ICICI Lombard Two Wheeler Insurance Policy Review

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ICICI Lombard Two Wheeler Insurance Policy Introduction

ICICI Lombard General Insurance Company is a largest general insurance company in India. It is a Joint venture between India based ICICI bank and Canada based Fairfax Financial Holdings Limited. ICICI Bank is the second largest private sector bank in India. It is always stayed ahead of its competitors by launching innovative products using latest technologies to reach its customers.

ICICI Lombard Two Wheeler insurance is another popular insurance policy introduced by the ICICI Lombard General Insurance company Limited. ICICI Lombard Two Wheeler Insurance Protects you from the loss caused due to your vehicle damage or theft. ICICI Lombard not only protects you from losses it also protects you from unexpected situations such as natural calamities.

Key Features and Benefits of the ICICI Lombard Two Wheeler Insurance

Policy will be issued immediately through online.
It has 1700+ authorised Garages across India.
You can Insure your Co-passengers also by using optional additional cover provided by ICICI Lombard Two Wheeler Insurance Policy.
No Claim Bonus(NCB) Facility is available on renewals.if you renew your policy within 90 days of the expiring of the previous policy.
You can get a discount of 2.5% on the ARAI(Automotive research association of india) anti theft devices in your vehicle.
You can get additional Add-on covers on electrical and non-electrical items.
You can get a discount of 5% if you are a member of Recognised automobile association.
You can call to ICICI Lombard Customer Care number 1800 2666 to Know complete details of its Two Wheeler Insurance.
Transfer of No Claim bonus facility is available in ICICI Lombard two wheeler insurance when you are shifting to ICICI Lombard from another company.
ICICI Lombard Two wheeler Insurance policy provides you cashless facility for repairing your vehicle from any of their authorised garage.
They are providing reimbursement facility if you have repaired your vehicle from other garage,but you have to submit your bills and receipts to the company. For more information regarding Tax Benefits, visit www.taxqueries.in.

ICICI Lombard Two Wheeler Insurance Policy Coverages

Natural Calamity Coverage:

ICICI Lombard Two Wheeler Insurance covers the loss caused to you due to your vehicle damage by natural calamities such as earthquakes,lightning,storms,landslide,rockslide,hurricane,typhoon,fire,explosion,self-ignition.

Man made Calamities:

ICICI Lombard Two Wheeler Insurance covers the loss caused to you due to your vehicle damage by man made activities such as Burglary,theft,riot,terrorist activities,strikes,accident by external means.

Personal accident Coverage:

ICICI Lombard Two wheeler Insurance covers up to 1 lakh for owner / driver of the vehicle during driving or travelling on the insured two wheeler.An optional personal accidental coverage facility also available for co-passengers.

The below table gives the scale of compensation for nature of injury

Nature of Injury	Scale of compensation
Death	100%
Loss of two limbs or Sight of two eyes or one limb and sight of one eye	100%
Loss of one limb or sight of one eye	50%
Permanent total disablement due to injuries other than named above	100%

Third party legal liability:

ICICI Lombard Two wheeler Insurance provides you a third party legal liability,which protects you against legal liability due to accidental damages resulting in permanent injury or death of a person and damage caused to the surrounding property.

ICICI Lombard Two Wheeler Insurance Policy non-coverages

If the wear and tear of the consumables like tyres and tubes damaged at the same time,the company will pay you only 50% of the cost of the replacement.
ICICI Lombard Two Wheeler Insurance does not cover loss caused due to normal wear and tear and general ageing of the vehicle.
ICICI Lombard Two Wheeler Insurance does not cover any Consequential loss.
It does not cover the loss caused due to electrical or mechanical breakdown.
ICICI Lombard Two Wheeler Insurance does not cover the loss caused to your vehicle,while driving without having valid driving license.
It does not Damage caused to a vehicle by a person driving the vehicle under the influence of drugs or alcohol.
It does not Loss / damage caused to your vehicle due to war,nuclear activity.
Does not cover the loss caused to your vehicle due to usage of the vehicle other than its limitations.
it does not cover any depreciation loss.

Additional Coverages available under ICICI Lombard Two Wheeler Insurance Policy

You can get coverage to electrical / non-electrical devices in your vehicle such as,Fog lights,seat covers.
You can get a discount on ARAI devices installed in your vehicle.
You can also cover bi-fuel system such as CNG.
No Claim Bonus(NCB):
- No claim bonus facility is available on renewals. NCB is a discount on premium of the Own Damage (OD) portion of your vehicle when you renew your policy
- This is applicable only if you have not made any claim during the last policy period of one year.
- The NCB can be accumulated up to a maximum limit of 50% on OD premium.

Transfer of No Claim bonus(NCB) facility is available in ICICI Lombard Two Wheeler Insurance plan.

NCB benefits are given as per the below chart.

Type of vehicle	%or Discount on own damage premium
No claim made or pending during the preceding full year of insurance	20%
No claim made or pending during the preceding 2 consecutive years of insurance	25%
No claim made or pending during the preceding 3 consecutive years of insurance	35%
No claim made or pending during the preceding 4 consecutive years of insurance	45%
No claim made or pending during the preceding 5 consecutive years of insurance	50%

Depreciation rates of ICICI Lombard Two Wheeler Insurance Policy

For all rubber / nylon / plastic parts, tyre and tubes batteries and air bags – 50%.

For fiberglass components – 30%.

For all parts made of glass – NIL.

