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Two-Wheeler Insurance

What is the meaning of insurance?

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.

How do I register my claim in Two Wheeler policy?

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)?

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

Can I renew my motor policy online?

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.

Which documents will I require to transfer my NCB?

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)

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

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.

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

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

What is Third Party Liability cover? Is it covered In Long Term Two Wheeler Policy?

Third Party Liability insurance covers losses to a third person who is not a party to the insurance contract. The Motor Third Party insurance covers the following losses:

• Any permanent injury / death to a person caused by your insured vehicle
• Any damage caused to the property (excluding vehicle) of some other individual by your insured vehicle

Liability is covered for an unlimited amount in respect of death or injury. Any damage to third party property is covered up to ₹7.5 lakh in case of Private Car and ₹1 lakh in case of Two-wheeler.

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

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

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.

Why do I need to insure my vehicle?

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?

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

What is Personal Accident Insurance cover In Long Term Two Wheeler Policy?

Personal Accident Insurance covers death or disability caused due an unfortunate accident. The motor insurance policy essentially has a Personal Accident cover for the owner-driver, as per tariff, for which no extra premium is to be paid. For a person other than the owner and driver, the Personal Accident cover has to be purchased separately by paying an additional premium. The amount paid as compensation depends upon the extent of cover opted for.

Can I renew my Two Wheeler policy online?

Yes, you can renew your policy online, starting 60 days before the expiry of your existing policy.

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

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

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

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

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.

Which documents will I require to transfer my NCB in Long Term Two Wheeler Policy?

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)

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

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 is ARAI in Two Wheeler policy?

ARAI stands for Automotive Research Association of India. If you have installed an ARAI approved anti-theft device in your vehicle, whose installation is dully certified by the agency, you can get a discount of 2.5% on the OD (Own Damage) premium subject to maximum of ₹500

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

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

What is a No Claim Bonus (NCB) in Long Term Two Wheeler Policy?

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

Is my No Claim Bonus (NCB) transferable ?

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

Which are the cashless garages available in my city?

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

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

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

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

What is the claim procedure adopted by the company for settlements in Two Wheeler policy?

ICICI Lombard adopts the following process for settlement of claim:

For Cashless claim settlement -

• The Customer Relationship Manager (CRM) / Surveyor attends the claim within 24 hours of registering the claim
• Insured must fill the claim form, (click here to download it or collect it from the CRM/ Surveyor/ Dealer) and submit all the required documents to the CRM/ Surveyor/ Dealer
• Our CRM will get the estimate for the repairs of insured vehicle and give spot approval after assessment
• After the completion of repairs at our preferred garage, we will make the payment of our share of the loss directly to the garage. Any amount over and above the admissible amount will have to be directly paid by the Insured
• The amount of Depreciation as per the rate prescribed under the Indian Motor Tariff and Compulsory Deductions under the policy need to be borne by the Insured

For Non-cashless/ Reimbursement claim settlement -

• The Customer Relationship Manager (CRM) / Surveyor attends the claim within 24 hours of registering the claim
• Insured must fill the claim form (click here to download it or collect it from CRM/ Surveyor/ Dealer) and submit all the required documents to the CRM/ Surveyor/ Dealer
• The CRM/ Surveyor assess the loss, estimates the repair amount and then informs the Insured on the same day of assessment. The CRM/ Surveyor will also take photographs of the damaged vehicle
• Insured can then get the vehicle repaired at preferred workshop/ garage. The CRM later carries out a re-inspection of the vehicle. The Insured then pays the workshop/ garage as per the CRM/ Surveyor’s assessed estimation, who thereafter releases a ‘Proof of Release’ document. (The proof of release is an authenticated document signed by the insured to release his vehicle from the garage after it is checked and repaired)
• Insured needs to submit the original bill, proof of release and cash receipt (derived from the garage) to the CRM/ Surveyor
• The CRM/ Surveyor then submits all required documents to ICICI Lombard for settlement of the claim
• Upon acceptance of the claim, the company issues the cheque to the Insured within seven working days from the date of receipt of all documents
• The amount of Depreciation as per the rate prescribed under the Indian Motor Tariff and Compulsory Deductions under the policy need to be borne by the Insured

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

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

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

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?

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)