ICICI Lombard Bike Insurance

ICICI Lombard Bike Insurance Policy - Key Features

*Disclaimer: The above features of ICICI Lombard bike insurance policy are for indicative purposes only. Kindly refer to policy wording to know the exact cover.

Why Choose ICICI Lombard Bike Insurance Policy?

ICICI Lombard General Insurance offers attractive & affordable bike insurance plans with various benefits, which are as follows:

• Get hassle-free repair services without paying any cash in cashless garages spread across the country.
• Instant claim approval with dedicated 24x7-customer support via calls and chat.
• 100% digital claim inspection and settlement make the entire process smoother.
• Instant bike insurance policy issuance in a few clicks.
• A guaranteed service is offered for repairs done at the authorised network garage.

Types of ICICI Bike Insurance Policy

ICICI Lombard General Insurance is India's largest and most reliable private general insurance company. It is a joint venture between ICICI Bank (the second largest bank in India) and Fairfax Financial Holdings Limited (a financial services company based in Toronto).

The company offers various types of bike insurance policies with diverse coverage at an affordable premium rate, as explained below:

1. Bundled - Two Wheeler Policy

   The Bundled Two Wheeler Policy by ICICI Lombard General Insurance Company offers own damage cover and third-party liability cover for the insured bike. Under this plan, OD cover is available for a year, and TP cover is available for 5 years from the policy commencement date. Hence, it is a comprehensive bike insurance policy offering complete protection and available for new two-wheelers.

2. Stand-Alone Own Damage Two Wheeler Policy

   The ICICI Lombard Stand-Alone Own Damage Two Wheeler policy only covers the damages caused to your insured bike or its accessories due to theft, accidents, man-made disasters, natural calamities, etc. The policy is available for a year and can only be purchased if you have a third-party bike policy.

3. 2 Years - Stand-Alone Own Damage Two Wheeler Policy

   The ICICI Lombard Stand-Alone Own Damage Two Wheeler policy only covers the damages caused to your insured bike or its accessories due to theft, accidents, man-made disasters, natural calamities, etc. The policy is available for 2 years and can only be purchased if you have a third-party bike policy.

4. 3 Years - Stand-Alone Own Damage Two Wheeler Policy

   The ICICI Lombard Stand-Alone Own Damage Two Wheeler policy only covers the damages caused to your insured bike or its accessories due to theft, accidents, man-made disasters, natural calamities, etc. The policy is available for 3 years and can only be purchased if you have a third-party bike policy.

5. 3 Years - Stand-Alone Own Damage Two Wheeler Policy

   The ICICI Lombard Stand-Alone Own Damage Two Wheeler policy only covers the damages caused to your insured bike or its accessories due to theft, accidents, man-made disasters, natural calamities, etc. The policy is available for 4 years and can only be purchased if you have a third-party bike policy.

6. Two Wheeler Package Policy

   The ICICI Two Wheeler Package policy is a comprehensive two-wheeler insurance policy offering coverage for damages caused by fire, theft, riots, strikes, cyclones, earthquakes, etc. Moreover, the policy covers third-party liabilities occurring in a road accident by the insured vehicle. This one is available for a year.

7. 5 Years - Two Wheeler Package Policy

   The ICICI Two Wheeler Package policy is a 5-year comprehensive two-wheeler insurance policy offering coverage for damages caused by fire, theft, riots, strikes, cyclones, earthquakes, etc. Moreover, the policy covers third-party liabilities occurring in a road accident by the insured vehicle.

8. 5 - Years Two Wheeler Liability Policy

   The ICICI 5-Years Two Wheeler Liability policy is a third-party bike insurance policy that covers death or bodily injury to any person caused by the insured bike in an accident. Additionally, it covers damage to property or belongings of a third party caused by the insured bike in the accident. It is a mandatory policy in India, and every bike owner should purchase one.

*Disclaimer: The inclusions and exclusions given above are for indicative purposes only. For complete coverage, refer to the policy document provided by the insurer.

Depreciation Rates for Different Parts of a Bike

Here are the depreciation rates for different parts of the two-wheeler:

• Nylon, Plastic, and Rubber Parts (e.g., airbags, batteries, tyres, and tubes): Subject to 50% depreciation
• Glass Parts: No depreciation applies
• Fiberglass Parts: Subject to 30% depreciation
• Paint Materials: Subject to 50% depreciation
• Other Components: Depreciation rates will be as specified in the policy document, including wooden components.

Depreciation Based on the Age of the Bike

Here are the depreciation rates of the bike based on its age:

*Disclaimer: The depreciation rates given in the above tables are indicative. Please check the policy document to know the exact terms and conditions.

