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Two-Wheeler Insurance

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 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.

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 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.

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)

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

Can I renew my Two Wheeler policy online?

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

Will I get a Personal Accident cover if the vehicle is registered under someone else's name, but is driven by me and the premium is also paid by me In Long Term Two Wheeler Policy?

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The policy essentially contains a Personal Accident cover for the owner-driver, as per tariff. In case of un-named driver, the personal accident cover has to be purchased separately by paying an additional premium.

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.

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

What is the period of General Insurance policies?

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

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%

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

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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?

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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

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

In Long Term Two Wheeler Policy What are electrical and non-electrical accessories? How to calculate the value of accessories?

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Electrical accessories: Any electrical and/or electronic equipment that is not factory fitted with the vehicle can be covered under electrical accessories at an additional premium of 4% on the value of such fitting. Value of electrical accessories will be as declared by the insured. For example, a Music System that is installed in the car after purchase of the vehicle can be covered. Non-electrical accessories: Any Non-electrical/ Non-electronic equipment that is not factory fitted with the vehicle can be covered under non-electrical accessories at an additional premium of invoice value*. Value of non-electrical accessories should be the invoice value of the non-electrical accessories up to the maximum limit of ₹20,000. For example, Mag wheels and/ or leather seats that are installed in the car after purchase of the vehicle can be covered. * Own damage rate

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

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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.

In Long Term Two Wheeler Policy What are the types of events or losses not covered under this 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.

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

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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 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

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.

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 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 meant by Constructive Total Loss in Two Wheeler policy?

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Constructive Total Loss refers to accidental loss/ damage to your vehicle where the aggregate cost of retrieval and/ or repairs amounts to be more than 75% of the Insured's Declared Value (IDV) on your policy.

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

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

In Long Term Two Wheeler Policy What is Accident Cover for un-named passengers?

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Passengers other than the insured, including a paid driver and cleaner of the vehicle can be insured under this cover by paying an additional premium. This covers them against death or disability caused due an unfortunate accident.

In Long Term Two Wheeler Policy 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.

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