Why Do You Need Bike Insurance?
Owning a bike or scooter offers convenience and freedom, but every journey comes with certain risks. From accidents and theft to third-party liabilities, a two-wheeler insurance policy helps protect you from unexpected financial burdens. Here are some key reasons why bike insurance is important:
Comprehensive Financial Protection
A bike insurance policy helps cover expenses arising from accidents, theft, fire, natural calamities, and man-made disasters. Comprehensive coverage can protect your vehicle against a wide range of unforeseen events, helping you avoid significant out-of-pocket costs.
Mandatory by Law
As per the Motor Vehicles Act, 1988, every two-wheeler must have at least a valid third-party insurance policy to be ridden legally on Indian roads. Having the required insurance coverage helps you stay compliant with the law and avoid penalties.
Personal Accident Coverage
Road accidents can have serious consequences. Personal Accident Cover for Owner-Driver provides financial support in the event of accidental death or permanent disability, helping safeguard you and your family's financial well-being.
Enhanced Protection with Add-Ons
You can customise your bike insurance policy with add-on covers such as Zero Depreciation Cover, Roadside Assistance, Consumables Cover, Engine Protection, NCB Protection, and more to enjoy broader coverage and greater peace of mind.
Who Should Buy Two-Wheeler Insurance?
Two-wheeler insurance is essential for every bike and scooter owner, offering financial protection against accidents, theft, and third-party liabilities.
New Bike Owners
Protect your new bike from day one with comprehensive coverage against damage, theft, and third-party liabilities.
Daily Commuters
Frequent road usage increases exposure to risks. Bike insurance helps safeguard you against unexpected expenses.
Occasional Riders
Even if you ride occasionally, accidents and unforeseen events can happen anytime. Insurance keeps you financially protected.
Which Types of Two-Wheelers Can Be Insured with ICICI Lombard?
ICICI Lombard offers coverage to almost every type of two-wheelers available in the Indian market. You can choose the ideal two-wheeler insurance based on your vehicle and riding style.
![Bikes]( "Bikes")
Bikes
You can insure all kinds of bike models, be it basic motorcycles or sports bikes. A comprehensive bike insurance will protect your beloved bike against accidents, natural calamities, theft and more.
![Scooters]( "Scooters")
Scooters
You can buy scooter insurance to secure both geared and gearless scooters. Scooters, which are among most popular choices for city travel or daily errands, requires reliable coverage for those everyday road risks.
![Electric Bikes]( "Electric Bikes")
Electric Bikes
Electric bikes are gaining popularity for their eco-friendliness. Just like their conventional counterparts, these two-wheelers also require a valid electric bike insurance that protects them against third-party liabilities and own damages.
![Insure Your Moped With ICICI Lombard]( "Insure Your Moped With ICICI Lombard")
Mopeds
These lightweight bikes with 50-100cc engines are a popular choice among small businesses and logistics operators for short-distance commuting and quick deliveries. With their growing presence on the road, these two-wheelers need a reliable bike insurance.
What is Covered by ICICI Lombard Two-Wheeler Insurance?
What is Not Covered by ICICI Lombard Two-Wheeler Insurance?
ICICI Lombard offers comprehensive protection against a range of common and unexpected risks that riders face on Indian roads. Here’s a glimpse into what’s covered by our Two-wheeler Vehicle Package Policy:
While ICICI Lombard offers wide coverage, our Two-wheeler Vehicle Package Policy does not cover certain losses and situations. These include:
- What’s Covered
- What’s Not Covered
-
Accidents
Our bike insurance policy covers damages or losses caused to your bike due to a road accident, collision, etc. With this, you don’t have to worry about repair or replacement costs!
-
Theft
We also provide compensation in case your bike is stolen. This compensation is based on your vehicle’s Insured Declared Value (IDV) and policy terms and conditions.
-
Fire
Your bike is also covered against damages or losses caused to your bike by fire explosion, self-ignition, lightning, etc.
-
Natural Calamities
Our bike insurance policy covers losses or damages suffered by your two-wheeler due to lightning, earthquakes, typhoons, frost, landslides, etc.
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Man-made disasters
Our two-wheeler insurance provides coverage against riots, strikes, malicious acts, terrorist activities, etc.
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Personal Accidents
We offer a Personal Accident Cover of up to ₹15 lakh for the two-wheeler owner. You can also buy this cover for your co-passenger with an additional premium.
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Third-party Legal Liability
Our bike insurance policy offers protection against third-party legal liability for accidents and damages caused by your bike.
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Transit-related Damages
We also cover damages sustained by your bike during transit by road, rail, inland-waterway, lift, or air.
