ICICI Lombard Two-Wheeler Insurance Policy: Coverage, Claim & Renewal

Updated: 01-09-2023 07:18:29 AM

What Is ICICI Lombard Two-Wheeler Insurance Policy?

It provides comprehensive two wheeler insurance plan that not only cover the rider but also provide optional coverage for a co-passenger along with covering third party liability. ICICI Lombard Two-Wheeler Insurance policy covers expenses in case of unforeseen situations against damages from burglary, riot, strike and other man made calamities subject to terms and conditions.

Types Of ICICI Lombard Two-Wheeler Insurance Policy

There is no specific plan under ICICI Lombard Two-wheeler insurance Policy as it itself is a comprehensive one which offers third party liability and personal accident coverage. Co-passengers are also insured under this policy other than the rider.

What All ICICI Lombard Two-Wheeler Insurance Policy Covers?

It is a comprehensive insurance policy and offers wide coverage to the policyholder which is as follows:

Loss or damage to the insured vehicle due to the following:

• Natural calamities such as fire, explosion, cyclones, lighting, hailstorm etc.
• Man-made calamities such as theft, burglary, strikes, riot, terrorist attacks etc.

Personal Accident Cover for Owner-driver: This policy will pay compensation up to 15 lakhs in case of bodily injury/death sustained by the Owner-Driver of the vehicle due to violent accident.

Third party legal liabilities: The policy protects and compensates the third-party liabilities involved in an accident if there is permanent injury, death or harm to the property of the third party by the insured vehicle. Third-party liability insurance policies provide coverage against:

• Death of a third party
• Bodily injuries suffered by a third party
• Damages caused to a third party’s assets, vehicle, or property
• Accidental death or disability of the policyholder

How To Apply For ICICI Lombard Two-Wheeler Insurance Policy Online?

Applying for the ICICI Lombard Two-Wheeler Insurance Policy is very easy and anyone can do it in the few simple steps mentioned below:

• Visit official site of ICICI Lombard
• Hover your mouse on Products, click on motor vehicle and thereafter click on two wheeler
• One will get the option to buy a new policy and renew their existing policy
• Click on ‘Buy New’ and enter your mobile number and email ID to proceed by filling in all the required details
• After filling the form, the payment of the policy can also be done online via debit or credit card or by Net Banking
• While applying for the policy the interested customers can choose their tenure option as one year, two years or three years

Claim Process

• In case any insured event takes place, the policyholder or someone from his/her behalf should intimate the insurance company immediately through their 24*7 call center
• Once the claim has been registered by the policy holder, the Customer Service Manager (CSM) will contact the claimant within 24 hours of registering the claim. The CSM will ask for all the necessary details from the policy holder which has to be submitted by the person to CSM and get them verified with originals. The policyholder or claimant should have these details handy:
  • Contact number
  • Policy Number
  • Name of Insured
  • Date & Time of loss
  • Location of loss
  • Nature of Loss
  • Place & Contact Details of the person at the loss location
• The insured or claimant needs to furnish loss details such as details of the loss event, location of the loss and of the damage vehicle, contact numbers to substantiate the nature and extent of loss
• If the claim is for theft, the policyholder needs to report to the police as well as intimate the same to the insurance company within 48 hours from theft along with submitting the FIR
• Any accident involving third parties must be reported immediately to the insurers.
• ICICI Lombard will arrange for an inspection to survey the damage. In case of major damages, a specialist surveyor will be deputed to assess the loss
• In case of cashless, surveyor will visit the onsite within 24 hours and will approve the claim after assessing the documents.
• If vehicle is serviced or repaired in a garage outside the jurisdiction of ICICI’s network, then the customers have the option of reimbursing their expenses. To claim the expenses, policy holders can directly claim online on Lodge a Motor Claim service.
• However, in case of reimbursement, there will be an estimation and assessment of the total losses incurred by the vehicle. The approval would be given by CSM after checking the documents and he would inform as to what amount has to be paid as per the policy terms and conditions
• The claim is settled on agreement of an amount between the insured and the insurer

Documents Required for Claim Process

There are different set of documents need to be produced by the policy holders as per the reasons behind the occurrence of the unfortunate accidents:

1. Documents required under Accident claim

• Claim Form signed duly by the Manager
• RC copy of the vehicle
• Photocopy of Driving License of the person who was driving the vehicle
• Photocopy of the policy (first two pages)
• FIR depending on the case
• Original estimation by the injured party
• Original repair invoice and payment receipt, in case of cashless garage only repair invoice.

