ICICI Lombard Third Party Bike Insurance

ICICI Lombard's third-party insurance provides protection against any legal liabilities arising from accidents or damage done to a third party, their vehicle, or property. In this case, the insurer covers any expense related to the damage as listed in your third party insurance cover. It's advisable and mandatory by law for all bike owners to have third-party bike insurance. Here, we'll see how it operates, the notable features of ICICI Lombard's policy, purchasing procedures, necessary documents, claiming and renewing processes, as well as what's included and excluded.

How ICICI Lombard Third-Party Bike Insurance Works?

If your bike accidentally causes injury to a third party or damages their vehicle, you're responsible for covering the expenses. However, your insurer steps in to provide financial assistance for repairs and related costs to the third party. Promptly informing your insurer is crucial to ensure a smooth claims process. After filing a claim, the insurer assigns a surveyor to assess the damage and determine its cause. This assessment helps the insurer calculate the repair costs and ascertain your eligibility for financial assistance. Once the verification process is complete, the insurer settles your claim.

Key Metric of ICICI Lombard Third-Party Bike Insurance

Below are some of the key metrics of ICICI Lombard Third Party bike Insurance to look at:

Key Features of Purchasing ICICI Lombard Third-Party Bike Insurance

Here are the primary characteristics of acquiring third-party bike insurance from ICICI Lombard:

1. Third-Party Protection: This insurance focuses on covering damages and injuries incurred by third parties due to your involvement in an accident. It ensures compliance with legal obligations.
2. Budget-Friendly Option: Although prices for two-wheeler third-party insurance differ among providers. Additionally, it offers more economical coverage compared to comprehensive plans. This makes it a cost-effective choice.
3. Instant Coverage: You can swiftly get your policy online, offering convenience for immediate coverage needs. This feature is commonly referred to as instant two-wheeler insurance with third-party coverage.

How to Buy ICICI Lombard Third Party Bike Insurance from InsuranceDekho?

Before you buy a bike insurance policy, ensure you have the following documents readily available:

1. Your registered mobile number where you’ll get an OTP verification
2. Your KYC details
3. A scanned or physical copy of your passport-size photograph

There are two ways to buy third-party bike insurance from InsuranceDekho - online and offline.

Online

To purchase your ICICI Lombard Third Party bike Insurance through InsuranceDekho online, adhere to the steps outlined below:

Step 1: Go to InsuranceDekho’s Website

Head to InsuranceDekho’s website and access the bike insurance section. Once you reach the bike insurance homepage, you'll see a form.

Step 2: Input Your Vehicle Number (e.g., DLXXAKXXXX)

Complete the form by entering your vehicle number to explore the available plans.

Step 3: Compare and Select

Review and compare all the plans listed. Opt for ICICI Lombard bike Insurance or the most suitable plan based on your preferences.

Optional Step: Seek Assistance from an InsuranceDekho Advisor

If you have any queries or require additional information about a particular insurer, use the "request a call back" feature. An InsuranceDekho advisor will promptly reach out to assist you.

Step 5: Complete the Payment

Finalise your selection and proceed with the payment to complete the purchase process.

Offline

You have the option to purchase your policy offline by reaching out to an InsuranceDekho customer executive via phone at 7551196989 or by requesting home assistance during a call.

Benefits of Buying Your Bike Insurance from InsuranceDekho

At InsuranceDekho, we place our customers at the forefront of everything we do. Here are compelling reasons why you should allow us to cater to your needs:

• Certified Broker: InsuranceDekho holds IRDAI certification and has over 8 years of experience in the insurance industry.
• Trusted Brand: As a trusted brand under the CarDekho Group, we’ve over 15 years of experience in the motor and auto tech industry we ensure reliability.
• Comprehensive Offerings: Our insurance portfolio spans across various categories including bike, motor, term, investment (life), health, travel, SME, POSP, and more, catering to a wide range of needs.
• Vehicles Insured: With a track record of insuring over 50 lakh vehicles, InsuranceDekho offers 24/7 helpline assistance to quickly address customer needs.
• Dedicated Claim Support: InsuranceDekho has a dedicated claim support team, committed to assisting customers throughout the entire claim settlement process.