Read more
Note: Refer to policy wording for detailed information on inclusions.
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Loss/Damage Outside Geographical Area
Our bike insurance policy doesn’t cover any accidental losses or damages incurred outside India.
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Depreciation
We do not cover replacement or repair costs incurred due to general wear and tear and/or depreciation of different bike parts.
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Contractual Liability
Our two-wheeler insurance does not cover any liability assumed under a private agreement or contract that’s specifically excluded from the policy.
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Illegal Driving
We do not cover any accidental damages when the insured is riding their vehicle under the influence of drugs/liquor or without a valid driving licence.
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War-like Situations
Bike insurance plans do not cover damages resulting from war, invasion, nuclear risks, civil war, mutiny, rebellion, etc.
Read more
Note: Refer to policy wording for detailed information on exclusions.
What are the Key Add-ons Available in Bike Insurance?
Here are some add-ons you can add to your two-wheeler insurance policy from ICICI Lombard, along with their benefits.
IL Smart Assist
This add-on is specially designed to offer enhanced on-road support and convenience services. Some of the key services include towing, battery jumpstart, flat tyre replacement, etc.
Roadside Assistance
This cover lets you stay ahead of unexpected breakdowns or accidents by offering 24/7 support. Be it breakdowns, key arrangement or minor repairs, the roadside assistance cover ensures you’re never stranded.
Zero Depreciation
With this cover, you get the maximum claim amount without any deductions for depreciation on your bike’s parts. The zero depreciation cover in bike applies only if your claim is for loss or damage to the vehicle.
Engine Protect Plus
This add-on protects your bike’s engine parts and gearbox parts against damages caused due to water ingress or oil leakage. It will not cover added damage caused by delayed intimation or late removal from a waterlogged area.
Key Protect
Get coverage for repairing or replacing your bike’s keys, locks and locksets as per your bike insurance policy’s terms and conditions. This add-on also covers the locksmith charges in case your key is stolen, misplaced or accidentally damaged.
Garage Cash
Under this add-on, you get daily allowance if your bike is under repair at a garage for a specified number of days. You may also get a lump-sum amount if your bike is declared as total loss/constructive total loss/cash loss.
Return to Invoice
In case of total loss, this add-on will help you bridge the gap between your bike’s IDV and the actual cost of buying a new bike of the same make and model.
Tyre and Wheel RIM Protect
It covers the cost of repairing or replacing tyres/tubes/ wheel rims if they are damaged due to an incident. It provides coverage in multiple situations, including sidewall indentations caused by an external impact.
Consumables Cover
It covers the cost of consumable items used during your bike repair/replacement process. Consumables include washers, brake oil, nut and bolt, lubricant, clip, screw, engine oil, oil filter, bearings, grease, fuel filter, coolant, etc.
Note: Kindly go through the policy wordings for detailed information about different two-wheeler add-ons offered by ICICI Lombard. You can check the complete list of add-on covers in this document.
Read more
What is Zero Depreciation in Bike Insurance?
Zero Depreciation (also called Nil Depreciation) is an add‑on cover that helps you avoid the depreciation deduction applied on your bike or scooter’s parts during a claim. Under a standard policy, depreciation is applied based on the part type, for example, plastic, fibre, rubber, tyres, tubes and batteries attract higher depreciation compared to metal parts. Zero Depreciation helps ensure that the claim amount for replaced parts is calculated without factoring in depreciation, as per policy terms.
Your bike depreciation also depends on its age. Here’s a breakdown of the same:
| Bike Age |
Percentage of Depreciation |
| Less than 6 months |
0% |
| More than 6 months but less than 1 year |
5% |
| More than 1 year but less than 2 years |
10% |
| More than 2 years but less than 3 years |
15% |
| More than 3 years but less than 4 years |
25% |
| More than 4 years but less than 5 years |
35% |
| More than 5 years but less than 10 years |
40% |
| More than 10 years |
50% |
Our zero depreciation add-on is ideal for people who have recently purchased a new bike, own a luxury two-wheeler, stay in metro cities or accident-prone areas, and looking for stronger financial protection. Note that this add-on is available at nominal extra premium.
What is IDV in Bike Insurance?
IDV (Insured Declared Value) is the maximum claim amount you may receive if your bike is stolen or suffers total loss (damage beyond repair), as per policy terms and conditions. It reflects your bike’s current market value after factoring in depreciation.
In simple words, IDV is the amount you are likely to get if your bike is completely lost or destroyed.
How is IDV Calculated?
IDV is generally derived from:
Ex‑showroom price – Depreciation (as applicable).
As your bike gets older, depreciation increases, resulting in a lower IDV.
