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:
- The ICICI Lombard two-wheeler insurance plan is available with tenures of 1, 2, or 3 years. This enables policyholders to decide on the policy term that suits their needs.
- You can opt for a policy with an extended tenure, such as 3 years, to avoid hassles of renewal every year. In this case, you can benefit from significant savings as you will be exempt from the revision of third party rates on an annual basis.
- You can opt for an add-on cover that protects the non-electrical and electrical accessories of your vehicle.
- With the ICICI Lombard two-wheeler insurance plan, you receive a fundamental personal accident cover. Apart from this, you can protect your loved ones with an add-on cover for co-passengers.
- The process of online policy renewal is easy and convenient. You do not need to get your vehicle inspected, even if you are renewing an expired policy.
- The policy allows you to accrue a No Claim Bonus that can result in significant savings on your premium in the subsequent years. If you opt for a 3 year policy, your NCB will be applicable even after one or more claims, based on the policy tenure.
- ICICI Lombard has a wide span of above 2150 network garages that can assist customers in need.
- It is possible to purchase a policy online, and while doing so, you will immediately receive a copy of the insurance.
- There is no requirement of any documentation for policy purchase, when it is done online.
- It is possible to set reminders for renewal of policy.
- You can transfer your accrued No Claim Bonus when you shift from another insurance provider to ICICI Lombard.
- Recognised members of the Automobile Association can avail a discount of 5% on premium.
- You are eligible for a discount of 2.5% on your Own Damage premium (up to a maximum of Rs.500) if you have an ARAI approved anti-theft device installed in your two-wheeler.
The insurance value of a two-wheeler is referred to as the Insured Declared Value, i.e., IDV. This amount is calculated based on the following factors:
- IDV is the sum of the manufacturer’s selling price for the two-wheeler and the cost of accessories. The depreciation for the vehicle each year is deducted from this amount, based on the schedule published by the Indian Motor Tariff.
- If the cost of an accessory installed in the two-wheeler is not part of the manufacturer’s selling price, then the value of this item post depreciation is added to the sum insured.
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 IRDA 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 1800 2666 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.
- 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 1800 2666 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. You can also send an SMS as “CLAIM” to 575758 after which you will receive a call from a customer care executive.
- The Customer Service Manager (CSM) will will contact you within 24 hours to verify your claim.
- Once this is done, the CSM will verify your credentials with the originals.
- ICICI Lombard will then initiate the claim process after which the company will reimburse your approved claim.
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 Online:
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.
Frequently Asked Questions (FAQs):
- How do I apply for ICICI Lombard two wheeler insurance?
- What are the exclusions under the 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.
- Electrical/Mechanical breakdown
- Intoxicated driving
- Normal wear and tear and general ageing of the vehicle.
- Deliberate accidental loss
- Any contractual liability
- Depreciation or any consequential loss.
- Damages due to nuclear weapons material or war
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.
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.
Man-made calamities means any damages caused by deliberate or accidental actions of man such as theft, vandalism, malicious act, strikes or riots, terrorist activity, accident by external means, any damage in transit by rail, road,inland waterway, elevator, lift, or air, etc.
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.
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
Sales Report of Two-Wheelers in December 2016
Due to the lack of cash flow that’s been caused by demonetisation, a lot of markets, including the two-wheeler market, has been affected. Yamaha has reported a steady growth in sales selling 49,775 units in December recording 32% increase in growth rate. Royal Enfield has seen an increase of 41% in growth that was reported in December 2016 with 56,316 units being sold in the same month. TVS Motor has recorded a 7.5% decline in sales selling 179,508 units in December 2016. Bajaj Auto was a witness to the 18% decline in sales in December 2016 selling 2,03,312 units. Honda Motorcycle and Scooter India reported a 66% increase in exports but sales observed a 20.3% decline selling 2,31,654 units in December. Hero MotoCorp documented a growth of 4.3% in 2016 but saw a decline in the number of units sold in December, selling 3,30,202 units recording a 33.9% drop in sales.
19th January 2017
Royal Enfield reports 42% jump in its sales in December 2016
With an increase in exports of about 160% in December 2016 compared to last year's sales, Eicher Motors anticipates an increase in the demand for the cruiser bikes. Approximately 57,398 units were sold in December 2016 alone, compared to the 40,453 units sold in the same month the previous year. With Eicher’s line of cruiser bikes growing more popular day by day, total exports have also soared to 78% during April-December with 10,545 units being sold outside the country. Those planning to book a Royal Enfield anytime soon can start looking for the best two-wheeler insurance available in the market online.
11th January 2017
Hero MotoCorp won NDTV’s 2017 Two Wheeler Manufacturer of the Year award
NDTV’s 2017 Two Wheeler Manufacturer of the Year award was awarded to Hero MotoCorp for its exceptional R&D, innovative product development, and excellent performance in the bike segment. It holds 52% market share in India, with a capacity to manufacture 8.1 million bikes per year. In the 2nd quarter of this fiscal year, Hero MotoCorp sold 18,23,498 units with a Rs.8,448.74 crore gross turnover. Case in point, since its launch in 1994, the Hero Splendor sells more than 10 lakh units a year. In order to improve fuel efficiency when stranded in traffic, Hero has upgraded the Splendor models, the Hero Achiever, and the Passion Pro with a start-stop system. In 2017, Hero MotoCorp plans to launch 15 new bikes across the several two wheeler categories.
