ICICI Lombard bike insurance offers 3 types of bike insurance plans: ICICI Lombard Comprehensive Bike Insurance, ICICI Lombard Own Damage Bike Insurance and ICICI Lombard Third Party Bike Insurance. 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:
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
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.
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
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
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.
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:
Features Of ICICI Lombard Two Wheeler Insurance Plans
Benefits of ICICI Lombard bike insurance plans
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
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 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 email@example.com and your work would be done.
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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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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.