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About ICICI Lombard Bike Insurance

ICICI Lombard is a reputed name in the general insurance industry offering a range of general insurance solutions.The company is a part of ICICI Bank which is a leading private sector bank in India and also has subsidiaries worldwide. ICICI Lombard offers different types of general insurance products like health insurance, travel insurance, home insurance, business insurance, rural insurance, etc. Two-wheeler insurance policies are also offered by the company in different variants so that every individual can find the policy that he/she is looking for.

Things to know about ICICI Lombard General Insurance Company

  1. As on the financial year ending on 31st March 2019, ICICI Lombard recorded a Gross Written Premium of INR 147.89 billion
  2. More than 26 million insurance policies have been sold by the company ever since it was established
  3. In the year 2016, ICICI Lombard became the first general insurance company to issue subordinated debt
  4. The company received the Effie ‘Silver’ Award 2019 for its promotional campaign in health insurance
  5. It also received the Most Broker Friendly Insurer Award in the year 2019 presented by the Insurance Brokers Association of India

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ICICI Lombard Claim Settlement Ratio

100%

ICICI Lombard

94.67%

Industry Average

Bike claim settlement ratio is the percentage of claims settled against the total claims received by the insurance company in a given fiscal year. ICICI Lombard has a claim settlement ratio of 100%, as compared to the industry average of 94.67%.

ICICI Lombard Bike Insurance Plans Overview

ICICI Lombard bike insurance offers 3 types of bike insurance plans: Comprehensive, Own Damage and Third Party. The premium of these plans start from Rs. 640/yr. The coverage under ICICI Lombard two wheeler bike insurance would depend on the type of policy you choose, check the details below:

Comprehensive

Starting Premium- ₹ 838/yr

A comprehensive policy is also called a package policy because it combines third party coverage with the coverage for the bike itself. If the bike undergoes any damage and needs repairs, a comprehensive third-party policy covers this cost of repairs.

Thus, under a comprehensive bike insurance plan, there are two coverage components which are as follows

  • Third-party cover which covers the following
  1. Death of a third party due to the bike
  2. Physical injury to a third party caused due to the bike
  3. Damage to third party property due to the bike
  • Own damage cover which covers the following
  • Damages suffered by the bike due to natural calamities like earthquakes, floods, cyclones, landslides, etc.
  1. Damages suffered by the bike due to man-made calamities like fire, malicious damages, riots, etc.
  2. Theft of the bike
  3. Damages suffered by the bike when it is being transported

Since comprehensive bike insurance plans provide a wider scope of cover, the premiums charged are higher than third party plans.

Moreover, under both types of bike insurance plans, a compulsory personal accident cover is also required. This cover covers accidental deaths and disablements. The cover is allowed for INR 15 lakhs and if the owner or driver of the bike suffers from accidental death or permanent disablement due to an accident the sum insured is paid in a lump sum.

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Own Damage

Starting Premium- ₹ 640/yr

This is a standalone own damage policy which covers only the damages suffered by the two-wheeler. The term of the policy is one year

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Third Party

Starting Premium- ₹ 714/yr

This policy is mandatory as per the Motor Vehicles Act, 1988 and it protects the interests of third parties (individuals other than you and the insurance company) if your bike causes them any sort of harm. Third-party policies provide the basic legal coverage to your bike and have low premiums. The coverage under third party policies includes the following

  1. Death of a third party due to the bike
  2. Physical injury to a third party caused due to the bike
  3. Damage to third party property due to the bike

In each of the above-mentioned instances, you would face a financial liability to compensate the third party for the loss caused. A third party bike insurance policy takes care of this financial liability and compensates the third party on your behalf.

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ICICI Lombard Premium Calculator

Use our ICICI Lombard bike insurance premium calculator to estimate ICICI Lombard bike insurance premium for your bike within 30 seconds

Add-ons Available Under ICICI Lombard Two Wheeler Insurance Plans

Add-ons are additional coverage benefits which can be chosen voluntarily by paying an additional premium. Add-ons help increase the scope of coverage of the bike insurance policy. ICICI Lombard two wheeler insurance plans offer the following types of add-ons with the comprehensive policy:

While there is a mandatory personal accident cover for the owner or driver of the bike, the co-passenger is not covered. Under this add-on, personal accident cover can be extended to cover the co-passenger or pillion rider of the bike.

The electrical and non-electrical accessories of your bike can be covered under this add-on which is, otherwise, excluded from coverage under comprehensive plans. These accessories include seat covers, fog lights, music systems, etc.

If you have installed a CNG bi-fuel kit in your bike, the kit can be covered under this add-on.

Features Of ICICI Lombard Two Wheeler Insurance Plans

Benefits of ICICI Lombard bike insurance plans

  1. You can fulfil the legal requirement of having a bike insurance policy and avoid fines and penalties
  2. Comprehensive ICICI Lombard bike insurance plans also allow coverage for towing charges if your bike breaks down in the middle of the road
  3. Even if your policy has expired, you can get it renewed without any inspection
  4. There are attractive premium discounts which make your two-wheeler insurance premium more attractive
  5. ICICI Lombard bike insurance plans come in different tenures and you can choose long term plans to avoid the hassles of annual renewals
  6. Bike insurance policies are offered in different variants for different coverage needs of individuals
  7. The company’s claim settlement ratio in the financial year 2019 stood at 93.14% for its motor insurance policies
  8. The company has been rated iAAA by ICRA which indicates that the company settles most of its claims efficiently and effectively
  9. ICICI Lombard is partnered with more than 7800 garages across India to offer you easy cashless repairs if your bike is damaged

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Exclusions Under ICICI Lombard Two Wheeler Insurance Plans

The coverage under ICICI Lombard bike insurance plans depends on the type of policy that you buy the third party or comprehensive.However, under each plan, there is a list of exclusions which depicts the instances in which ICICI Lombard bike insurance plans do not pay any claim.

