ICICI Lombard Bike Insurance

Established in 2001, ICICI Lombard General Insurance Company is a collaborative venture between Fairfax Financial Holdings Limited, a financial services provider, and ICICI Bank, India's second-largest bank. Serving a diverse clientele in various insurance sectors such as health, motor, life, investment, crop, and liability, the company has successfully handled over 3.6 million claims. This page provides insights into ICICI Lombard's bike insurance offerings, covering essential aspects such as key features, important metrics, eligibility criteria, types of bike insurance plans available, pricing details, notable add-ons, and frequently asked questions.

About ICICI Lombard Bike Insurance

Two-wheeler insurance provides essential protection for bikes, covering repair costs from accidents, theft, natural disasters, and liabilities. It's crucial for unexpected events and offers financial assistance if you damage someone else's vehicle. ICICI Bike Insurance offers comprehensive coverage options, including stand-alone, third-party, and comprehensive plans, making it a preferred choice in India.

Key Features

Each company highlights a unique selling proposition (USP), and for ICICI Lombard Bike Insurance, its key features include:

1. AI-backed Claims for Quick Processing - ICICI Lombard uses AI technology for the processing of bike insurance claims. By leveraging AI-backed systems, they can quickly assess and settle claims. This ensures a faster and more efficient experience for their policyholders.
2. Service Guarantee on Repairs - ICICI Lombard offers a service guarantee on repairs. They provide reliable assistance to the policyholders. With this guarantee, customers can trust that their insurance provider will efficiently handle any repairs needed.
3. Includes Personal Accident Cover - ICICI Lombard provides a Personal Accident cover as part of its policy. They offer financial protection in case of accidental injuries or fatalities while riding.

Key Metrics

Refer to the tables below to check the key metrics of ICICI Lombard bike Insurance:

Types of Bike Insurance Plans Offered by ICICI Lombard

Mentioned below are the list of bike insurance plans offered by ICICI Lombard [2]:

1. Own Damage (OD) - ICICI Lombard’s standalone own-damage two-wheeler insurance plan protects your bike against many risks. This includes natural disasters such as earthquakes, floods, cyclones, and man-made incidents like theft, burglary, riots, or strikes. It's ideal for individuals with an existing third-party policy for their two-wheeler.
2. Third-party Liability (3PL) - A third-party cover protects against legal liabilities resulting from accidents involving your bike with a third party individual, vehicle or property. If your bike causes harm to a third party or their property, this insurance ensures that your insurer handles the associated expenses. It typically covers third-party property damage and injuries to the third party.
3. Comprehensive - The comprehensive two-wheeler insurance plan protects owners from expenses due to accidental damages to both third parties and their own vehicles. Moreover, it offers a personal accident cover of ₹15 lakh for accidental death and disability.

Add-ons offered by ICICI Lombard

Add-ons compliment your insurance plans and help provide added benefits with a minor increase in your premium price. The top add-ons offered by ICICI Lombard Bike Insurance are mentioned below:

1. Roadside Assistance Cover: ICICI Lombard’s roadside assistance cover offers peace of mind for unexpected breakdowns or accidents while traveling. With this add-on, you're protected for services like battery jump-start, towing, flat tire assistance, minor repairs, hotel accommodations, or even cab rides when your bike or scooter encounters issues. It's the ideal solution to ensure you're prepared for any unforeseen situation on the road.
2. Zero Depreciation Cover: Bike parts naturally lose value over time due to depreciation, affecting the coverage amount during claims. However, with zero depreciation cover, your claim remains unaffected by depreciation, ensuring a higher payout. This add-on applies when your claim is accepted for loss or damage to the vehicle but does not apply in cases of total loss or constructive total loss of the vehicle.

ID Recommended Bike Insurance Plan Add-ons

Eligibility To Buy ICICI Lombard Bike Insurance Plan

To buy a bike insurance plan, you'll need the following essentials:

• Ensure your vehicle is registered with the Regional Transport Office (RTO).
• Have your bike registration papers handy.
• Hold a valid driving license.
• Additional documents may be necessary as per the insurer's requirements.