Illustrative Example:
If your bike’s ex‑showroom price is ₹120,000, its IDV after one year may be around ₹102,000–₹100,000, depending on the applicable depreciation rate.
(Values are only illustrative; actual IDV is determined as per policy guidelines.)
Here’s the depreciation schedule for fixing your bike’s IDV:
| Bike Age |
% 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% |
Note that IDV for bikes aged over five years and obsolete models is calculated based on mutual understanding between the insurer and the insured.
Which Factors Impact the IDV?
The Insured Declared Value (IDV) of your bike is influenced by a few key factors. These help determine the bike’s current market value for insurance purposes, as per policy terms.
![Bike Insurance IDV Factor - Age of the Bike]( "Bike IDV Factor - Age of the Bike")
Age of the Bike
IDV reduces as the bike gets older because depreciation increases with time. Older bikes naturally have a lower IDV.
![Bike’s Market Value]( "Bike’s Market Value")
Bike’s Market Value
The make, model, and variant directly affect your bike’s market price. Premium models or bikes with higher demand usually have a higher IDV compared to regular models.
![Modifications Done]( "Modifications Done")
Modifications & Accessories
Any approved, listed accessories or modifications can influence IDV. These need to be declared in the policy to be considered in the IDV calculation.
![Depreciation Rates]( "Depreciation Rates")
Depreciation Rates
Depreciation is applied each year based on standard rates. Higher depreciation lowers the IDV as the bike ages.
What is NCB in Bike Insurance?
NCB (No Claim Bonus) is a benefit you earn from your insurer for completing a policy year without making any claims, as per policy terms and conditions.
It offers a discount on the Own Damage premium at the time of renewal for every claim-free year.
You can easily apply your NCB while renewing your bike insurance policy, provided there is no break in coverage and no claims were made in the previous term.
Here are the different NCB slabs for two-wheelers:
| Scenario |
Discount Percentage (Applicable Only on Own Damage Premium) |
| No claims in the first year |
20% |
| No claims in two consecutive years |
25% |
| No claims in three consecutive years |
35% |
| No claims in four consecutive years |
45% |
| No claims in five consecutive years |
50% |
As highlighted above, NCB offers discount on the own damage component of your bike insurance premium. Let’s understand this with an example. Suppose your own damage premium is ₹4000 and you have an NCB of 25%. Your NCB discount amount will be ₹1000, which is 25% of ₹4000. Note that NCB is not applicable on third-party premiums.
How to Calculate Two-Wheeler Insurance Premium Online?
Your bike insurance premium is calculated using a digital premium calculator available on the insurer’s website. The premium depends on factors such as your bike’s age and model, engine’s cubic capacity, IDV, type of coverage and add-on selected, and registration location. Here’s how you can calculate your bike insurance premium:
![Step 1]()
STEP 1
Enter your two‑wheeler details—such as registration number, bike age, make/model, engine cubic capacity, IDV and registration location—in the digital premium calculator on the insurer’s website.
![Step 2]()
STEP 2
Choose the coverage type and any add‑ons you want.
![Step 3]()
STEP 3
Your premium appears instantly based on the information entered.
Bike Insurance Price for Different Two-Wheelers
Different bike insurance policies have different premiums because they depend on factors such as the bike’s make and model, IDV, coverage type, add‑ons, claims history, location, and other policy‑specific details.
However, the price of third‑party bike insurance is uniform and regulated by the Insurance Regulatory and Development Authority of India (IRDAI).
The table below shows the latest third‑party bike insurance rates.
| Bike’s cubic capacity |
One-year Third-party Insurance Premium |
Five-year Third-party Insurance Premium |
| Less than 75 CC |
₹538 |
₹2,901 |
| 75 to 150 CC |
₹714 |
₹3,851 |
| 150 - 350 CC |
₹1,366 |
₹7,365 |
| Greater than 350 CC |
₹2,804 |
₹15,117 |
How to File a Two-Wheeler Insurance Claim Online?
Filing a two-wheeler insurance claim is quick and simple. Just follow these steps:
Inform us
Intimate ICICI Lombard about the damage, theft or loss as soon as possible after the incident. You can do this online via our website , through the IL TakeCare app, by calling the toll-free number 1800 2666 or contacting us on WhatsApp: 7738282666.
Complete Video Survey
Log into our IL TakeCare App and complete your video survey using the InstaSpect# option.
Submit Documents
Upload or submit essential documents such as your bike registration certificate (RC), driving licence, filled claim form and FIR (for theft cases).
Track Your Claim
You can check the status of your bike insurance claim on our website or WhatsApp or via the IL TakeCare app using your policy number and registered mobile number.
Note: In case of queries, read more details about how to file a claim.