ICICI Lombard Bike Insurance

About 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.

Types of Bike Insurance Plans Offered by ICICI Lombard

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

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.

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.

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:

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.

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.