third Party Claims of ICICI Lombard Two Wheeler Insurance
If your vehicle is insured with ICICI Lombard, you can be guaranteed of a hassle-free and quick claims settlement process. In case of an unintentional damage or injury caused to a third party by your vehicle, you can contact ICICI toll free number to file a claim instantly. The following documents will be required to file a third party claim with ICICI Lombard.
- Duly filled and signed claims form
- A copy of police FIR
- A driving license copy
- A copy of the policy
- A copy of RC book for the two wheeler
Other relevant documents supporting the claim might be asked for if needed. After registering the claim, an ICICI representative will contact you within 24 hours. You need to submit all the required documents and get it verified by the ICICI Customer Service Manager.
ICICI Lombard Bike Insurance Renewal OnlineExisting Customers
ICICI Lombard two wheeler insurance customers can renew their existing insurance policy online by simply keying in the Policy number followed by last five digits of the engine or chassis number for verification under the renewal section of the home page.Customers Holding Policy from Other Insurers
Customers holding two wheeler insurance from other insurers can also renew their active or lapsed insurance policy under the same section. Customers switching over from other insurers will have to provide additional details which includes vehicle and contact details along with the existing policy information.
In both cases, customers can opt for add on covers such as Personal Accident Cover during the renewal process. Keep handy, bank/card details for making payment before initiation. After the payment, a copy of the policy document is instantly generated. You can save a copy or print it for further reference. A sealed copy will also be mailed to the communication address at a later date.
How do I apply for ICICI Lombard two wheeler insurance?
You can apply for ICICI Lombard two wheeler insurance on the ICICI Lombard website. You can also call them or request a call from them online to know more details and apply.
What are the exclusions under the ICICI Lombard two wheeler insurance?
- Electrical/Mechanical breakdown
- Normal wear and tear and general ageing of the vehicle.
- Depreciation or any consequential loss.
- Any contractual liability
- Intoxicated driving
- Deliberate accidental loss
- Damages due to nuclear weapons material or war
How do I know which garages are eligible for cashless service?
You can log on to the ICICI Lombard website. Under two wheeler insurance, there is a link available to search for garages near you. Simply enter details of your state and city, and the manufacturer, and it will generate a list of preferred garages. You can also call customer service to find out details of garages near you.
How can I find out the status of my insurance claim?
You can track your insurance claim online. You can directly register and track your claim on the ICICI Lodge a Motor Claim service. You could also call customer care.
What man-made calamities are covered by ICICI Lombard?
Man-made calamities means any damages caused by deliberate or accidental actions of man such as theft, vandalism, malicious act, strikes or riots, accident by external means, terrorist activity, any damage in transit by road, rail, inland waterway, lift, elevator or air, etc.
What natural calamities are covered by ICICI Lombard?
Natural calamities are events that occur out of the control of man, such as fires and explosions, self-ignition or lightning, flood, cyclone, typhoon, hurricane, storm, hailstorm, frost, earthquake, landslide, rockslide, etc.
How can I make premium payments?
You can make payments through any one of the following six options:
- Credit Card
- Net Banking
- Debit Card
- Cash Card
- Cheque/ Demand Draft
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News About ICICI Lombard Two Wheeler Insurance
Yamaha Easing Its Way Into the Scooter Market
Until 2012, Yamaha only sold motorcycles, after which the company decided to venture into the scooter market. The transition to offering scooters in addition to racing and power motorcycles has been rather smooth for the auto maker as a large number of people have started to appreciate the company’s scooters despite the fact that they have been made available only in the recent past. The Vice President of Sales and Marketing, Roy Kurian, recently revealed that customers are now looking at Yamaha as a quality scooter brand that also offers motorcycles. The company has gained the trust of millions of people across the country, and expects to continue manufacturing scooters along with geared bikes.
24th November 2016
Honda opens booking for limited edition CBR250R
Honda Motorcycle and Scooter India (HMSI) has officially opened bookings for its limited edition CBR 250R. This bike, based off the Repsol Honda Racing, will be available in two different variants—Marc Marquez 93 and Dani Pedrosa 26.
The bookings, Honda said, can be made at exclusive Honda dealerships across the country. Speaking on the same, SVP of HMSI Sales and Marketing Yadvinder Singh Guleria said that the company wanted to bring the Repsol edition into the market after the team’s successful victory at the 2016 Motogp season.
This CBR 250R will be powered by a 250cc engine and will churn out a maximum power of 26 BHP. Besides this the CBR will also feature an anti-brake lock system, electronically controlled fuel injection, both of which are expected to enhance the performance of the vehicle.
22nd November 2016
Premium collection of general insurers up by 32%
According to data released by the General Insurance Council of India, it has come out clear that insurance premium collection has risen by a whoppin 32%.
This data, which analyses the business for the first 7 months of FY17, has reported that about Rs.76,607.92 crores have been collected by both public and private limited companies.
However, the data went on to suggest that private players had a way bigger hand in the money collected as compared to public companies.
Private firms like Bajaj Allianz, Reliance General, TATA AIG General Insurance, and ICICI Lombard among others racked in a growth of 32.5% to collect Rs.29,851.31 crores. On the other hand, public sector firms like National Insurance, United India Insurance Company, and New India Assurance among others saw a growth of 27% and collected Rs.34,754 crores as compared to the same period last year.