2. Documents required under Theft Claims

• Claim Form signed duly
• RC copy of the vehicle
• Photocopy of Driving License of the person who was driving the vehicle
• Photocopy of the policy (first two pages)
• Original copy of FIR
• Original estimate of theft
• Transfer papers of RTO signed along with Form 28, 29, 30 and 35. Three copies of Form 28 and two copies of Form 29 and 30.
• Final report of the Police saying the vehicle cannot be found

3. Documents required for Third Party Claims

• Claim Form signed duly
• Police FIR copy
• Photocopy of the driving license of the person driving the vehicle
• First two pages of the Policy
• RC copy of the vehicle involved in the Accident

Exclusion Under ICICI Lombard Two-wheeler Insurance Policy

Below are the exclusions which won’t be considered for claims:

• Any sort of mechanical or electrical breakdown in the vehicle Normal wear and tear of the vehicle due to ageing
• Damages caused due to the occurrence of any war or nuclear risk Damage done by a person who is under the influence of drugs or is intoxicated while driving the vehicle
• Accidental loss damage or liability caused sustained or incurred outside the Geographical Area
• Consequential loss
• Driving under the influence of alcohol or intoxicating substances
• Damage due to driving without invalid driving license
• Driving recklessly or without heed to standard guideline

Add-on Covers on ICICI Lombard Two-Wheeler Insurance Policy

Following are the add-on covers offered by ICICI Lombard which further increases the coverage of the motor insurance policy and they are as follows:

Road Side Assitance : Under this policy, the insured can ask for the emergency assistance such as towing on breakdown, flat tyre, minor repairs, arrangement of rental vehicle, etc. and it will be reimbursed with a maximum of four claims during the policy period,

Zero Depreciation Cover: Under this cover, the insurance company won’t deduct any amount for depreciation in case of replacement of damaged parts subject to terms and conditions

Return to Invoice: Company will pay the financial shortfall if any between the insured amount receives and the purchase price of the vehicle as confirmed in the sales invoice along with the first time registration charges in the event of total loss, theft of vehicle during the policy period

Garage Cash: Under this cover, the insurance company will pay daily allowance to the insured for each and every day for which the insured’s vehicle is under repair in a garage due to loss or damage.

Insured Declared Value

The Insured Declared Value is the sum insured which is fixed at the starting of each policy period for the insured vehicle. It represents the value of the vehicle as per current market conditions and is fixed on the basis of the manufacturer’s listed selling price of the brand and model.

Below is the Schedule of age-wise depreciation for Fixing IDV of the Vehicle for the purpose of Total Loss/Constructive Total Loss (TL/CTL) claims only:

Age Of The Vehicle	Percentage Of Depreciation For Fixing IDV
Not Exceeding 6 months	5%
Exceeding 6 months but not exceeding 1 year	15%
Exceeding 1 year but not exceeding 2 years	20%
Exceeding 2 years but not exceeding 3 Years	30%
Exceeding 3 years but not exceeding 4 years	40%
Exceeding 4 years but not exceeding 5 years	50%

If the vehicle is five years old and obsolete, IDV would be determined on the basis of an understanding between the insurer and the insured.

ICICI Lombard Two-wheeler Insurance Renewal

The ICICI Lombard Two-wheeler Policy can be renewed online. It can be renewed when 60 days are left for the expiry of the existing policy. In case, the policy has been expired, it can still be renewed but the vehicle has to be inspected by the authorized surveyor of the Company and on its condition the policy would be issued again. No claim Bonus is offered on renewals to the insured if he doesn’t make any claim in the previous policy year. The discount can go as high as 50% but in case of any claim, the No Claim Bonus will be zero for the next renewal. Below is the process of renewing ICICI Lombard Two Wheeler Insurance Policy:

• Log onto the official website of ICICI Lombard
• Hover your mouse on Products, click on motor vehicle and thereafter click on two wheeler
• Here one will get the option to renew their existing policy
• Next, the policy holder needs to enter Policy number, engine number
• You will be able to renew your policy online after completing the above-mentioned formalities

ICICI Lombard Cashless Garages

There are many cashless garages offered by ICICI Lombard, for the repairing of vehicles. The company has a wide network of around 1700 and more garages all over India.

Advantages of ICICI Lombard Two-wheeler Insurance Policy

There are many benefits which can be counted if you are purchasing ICICI Lombard Two-wheeler Insurance Policy. They are as follows:

• There is flexible tenure available, for purchasing the policy for about 1 year, 2 year or 3 years.
• There is provision for an add-on cover for the co-passenger.
• Add-on covers for electrical and non-electrical accessories.
• Single policy certificate given with straight 3 years validity.
• Wide network of garages spread across different cities in India.
• NCB feature gives the policy holders option to switch from other insurers to ICICI Lombard.
• 5% discount is given to members of any renowned automobile association and 2.5% discount on installation of ARAI anti-theft device in the insured two-wheeler.
• No mandatory inspection of vehicle and instant issuance of the policy.
• Constant renewal reminders from the Company, as required.
• Immediate policy issuance through online mode
• Cashless claim settlement at network dealers and there is a provision for online approval in case of minor claims

Also Read: ICICI Lombard Car Insurance Policy

FAQ

Q1. Is there any penalty, for not insuring two-wheeler?

As per Section 197 of Motor Vehicles Act, 1988 if your two-wheeler is not insured, then there is a fine of up to Rs 2000 or imprisonment for upto 3 months.

Q2. Whether the insurance can be renewed online?

Yes, it can be renewed online starting before 60 days of the expiry of the existing policy of the vehicle.

Q3. What is the cancellation process of the ICICI Lombard Two-wheeler Insurance Policy?

It can be easily cancelled by walking into the nearest branch of the bank with the required documents and a duly surrender form. The policy will be cancelled, and the amount is deposited to the respective account of the policy holder.

Q4. How long does it take to pay out the claim?

Upon receiving the required documents, the insurance company will take around 5 days to payout the claim.