Facts About Two Wheeler Insurance from ICICI Lombard

      Comments Off on Facts About Two Wheeler Insurance from ICICI Lombard

Today ICICI Lombard GIC Ltd is one of the top ranking private sector company offering general insurance solutions in India. The company collected a whopping INR 109.60 billion for the year ended March 31st, 2017. The company has a great record of issuing 17.73 million policies and setting an impressive over 2.18 million claims as on March 31st, 2017. The company sells nearly 60 lakh two wheeler insurance policies every year.

7 Benefits of buying comprehensive two wheeler insurance from ICICI Lombard

Image result for Wheeler Insurance

  •    Always ride with peace of mind with ICICI Lombard two wheeler insurance
  •    Option to enhance the coverage of the policy by add-ons available to attach to the base two-wheeler plan
  •    Get No Claim Bonus (NCB) benefit and get hefty discounts on policy renewals
  •    ICICI Lombard two wheeler insurance makes renewing process a breeze with its user-friendly online portal
  •    ICICI Lombard insurance company has tied up with more than 2500 network garages to offer you the convenience of cashless facility service.
  •    Get long-term two wheeler insurance policy that will be valid for 3 years giving you protection against annual third-party premium inflation.
  •    Inbuilt personal accident cover in the insurance plan and option to secure pillion rider with the add-on cover

Best Plans Available

ICICI Lombard offers multiple insurance plans for your two-wheeler.

  1. ICICI Lombard Third party only policy

Third party only policy is the minimum and mandatory requirement as per the Indian Motor Vehicles Act, 1988. Third party policy is basically for the benefit of the third party involved in an accident from your two-wheeler. The third party policy will give you financial protection against the claim made by the third party for damages to third party’s property or person.

  1. ICICI Lombard Comprehensive Two Wheeler Insurance

ICICI Lombard comprehensive two wheeler insurance provides you with own damage cover. This means if you are in an unfortunate accident and your two-wheeler suffers loss or damage then it will be compensated to you by the insurance company. The Own damage cover also protects your two-wheeler against natural causes like an earthquake, floods, typhoon, hurricane, hailstorm, frost, lighting etc and man-made perils like theft, riot, strike, fire etc. Along with own damage, it also covers the mandatory third party liabilities. Comprehensive two wheeler insurance gives you the option to enhance your two-wheeler coverage with add-ons like nil depreciation cover, personal accident coverage for pillion rider etc. Industry experts also recommend to go for comprehensive two wheeler insurance as the additional price you pay as a premium for own damage comprehensive premium policy is very less as compared to the losses you will have to bear in repairs if you two-wheeler is in an accident or gets stolen.

  1. Long-term two wheeler insurance

ICICI Lombard long term two wheeler insurance is basically buying the two-wheeler insurance cover for more than one year. Long-term two wheeler insurance cover is available for a duration of two or three years. It protects you from an annual hike in third-party premium charges by the IRDAI. The other benefit of long-term two wheeler insurance is that you do not have to bother about annual renewals and you can enjoy riding and secure your bike for up to 3 years without any hassle.

Why Two Wheeler Insurance?

Two wheeler insurance is very useful and hence, the government of India has made it a mandatory requirement as per the section 197 of the Indian Motor Vehicles Act, 1988. In the year 2016, the parliament house revised Motor bill, 2016 and passed an order that people without valid two wheeler insurance could face a penalty of INR 2000 or imprisonment for up to 3 years or both.

This is just the law side of requirement. The fact is that Indian roads are considered highly dangerous and two-wheelers are the most vulnerable to road accidents. Going by the figures of World Health Organisation around 16.6 lakhs people lost their life in road accidents just in India in the year 2013-14. Pedestrians were the worst affected in such accidents and without valid two wheeler insurance, the compensation of the third party will become a huge financial liability. The Own damage cover protects your two-wheeler against many natural and man-made calamities. Thus, two wheeler insurance is a good and safe choice to have at all times if you are the owner of a two-wheeler.