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
Here are some interesting facts about the company which make it a formidable name in the general insurance sector –
- As on the financial year ending on 31st March 2019, ICICI Lombard recorded a Gross Written Premium of INR 147.89 billion
- More than 26 million insurance policies have been sold by the company ever since it was established
- In the year 2016, ICICI Lombard became the first general insurance company to issue subordinated debt
- The company received the Effie ‘Silver’ Award 2019 for its promotional campaign in health insurance
- It also received the Most Broker Friendly Insurer Award in the year 2019 presented by the Insurance Brokers Association of India
Why choose ICICI Lombard bike insurance policies?
ICICI Lombard bike insurance policies certainly give you an edge when you choose them. Here are some reasons which make the company’s bike insurance plans one of the best –
- Bike insurance policies are offered in different variants for different coverage needs of individuals
- The company’s claim settlement ratio in the financial year 2019 stood at 93.14% for its motor insurance policies
- The company has been rated iAAA by ICRA which indicates that the company settles most of its claims efficiently and effectively
- ICICI Lombard is partnered with more than 7800 garages across India to offer you easy cashless repairs if your bike is damaged
ICICI Lombard bike insurance policies
Two-wheeler insurance policies are mandatory as per the rules of the Motor Vehicles Act, 1988 which govern traffic rules in India. As such, every bike owner is required to buy a two-wheeler insurance policy on his/her bike.
There are two types of bike insurance plans which are offered by ICICI Lombard. Both the plans have a different scope of coverage and a different premium. Let’s understand what these coverage variants are –
1. ICICI Lombard Bike Insurance Third-party liability-only policy
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 –
- Death of a third party due to the bike
- Physical injury to a third party caused due to the bike
- 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.
2. ICICI Lombard Bike Insurance comprehensive policy
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
Own damage cover which covers the following –Damages suffered by the bike due to natural calamities like earthquakes, floods, cyclones, landslides, etc.
- Death of a third party due to the bike
- Physical injury to a third party caused due to the bike
- Damage to third party property due to the bike
- Damages suffered by the bike due to man-made calamities like fire, malicious damages, riots, etc.
- Theft of the bike
- 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.
List of ICICI Lombard bike insurance policies
Now that you know the main types of bike insurance policies which are available in the market, let’s have a look at the different types of bike insurance policies offered by ICICI Lombard. ICICI Lombard issues a range of bike insurance policies with different coverage features and tenures. These policies are as follows –
Type of ICICI Lombard bike insurance policy
Brief description of the plan
Two-wheeler vehicle package policy
This is a comprehensive two-wheeler insurance policy which offers coverage for one year
Two-wheeler vehicle liability-only policy
This is a third party liability only policy which covers the two-wheeler for one year only
Standalone third party long term two-wheeler insurance policy
This is a standalone two-wheeler third party liability insurance policy. Coverage under the policy is allowed for two or three continuous years
Standalone package long term two-wheeler insurance policy
This is a comprehensive two-wheeler insurance policy wherein the coverage duration is for two or three consecutive years
5 years – Two-wheeler liability policy
This is a standalone third party liability only policy with coverage duration of five years. The policy is suitable for two-wheelers bought on or after 1st September 2018
5 years – Two-wheeler package policy
This is a comprehensive two-wheeler insurance policy with coverage duration of 5 years. The policy is suitable for two-wheelers bought on or after 1st September 2018
Bundled two wheeler policy
Under this policy, third party liability coverage is allowed for five years which is mandatory for two-wheelers bought on or after 1st September 2018. Own damage coverage, however, is allowed for one year only after which it can be renewed
Standalone own damage two-wheeler insurance policy
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
ICICI Lombard, therefore, offers the above-mentioned two-wheeler insurance policies. You can pick any policy based on your coverage needs from the list of plans offered.
Exclusions under ICICI Lombard bike 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 –
- Damages suffered when driving without a valid driving license
- Damages suffered when the bike is used against its usage limitations
- Damages suffered when the bike is driven outside the boundaries of India
- Damages suffered when you are driving the bike under the influence of an intoxicating substances
- Damages suffered when the bike is being used for criminal activities
- Any type of consequential loss
- Electrical or mechanical breakdown of the bike
- Normal wear and tear of the bike and associated depreciation
- Damages suffered due to war or related perils and nuclear threats
- Damages suffered due to deliberate accidents
Add-ons under ICICI Lombard bike insurance plans
ICICI Lombard bike insurance plans also offer additional coverage benefits called add-ons. These benefits are available under comprehensive bike insurance policies and each add-on comes with an additional premium. The add-ons available under ICICI Lombard bike insurance plans are as follows –
- Personal accident cover for co-passenger
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.
- Coverage for electrical or non-electrical accessories
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.
