ICICI Lombard Bike Insurance Claim

The Bike Insurance Claim Settlement Ratio (CSR) shows the proportion of claims settled successfully by an insurance company compared to the total number of claims received within a financial year. A higher CSR means that most of the accidental claims are being resolved. Hence, it's essential to take a look at a company's CSR when purchasing new bike insurance.

Founded in 2001, ICICI Lombard General Insurance Company started from a partnership between Fairfax Financial Holdings Limited and ICICI Bank. Since then, the company has expanded its services to cover various sectors, including motor, life, investment, and liability insurance. Additionally, ICICI Lombard has an impressive claim settlement ratio of 87.84%. Due to this reason, they’re a leading insurance provider across the country.

Claim Settlement Ratio of ICICI Bike Insurance

ICICI Lombard calculates its claim settlement ratio by dividing the total claims settled within 30 days by the overall sum of claims paid. This metric is used as a dependable indicator in checking whether the insurance company and the chosen policy align with your needs and preferences.

Types of ICICI Lombard Claim Settlement Process

Cashless Claim Settlement Process

With a cashless two-wheeler policy, you can have your bike repaired at any of the authorised garages. Insurers typically have tie-ups with numerous garages, where repairs will be conducted according to your chosen coverage. Following repairs, the bill is directly forwarded to the insurer, who settles the expenses directly with the garage.

It's crucial to notify the insurer about the damage before repairs start. While the insurer covers damages, any additional expenses, such as electrical failures, may require your payment.

Reimbursement Claim Settlement Process

Bike Reimbursement Claims involve the policyholder initially covering the expenses for bike repairs following an accident and then filing a claim with the insurance provider to recover the incurred expenses.

After bearing the repair costs upfront, the policyholder submits all relevant documentation, including repair bills and claim forms, to the insurer. After approval, the insurer reimburses the policyholder for the eligible expenses incurred during the bike repair process.

ICICI Lombard Claim Initiation

You should follow the below-mentioned steps to initiate ICICI Lombard’s bike insurance claim:

• Step 1: Lodge a claim on ICICI Lombard’s official website.
• Step 2: Call 1800 2666 (toll-free).
• Step 3: Download IL Take Care app & click on "File a Claim."
• Step 4: SMS "CLAIM" to 575758.
• Step 5: Write to us at customersupport@icicilombard.com.

Alternatively, you can always reach out to an InsuranceDekho agent to help you with your claim initiation.

How to File an ICICI Lombard Bike Insurance Claim?

Accidental Claims

To get accidental claims, you’ll be required to follow the below-mentioned steps:

• Step 1 : Notify Your Insurance Provider: Reach out to your insurance company to report the accident and provide comprehensive details about your bike's damages.
• Step 2: Report to Authorities: Contact the police immediately and file a First Information Report (FIR) if necessary.
• Step 3: Document the Scene: Capture clear photographs of the accident scene and the damages sustained by your bike.
• Step 4: Provide Necessary Documentation: Submit the documents to your insurer, a copy of your insurance policy, FIR, driving licence, and the bike's registration certificate.
• Step 5: Arrange for Repairs: Start the repair process by taking your bike to a garage. Upon claim approval, you'll receive reimbursement or compensation accordingly.

Third-Party Claims

To make a claim from your third-party bike insurance policy, you need to follow these steps:

• Step 1: Click images of the damage sustained.
• Step 2: Record information about the vehicle responsible for the damage.
• Step 3: If possible, collect the contact details of any witnesses to the accident.
• Step 4: Notify your insurance provider for further guidance.
• Step 5: File a First Information Report (FIR) at the relevant police station.
• Step 6: Get legal assistance to register a case with the Motor Accident Claims Tribunal Court.
• Step 7: Present necessary documentation in court to establish the liability of the third party.
• Step 8: Get compensation from the insurer of the responsible party.

Claim Process of ICICI Lombard Bike Insurance?

Online

To initiate a claim, you have multiple options. You can reach out to ICICI Lombard via their toll-free number at 1800 2666. Additionally, claims can be raised conveniently by logging into their website or accessing the IL Take Care app.

Offline

You can also raise your bike insurance claim offline via InsuranceDekho, you can contact our customer support team at 7551196989 or email us at support@insurancedekho.com to arrange a home visit from our relationship manager.

Our relationship manager will visit you personally and provide guidance throughout the claim settlement process.

Documents Required for ICICI Lombard Claim Process

You need the following documents for the ICICI Lombard Claim process:

• Original claim form with NEFT mandate form
• Copy of registration certificate (RC)
• Copy of the driving licence of the person driving the vehicle at the time of accident
• Copy of policy
• Certified copy of one officially valid document & PAN card/form 60
• FIR or police report (depending on loss type)
• Garage estimate
• Repair invoice
• Cancelled cheque (in case of non-cashless settlement)

ICICI Lombard No Claim Bonus

Details

A No Claim Bonus (NCB) is a reward from ICICI Lombard to policyholders who show safe driving habits. This bonus translates into a discount applied to the premium paid for the comprehensive bike insurance policy.

Benefits

As the Insured Declared Value (IDV) of the bike decreases annually, insurance premiums may rise due to economic inflation. Therefore, even a slight discount on the premium has a significant value for the policyholder. This shows the importance of the No Claim Bonus (NCB) as an important aspect of the two-wheeler insurance policy.

Limitations

No Claim Bonus (NCB) for bike insurance policies typically include the loss of accumulated bonus in case of any claim made during the policy term. Additionally, transferring the NCB from one insurer to another may not always be feasible, and the bonus percentage may vary between insurers.

ICICI Lombard Bike Insurance Claim Assistance & Support

Please note that to get claim assistance and support you can always reach out to InsuranceDekho. You can contact our customer support team at 7551196989 or email us at support@insurancedekho.com to arrange a customised personal visit from our dedicated relationship manager. The designated relationship manager will meet you at your convenience, providing in-depth guidance throughout the claim process.

There are specific conditions that may lead to the rejection of the claim. The policyholder needs to check that the claim is not rejected due to the following reasons:

• Act of negligence
• Driving without licence
• Misinterpretation of facts
• Driving in an intoxicated state
• Registration of a fraud claim
• Claiming wrong coverage amount
• Improper functioning of the vehicle parts
• Lack of details required to process the claim
• Delay in intimation about the mishap to the insurer.

ICICI Lombard No Claim Bonus

The No Claim Bonus is a token gesture made by the insurance provider. When you purchase an own-damage cover from ICICI Lombard for your two-wheeler, the insurance provider offers the NCB as a reward for a claim-free year. This reward is cumulative in nature, i.e., it becomes higher with every passing consecutive claim-free year. In the fifth consecutive year, the reward reaches 50 per cent. However, any claim made by the policyholder whether minor or significant leads to the non-eligibility of the policyholder for the reward for that year. Hence, customers are advised to only file for a claim in cases where the damage to the two-wheeler from the mishap is significant.

Moreover, policyholders also need to maintain regular renewal of their insurance policy to keep up their NCB. Non-renewal will lead to the loss of the NCB along with the cancellation of the policy. To avert such losses, ICICI Lombard and other insurance providers give their customers a grace period of 90 days within which they can still renew their insurance policy though the date of expiry has passed. But any delays made in renewal past this date leads to the cancellation of the two-wheeler insurance and the accumulated NCB if any. If you want to sell your two-wheeler to purchase another one or want to change your insurance company, do not fear losing the NCB. It is a transferable benefit.