Factors to Consider Before Buying or Renewing Your Bike Insurance

Key Considerations When Purchasing Two-wheeler Insurance:

• Policy Type: Choose between third-party and comprehensive policies based on your needs. A comprehensive policy covers both third-party damages and damages to your own bike, offering more extensive coverage.
• Bike Value: The Insured Declared Value (IDV), representing your bike's current market worth, determines your comprehensive insurance premium. Higher-end bikes have higher IDVs, resulting in higher premiums.
• Coverage: Understand your policy's coverage, including theft, fire, natural calamities, accidents, and third-party liabilities.
• Exclusions: Be aware of policy exclusions, such as mechanical breakdowns, wear and tear, and geographical limitations. Knowing these exclusions prevents claim rejections.
• Insurer Credibility: Choose a reputable insurer to ensure reliable service and smooth claims processing. Research the insurer's reputation, service quality, and customer satisfaction.

How To Purchase ICICI Lombard Bike Insurance Policy?

Buying bike insurance is a straightforward process. Here are the general steps to follow:

• Research: Compare insurance providers and policies to find the best fit for your needs.
• Get Information: Collect necessary documents such as bike registration papers, your driving licence, and vehicle details.
• Get Quotes: Use online insurance comparison platforms to get quotes for different policies.
• Select Coverage: Choose the type of coverage you need, whether it's third-party or comprehensive insurance.
• Customise Policy: Add any desired add-ons or riders to enhance your coverage.
• Fill Application: Fill out the insurance application form with accurate information about yourself and your bike.
• Payment: Pay the premium for your selected policy. You can usually pay online through various payment methods like credit/debit cards, net banking, or mobile wallets.
• Review Policy: Carefully review the policy documents, terms, conditions, and coverage details to ensure everything meets your expectations.
• Receive Confirmation: After completing the purchase, you'll receive a confirmation of your policy via email or mail, along with your insurance documents.
• Renewal: Remember to renew your bike insurance before it expires to maintain continuous coverage and avoid any lapses in protection.

Here's a simple guide to purchasing bike insurance with ICICI Lombard:

• Step 1: Visit the bike insurance page on the InsuranceDekho website.
• Step 2: Provide essential details like your mobile number, name, bike registration number, and other required information.
• Step 3: Choose from the available plans displayed on the quotes page.
• Step 4: Customise your selected plan by adding any necessary add-ons.
• Step 5: Complete the purchase by making the premium payment for your ICICI Lombard bike insurance.
• Step 6: Upon payment approval, you'll receive policy details via email to your registered email ID.

Benefits of Buying Your Bike Insurance from InsuranceDekho

InsuranceDekho’s sole focus is on serving our customers, and here's why we excel at delivering the best insurance solutions and assistance:

• Certified Broker: InsuranceDekho is certified by IRDAI and has 8+ years of experience in the insurance industry.
• Trusted Brand: As part of the CarDekho Group, a reputable name in motor and auto tech for over 15 years, we are a trusted brand.
• Comprehensive Offerings: We provide a wide range of insurance options, including motor, health, life & term, travel, investment, and shop insurance.
• Vehicles Insured: With over 50 lakh vehicles insured, our team is available 24/7 to assist you with your insurance needs.
• Quick Assistance: We ensure quick resolution of your queries with insurers, providing you with timely assistance.
• Dedicated Claim Support: Our dedicated claim support team will guide you through the entire claim settlement process, with a dedicated team member assigned to assist you from start to finish.

What Is Covered and What is Not Covered?

Every insurance plan comes with certain things it covers (inclusions) and things it doesn't cover (exclusions). Here are the main inclusions and exclusions you'll find under ICICI Lombard bike Insurance:

Inclusions

• Coverage for Natural Disasters: Your bike is protected against losses or damages caused by natural events like fire, explosion, lightning, earthquakes, floods, storms, and more.
• Personal Accident Cover: You, as the registered owner-driver, receive a ₹15 lakh cover for accidents while travelling on, getting on, or off your bike. Optional coverage for co-passengers is available for an extra premium.
• Protection Against Man-made Disasters: Your bike is covered for losses or damages caused by burglaries, theft, riots, accidents by external means, terrorist activities, and more.
• Third-party Legal Liability: You're safeguarded against legal liabilities arising from accidental damages resulting in injury or death to a person or damage to surrounding property.