Experts in the industry cited the rising popularity of two-wheeler insurance as the main reason behind this massive growth.
21st November 2016
Best Two Wheeler That Cost Less Than Rs.2 Lacs in India
Following is a list of the best two wheelers you can purchase for less than Rs.2 lacs in India:
- KTM 390 Duke: Priced at Rs.1.95 lacs, the KTM 390 Duke has a sporty style and remains one of the best-selling two wheelers in the country.
- Mahindra Mojo Tourer Edition: The Mahindra Mojo Tourer Edition costs Rs.1.88 lacs and is perfect for effortless touring as it comes with luggage panniers, fog lamps and mobile mount.
- Bajaj Pulsar RS 200: The RS 200 from Bajaj Pulsar is a sporty performer that is available in the market for Rs.1.18 lacs.
- KTM RC 200: The KTM RC 200 is priced at Rs.1.66 lacs and it comes with amesmerising design and dual projector headlights.
- Benelli TNT 25: This sports bike can be purchased for Rs.1.75 lacs.
18th November 2016
Bajaj looking to increase market share with new series
India’s second largest two-wheeler manufacturer, Bajaj Auto is looking to increase it market share to about 50% in the coming year.
This, the company is looking to achieve by unveiling the 2017 series of Pulsar variants. To aid the company in the process, Bajaj is also ready to introduce the CS400 and the Kratos VS 400 variants.
Other bikes likely to hit the market include the 125 cc variants which are BS IV compliant and will come equipped with ABS.
This new range is expected to come with new performance and appearance to match the expectations of the current youth, who have already been introduced to splendid vehicles like the KTM RC line up and the Yamaha R3 among others.
17th November 2016
ICRA research indicates a growth of 6-8% in Indian two-wheeler tyres industry by FY19
Research by the Indian Credit Ratings Agency (ICRA) has suggested a 6-8% growth in demand for two-wheeler tyres over the next three years. This is fuelled by the estimated growth in demand for two-wheelers during this period.
Key players like Apollo Tyres, Bridgestone India, and Balkrishna Industries have recently entered into the domestic tyre segment for two-wheelers. Michelin India, which earlier focused on the premium two-wheeler tyre segment, will be soon entering the market of mass bike tyres. The domestic bike tyre market is currently monopolized by MRF, TVS Srichakra and CEAT. The entry of new players will change the statistics significantly.
ICRA announced that two-wheeler sales are expected to grow by 10-12% in the financial year 2017. There could also be an increased demand for bikes from the rural segment, owing to better budgetary allocations for rural welfare schemes and the favourable monsoons this year.
16th November 2016
Special edition scooters from Vespa to be launched soon
Piaggio India will be introducing the Vespa 946 Emporio Armani edition of scooters in the country. A special edition scooter is also planned as part of the launch, to mark the 70th anniversary of the company in India. The Vespa 946 Emporio Armani edition will probably be the costliest scooter on Indian roads, as it is likely to be priced around Rs.9 lakh. The price is justified by the iconic Emporio Armani brand value and the luxury that the scooter promises.
The bike will be characterised by a signature colour palette of green and grey. Its exclusivity is displayed by the Emporio Armani moniker. The bike is powered by a 125cc, mono-cylinder engine that has a peak power output of 11.7hp and 10.3 Nm peak torque. The scooter has LED headlamps and tail lamps with anti-slip regulator and traction control system. It also has 12 inch alloy wheels and two-channel ABS.
15th November 2016
Ducati Launches Monster 1200 and Monster 797
Two bikes namely Monster 1200 and Monster 797 were launched recently by Ducati in the recently held pre-EICMA Ducati World Premier Conference. The event took place in Milan. The new Monster 1200 is shorter and more compact. The size of the passenger seat have also been reduced to make it more manageable. The new modified headlight and TFT display make it look more visually stunning. The seat is adjustable which allows the rider to sit in a comfortable position. The 1200 version is also equipped with a sensor which tracks the bikes attitude. Monster 797 is specifically made for the younger population. It works well with the Ducati Multimedia System. The best thing about this bike is that it has a USB charger located right under the seat.
14th November 2016
TVS-BMW tie-up to launch its first two-wheeler
The fourth quarter of the current financial year will witness the launch of the first vehicle from the TVS-BMW tie-up. It is known that the partners were planning the launch of two products, one branded as TVS and the other BMW. They had previously stated that the amount invested in the project would be around 20 million euros.
The manufacture of the product has been initiated at the Hosur plant of TVS. The company expects the tie-up to show positive results in the financial year 2107-18.
11th November 2016
Two-Wheeler Companies Continue Growing
The sales of two-wheeler companies around the country recorded further growth. Hero MotoCorp, the market leader, recorded sales of more than 600,000 two-wheelers for a third month in succession in 2016. The second-best selling two-wheeler company was Honda, whose numbers haven’t been announced yet. The sales made by the two-wheeler industry, including exports, have anticipated to have recorded an increase of 7% in October, climbing to 1.42 million units sold. Following Honda’s release of its figures, the growth of sales in the industry is expected to increase to 9 – 10% given the fact that the company’s capacity was expanded earlier this year.
The company reported its highest revenues at Rs.1,981 crore between July and September this year.
10th November 2016