Common exclusions under ICICI Lombard bike insurance plans are as follows

  1. Damages suffered when driving without a valid driving license
  2. Damages suffered when the bike is used against its usage limitations
  3. Damages suffered when the bike is driven outside the boundaries of India
  4. Damages suffered when you are driving the bike under the influence of an intoxicating substances
  5. Damages suffered when the bike is being used for criminal activities
  6. Any type of consequential loss
  7. Electrical or mechanical breakdown of the bike
  8. Normal wear and tear of the bike and associated depreciation
  9. Damages suffered due to war or related perils and nuclear threats
  10. Damages suffered due to deliberate accidents

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How To Raise A Claim Under ICICI Lombard Two Wheeler Bike Insurance

In case of claims under ICICI Lombard bike insurance, you should inform the company immediately and lodge your claim. Thereafter, you should follow the below-mentioned steps

  1. If it is a third party claim, file a police FIR immediately detailing the accident. The claim would be taken to the motor accidents tribunal wherein the claim amount would be determined. Once the claim amount is determined by the tribunal, ICICI Lombard would pay the claim directly to the third party
  2. 2.If the bike is stolen, file a police FIR immediately. The police would try and locate your bike. If they can’t, they would issue a non-traceable certificate. Submit this certificate to ICICI Lombard along with the claim documents and the claim would be settled
  3. If your bike has suffered damages, take your bike to the nearest networked garage if you want cashless repairs. If you take the bike to a non-networked garage, you would have to pay for the repairs and the insurance company would, then, reimburse you
  4. At the networked garage, the surveyor of ICICI Lombard would come and assess the damage
  5. The surveyor would prepare a report which would be submitted to ICICI Lombard stating the expected repair costs
  6. The company would approve the repairs based on the surveyor’s reports
  7. Once the repairs are approved, the garage would start repairing the bike
  8. Once the bike is repaired, you can take delivery of your bike and the insurance company would settle the bill with the garage directly

If you have bought your two-wheeler insurance policy from Turtlemint, you can also contact Turtlemint for your claim settlement. Turtlemint would take the necessary claim steps and get your bike insurance claims settled. All you would have to do would be to inform the company at 1800 266 0101 or by sending an email at claims@turtlemint.com and your work would be done.

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Documents Required For Claims

To make a valid claim in your ICICI Lombard bike insurance policy, the following documents would have to be submitted

  1. The claim form,filled and signed
  2. Policy bond
  3. RC Book of the bike
  4. Copy of your driving license
  5. Police FIR for third party and theft claims
  6. Original repair bills

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ICICI Lombard Customer Care

Customer Care Number

1800 2666

Email ID

customersupport@icicilombard.com

ICICI Lombard Two Wheeler Bike Insurance Renewal Process

Renewal of ICICI Lombard bike insurance plans can also be done online. You can visit https://www.icicilombard.com/motor-insurance/two-wheeler-insurance/renewal and renew your existing ICICI Lombard bike insurance policy online. To renew, you would either have to enter in your registered mobile number or the policy number of your existing ICICI Lombard bike insurance policy. Thereafter you would be able to check the renewal details of the policy. Pay your premium online and the policy would be renewed instantly.

Turtlemint also allows you to renew your ICICI Lombard bike insurance policy through its platform if you have bought the policy from Turtlemint. You just have to log into your online account, select the policy and click ‘Renew’. Pay the renewal premium and the policy would be renewed instantly. If you want, you can also switch your policy to another insurer through Turtlemint.You can compare the available plans on Turtlemint’s platform and see the available coverage options. If you find a better deal in another policy, you can switch your coverage when you renew so that you can get the best bike insurance policy.

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How To Buy ICICI Lombard Bike Insurance

You can buy ICICI Lombard bike insurance policies online through the website of ICICI Lombard.To buy the plan,visit https://www.icicilombard.com/motor-insurance/two-wheeler-insurance and choose ‘Buy New’ to buy a new policy for your bike.Then proceed to provide your bike details like the registration number, age, city of registration,make and model, manufacturing year, etc.Once the details are provided, you would be shown the policy options and their respective premiums. Choose the most suitable policy that you need, pay the premium online and the policy would be issued instantly.

You can also choose to ICICI Lombard bike insurance policies online from Turtlemint. Turtlemint is tied-up with ICICI Lombard and offers its bike insurance policies. When you choose Turtlemint, you can also compare other leading bike insurance plans available in the market and then choose to buy the best policy.To buy online through Turtlemint, visit https://www.turtlemint.com/two-wheeler-insurance, provide the details of your bike and you would be able to see various two wheeler insurance plans for your bike. Compare and choose the best policy, fill in the online application form stating your details, pay the premium online and the policy would be bought instantly.

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FAQs

The Insured Declared Value in a bike insurance plan is calculated after deducting the market value of the bike with depreciation based on its age. The rate of depreciation has been specified by the IRDAI and is as follows

Age of the bike Depreciation rate
Up to 6 months 5%
More than 6 months but less than 1 year 15%
More than a year but less than 2 years 20%
More than 2 years but less than 3 years 30%
More than 3 years but less than 4 years 40%
More than 4 years but less than 5 years 50%

The corresponding rates are deducted from the market value every year to arrive at the IDV of the policy.

Every bike insurance policy has a compulsory deductible component which depicts the claim amount not payable by the insurance company. Claims exceeding the compulsory deductible are paid while the deductible amount is payable by you.

Yes, a personal accident cover is mandatory as per the Motor Vehicles Act, 1988. The owner or driver of the bike should have a personal accident cover of INR 15 lakhs with his/her bike insurance policy.
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