- Bi-fuel kit cover
If you have installed a CNG bi-fuel kit in your bike, the kit can be covered under this add-on.
Discounts offered under ICICI Lombard bike insurance plans
Comprehensive two-wheeler insurance policies offer a range of discounts to policyholders. Some of the commonly available discounts include the following –
- No claim bonus discount
This discount is available if you are renewing an existing bike insurance policy and you have not made any claims in the last year (s). The discount is allowed for not making claims and it reduces the renewal premium payable under the plan. The no-claim bonus discount rate depends on the number of years for which there has been no claims under the policy. The rates are as follows –
Number of claim-free years
No claim bonus discount
1 claim-free year
2 successive claim-free years
3 successive claim-free years
4 successive claim-free years
5 successive claim-free years
- Voluntary deductible discount
If you choose a voluntary deductible under the policy, you get a premium discount. Voluntary deductible represents the part of claim which you agree to pay yourself whenever you face a claim under your bike insurance plan. Choosing the deductible lowers the insurance company’s claim liability and thus the company allows you a bonus.
- If you are a member of any recognized automobiles association of India, you can claim a premium discount of 5%
- If you install safety devices in your bike which have been approved by the ARAI (Automotive Research Association of India), you get a premium discount of 2.5%
Premium calculation of ICICI Lombard bike insurance plans
A premium of an ICICI Lombard bike insurance policy depends on a lot of factors. ICICI Lombard calculates the premiums after considering these factors which are mentioned below –
- Age of the bike
The older the bike is, the lower would be its value and thus, the premium would also be quite low.
- Type of policy selected
The type of policy that you choose also affects your two-wheeler insurance premium. Third-party premiums are fixed and are determined by the Insurance Regulatory and Development Authority of India (IRDAI). These premiums depend on the coverage tenure of the bike and are low compared to the premiums of package policies. The premium rates are as follows –
The engine capacity of the bike
Premiums for one-year third party plans
Premiums for five-year long term third party plans
Up to 75 cc
76 cc to 150 cc
151 cc to 350 cc
351 cc and above
Since the third party plan’s scope of coverage is limited, the premium is low. However, premiums for comprehensive bike insurance plans are higher.
- Insured Declared Value (IDV) of the bike
IDV represents the cost of the bike after deducting the market value with depreciation based on the bike’s age. Higher the IDV, higher would be the premium and vice-versa
- Registration location
The place where the bike is registered also affects the insurance premium. Registration in metro cities would result in a higher premium than registration in non-metro cities.
- Make, model and variant of the bike
The make, model and variant of the bike determines the value of the bike. If the value is high, the premium would be higher.
- Add-ons chosen
As mentioned earlier, comprehensive ICICI Lombard bike insurance policies allow different add-ons which can be added to the base policy. Each add-on selected would increase the premium because the add-ons come with an additional premium.
- Policy discounts
If you qualify for one or more of the above-mentioned discounts allowed under ICICI Lombard bike insurance plans, your premium rates would be discounted.
Benefits of ICICI Lombard bike insurance plans
Here are some of the benefits offered by ICICI Lombard bike insurance plans –
- You can fulfil the legal requirement of having a bike insurance policy and avoid fines and penalties
- Comprehensive ICICI Lombard bike insurance plans also allow coverage for towing charges if your bike breaks down in the middle of the road
- Even if your policy has expired, you can get it renewed without any inspection
- There are attractive premium discounts which make your two-wheeler insurance premium more attractive
- ICICI Lombard bike insurance plans come in different tenures and you can choose long term plans to avoid the hassles of annual renewals
How to buy ICICI Lombard bike insurance policies?
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.
How to renew ICICI Lombard bike insurance?
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.
How to make a claim under ICICI Lombard bike insurance plans?
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 –
- 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
- 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
- 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
- At the networked garage, the surveyor of ICICI Lombard would come and assess the damage
- The surveyor would prepare a report which would be submitted to ICICI Lombard stating the expected repair costs
- The company would approve the repairs based on the surveyor’s reports
- Once the repairs are approved, the garage would start repairing the bike
- 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 firstname.lastname@example.org and your work would be done.
Documents required for making claims
To make a valid claim in your ICICI Lombard bike insurance policy, the following documents would have to be submitted –
- The claim form, filled and signed
- Policy bond
- RC Book of the bike
- Copy of your driving license
- Police FIR for third party and theft claims
- Original repair bills
Review of ICICI Lombard bike insurance
ICICI Lombard offers a range of bike insurance plans which have optimal coverage benefits and are priced competitively. The range of policies makes ICICI Lombard bike insurance plans suitable for everyone. Moreover, the premium discounts and add-on covers provide value-added benefits to policyholders. So, if you are looking for a good two-wheeler insurance plan, you can choose ICICI Lombard bike insurance plan.