Rate of depreciation for all other parts including wooden parts will be as per the following table:

Age of Vehicle	% of depreciation
Not exceeding 6 months	NIL
Exceeding 6 months,but not exceeding 1 year	5%
Exceeding 1 year but not exceeding 2 years	10%
Exceeding 2 years,but not exceeding 3 years	15%
Exceeding 3 years,but not exceeding 4 years	25%
Exceeding 4 years,but not exceeding 5 years	35%
Exceeding 5 years, but not exceeding 10 years	40%
Exceeding 10 years	50%

Rate of depreciation for painting:The depreciation rate of 50% will be available on the material cost of total painting charges. In case of consolidated bill for painting charges 25% of the depreciation will be available.

Sum Insured Value:

All vehicles are insured at a fixed value called Insured Declared value(IDV).
IDV is calculated on the basis of manufacturers listed selling price depending on the brand and model of the vehicle after deducting the depreciation every year as per the schedule of the indian motor tariff.
If the electronic item of the vehicle is not included in the manufacturers listed selling price then its value will be directly added to the insured declared value.

% of Depreciation for fixing the IDV of the vehicle in ICICI Lombard Two Wheeler Insurance Policy:

Age of the Vehicle	% of depreciation for fixing IDV
Not exceeding 6 months	5%
Exceeding 6 months but not exceeding 1 year	10%
Exceeding 1 year but not exceeding 2 years	15%
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%

ICICI Lombard Two Wheeler Insurance Plan Claim Process

You Can directly register your claim through online in ICICI Lombard Two wheeler insurance plan by using their lodge a motor claim service.
But only accidental damage claims can be processed through Lodge a motor claim service.

In case of any unfortunate accident happens follow the below steps to register your claim

Note down the number of the vehicle involved in the accident,if any.
Note down the name and contact details of the witness,if any.
Contact ICICI Lombard General Insurance Company by its call center number 1800 2666, and get your claim number / reference number.
The call center representative will tell you the required documents for claim processing and details of the required cashless garage.
File an FIR in case of bodily injury,property damage,theft and major damages.
After registering the claim,their customer service manager will contact you within 24 hours of registering the claim.
Please submit all the required documents to the dealer / service manager and get them verified with the originals.
They will survey the damaged vehicle by their dedicated service manager and give spot approval after assessment.
The payments will be made directly to the garage,if you have repaired your vehicle from any of their authorised garage.
If you have repaired your vehicle in any garage other than company authorised garages you need to submit your bills and receipts to the company.
The balance amount has to be paid by Insured,after calculating the depreciation on parts of the vehicle.
After completion of repairing your vehicle, the vehicle will be delivered to your reference address that you are given the policy.

Documents that need to be submitted in ICICI lombard Two Wheeler Insurance Claim process

For Accident Claims:

Copy of the RC book and electronic payment form.
Copy of the driving license.
Copy of the first two pages of the policy.
FIR on case to case basis.
Original estimate.
Original Repair invoice and payment receipt(for cashless garage).
Stamp required in case of company registered vehicle.

For Theft Claims:

Duly signed Claim form.
Copy of RC book.
Copy of driving license.
Policy Copy.
Original FIR copy.
RTO transfer papers duly signed along with forms 28,29,30 and form 35.Form 28 is needed in triplicate and Forms 29&30 are needed in duplicate.
Final report-A no trace report from the police saying that the vehicle can not be located.

For Third party Claims:

Duly signed Claim form.
Police FIR copy.
Driving license copy.
Policy copy.
RC copy of the vehicle.
Stamp require in case of the company registered vehicle.

ICICI Lombard Two Wheeler Insurance Buying procedure

You can buy ICICI Lombard Two wheeler insurance policy by giving below information

Registration details

City where the two wheeler is registered(RTO)-Type first three letters of RTO.
Registration date
Current registration type.

Vehicle details

Manufacturer
model
Cubic Capacity
Vehicle Description
Price of the vehicle

Insured persons contact details

Mobile number
Email.id

ICICI Lombard Two Wheeler Insurance plan Premium and Maturity calculator

By using ICICI lombard two Wheeler Insurance Plan Premium and Maturity calculator you can find the minimum premium has to be paid to buy ICICI Lombard Two Wheeler Insurance plan by giving some information.

Customer care details of ICICI Lombard Insurance company

Customer care number:1800 2666

Customer care number for NRI Customers:91-22-66742202.

Email.id:www.icicilombard.com.

FAQ on ICICI Lombard Two Wheeler Insurance Policy

1.What is the period of general Insurance Policies?

Ans: Typically,General Insurance policies are for one year period only.

2. Can I renew my policy online?

Ans: Yes you can renew your policy online before expiring your existing policy.If your policy is already expired your vehicle will be surveyed again before issuance of policy.

3. At which rate my insurance can be transferred from previous insurance company to ICICI Lombard?

Ans: The NCB will be transferred to ICICI Lombard at the same rate that you get from the previous policy.

4. What is No Claim Bonus(NCB)?

Ans: NCB is a discount on the premium of the own damage caused to your vehicle when you renew your policy.

Documents and forms available in ICICI Lombard two Wheeler Insurance Policy

ICICI Lombard Two wheeler Isurance Policy wordings

ICICI lombard Two Wheeler insurance policy brochure

ICICI Lombard Two Wheeler Insurance Policy claim form

ICICI Lombard Two wheeler Insurance Policy package