ICICI Lombard Two Wheeler Insurance

ICICI Lombard Two Wheeler insurance is one of the most preferred two wheeler insurance plans among policyholders. The policy is offered by ICICI Lombard General Insurance Company Limited, which is a joint venture between ICICI Bank and Fairfax Financial Holdings. The insurer holds a gross written premium of Rs. 135.92 billion for FY 2020. The company offers two wheeler package policy, standalone own damage two wheeler insurance and two wheeler vehicle liability policy under the motor insurance banner.

In addition, ICICI Lombard has 1 dedicated garage per 14 customers, features instant motor claims through the mobile application and 24x7 customer support along with call centre and chat.

Features of ICICI Lombard

Some of the salient features of ICICI Lombard two wheeler insurance are as follows:-

They offer their policy holders with a feature which sets renewal reminders thus saving the hassle of reminding the policy expiry dates.
Co-passengers are offered a personal accident cover.
A digitally signed Copy of your policy is available to you with an few minutes of applying the policy.
They offer cashless claims services with a network of about 1700+ cashless garages spread across India.
The policy holder can avail NCB benefits if they have been driving safely without making any claims in their previous policy year.

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Comprehensive Coverage

Under the comprehensive coverage their offer the following:-

Protect your two wheeler against damage or loss caused due to natural occurring calamities. It safeguards your two wheeler by offering a cover for frost, hailstorm, cyclone, tempest, inundation, fire, explosion, self-ignition, lightning etc.
This policy offers a personal accident cover to the owner/driver of the vehicle up-to 1 lakh. It also offers an optional coverage for co-passengers and can be opted while buying the policy depending on your specific need.
It safeguards your two wheeler against manmade calamities as well such as theft, burglary, riot, strike, terror attacks etc.
It also offers protection and compensation against third parties liabilities if involved in an accident resulting in their injury, death or property damage.

Discount Offered by ICICI Lombard

This policy offers the following discounts:-
No Claim Bonus Discount
Automobile Association Membership
Installation of Two Wheeler Safety Devices

Check out Discounts Offered by ICICI Lombard Bike Insurance

Policy Exclusion

The policy won't imply or can't be claimed under the following circumstances:-

If the two wheeler is damaged by a person driving without a driving license.
If the two wheeler has incurred a loss or damage by a person who was riding under the influence of liquor or alcohol.
Two Wheeler depreciation or any substantial loss .
Damage or loss of the two wheeler caused due to nuclear risk, mutiny or war .
Two wheeler has suffered electrical or mechanical breakdown.

Claim Settlement

Cashless Garage Network -The Company has a network of around 1700+ garages.

Benefits of ICICI Lombard Two Wheeler Insurance

Offers flexible tenure options of 1, and 3 years
Equipped with an inbuilt personal accident cover for the car owner and the provision for an add-on cover for the co-passenger
Add-on covers for insuring electrical and non-electrical accessories
Single policy certificate with 3 years validity
An extensive network of more than 2,150 garages spread across India
No Claim Bonus feature that offers the flexibility to policyholders to switch from other insurers to ICICI Lombard
Offers 5% discount for members of any renowned automobile association
Offers 2.5% discount on the installation of ARAI approved anti-theft device in the insured two wheeler
No mandatory inspection of two wheelers
Instant issuance of policy document
Offers the convenience of setting renewal reminders at regular intervals as required

Add-on Features of ICICI Lombard Two Wheeler Insurance

The following are some of the unique add-ons offered on two wheeler insurance from ICICI Lombard on payment of an additional amount over and above your premium for the basic plan.

Co-passenger – While the owner-driver is insured by the basic plans of two wheeler insurance from ICICI Lombard, the co-passenger can be protected through an add-on cover.
Electrical and non-electrical two wheeler parts – This add-on cover insures electrical and non-electrical parts of two-wheelers.
Seat cover - This add-on feature enables the policyholder to avail the reimbursement for the cost of replacement for the seat and its cover, in the case of it being damaged as a result of an unexpected event.
Lights – This rider is especially designed to cover the expenses incurred towards the repair and replacement of lights and light-related parts.
Bi-fuel – This add-on rider is tailor-made for protecting the insured two wheeler’s bi-fuel kit from any damage.

