ICICI Lombard Two Wheeler Insurance

ICICI Lombard General Insurance is one of the market leaders in providing two-wheeler insurance services. They also offer other insurance products such as general insurance, travel insurance, health and car insurance. A joint venture between a Canadian financial services company and ICICI Bank, the company currently has as many as 257 branches across India.

Different types of Bike Insurance

ICICI Lombard General Insurance offers customers the option to choose either of the two products mentioned below:

• Comprehensive Two Wheeler Insurance-

  The comprehensive two wheeler insurance policy provides policyholders extensive coverage against the various risks that could cause damage to the vehicle and the life of the owner. The protection offered includes third-party liability, personal accident cover, cover against any natural calamities such as floods, earthquakes, cyclones, typhoons, rockslides and cover against man-made calamities such as riots, terrorist activity, strikes, etc.

• Third-Party Liability Only Two-Wheeler Policy -

  This policy provides protection against third-party liability. These policies also offer an own damage cover to the policyholder/rider of the vehicle. However, no own damage cover is offered to the policyholder.

Comprehensive Two Wheeler Insurance

The ICICI Lombard comprehensive two wheeler insurance policy is a complete solution that offers a wide variety of added benefits and also includes a package of add-on options. The policy will cover loss or damage caused to the vehicle or its parts due to both natural and manmade calamities. The policy offers a personal accident cover. Apart from this, third-party legal liability in covered for accidents that cause permanent injury or death of a third party or damage to a third party’s property. Additional add-on covers can be chosen by paying an additional premium.

Features of Comprehensive Two Wheeler Insurance Policies

Third-Party Liability Only Bike Insurance

Liability only two wheeler insurance is compulsory by law and this only covers third-party liability. Third-party liability insurance policies also provide a personal accident cover to the ride of the vehicle.

Coverage of Liability Only Two wheeler Insurance

Important Benefits of Bike Insurance

• Online issuance of policy - ICICI Lombard issues policies online and customers can make a purchase by following just a few simple steps. Payments can be made online through net banking or through the use of debit/credit cards.
• Emergency services - In the case of an emergency or unfortunate event, ICICI Lombard provides assistance services to the spot of the accident round the clock. Services can be availed through the toll-free number.
• Towing services - Towing services will be provided if your two-wheeler is immobilised as a result of a breakdown or accident.
• Cashless claim network - ICICI Lombard has a huge network of empanelled cashless claim networks across the country. All repair work can be done at these designated centres directly without any cash transactions. This comes as a boon for customers who can easily avail this service without going through the hassle of looking for a garage centre at the time of a crisis.
• Online approval - All minor claims will be approved by the insurance company online within a short span of time to allow the customer to have access to cashless claim services as soon as possible.
• 24/7 customer support - A customer support team will be available to solve any queries relating to the purchase of insurance policies, claim settlement, cashless claim services, reimbursement, renewal and any other related issues.
• Hassle-free claim settlement - Claims are settled in a quick and efficient manner by ICICI Lombard. No claims are kept pending and all claim related issues are solved at the earliest possible date. Claims can also be initiated easily through the website or by calling their toll-free number, which is available on a 24/7 basis across the country.
• Easy renewal - Say goodbye to long queues, getting stuck in traffic and following up for insurance policy renewals. With everything going the online way, getting your policy renewed is a simple process. This can be done online by filling up a simple renewal form and making a payment online.
• Additional benefits - ICICI Lombard provides a host of benefits including the No Claim Bonus discount, which can be availed even after making two claims during the policy tenure.
• Long-term policy - ICICI Lombard offers a comprehensive long-term policy that is valid for a period of up to 3 years. With this, there is no need to go through the hassle of renewing the policy every year and some can also become eligible for some of the attractive discounts offered on long-term insurance policies.
• Wide range of add-ons - Enhance your policy and secure your future with the wide range of add-on options offered by ICICI Lombard.

Inclusions and Exclusions In Two Wheeler Insurance

There are two types of tenures that one can choose when it comes to two wheeler insurance: a long-term policy and a short-term policy. Typically, a short-term insurance policy has a tenure of one year. On the other hand, a long-term policy offers continuous coverage for a period of 3 years or more. These types of policies come with better features and discounts and most importantly, you need not go through the hassle of renewing the policy every year.

Long-Term Two Wheeler Insurance

There are many benefits of purchasing a long-term insurance policy as compared to a short-term insurance policy. Firstly, this is a great way to save cost and reduce your premium amount as the policyholder will not have to worry about renewals every year. The policyholder can also benefit from attractive discounts offered by the insurance company under this option. However, policyholders should note that there can be no changes made to the policy during the tenure and the rate of premium will also not be changed. Hence, any new offers provided in the market cannot be added until the time of renewal.

Features

Revised Policy Rates For Two wheeler Insurance

The IRDA (Insurance Regulatory and Development Authority of India) has reduced the premium amount for two wheeler third-party insurance for the fiscal year starting from 1 April 2018. Below are the new rates applicable to two wheelers:

Add-On Covers Offered by ICICI Lombard General Insurance

The following are the add-on options available under ICICI Lombard 2 wheeler insurance:

• Cover for Electrical and nonelectrical parts- Coverage will be provided for all electrical and nonelectrical parts in the vehicle after paying an extra premium amount towards the insurance of these parts.
• Seat cover- This add-on will provide the customer the cost of replacement of the seat and the seat cover in case of damage due to any unfortunate event.
• Lights- Customers can choose this add-on to cover the cost of repair and replacement of lights and light related parts in the insured 2 wheeler.
• Bi-fuel Cover- Protection will be provided to the bike’s bi-fuel kit and coverage will be provided in case of any damage.
• Zero Depreciation Cover-With this add-on, any losses that you might incur due to depreciation will be waived off by the insurance company. Thus, if you raise a claim, you will receive the complete settlement amount.

