Prices start @ Rs. 538*/year
What is Two-Wheeler Insurance?
Two-wheeler/Bike insurance provides financial coverage for damages or losses incurred by the insured due to accidents, natural calamities, fire, theft, or third-party liabilities. It is mandatory to have two-wheeler insurance (at least third party) in India and it serves as a vital financial safety net. Having the right bike insurance policy allows a rider to have peace of mind, knowing that their investment is protected.
Types of Bike Insurance Policies
Why comprehensive Two-Wheeler Insurance matters?
Third-Party liability coverage
Mandatory cover for damage/injury to others.
Personal accident cover
Most comprehensive plans include this for the owner-driver.
Practical policy benefits
Offers the convenience of easy renewal and the option to port the No claim bonus (NCB) when switching bike insurance providers.
Financial protection from accidental damages
Provides coverage against damages to the insured two-wheeler resulting from accidents, addressing a major concern for bike owners.
Theft/Disaster coverage
It provides compensation based on the bike’s Insured declared value (IDV) in case of theft and covers damages from both natural and man-made disasters.
Benefits/Features of ICICI Lombard Two-Wheeler Insurance
No-Claim bonus (NCB)
Get up to 50% discount on premium for every claim-free year.
Cashless network
Access our network of 6,900+ nationwide garages for worry-free repairs.
Custom add-ons
Expand your cover with options like engine protection & roadside assistance.
Instant claim settlement
Enjoy quick payouts via Instaspect digital process.
24x7 Support
Prompt customer service for fast resolution through the IL Take Care App.
Personal accident cover
Get up to ₹15 lakh for accident-related medical costs.
For more information Download Policy wording.
Two-Wheeler Insurance policy add-ons
Zero depreciation cover
Provides the full claim amount without deducting for depreciation on parts.
Roadside assistance
Offers help like flat tyre change, fuel delivery, or towing if your bike breaks down.
Engine protection
Covers damage to the engine from water ingression.
NCB protect
Safeguards your No claim bonus even after making a claim.
What’s Covered and Not Covered in a Bike Insurance Policy?
- Third-Party liability
This mandatory coverage covers damage or injury caused by your Bike to others. - Own damage
Protects your Two-Wheeler against theft, accidents, and natural disasters. - Personal accident cover
This offers financial compensation to the owner-rider in case of accidental death or permanent disability. - Roadside assistance
Many policies now include this add-on to help with breakdowns.
- Riding without a valid license or under the influence of alcohol/drugs.
- Normal wear and tear of the bike, such as old tires or worn-out parts.
- Electrical or mechanical breakdowns not caused by an accident.
- Damages while using the vehicle for illegal activities or outside the geographical area mentioned in the policy.
- Damages in a lapsed policy that you have failed to renew.
Why do you
need Two-
Wheeler Insurance?
Two-Wheeler Insurance policy add-ons
Claim settlement ratio (CSR)
Choose insurers with a strong claim record.
Insured declared value (IDV)
Higher IDV = better coverage, higher premium.
Policy type
Third-Party (mandatory) vs Comprehensive (covers your bike too; recommended for new/expensive bikes).
Add-ons
Enhance your coverage with add-ons like zero depreciation and roadside assistance, which provide extra protection for your bike.
What is IDV in Bike Insurance?
IDV (Insured Declared Value) is your bike’s current market value - the maximum amount the insurer will pay in case of total loss or theft.
How it’s calculated:
- IDV = Manufacturer’s price minus depreciation.
- Impact: Higher IDV = higher premium, but bigger claim payout.
- Note: Relevant for comprehensive policies, not basic third-party insurance.
What is zero depreciation in Bike Insurance?
Zero depreciation is a popular add-on in a comprehensive bike insurance policy. It ensures that during a claim settlement, the insurer does not deduct any amount for the depreciation of your two wheeler's parts. This means you get the full cost of replacing damaged parts, which significantly reduces your out-of-pocket expenses.
Two-Wheeler Insurance policy add-ons
No claim bonus (NCB) / Claims History
A higher NCB, earned by not making any claims, is a powerful factor that significantly reduces the insurance premium, rewarding safe riding..
Insured declared value (IDV)
A higher IDV, which is the current market value of your bike, results in a higher premium because the insurer's risk is greater.
Make and model of the bike
Performance bikes and more expensive models typically attract a higher bike insurance premium.
City of registration
Bikes registered in high-risk, metropolitan areas often have higher insurance premiums due to increased accident and theft statistics.
Type of policy
Comprehensive costs more than Third-Party.
Age and riding experience
These factors can also subtly influence the final premium amount.
Why buying a Two-Wheeler Insurance online makes sense?
- Minimal paperwork
Quick, mostly paperless process with instant e-documents. - Lower premiums
Online discounts reduce cost. - Speed and convenience
Buy or renew anytime, no office visits needed. - Clear Information
The online system provides clear details about the policy's features, ensuring you are fully informed about the financial protection you are buying. - Hassle-Free renewals
Timely reminders and easy renewal ensure continuous coverage.