Price

The Insurance Regulatory and Development Authority of India (IRDAI) has set standard premium rates for third-party insurance. Regardless of your chosen insurer, these rates remain uniform.

Documents Required to Buy ICICI Lombard Third Party Bike Insurance Policy

In addition to the KYC details, mobile number, and photo documentation outlined in the "How to buy ICICI Lombard third-party insurance from InsuranceDekho" guide, you'll need to provide your driving licence and vehicle registration certificate to purchase ICICI Lombard Third Party bike Insurance.

ICICI Lombard Third Party Bike Insurance Claim Process

Filing an insurance claim for a third party can be a complex and demanding process. To ensure a smooth and efficient claim processing, adhere to the comprehensive steps outlined below.

How to File a Claim (Step-by-Step Process)

Here is a step-by-step guide on filing a third-party bike insurance claim in India:

Step 1 - File a Complaint or File an FIR

Begin the process by registering a formal complaint or lodging an FIR (First Information Report) at the nearest police station following an accident. It's crucial to obtain a copy of the FIR charge sheet, as it's required for the claim filing procedure.

Step 2 - Inform Your Insurer

You will be required to inform your insurer about the accident and furnish them with all the necessary details.

Step 3 - Proceed to the Motor Accident Claims Tribunal (MACT)

In the event of a road accident, jurisdiction falls under the Motor Accident Claims Tribunal (MACT). The case is transferred to MACT after the FIR is lodged. MACT, a specialised court, determines and decides the compensation for road accidents.

Step 4 - Provide Your Policy Document

Submit a copy of your bike insurance policy document to support your third-party insurance claim to the MACT.

Step 5 - File a Case at the Tribunal

To pursue the final claim, the third party must file a case with the MACT. Following a thorough review by MACT, compensation is determined based on the accident's nature and extent of damage.

Step 6 - Document Third-Party Damages

Gather essential evidence such as photographs, inspection reports, and surveyor’s assessments if the accident resulted in damage to a third party's vehicle or property. These documents aid in evaluating the claim value and should be submitted to both your insurer and the MACT.

Step 7 - Hospitalisation Expenses and Third-Party Fatalities

In cases of third-party hospitalisation or fatalities, claims must be made for hospitalisation expenses and death benefits. Compensation for dependents of the deceased is determined based on the deceased's income.

Step 8 - Claim Settlement

After thorough review and assessment of damages by MACT, the compensation amount is finalised. Note that for bodily injury and third-party fatalities, the compensation must be settled within three years.

Documents Required for 3rd Party Claim

To ensure a seamless ICICI Lombard third-party bike insurance claim process, ensure you have the following documents prepared:

• Duly signed third party insurance claim form
• Copy of FIR
• Your insurance policy document
• The vehicle's registration certificate copy
• Photographs of the damage caused/ accident
• Surveyor’s report

Claim Assistance for 3rd Party Claim

You have the option to seek claim assistance either directly from your insurer or through InsuranceDekho. InsuranceDekho offers personalised support, including document verification and form filling. Connect with an InsuranceDekho advisor at 7551196989 or via email at support@insurancedekho.com for further assistance and information.

ICICI Lombard Third Party Bike Insurance Renewals and Cancellations

Renewal Process

In order to renew your ICICI Lombard third party bike insurance, you should follow the steps mentioned below:

Step 1: Access InsuranceDekho

Go to InsuranceDekho’s bike main page and click on the “Support” tab located in the header.

Step 2: Choose Renew Policy

Select “Renew Policy” from the dropdown options.

Step 3: Verify OTP

Enter your registered mobile number and log in after verifying the OTP.

Step 4: Pick Your Policy

From your dashboard, select the policy you wish to renew, specifically your third-party bike insurance.

Step 5: Review and Make Changes

If needed, make any modifications to your policy and conduct a final review.

Step 6: Complete Payment

Once you've confirmed all the details, proceed to make the payment for your policy. Upon successful payment, you'll receive confirmation. Now, you can download your new policy after the renewal process is complete.

