Two wheeler makes our trip quick even in traffic and also makes the journey exciting. But in some situations, accidents will occur. Hence Safeguarding yourself is important. Two wheeler insurance policy is the must for any two wheeler vehicle owner. So, ICICI Lombard Motor Insurance provides the Two-wheeler Insurance Policy to help the riders in critical situations. ICICI Lombard Two Wheeler Insurance is introduced to provide the best coverages on the damages caused in various unexpected situations.
ICICI Lombard Two Wheeler Insurance Overview
This company is the joint venture between India-based ICICI and Canada-based Fairfax Financial Holdings. It is the second largest Private sector bank in India. It offers various insurance plans like Home Insurance, Motor Insurance, Travel Insurance, etc., ICICI Lombard Two Wheeler Insurance plan is one of the plans in Motor Insurance. The main aim of this plan is to provide the best coverages and benefits to help the individuals in critical situations. It also provides the Bike Insurance for individuals, groups and personal accidents.
Features & Benefits of ICICI Lombard Bike Insurance Policy
- This company offers long term plan for a single premium. The premium payable depends on certain factors like age of the vehicle, model number, etc.
- Quickly settles the Claims.
- Cashless claim settlement across 1913+ garages around the country.
- The policyholder also gets the accidental cover of 2 lacs for the pillion rider if any.
- Transfer of ‘No Claim Bonus’ will be available for you.
- ICICI Lombard Two Wheeler Insurance plan is issued for 1 year.
- You can get additional Add-on covers on electrical and non-electrical items.
- Avail the discount of 2.5% on the anti-theft devices installed in your vehicle.
- No Claim Bonus will be available for renewals when you renewal the previous policy before the 90 days of expiry.
- You can avail 5% discount if you are a member of Recognised automobile association.
- The insured can gain the cashless facility for the repairs of the vehicle in any authorised garage.
- Covers towing charges of up to Rs. 1500.
- You can buy this policy in online.
- You can obtain additional Add-on covers on electrical and non-electrical items.
Coverages & Inclusions of ICICI Two Wheeler Insurance Policy
The ICICI Lombard Motor Bike Insurance covers the following losses or damages.
The Two Wheeler Bike Insurance policy of ICICI Lombard cover the damaged by natural calamities like earthquakes, lightning, storms, landslide, rockslide, hurricane, typhoon, fire, explosion, self-ignition.
ICICI Lombard Bike Insurance covers the loss by man-made activities such as Burglary, theft, riot, terrorist activities, strikes, accident by external means.
Personal Accident Coverage:
Covers upto 1 lakh for owner or driver due to the injuries in the accident while travelling in the insured vehicle. The optional personal accident coverage is also available for the co-passengers.
The following table shows the scale of compensation for the injuries or damages.
|Nature of the Injury||Scale of Compensation|
|Loss of two limbs and two eyesights||100%|
|Loss of one limb and one eyesight||50%|
|permanent total disability due to injuries mentioned other than the above||100%|
Third Party Liability:
ICICI Lombard Two-Wheeler Insurance provides you with a third party legal liability, which protects you against legal liability due to accidental damages resulting in permanent injury or death of a person and damage caused to the surrounding property.
Depreciation Rates of ICICI Lombard Two-Wheeler Insurance
Depreciation rates on the coverages provided by the ICICI Lombard General Insurance Company are
- For fibreglass components-30%.
- For the parts made with glass-nil.
- All rubber, nylon, plastic parts, tyres, tubes and batteries-50%.
The rate of depreciation for all other wooden parts will be as per the below table.
|Age of Vehicle||% of Depreciation|
|Not exceeding 6 months||Nil|
|Between 6 months and 1 year||5|
|Between 1 and 2 years||10|
|Between 2 and 3 years||15|
|Between 3 and 4 years||25|
|Between 4 and 5years||35|
|Between 5 and 10 years||40|
|Above 10 years||50|
Insured Declared Value:
Insured Declared Value or IDV is the Sum Insured of the Vehicle. IDV is calculated by the manufacturer’s listed selling price of the vehicle (plus the listed price of any accessories). This price is obtained by deducting the depreciation for every year. Indian Motor Tariff provides the depreciation rates.
Depreciation rates for fixing the IDV value of the vehicle are
|Age of Vehicle||% of Depreciation|
|Not exceeding 6 months||5|
|Between 6 months and 1 year||15|
|Between 1 and 2 years||20|
|Between 2 and 3 years||30|
|Between 3 and 4 years||40|
|Between 4 and 5years||50|
Additional coverages of the ICICI Lombard Two-Wheeler Insurance
The policyholder will get the following additional coverages.
- You can get the coverage for the installation of anti-theft devices in the vehicle.
- Obtains extra coverage for the electrical / non-electrical devices in your vehicle such as Fog lights, seat covers.