10th January 2017
Top 5 bikes that debuted in 2016
The Yamaha YZF-R1, Kawasaki ZX-10R, 2017 Suzuki SV650, 2017 Kawasaki Z125 Pro, and 2016 Yamaha XSR900 are the top 5 bikes that made its debut in 2016. Popular for its superior ride, Yamaha YZF-R1 remains at the top spot. Kawasaki ZX-10R, a new entry in the Ninja sport bike series, has a 998 cc (60.9 cu in) liquid-cooled 4-stroke 16-valve DOHC inline-four. The 2017 Suzuki SV650 features the new one-push easy-start system, has an automatic idle speed control, and a new Low-Rpm assist feature. The 2017 Kawasaki Z125 Pro has a four-stroke, single-cylinder 125cc engine with a 24mm throttle body. The Z125 PRO has a four-speed manual transmission with a manual clutch, and a traditional clutch lever. Lastly, 2016 Yamaha XSR900 falls under the Sport Heritage class. It is powered by an 847cc Crossplane Crankshaft Concept inline triple engine.
5th January 2017
Honda Navi wins the 2017 Mini Bike of the year award
The Car and Bike Awards 2017 introduced a new category called the Mini Bike of the year award. The Honda Navi won the award along with the NDTV CNB Two Wheeler of the Year award, and Design of the Year (Two Wheeler) award. Honda’s PR team was also awarded the Best PR and Communications Team of the Year award as a result of their efforts surrounding the Honda Navi campaign. A cross between a scooter and a motorcycle, the Navi can seat 2 adults, easily. The bike can be customized with various accessories. The mini bike has a telescopic front fork, 12-inch wheels, and a lighter handlebar, making it more agile. It weighs 7 kg less than the Honda Activa. The Navi sports the same 110CC engine as that of the Honda Activa. It, therefore, produces the same torque, 9Nm at 5,500rpm, and power, 8bhp at 7,000rpm, as the Activa. The Honda Navi is priced at Rs.39,648. Honda has sold over 50,000 units of Navi as of November, 2016.
3rd January 2017
Honda Navi bags NDTV’s two-wheeler design of the year 2017
When Honda rolled out its latest “scooter” - Honda Navi, you had to take a second look at it to determine whether it was a bike, a scooter or just a regular electric bike. Well, it grabbed out attention and that of the media, and has eventually won the best design for the year 2017 at the NDTV awards. Designed by the local Honda team and not in Japan, Navi has drawn quite an amount of attention in the short span of it been launched into the market. Possibly, their selling point was with the fact that you can customize your vehicle. According to Honda, 70% of the scooters that they have sold have been customized to suit the likes of each owner. Now that’s one heck of a publicity move.
3rd January 2017
Two off-roading bikes, Kawasaki KX100 and KX250F launched in India
Kawasaki launched KX100 and KX250F, 2 dedicated off-roading bikes in India. The KX100 and KX250F are priced at Rs.4.68 lakhs and Rs.7.14 lakhs, respectively. Both these bikes have been designed for off-road use and motocross races specifically. Kawasaki KX100 has a 99cc, two-stroke, single-cylinder, water-cooled engine, and mated to a 6-speed gearbox. It is equipped with a 36mm inverted telescopic fork with 20-way compression damping at the front, and a Uni-Trak monoshock with 24-way compression, and 21-way rebound damping at the rear.
KX250F is powered by a 249cc, four-stroke, single-cylinder, water-cooled engine, and mated to a 5-speed gearbox. Suspension duties are handled by a 48mm inverted Showa telescopic fork at the front, which comes with 40-way spring preload adjustability, and 22-position compression, and 20-position rebound damping adjustability. The rear is suspended on a Showa monoshock with 19-position low speed, and 4-turns high-speed compression damping, along with 22-position rebound damping.
1st January 2016
2016 New York Motorcycle Show displayed some of the coolest bikes and gears
The 2016 New York Motorcycle Show, held at the Javits Centre on the West Side of Manhattan, showcased some of the coolest bikes, and riding gears in the industry. The exhibit proved that some two-wheelers are better than four-wheelers. The two-wheeler collection included BMW S 1000 XR, Indian, Harley-Davidson, Roadmaster, Chieftain, Victory, and Polaris. The Indian was one of the many vintage bikes around, with fat leather seats, and saddlebags. The Chieftain has a full-on infotainment system, while the Roadmaster is maximized for freeway cruising in comfort. To up the ante, three-wheelers were also displayed. It included the Slingshot, and Can-Am Spyder.
28th December 2016
More than half the households in India owns a two-wheeler
According to the 2016 ICE 360° survey, 1 in 3 households in India owns a two-wheeler. The survey was conducted by PRICE, headed by consumer economy experts, Rama Bijapurkar, and Rajesh Shukla. The ICE 360° survey covered 61,000 households, of which 59% are urban households. As per the survey data, the proportion of car-owning households in the country is 11%, while two-wheeler is 36%, and bicycle is 58%. Urban India is divided into 4 clusters; metros (population more than 5 million), boomtowns (2.5 to 5 million), niche cities (1 to 2.5 million), and other urban towns (less than 1 million). More than half the households in developed rural areas, and metros own a two-wheeler. 33% Indians use two-wheelers to reach work, 31% use bicycles, 14% use public buses, and 3% use a local train or metro.
27th December 2016
M&M proceeds with demerger of the two-wheeler undertaking of MTWL
The Mahindra & Mahindra board has approved the demerger of the two-wheeler undertaking of Mahindra Two Wheelers Ltd. All liabilities and assets associated with the two-wheeler undertaking of MTWL will be shifted to M&M. The demerger will ensure that there is more focus on the premium two-wheeler segment, and this segment will benefit greatly from the design and sourcing capabilities of the company.
M&M is active in many sections of the automotive industry, including passenger, commercial, and utility vehicles such as buses, trucks, and three-wheelers. The demerger will also enable M&M and MTWL achieve their targets in a timely and cost-effective manner.
8th December 2016