Cancellations Process

To cancel your ICICI Lombard third-party bike insurance, notify the insurer in writing. Upon notification, the cancellation process typically takes 15 days to complete.

Once the insurer cancels your policy, you'll receive a confirmation letter detailing any pending dues or reimbursements. Additionally, you'll need to collect your insurance certificate from the insurer, which will be necessary when purchasing a new third-party bike insurance policy.

Covered Vs Not Covered Under ICICI Lombard Third Party Bike Insurance

Here are the inclusions and exclusions under ICICI Lombard Third Party bike Insurance:

Inclusions

1. Bodily Injury or Third-Party Fatality: In the event of an accident involving your bike causing injury or death to another person, your third-party bike insurance will provide coverage for medical expenses or compensation for the victim.
2. Property Damage of Third Party: If your bike cause damage to another individual's property, such as a vehicle, structure, or boundary, your third-party bike insurance will cover the repair or replacement costs of the property, up to Rs 7.5 lakhs.
3. Legal Liability Coverage: In the case where you face legal proceedings initiated by a third party, your insurer will handle the legal fees and expenses incurred in your defence.
4. Mandatory Personal Accident Cover: This additional coverage must be purchased alongside your third-party bike insurance by paying an additional premium. It provides coverage for accidental death or permanent disability of the owner-driver of the bike, up to Rs 15 lakh. This cover is particularly valuable if you are the primary provider for your family and wish to protect their financial stability in case of unforeseen events.

Exclusions

1. Damage to Your Own Bike: In cases where your two-wheeler has damage from collisions, fires, theft, natural disasters, or any other cause, third-party bike insurance won't provide compensation. You'll need to cover repair expenses yourself or opt for a comprehensive bike insurance policy that includes coverage for both third-party and own damage.
2. Illegal or Intentional Acts: If you're involved in an accident due to deliberate or unlawful actions, such as driving under the influence, speeding, or participating in races, third-party bike insurance won't cover the damages. You'll be held accountable for legal repercussions, penalties, and any resulting damages.
3. Normal Wear and Tear: Third-party bike insurance doesn't cover unavoidable wear and tear resulting from ageing or regular use, such as rust, corrosion, or depreciation. It's essential to maintain your bike regularly and replace parts as needed.
4. Contractual Obligations: If you've entered into a contractual agreement where you've agreed to assume liability for any damage caused by your two-wheeler, third-party bike insurance won't provide coverage. For instance, if you've rented your bike to someone and they're involved in an accident, the insurer is then not liable to pay for the damages caused and you will be responsible to bear the cost.

Factors That Affect Your Third-Party Bike Insurance Premium

The premium for third-party bike insurance is regulated by law and remains consistent unless otherwise specified by IRDAI. Regardless of your chosen insurer, the premium price remains unchanged and is as listed in the "price" section of this page.

How To Calculate Third-party Bike Insurance Premiums Online?

The premium for third-party bike insurance is set by IRDAI and remains consistent. As it's a standardised rate, it remains unchanged.

ICICI Lombard Third Party Bike Insurance Support

For assistance with purchasing, renewing, processing claims, or porting your ICICI Lombard third-party bike insurance, reach out to an InsuranceDekho customer service representative by:

• Calling on +91-7551196989
• Emailing at support@insurancedekho.com

ICICI Lombard Third Party bike insurance plan covers the following liabilities of the third party:

• Third party property damage: This plan provides compensation for property damage incurred by a third party due to a mishap/accident involving the insured’s bike. In case of third party property damage, the compensation is limited to Rs. 1 lakh.
• Bodily Injuries/Death of third party: The insurer compensates for the third party injury or loss of life in the accident. However, the compensation amount in case of loss of life or disability is settled by the insurer as per the decision of the court of law.

What All Is Not Covered Under ICICI Lombard Third Party Bike Insurance Plan?

When it comes to a third party insurance, it is a compulsory insurance product but offers limited insurance coverage, which every policyholder needs to be aware of. Here are a few crucial offerings which are excluded from the third party bike insurance plan:

• No coverage for injuries suffered by the policyholder.
• Damages sustained by the insured bike will not be covered.
• Optional personal accident cover is not provided with the third party plan.