- Provides a discount on ARAI devices installed in your vehicle.
- The company can also cover bi-fuel system such as CNG.
Exclusions of ICICI Lombard Bike Insurance Policy
The ICICI Lombard Two Wheeler Insurance does not cover the following cases
- Any wear and tear or ageing of the vehicle used.
- Any consequential loss.
- Does not cover the damages caused when the vehicle is used more than the limit.
- It does not cover the loss caused due to any other electrical or mechanical breakdowns.
- The company does not cover the loss or damage caused when the driver or insured drives the vehicle by taking the alcohol, drugs.
- ICICI Lombard Two Wheeler Insurance does not cover the loss caused to your vehicle while driving without having valid driving license.
- Loss or damage caused to the vehicle due to nuclear war or radioactivity.
- This company does not cover depreciation loss.
ICICI Lombard General Insurance Premium Calculator
You can know about the minimum premium that has to pay to take the policy by using the ICICI Lombard Premium Calculator. You have to enter the below information to buy the ICICI Lombard Two Wheeler Insurance Policy.
- Registration state of vehicle
- Type of vehicle
- Class of vehicles.
- Body type.
- Registration location, etc
ICICI Lombard Bike Insurance Renewal process
You can renewal the bike insurance policy either in online or offline. For offline renewal process, you have to visit the nearest ICICI Lombard General Insurance Branch and contact the agent of the company. The online process is very easy when compared with the offline process. For the online process, follow the below steps for renewal of two wheeler policy.
- Visit the official website of ICICI Lombard, i.e., www.icicilombard.com.
- In the homepage, you will see the online Renew option.
- Click on that option and enter your name and policy number.
- Calculate the premium and pay through credit or debit cards.
Buying procedure of the ICICI Lombard Bike Insurance Policy
You can buy the Two-Wheeler Insurance Policy either in online mode or offline mode.
Offline Buying Procedure:
The customer can buy the bike insurance policy from the licenced agent of the company. The offline buying requires the proposal forms of the ICICI Lombard. The customer has to visit the branch office, and the relevant documents and information have to submit to the agent.
Online Buying Process:
- First of all, Visit the ICICI Lombard General Insurance official website: www.icicilombard.com.
- There you can see the Motor Insurance option. Click on it and Select Motor Two Wheeler policy.
- Calculate Premium with the help of ICICI Lombard Premium Calculator and Buy Online.
The following information has to submit to the company at the time of buying the Bike Insurance Policy
- The city where the two-wheeler is registered(RTO)-Type first three letters of RTO.
- Registration date
- Current registration type.
- Cubic Capacity
- Vehicle Description
- Price of the vehicle
Insured persons contact details
- Mobile number
ICICI Lombard Two Wheeler Insurance Claim Procedure
The insured has the facility to claim the damages directly through the online by using the lodge a motor claim service. But only the accidental damage claims are processed through the lodge a motor claim service.
In other cases, follow the below steps to claim the damages or losses.
- Note down the car number of the other vehicle involved in the accident.
- Note the contact details of the witness.
- Contact ICICI Lombard General Insurance Company by its call centre number 1800 2666, and get your claim number / reference number.
- The call centre will tell you the required documents and the list of authorised garages for repairing the vehicle.
- The insured has to file the First Information Report(FIR) to the police in case of property damage, injuries, theft or any other major causes.
- After registering the claim, their customer service manager will contact you within 24 hours.
- The surveyor appointed by the ICICI Lombard company will look after the damages.
- After the inspection, surveyor intimates to the company.
- Then the company will pay the amount to the policy holder.
- In the case of Commercial Vehicles damage, The Insurance Company will immediately appoint a Spot Survey team for inspection of the Vehicle.
- The payments will be given directly to the garages after the vehicle is repaired.
- The customer service officer will intimate the plan buyer to pay the extra money according to the rules of the policy.
Documents required for registering the claim
For Accident Claims:
- A copy of the RC book and electronic payment form.
- Driving license copy.
- A copy of the first two pages of the policy.
- FIR on the case to case basis.
- Original estimate.
- Original Repair invoice and payment receipt(for the cashless garage).
- Stamp required in case of a company registered vehicle.
For Theft Claims:
- Duly signed Claim form.
- A Copy of RC book.
- A copy of driving license.
- Policy Copy.
- Original FIR copy.
- RTO transfer papers duly signed along with forms 28,29,30 and form 35.Form 28 is needed in triplicate and Forms 29&30 are needed in duplicate.
- Final report-A no trace report from the police saying that the vehicle can not be located.
For Third-party Claims:
- Duly signed Claim form.
- Police FIR copy.
- Driving license copy.
- Policy copy.
- RC copy of the vehicle.
- Stamp require in case of the registered vehicle.