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
Two Wheeler Segment Expected To See Gains During Festive Season
The two wheeler vehicle segment, which has seen a period of stagnant growth, is expected to see gains of around 10-12% this festive season.
Analysts have predicted that the industry could receive a boost thanks to the upcoming festive season, which coincides with the harvest festival. Sales in the rural sector are expected to pick up owing to this, resulting in greater liquidity for the rural population.
With the increased penetration in Tier-II and Tier-III cities over the course of the year as well as improvement of distribution networks in these areas, sales in these cities and towns are expected to surge.
The industry has already seen a spurt in sales beginning from the Ganesh Chaturthi and Onam festivals and are hoping for the good fortunes to continue.
Two wheeler insurance companies are also looking at capitalising on this trend and are rolling out offers and deals over the season.
3rd October 2016
ICICI Lombard says over three quarters of two-wheelers in India uninsured
A major chunk of the automobiles in our nation hit the road without meeting the mandatory insurance requirements as revealed by the survey conducted by ICICI Lombard recently. According to a spokesperson from ICICI Lombard, while two wheelers and bikes constitute around 70 percent of the entire vehicle database in the country, almost 75 per cent of motor vehicles are out on the road without basic two wheeler insurance. It could be that their policy is expired or they haven’t bought one in the first place. To add to this, out of 32.9 million automobiles listed without counting two wheelers only 9.5 million are not insured. This data in spite of the mandatory call for vehicles to have a third party cover as per the Motor Vehicle Act. Mr. Sanjay Datta, Chief-Underwriting, Claims and Reinsurance (ICICI Lombard) said that the number who renew policies regularly are low in number. But the insurer has introduced a three-year two wheeler insurance plan in April this year, which had a great sale.
22nd December 2015
ICICI Lombard 2 Wheeler Insurance Update- Premium Payment Every 3 Years
In a unique move that is set to earn some applause from the fraternity of two wheeler owners in India, ICICI Lombard has introduced a long term two wheeler insurance option wherein the concerned owner can insure his/her vehicle for a duration of upto 3 years. While this saves the vehicle owner the hassle of having to pay the insurance premium on a yearly basis, they can also effectively benefit by saving on revision of third party insurance rates. ICICI Lombard further adds that customers who apply for this new policy online will instantly receive an e-copy that can be printed out and subsequently used. All other characteristics of the classical ICICI Lombard two wheeler insurance policy will remain unchanged.
5th August 2015