Claim Process for ICICI Lombard Two Wheeler Insurance

In case of an accident or a vehicle breakdown, the insurance company provides the needed assistance to get the vehicle back to a normal state. The policyholders can also avail cashless repair facility to repair the insured vehicle. In case the vehicle is repaired in a non-network garage, the reimbursement can be claimed for the cost of repair from the insurance company.

The claims can be registered and tracked online using the ‘Lodge a Motor Claim’ service on the official website. However, the service only handles accidental claims as of now.

Claim Process for Accident/Breakdown

In case of an accident, follow the below-stated steps to register your claim:

Take note of the vehicle details of any other vehicle involved in the accident.
Note down the contact details of the witnesses if any.
Call on the toll-free number of ICICI Lombard, share the details of the accident, and get the claim registration number from the claim executive.
The claim executive will also provide details of the documents that need to be submitted to process the claims.
File an FIR at your nearest police station in case of theft, major damages, or bodily injury.

Settlement of Claims

After registering the claim, the Customer Service Manager (CSM) will get in touch with you within one day of making a claim.
Submit the required documents to the insurance company and get them verified with the original documents.
After assessment, the CSM will get an estimate of the repairs needed and will approve the same.
In case of repairs done at the cashless garage, the insurance company will settle the payment with the network garage.
The CSM will ask you for any additional payments that need to be made by you.

Review of Two Wheeler Insurance from ICICI Lombard

ICICI Lombard General Insurance, from the house of one of the most renowned banking companies in India – ICICI, is synonymous with a range of two wheeler insurance policies that are customised to suit varied requirements of their customers. Not just that, the add-on covers further enhance the effectiveness of two wheeler insurance from ICICI Lombard. What’s more, the streamlined processes, quality of services and quick solutions make ICICI Lombard earn its goodwill in the insurance market.

FAQs of ICICI Lombard Two Wheeler Insurance

What does ICICI Lombard two wheeler insurance cover?

ICICI Lombard two wheeler insurance offers the following coverages:

Loss or damage to the insured two wheeler against natural disasters like earthquake, storm, cyclone, landslide, rockslide, flood, etc.
Loss or damage to the insured two wheeler against manmade disasters like theft, riot, terrorist activities, and damage during transit by road, rail, air, waterway, lift, etc.
Personal Accident Cover of up to Rs. 15 lakhs for the driver of the insured two wheeler while travelling, and specific other situations like mounting and dismounting from the two wheeler. Add-on riders offer the same coverages to co-passengers as well.
Third Party Legal Liability offers financial protection against accidental damages resulting in permanent injury or death, as well as damages caused to surrounding property.

What are the documents required for making a claim on two wheeler insurance from ICICI Lombard?

For Accident Claims:

Duly signed Claim Form
Copy of ICICI Lombard two wheeler insurance Registration Certificate
Copy of insurance policy
Copy of Driving License
FIR filed with the police
Estimation of expenses for repairs
Invoice and receipt of payment made for repairs, only in case of repairs at authorised garages of ICICI Lombard

For Theft Claims:

Duly filled forms - 3 copies of Form 28, 2 copies of Form 29, 2 copies of Form 30 and 2 copies of Form 35 (only in case the insured two wheeler is hypothecated)
Copy of ICICI Lombard two wheeler insurance Registration Certificate
Copy of insurance policy
Copy of Driving License
FIR filed with the police
Estimation of expenses for repairs
Duly signed transfer papers of the Regional Transport Office (RTO)
No Trace Report issued by the police

For Third-Party Claims:

Duly signed Claim Form
Copy of ICICI Lombard two wheeler insurance Registration Certificate
Copy of insurance policy
Copy of Driving License
FIR filed with the police

What are the exclusions of ICICI Lombard two wheeler insurance?

Here are the coverages that ICICI Lombard two wheeler insurance does not include:

Gradual wear and tear due to ageing of the two wheeler
Depreciation of market value of the make and model of the insured two wheeler
Electrical or mechanical breakdown
Loss or damage due to reasons like war, nuclear risk, etc.
Damage to or by an individual driving the insured two wheeler without a valid driving license
Damage to or by an individual driving the insured two wheeler under the influence of drugs or liquor
Natural wear and tear of consumables such as tyres, unless the insured two wheeler has been damaged at the same time. Under such circumstances, ICICI Lombard will be liable to pay up to 50% of the expenses incurred due to replacement of the damaged parts of the two wheeler
Exclusions as mentioned in the ICICI two wheeler insurance policy document a