Personal Accident (PA) Coverage for Bike Owners

ICICI Lombard bike insurance provides a Personal Accident (PA) coverage of up to ₹15 lakh for the owner/driver of the insured bike. It covers the permanent and total disability of the owner/driver or death, which may happen in a road accident. However, the payout is based on the type of injuries, which are explained below:

• Loss of one limb or one eye vision of the policyholder 50%
• Death of the policyholder 100%
• Loss of both eyes, both limbs or one eye and one limb of the policyholder 100%
• Permanent total disability due to any other injuries of the policyholder 100%

Essential Points for Personal Accident (PA) Cover

This compensation provided under PA cover is only for any one condition included in the table above, and it will not extend ₹15 lakh. Additionally, there will be no compensation if it is due to suicide, self-harm, pre-existing disease, health issues, or accidents occurring when the driver is under the influence of alcohol or drugs.

How to Buy/Renew ICICI Lombard Bike Insurance?

To buy or renew ICICI Lombard bike insurance policy, you have to visit the official website of Policybazaar Insurance Brokers Private Limited and follow the below steps:

• Step 1: On the homepage, click on the 'Insurance Products' section, and from the drop-down menu, pick' Bike Insurance'.
• Step 2: Enter your bike's registration number and click 'View Prices' if you renew the policy. However, if it is a new bike or the registration number is unavailable, choose 'Bought a New Bike' and proceed further.
• Step 3: Choose the correct details of your bike and then click on 'View Plans'.
• Step 4: Select an ICICI bike insurance plan for your bike.
• Step 5: Choose third-party or comprehensive coverage, depending on your needs and budget.
• Step 6: For added protection, consider buying add-on covers.
• Step 7: Complete the online payment through UPI, net banking, or debit/credit card. The ICICI bike policy documents will be sent directly to your registered email ID after the payment.

How to File ICICI Lombard Bike Insurance Claim?

Under different scenarios, the ICICI bike insurance claims can be filled by following the below steps:

1. For Theft Claim

   The following are the steps to raise a theft claim under ICICI bike insurance policy:

   • Step 1: Go to the nearest police station and get the First Information Report (FIR).
   • Step 2: Share the FIR with your bike insurance provider.
   • Step 3: The provider will appoint a surveyor to analyse the case.
   • Step 4: Inform the RTO (where the vehicle is registered) about the theft incident.
   • Step 5: Submit all the necessary documents to file a claim.
   • Step 6: When your insured bike remains untraceable for 30 days, get an 'untraceable report' from the police, process the claims & receive a payout amount.

2. Accident Claim

   The following are the steps to raise an accidental claim under the ICICI bike insurance policy:

   • Step 1: Connect with your insurance provider about the accident and fill out the claim form available on their website.
   • Step 2: The insurer will appoint a surveyor to visit the accident site and assess the loss caused to the insured bike.
   • Step 3: Submit the supporting documents to proceed further.
   • Step 4: In case of a cashless claim, repairing those damages at the network garage and insurer will settle the bill directly. In case of a reimbursement claim, repair the damages in local garages. In this case, pay the repair bill on your own, and the insurer will refund the bill amount to your registered bank account later.

3. Third-Party Claim

   The following are the steps to raise a third-party claim under the ICICI bike insurance policy:

   • Step 1: Tell the insurer provider about the incident.
   • Step 2: Submit the court summons to the insurer.
   • Step 3: Fill it out, sign it, and submit the claim form to the insurer.
   • Step 4: Provide all the mandatory documents to the insurer.
   • Step 5: Finally, to settle the third-party claim, the Tribunal court will review the case and decide.

Documents Required for Filing ICICI Bike Insurance Claims

The ICICI Lombard General Insurance Company requires specific documents to settle a bike insurance claim. The documents required differ depending upon the type of the claim. Here is a list of documents needed for different situations:

1. In Case of an Accident

   • A claim form duly filled and signed by the policyholder
   • RC copy of the bike
   • DL copy of the policyholder
   • Comprehensive bike insurance policy
   • First Information Report (FIR), if applicable
   • An original estimate repair bill slip
   • Payment receipt and original repair invoice
   • In the case of a company-registered vehicle, a stamp is required.

2. In Case of Theft

   • A claim form duly filled and signed by the policyholder
   • RC of the bike, along with its original keys
   • DL copy of the policyholder
   • Comprehensive bike insurance policy
   • First Information Report (FIR)
   • RTO transfer papers along with Form 28 (3 copies), 29 (2 copies), 30 and Form 35 (in cases of hypothecated bikes)
   • A ‘no-trace report’ was issued by the police, claiming that the bike was nowhere to be found
   • In the case of a company-registered vehicle, a stamp is required.

3. In Case of a Third-party Claim

   • A claim form duly filled and signed by the policyholder
   • RC copy of the bike
   • DL copy of the policyholder
   • Third-party bike insurance policy
   • First Information Report (FIR)