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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

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%

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.

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.

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 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 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.

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.

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 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

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

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

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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.

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 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)

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

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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 the period of General Insurance policies?

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

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 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 are the events covered in the ICICI Lombard Two Wheeler policy?

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The ICICI Lombard Motor Insurance policy is a comprehensive vehicle insurance cover, which offers you:

  • Any Loss or damage to your vehicle
  • Third Party Liability
  • Any permanent injury / death to a person caused by your insured vehicle
  • Any damage caused to the property other than property belonging to the Insured or held in trust or in custody or control of insured by your vehicle
  • A Personal Accident Cover for the owner-driver of the vehicle while he is driving

In case of loss or damage to the vehicle or the accessories insured, the Company covers the Insured if the accident occurs due to the following hazards:

  • Fire, explosion, self-ignition or lightning
  • Burglary, housebreaking or theft
  • Riot and strike
  • Earthquake (fire and shock damage)
  • Flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm, frost
  • Accident by external means
  • Malicious act
  • Terrorist activity
  • Whilst in transit by road, rail, inland-waterway, lift, elevator or air
  • Landslide and rockslide

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 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

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.

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 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 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 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 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.

Which are the cashless garages available in my city?

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