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 offers customers the privilege to choose from insurance options such as the Comprehensive Two-Wheeler Insurance Policy and Third-Party Liability policy.

• 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.
• Liability Only Two-Wheeler Policy - This policy only provides protection against third-party liability and does not provide any other coverage options. Therefore one cannot avail any cover in the case of own damage due to personal accident.

Comprehensive Two Wheeler Insurance

The ICICI Lombard comprehensive 2 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 personal accident cover, which can also be opted for other passengers. Apart from this, third-party legal liability in covered for accidents that cause permanent injury, death or damage to property. Additional add-on covers offer protection for the seat covers, accessories and lights, upon the payment of an additional premium.

Coverage Of Comprehensive Two Wheeler Insurance

Items	Coverage provided
Features	Quick claim settlement Instantaneous purchase Wide range of add-ons
Inclusions	Third-party liability Personal accident cover Loss due to natural calamities Loss due to man-made calamities
Exclusions	Loss due to wear & tear Damage due to general aging of the car Nuclear risks, war

Liability Only Bike Insurance

Liability only two wheeler insurance is compulsory by law and this only covers third-party liability.

Coverage of Liability Only Two wheeler Insurance

Death or Bodily Injury	This provides coverage in case of death or bodily injuries caused to third parties due to an accident involving the policyholder.
Damage to Property	In cases when damage has been caused to the property of the third-party, protection will be offered under the insurance policy
Accidental Death / Permanent Total Disability	In case of death or the event of permanent disability due to an accident or unfortunate event, the insurance policy will provide coverage for the same

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 - A coverage of up to Rs.1,500 will be given for towing the vehicle from the accident zone to the nearest network garage.
• Cashless claim network - ICICI Lombard has a huge network of empanelled cashless claim networks across the city. 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.

Exclusions and Inclusions In Two Wheeler Insurance

Inclusions	Exclusions
Loss or damage caused due to: Fire, explosion & self-ignition Natural calamities such as floods, storms, landslides, earthquakes, rockslides, hurricanes, lightning	When the policyholder uses the vehicle contrary to mandated instructions
Loss due to theft, robbery, and other manmade calamities such as strike, riots, terrorist activities, accidental external damage	Accident due to intoxication
Damage caused due to travel by road, air, elevator, inland waterway	Damage due to own negligence
Third-party liability in cases of injury, death or damage	Mechanical or electrical breakdown
Personal accident cover	Loss due to nuclear risks
Loss due to electrical or non-electrical accessories	War related risks
Legal liability to passengers who do not pay fares	Consequential loss
	Contractual liability
	Loss of accessories by theft
	If used/driven outside geographical area

What Is Long And Short-term Bike Insurance?

There are two types of tenure that one can choose when it comes to two wheeler insurance: a long-term policy and a short-term policy. These two types of terms offer different sets of benefits and a policyholder can choose what best suits his needs and personal preferences.

Typically, a short-term insurance policy has a tenure of fewer than 3 years, and sometimes this term can also be just for a few months, depending on the policy wordings. 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 offers and discounts and most importantly, you need not go through the hassle of renewing the policy every year.

Long-Term Motor 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 and he/she can also benefit from the number of attractive discounts offered by the insurance company under this option. Also, apart from money, this also saves the customer time and energy. This is because if a policy has to be renewed, there is a need for a representative from the insurance company to survey the vehicle in question and this becomes a time-consuming process. Other certificates and documents also need to be provided at the time of renewal. Therefore with a long-term insurance policy, there is no need for renewals for at least a 3-year period.

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

Lesser premium
Attractive discounts
Saves time

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 2017-18. Below are the new rates applicable to two wheelers:

Type of Vehicle	Change in Rate
Two-wheelers with engine capacity lower than 75cc	Rs.455 from Rs.414
Two-wheelers with engine capacity lower than 150cc	Rs.464 from Rs.422
Two-wheelers with engine capacity exceeding 150cc but lower than 350 cc	Rs.462 (new rate)
Two-wheelers with engine capacity exceeding 350cc	Rs.884 (new rate)

Available Add-On Covers in Bike Insurance

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

• 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- Protection will be provided to the bike’s bi-fuel kit and coverage will be provided in case of any damage.

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 sum assured through the vehicle insurance policy.

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

Age of vehicle	% of depreciation
Not exceeding 6 months	5%
Exceeding 6 months but not exceeding 1 year	15%
Exceeding 1 year but not exceeding 2 years	20%
Exceeding 2 years but not exceeding 3 years	30%
Exceeding 3 years but not exceeding 4 years	40%
Exceeding 4 years but not exceeding 5 years	50%

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 under the 2 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 repair will be covered by the insurance policy subject to 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 Bike Insurance Expiry?

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. Sometimes, if the policy has lapsed for a long duration, then you have to, may be, 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
• Though it may seem like paying monthly installments are a much more cheaper option, in reality, insurance companies will give an attractive discount to those who pay the premium at one shot. This becomes a win-win situation for both parties