Exclusions

• Wear & Tear: Normal wear and ageing of your bike or scooter, including tyre and tube wear, unless it's due to an accident, in which case we cover up to 50% of the replacement cost.
• Depreciation: We don't cover depreciation or any consequential loss.
• Mechanical or Electrical Breakdown: Damage caused by mechanical or electrical breakdowns isn't covered.
• Harm Under Influence: Damage caused by or to a person riding under the influence of drugs or alcohol isn't covered.
• War or Nuclear Risk: Loss or damage due to war, mutiny, or nuclear risk isn't covered.
• Misuse: Damage from using the vehicle in a way that doesn't comply with usage limitations isn't covered.

How to Claim Your Bike Insurance?

Filing a claim can feel overwhelming, but InsuranceDekho is here to help in making it easier. Reach out to us at InsuranceDekho for assistance with your claim process. You can call us at our helpline number +91-7551196989 or email us at support@insurancedekho.com.

Our advisors will guide you every step of the way, ensuring you have all the necessary documents ready to submit your claim. With over 50 lakh vehicles insured, insurers respond promptly to our inquiries, giving special attention to our cases.

Factors Affecting the Premium of Your Bike Insurance Plan

Many factors affect the premium you pay for bike insurance. Here are some key considerations:

• Type of Two-wheeler: The cost of insuring different types of bikes varies based on factors like engine size. Bikes with higher engine capacities typically have higher insurance costs.
• Value of The Vehicle: The market value of your bike, determined by factors like brand and features, affects insurance premiums. More expensive bikes generally incur higher insurance costs.
• Modification: Customising your bike can improve its appeal, but insuring modified parts separately adds to policy costs. The more modifications you do, the higher the insurance premiums you pay.
• Anti-theft Devices: Installing anti-theft devices can reduce the risk of theft and potentially lower insurance costs. Insurers may consider safety measures when settling theft-related claims.
• Riding Skills: Safe riding practices lower the risk of accidents, reducing the likelihood of claims and potentially lowering insurance premiums. Conversely, frequent claims may lead to higher premiums.
• Add-ons: Additional coverages, or add-ons, can improve your insurance policy but may increase costs if not chosen wisely based on individual needs.
• IDV: IDV is the maximum sum assured by an insurance provider for a customer's bike, determined by its market worth at policy inception, crucial in cases of irreparable damage or theft, typically decreasing with each renewal due to depreciation.

What is the Insured Declared Value and How is It Calculated?

Insured Declared Value (IDV)

Insured Declared Value (IDV) represents the maximum sum assured by the insurance provider. It is important for a customer's bike in case of irreparable damage due to an accident or theft. This value is determined based on the bike's market worth at the time of policy inception. Generally, it decreases with each renewal due to depreciation.

Calculating Insured Declared Value (IDV)?

An IDV calculator is a helpful tool for assessing your bike's current market value and estimating the insurance premium cost. Use the IDV calculator provided below to obtain an accurate quote for your vehicle's insurance premium:

ICICI Lombard Bike Insurance Renewal Process

It's essential to renew your bike insurance annually to ensure continuous coverage. When renewing, review the latest plans and updates tailored to your vehicle model and age.

To renew your policy through InsuranceDekho, simply follow the same steps outlined for purchasing a new bike insurance policy.

Bike Insurance Customer Service & Support

As a reputable brand under the CarDekho umbrella, InsuranceDekho is dedicated to assisting you with all your bike insurance needs. You can reach our customer service and support team by calling our helpline number +91-7551196989 or emailing us at support@insurancedekho.com. We're here to help!

ICICI Lombard Complaints & Grievance Redressal

For any complaint & grievance redressal, you can contact ICICI Lombard bike Insurance team in the following ways:

• Call them at 1800 2666
• Write them here: Customer Support, ICICI Lombard General Insurance Co. Ltd., Ground floor- Interface 11, Sixth floor- Interface 16, Office no 601 & 602, New linking Road, Malad (West), Mumbai – 400064
• Email them at customersupport@icicilombard.com

In case you are unsatisfied or you don’t hear from the ICICI Lombard team, you may also get in touch with Mr. Rohit Khurana, InsuranceDekho’s Grievance Redressal Officer by emailing him at grievance@insurancedekho.com.

Incase of any doubts, contact our customer care team