Here are smart strategies for saving on your bike insurance premium while maintaining coverage quality:
- Leverage your No claim bonus (NCB): Avoid making small claims and ride safely to accumulate your NCB, which provides a substantial discount on your premium when you renew the policy.
- Review and adjust add-ons: Annually review your policy and remove unnecessary add-ons for your older bike to reduce costs.
- Install anti-theft devices: Installing approved anti-theft devices in your two-wheeler can earn you a discount on the “Own Damage” component of your premium.
- Renew on time: Ensure you renew your bike insurance promptly to avoid penalties and potential policy lapses.
Downloading your bike insurance policy document is quick and easy. Follow these steps to ensure you always have a digital copy of your insurance handy:
Visit your insurer’s official website and log in using your mobile, email, or policy number.
Go to “My policies” or “Policy documents”.
Select your bike policy and download the PDF.
Check your email - insurers usually send an e-copy after purchase or renewal.
NCB, or No Claim Bonus, is a reward from your two-wheeler insurance company for safe driving. It is a discount on your bike insurance premium for every year you don't make a claim.
- How it works: For a claim-free year, you earn a discount on your next policy renewal. This discount starts at 20% and can go up to 50% after five consecutive claim-free years.
- Why it matters: It significantly reduces the cost of your bike insurance, rewarding your good riding habits.
- Important to know: NCB applies only to the "Own Damage" portion of your premium, not the third-party liability part. If you make a claim, your accumulated NCB resets to zero.
Legal compliance: Riding without insurance is illegal and can lead to fines or imprisonment.
Financial protection: Covers accidents, theft, and natural calamities - avoiding out-of-pocket expenses.
Loss of No Claim Bonus (NCB): Renew within 90 days to keep your no claim bonus and save on premiums.
Purchasing bike insurance online typically requires following key documents:
- Bike’s Registration Certificate (RC),
- Valid driving license,
- Previous policy details( in case of renewal)
Personal identification and address proof may also be requested.
In case of theft:
- File an FIR at the nearest police station.
- Submit a copy of the FIR, bike keys, required documents, and a non-traceable certificate to the insurer.
You are eligible to receive the full IDV amount in case of theft. Losses due to natural calamities and man-made disasters are also covered under comprehensive policies.
The information mentioned herein above is only for consumption by the client and such material should not be redistributed.
ICICI Securities Ltd. Registered office - ICICI Venture House, Appasaheb Marathe Marg, Prabhadevi, Mumbai - 400 025, India, Tel No : 022 - 6807 7100. ICICI Securities acts as a Composite Corporate agent having registration number –CA0113. Corporate Agent of ICICI Prudential Life Insurance Company Ltd, HDFC Life Insurance Company Limited, ICICI Lombard General Insurance Company Ltd, Care Health Insurance Ltd, Star Health and Allied Insurance Ltd, HDFC ERGO General Insurance Company Limited, ManipalCigna Health Insurance Company Ltd, Aditya Birla Health Insurance Co. Limited, Tata AIG General Insurance Company Limited & Go Digit General Insurance Limited. Please note, Insurance related services are not Exchange traded products and ICICI Securities is acting as a corporate agent to solicit these products. All disputes with respect to the distribution activity, would not have access to Exchange investor redressal forum or Arbitration mechanism. The contents herein above shall not be considered as an invitation or persuasion to trade or invest. ICICI Securities and affiliates accept no liabilities for any loss or damage of any kind arising out of any actions taken in reliance thereon. Investments in securities market are subject to market risks, read all the related documents carefully before investing. Insurance is the subject matter of the solicitation. The advertisement contains only an indication of the cover offered. For more details on risk factors, terms, conditions and exclusions, please read the sales brochure carefully before concluding a sale. ICICI Securities Ltd. does not underwrite the risk or act as an insurer.
*Add-ons are subject to payment of additional premium.
*Rate of Depreciation for Painting: In the case of painting, the depreciation rate of 50% shall be applied only on the material cost of total painting charges. In case of a consolidated bill for painting charges, the material component shall be considered as 25% of the total painting charges for the purpose of applying the depreciation
*Instant approval is subject to policy terms & conditions and type of loss/damage. Approval would be subject to physical survey of the vehicle wherever deemed necessary. The insurer reserves the right to conduct a physical survey in accordance with the regulatory prescriptions. This is not applicable for major loss & TP claims.
*No Claim Bonus will only be allowed if the policy is renewed within 90 days of the expiry date of the previous policy and there's no paid/pending claims on the previous policy. It is applicable for own damage section of the policy. Complete transfer of NCB can be done based on NCB reserving letter availed by the customer on the old vehicle provided the insured person remains the same. This will not be over and above the existing NCB in policy. Only either of the two can be taken.
*Please note Brokerage would not exceed the SEBI prescribed limit.