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Two-Wheeler Insurance

What is the meaning of insurance?

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Insurance is a protection against the financial loss arising on the happening of an unexpected event. A person can avail this protection by paying a premium to an insurance company.

Can I renew my motor policy online?

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Yes, you can renew your policy online, starting 60 days before the expiry of your existing policy. In case your vehicle insurance policy has already expired, our authorised surveyor will inspect the vehicle, before policy issuance. The policy would only be issued subject to a satisfactory inspection and submission of required documents.

How do I register my claim in Two Wheeler policy?

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Contact our Toll-free Helpline 1800 2666 to register your claim and get a claim number/ reference number. You can also directly register your claim online*, with our Lodge A Motor Claim service. * Please note that, as of now only accidental damage claims can be processed through the 'Lodge A Motor Claim' interface

What is a No Claim Bonus (NCB)?

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NCB is a reward for not raising a claim. It is a discount on the premium of the Own Damage (OD) portion of your vehicle when you renew your policy, provided 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.

As for Long Term Two Wheeler Policy holders, the below would apply:

No Claim Bonus (NCB) Benefits for 3 Years

  • No Claim During Policy Tenure - 40% NCB
  • One Claim During Policy Tenure - 30% NCB
  • Two Claims During Policy Tenure - 20% NCB

What is Long Term Two-wheeler Insurance (LTTW)?

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The Insurance Regulatory and Development Authority of India (IRDAI) has introduced a long-term insurance policy for two wheelers. This means that you don’t have to renew your policy every year. Instead, you can opt for an insurance policy that is valid for three years. What’s more, by opting for long term insurance, you are immune to the revision of Third Party Rates every year, resulting in significant savings.

How is the value of the vehicle (IDV - Insured Declare Value) determined?

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The IDV of the vehicle is to be fixed based on the manufacturer's listed selling price of the brand and model, as the vehicle proposed for insurance at the commencement of insurance /renewal and adjusted for depreciation. 

The IDV of the side car(s) and/ or accessories, if any, fitted to the vehicle, but not included in the manufacturer's listed selling price of the vehicle is also likewise to be fixed. The schedule of depreciation for arriving at IDV is as below:

Schedule Of Depreciation For Arriving At IDV

Age Of The Vehicle

% Of Depreciation 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%

What documents are required to file a claim in Two Wheeler policy?

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In case of accidental damages claim, you need to provide the following documents: • Claim Form duly signed • Valid RC copy of the vehicle • Valid driving license copy • Policy copy • FIR, if required (For Theft, Third Party Injury/ Damage; Highway accidents - Major only) • Original repair bill, proof of release and cash receipt • Any other document as required to investigate the Claim or Company's obligation to make payment for it

When should I report to the police in Two Wheeler policy?

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Incidents such as ’Third Party Property Damage’, ’Bodily Injury To Self or Third Party’ or ’Theft’ should be reported to the nearest police station as early as possible, under whose jurisdiction the incident has occurred

Which are the cashless garages available in my city?

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To find the list of cashless garages, please click here.

What if I fail to produce the required documents in Two Wheeler policy?

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There are some documents that are definitely needed, without which a claim will not be paid. We will try and assist you to find surrogate means to get the required proof

If I have a LPG/ CNG kit fitted in the car that is not endorsed in the RC, can I take Long Term Two Wheeler Policy?

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Policy will only be issued if the LPG/ CNG kit is duly endorsed on the Registration Certificate (RC) by the concerned RTO

Is my No Claim Bonus (NCB) transferable ?

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Yes, in case you are the customer of ICICI Lombard, or are switching/changing to ICICI Lombard from any other insurance company and have accrued some NCB from your previous insurer, you can get the same transferred provided the vehicle is insured within 90 days of your renewal due date. The same applies if you switch/change from ICICI Lombard to other insurance company

Is there any discount available if I install an Anti-theft alarm and locking system?

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If your vehicle is fitted with anti-theft devices, which are approved by the Automobile Research Association of India (ARAI), a discount on Own Damage (OD) premium is allowed.

What are the types of events or losses not covered under two-wheeler policy?

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The following events or losses are not covered in this policy:

  • Mechanical/ Electrical breakdown
  • Wear and tear, ageing of vehicle
  • Consequential loss*
  • Depreciation
  • Deliberate accidental loss
  • Intoxicated driving
  • Any contractual liability
  • Damage to/ by a person driving any vehicles or cars without a valid license

* Consequential loss is an indirect loss, which is not directly resulting out of a loss event, but arising as a consequence of loss event. For example, Mr. Singh was on his way to office for an important meeting with client. Unfortunately, his vehicle met with a road accident resulting in damages to vehicle and it consumed lot of his time. Due to this, he could not attend the meeting resulting in loss of approx ₹15 lakh. Damages to vehicle due to the accident are covered however, but the loss of ₹15 lakh is consequential and hence not covered.

For details, kindly refer to the Two-wheeler Policy Wordings.

If I lodge a claim after the expiry of my policy date for an event that occurred during the policy period, will it still be valid in Two Wheeler policy?

