What happens if traffic police catch me without valid bike insurance?
Riding a vehicle without valid third-party insurance can attract a fine of Rs.2,000 or more as per the Motor Vehicles Act.
Can I buy bike insurance for a second-hand bike?
Yes, you can buy bike insurance online for a second-hand bike after transferring ownership in your name.
Can I insure a bike registered in another state?
Yes, you can but inform the insurance company about the registration details and usage location.
Is bike insurance required if the bike is not in use?
Yes, you need at least a third-party bike insurance even if the bike is not in use.
Can bike insurance be in someone else's name?
No, the bike insurance policy should be in the registered owner’s name.
In case I change my job and location, what happens to my two-wheeler insurance policy?
A bike insurance policy is valid anywhere in the country. Hence, if you change your job and shift to a new location, you can continue with the same policy. You simply have to inform us of the change.
Once the break-in inspection request is raised online, how long does it take to get the policy?
Once you raise a request, the inspection will happen within 48 hours. Once the inspection is complete, you will receive your policy immediately.
What are the documents required to buy a bike insurance online?
You don’t need to provide any documents while getting the insurance for the first time. You only need to share your details along with the details of your vehicle. Typically, renewals also do not require
you to submit any documents. All you need to do is provide us with the right details about your bike and the existing policy. Be sure to provide the correct and relevant details while buying the policy
online.
Can I take insurance policies from 2 different companies for the same vehicle at the same time?
No, you cannot do so.
What if I do not have a motor insurance policy?
You must get a motor insurance policy for your own benefit. It’s not just the repair costs that you’ll have to bear in case of any damages, you may also have to pay a fine of Rs. 2000 if you are caught
driving without a valid motor vehicle insurance by the police.
It is easy to buy motor insurance online if you have your vehicle registration number. You can buy ICICI Lombard motor insurance either from our website or IL Insure app through the following steps:
- Enter the vehicle registration number and your contact details
- Review instant quote received for your motor insurance policy based on your vehicle type
- Pay the premium if you’re happy with quote
- View and download policy instantly online
When you buy vehicle insurance online, remember to look for add-on features that suit your need.
How is motor insurance premium calculated?
Motor insurance premium for a vehicle is calculated on the basis of multiple factors, including the Insured Declared Value (IDV) of the vehicle, make and model of the vehicle, seating capacity, cubic capacity
etc. The premium amount also depends on a few other factors such as the type of policy chosen, deductibles, and add-on covers. Third-party premiums are decided by the IRDAI.
How is the Insured Declared Value (IDV) of my vehicle decided and how does it impact my coverage?
The Insured’s Declared Value (IDV) of the vehicle will be deemed to be the ‘Sum Insured’ and it will be fixed at the commencement of each policy period for each insured vehicle.
The IDV of the vehicle (and accessories if any fitted to the vehicle) is to be fixed on the basis of the manufacturer’s listed selling price of the brand and model of the insured vehicle at the start of the
insurance or renewal. The IDV would subsequently change according to the depreciation grid below for each one year block within the policy period for the insured vehicle. All ages of vehicles, provided they
have a valid fitness certificate as required by law, will be covered by the aforementioned product.
THE SCHEDULE OF DEPRECIATION FOR FIXING IDV OF THE VEHICLE
| AGE OF VEHICLE |
% OF DEPRECIATION FOR 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% |
The IDV arrived as per the above method may also be adjusted basis various factors such as location, usage, road type/ terrain etc, with agreement of the insured and as captured in the policy schedule.
The age-wise depreciation schedule shown above is applicable only for Total Loss/Constructive Total Loss (TL/CTL)/Cash Loss claims.
IDV of vehicles beyond 5 years of age and for obsolete models (i.e. models that manufacturers have discontinued) is to be determined on the basis of an agreement between the insurer and the insured.
IDV shall be treated as the Market Value throughout the policy period without any further depreciation for the purpose of Total Loss (TL)/Constructive Total Loss (CTL)/Cash loss claims.
The insured vehicle shall be treated as a CTL if the aggregate cost of retrieval and/or repair of the vehicle, subject to terms and conditions of the policy, exceeds 75% of the IDV of the vehicle.
The liability of the Company shall not exceed the Insured's Declared Value (IDV) of the vehicle in the event of total loss/ constructive total loss/cash loss for the year in which loss has occurred. In order
to ascertain the Total IDV as on date of loss, Tenure-wise chart is accompanied in the policy schedule.
Insured Declared Value of Car = Manufacturer's listed selling price - Depreciation Value
For instance, if your car is less than 6 months of age and its current market value is Rs. 10,00,000 then at 5% rate of depreciation, the IDV would be around 9.5 lakhs. However, if the car is above 1-2 years,
then at 20% rate, the IDV would be 8.0 lakh.
* The above provisions of Insured declared value are in line with the erstwhile India Motor Tariff
What are the turnaround times (TAT) for my insurance services?
| Sr No |
DESCRIPTION OF SERVICE |
Servicing TURN AROUND TIME |
| 1 |
TAT acceptance of proposal |
07 days from the date of receipt of the proposal form |
| 2 |
TAT for issuing of policies |
15 days of the acceptance of a proposal |
| 3 |
TAT for passing an endorsement |
07 days from the date of receipt of request |
| 4 |
TAT for policy servicing |
07 days from the date of receipt of request |
| 5 |
TAT for appointment of surveyor |
24 hours of claim intimation |
| 6 |
TAT for receipt of survey report |
15 days from appointment |
| 7 |
TAT for claim approvals |
7 days from survey report / Assessment Sheet |
| 8 |
TAT for settlement of claims |
7 days from survey report |
What are the base products available, and how can I access their relevant policy documents?
What criteria is considered to classify my Insured vehicle as a Total Loss, Constructive Total Loss, or Cash Loss?
The insured vehicle will be treated as a Total Loss / Constructive Total Loss / Cash-loss if the aggregate cost of retrieval and/or repair of the vehicle, subject to the policy's terms and conditions, exceeds
75% of the IDV of the vehicle.
As further guided by the Master Circular on General Insurance business, If a damaged motor vehicle is assessed as being unrepairable and hence a wreck i.e. a ‘total loss’ or ‘write-off’, the Insurer shall
grant the Policyholder the option to retain the wreck and accept a ‘cash loss’ settlement (being the IDV less the assessed value of Salvage based on competitive quotes procured by the Insurer including any
submitted by or through the Policyholder).
The liability of the Company shall not exceed the Insured's Declared Value (IDV) of the vehicle (including accessories thereon) as specified in the Schedule less the value of the wreck in the event of total
loss / constructive total loss/cash loss for the year in which loss has occurred. In order to ascertain the Total IDV as on date of loss, Tenure-wise chart of IDV would be accompanied in the policy schedule.
In case of Total Theft of the vehicle, the liability of the Company shall not exceed the Insured's Declared Value (IDV) of the vehicle (including accessories thereon). However the company shall not be liable
for Loss of or damage to accessories due to burglary, housebreaking, or theft unless the vehicle is stolen simultaneously.
* The above provisions for determining Total loss/Constructive total loss /Cash loss are in line with the erstwhile India Motor Tariff and as guided by the Master circular on General insurance products.