What is Zero Depreciation Cover in Vehicle Insurance?

Zero depreciation is an add-on option provided by insurance companies. This rider basically covers the loss that will be incurred by the insurance policyholder due to the loss in the value of the vehicle and its parts over a period of time. This cover will insure or cover this risk. If the vehicle is not protected against depreciation, at the time of claim settlement, the insurance provider will pay the policyholder after deducting a certain amount towards depreciation.

For example, if the insurance company is supposed to make a reimbursement of Rs.2 lakh, Rs.60,000 will be availed or taken off by the insurance company towards depreciation charges.

Which means: Rs.2 lakh - Rs.60,000 = Rs.1,40,000

The policyholder will thus be eligible to receive only Rs.1,40,000 as the settlement.

Below is a table that summarizes how depreciation is taken into account to calculate the Insured Declared Value of the car.

Step By Step Process For Two Wheeler Insurance Renewal

• Log on to the ICICI Lombard General Insurance website and go to the two-wheeler insurance section
• This will redirect you to the two-wheeler insurance main page. Here, click on the ‘renew two-wheeler insurance’ option
• This will redirect you to another page, where you have to provide basic policy details, personal details and proceed to make a payment.

Two wheeler Insurance Claim Process

To make a claim under ICICI Lombard one needs to understand the basic steps involved. Its is a very simple process and claims can be made online or through the toll-free number of the company. Let us understand the process involved in making a claim online:

• Log on to the ICICI Lombard General Insurance website and click on the ‘Claim’ option
• Here you have to choose the type of policy you have and what type of claim you want to make. Once this is done, you need to fill in the required details and the claim will be processed

There are two types of claims that can be made with a two wheeler insurance policy - Cashless Claims and Reimbursement Claims.

Cashless claims-

Cashless claims can be made through the wide network of ICICI Lombard cashless garages, where customers can directly avail repair services without any hassles. The cost of the repair will be covered by the insurance policy subject to certain terms and conditions. Let us understand how to make a cashless claim:

• Inform the insurance provider
• Get the vehicle towed directly to the nearest network garage
• The payment will be made directly by the insurance provider to the concerned network garage

Reimbursement claims-

Reimbursement claims are made after the repair expenses have already been incurred or in the case of total damage. To make a claim under this method, one needs to provide adequate proof or evidence of the damage that has been caused by way of photographs, or other documentary evidence. Apart from this bills and invoices need to be provided as proof for the cost incurred.

What to do After the Expiry of Your Bike Insurance Policy?

In case you have forgotten to renew your insurance policy or the policy has lapsed, fret not. You can renew your policy even after it has expired. All you have to do is contact your insurance provider and intimate the company about the status of the insurance policy in question. Then, renew it online by following a few steps. The insurance provider might send a surveyor to get your vehicle surveyed. Sometimes, if the policy has lapsed for a long duration, then you may have to purchase a new insurance policy.

How to Calculate Bike Insurance Premium?

There are a number of factors that determine the premium amount for two-wheelers. Premium is calculated after taking into consideration all these factors like the age of the insurance policyholder, the make of the vehicle, the manufacturer’s listing price and depreciation.

How to save Bike Insurance Premium?

There are a number of factors that determine the premium amount for bike insurance. Many policyholders are charged exorbitantly, while some are charged differently. Let us examine the factors that help reduce the premium amount:

• Select a cheaper vehicle as costs related to the repair of these kinds of vehicles are comparatively lesser
• Do not go for models that are outdated in the market or models that are not manufactured anymore. This is because it is very difficult to get parts and garages are not equipped to handle repairs of such models
• Most insurance companies look at your driving record and those with a good track record are less prone to accidents and therefore will be eligible for a lesser premium amount
• Make sure to only opt for the add-ons that you really require. Given that you will have to pay an additional premium for add-ons, you

Given that all two-wheeler owners are required to have at least a third-party liability insurance policy, you should do your research, compare.

FAQs On ICICI Lombard Two Wheeler Insurance

1.What are the various factors that determine the premium quote of a two-wheeler insurance policy?

Some of the key factors that determine the premium rate of a comprehensive two-wheeler insurance policy include the type of policy purchased, age of the two-wheeler, the Insured Declared Value (IDV) of the two-wheeler, place at which the two-wheeler has been registered, type of vehicle, policy term, No Claim Bonus, choice of add-ons, etc. The premium payable for a third-party liability insurance policy is decided by the Insurance Regulatory and Development Authority of India (IRDAI) based on the cubic capacity of the vehicle’s engine.

2.Are pillion riders also covered under a two-wheeler insurance policy?

No, a pillion rider will not be provided coverage under your two-wheeler insurance policy. However, you can choose to purchase the Personal Accident Add-On for Co-Passengers to extend coverage to the pillion rider.

3.How is the Insured Declared Value or IDV determined by insurers?

To arrive at the Insured Declared Value, insurance companies determine the selling price of the two-wheeler and then adjust this sum for depreciation.

4.What are cashless garages?

Cashless garages are those garages that have partnered with insurance companies to provide cashless services to policyholders. If you are getting your vehicle serviced at a cashless garage, your insurer will bear the cost of the repair, subject to certain terms and conditions.

5.Is it mandatory to purchase two-wheeler insurance?

Yes, the Motor Vehicles Act, 1988 requires all vehicle owners to purchase at least a third-party liability insurance policy, if not a two-wheeler insurance policy that also provides an own damage cover.