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Yes, you will be eligible for the claim even after the expiry of the policy date. This is because the event took place during the policy period

What is Cashless Claim and Non-cashless/ Reimbursement claim in Two Wheeler policy?

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Cashless Claim: In cashless claim facility, the repair charges of the vehicle are directly paid to the garage by us, provided the vehicle is repaired in our garage network. Non-cashless/ Reimbursement: If the vehicle is repaired in a garage outside the purview of our network, then you will be liable to pay the repair charges of the garage. You can get your claim amount reimbursed by submitting the original bills and payment receipts to our office

Why do I need to insure my vehicle?

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Your vehicle is probably one of the most expensive things you own. Insurance protects your vehicle and helps you cope with the financial loss caused by accidents, damage or theft. Another reason is that while driving, you are responsible for the safety of:
• Your passengers
• Your fellow drivers
• Other people's property
• Pedestrians
• Yourself
Insurance helps cover the costs of potential damages or injuries in case of an unforeseen accident or theft. In India it is mandatory to have at least a Third Party Motor Insurance before you drive on the roads.

What is the period of General Insurance policies?

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Typically, General Insurance contracts are for a one-year period only

Which documents will I require to transfer my NCB?

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A No Claim Bonus can be availed, provided you show evidence that you are entitled to a No Claim Bonus from your previous insurance company. Evidence can be in the form of:

 

  • A renewal notice or
  • A letter confirming the NCB entitlement from the previous insurer or
  • A written declaration (please note that in case of a false declaration, the policy will be subject to cancellation)

In case of an accident, when should I report to the police in Two Wheeler policy?

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Incidents such as ’Third Party Property Damage’, ’Bodily Injury to Self or Third Party’ or ’Theft’ should be reported to the nearest police station as early as possible, under whose jurisdiction the incident has occurred

What are the different modes of payment on icicilombard.com in Two Wheeler policy?

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You can choose between 6 payment options to pay your premium online:

• Credit Card – Make secure premium payment with your VISA, MasterCard and AMEX Card

• Net Banking - Transfer the premium amount online through ICICI Bank and 13 other selected Banks

• Debit Card – Just enter your ICICI Bank. Citibank, HDFC Bank or any of the other 7 approved bank’s Debit Card details to pay your insurance premium directly

• Cash Card - Use your Done or ITZ Card to make the payment online

• Cheque/ Demand Draft: You can send a Cheque/ Demand Draft by courier to our office address

What are the factors affecting the premium amount in Two Wheeler policy?

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The premium payable for your vehicle depends on the below factors:
• Cubic capacity of the engine
• Age of vehicle
• Geographical Zone
• Type of Model
• Insured Declared Value (IDV)

What is the Accident Cover for un-named passengers in Two Wheeler policy?

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Passengers other than the insured, namely, the co-passenger/pillion rider, can be insured under this cover by paying an additional premium. This covers them against death or disability caused due an unfortunate accident.

What is the process for obtaining only Third Party cover In Long Term Two Wheeler Policy?

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To issue only Third Party cover, our local underwriter needs to carry out a risk assessment which cannot be done online. Thus, we request the customer to visit us at the nearest branch

Will I be eligible for any discounts if I am a member of the Automobile Association of India In Long Term Two Wheeler Policy?

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Yes, as a member of any of the following recognised Automobile Associations, a discount on Own Damage (OD) premium is given under the policy. The following Associations are recognised:

  • The Automobile Association of Eastern India
  • The Uttar Pradesh Automobile Association
  • The Western India Automobile Association
  • The Automobile Association of Southern India
  • The Automobile Association of Upper India

What is the penalty that I may have to incur in case my two-wheeler is uninsured?

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As per Section 197 of Motor Vehicle Act 1988, driving without insurance will lead to a fine of up to ₹1000 or imprisonment for up to 3 months or both

Is it mandatory to insure my Two-wheeler as per law?

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Under the Motor Vehicle Act, third party insurance is mandatory for every vehicle on the road. Third Party Liability covers: • Legal liability due to permanent injury and/or death of a third party • Legal liability due to damage to a third party’s property

What is the rate at which NCB is transferred from my previous insurance company to ICICI Lombard ?

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The NCB will be transferred to ICICI Lombard motor policy at the same rate that you are entitled to get from the previous insurance company on renewal of your policy. The NCB will be available, provided you show evidence that you are entitled to NCB from your previous insurance company. Evidence can be in form of: • A renewal notice or • A letter confirming the NCB entitlement from the previous insurer or • A written declaration (please note that in case of a false declaration, the policy will be subject to cancellation)

What are the various types of vehicles that I can insure online?

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Currently only Private Car and Two-wheeler can be insured online.

What are the benefits of buying Motor Insurance online?

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When you buy Motor Insurance online, you get an instant policy, as there is no documentation or paperwork involved. In addition, you have the advantage of choosing from multiple payment options e.g. Credit/Debit Card (Visa, MasterCard, and Amex), Net Banking, etc