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Long term bike insurance

Save yourself from annual policy renewals

Recent quote

HONDA MOTORCYCLE - ACTIVA (102CC)

IDV: 5,00,000

Premium

6,353 + GST

Benefits of multi-year two-wheeler insurance

No Yearly Renewal

Renewing your bike insurance every year can be such a bother. By purchasing our long term two wheeler insurance, you need not worry about renewing your policy yearly—our long-term two-wheeler insurance plans for 3 years covers personal liability and vehicle damage in case you meet with an accident.

Financial Protection for the Long Term

ICICI Lombard’s comprehensive long term two-wheeler insurance policy provides insurance cover for three years. That means, with our long-term two-wheeler insurance policy, you will receive compensation for personal accidents and two-wheeler damage in case of any without any break in the policy.

Hassle-free Cancellations

ICICI Lombard’s long-term two wheeler insurance policy allows easy cancellations. So, if you are selling your bike and do not need insurance anymore, you only have to apply for long-term two wheeler insurance policy cancellation.

Protection From Price Rise

Hikes in premium prices will have no effect on your ICICI Lombard long-term two wheeler insurance policy during the given period.

Roadside Assistance

On paying an additional premium, ICICI Lombard’s long term two wheeler insurance policy provides roadside assistance solutions. Towing facility, battery jump start, tyre puncture, minor repairs & more are part of your roadside assistance cover.

Zero Depreciation Cover

Like other assets, components of a two-wheeler depreciate over time. As a result, their coverage-value also reduces. With a zero-depreciation add-onG as a part of your 3-year bike insurance, you can enjoy higher claim benefits and keep your vehicle immune to depreciation.

How to buy a long-term two wheeler insurance policy?

Purchasing a long-term two-wheeler insurance policy is easy. Here’s how you can do it in simple steps:

  • To buy our long-term two wheeler insurance policy, visit ICICI Lombard’s official website.
  • Next, enter some basic details such as your bike’s brand, variant, city and year of registration etc.
  • Then choose the ICICI Lombard long-term two wheeler insurance policy that best suits your requirements and budget.
  • After that, proceed by entering your coverage amount. You can add, edit, or delete add-ons and deductibles to your long term two-wheeler insurance policy.
  • Make payment. You can pay either via card (debit card or credit card) or net banking.
  • Once done, your long term two-wheeler insurance for 3 years policy will be generated and sent to your email address.

Single year vs. long term two-wheeler insurance policy

Who does not like a stress-free ride? A bike insurance policy guarantees you just that and a lot more. Renewing your bike insurance plan every year can be a hassle. So, why not go for plans that offer long term two-wheeler insurance for 3 years and save yourself from the trouble of annual policy renewals? Among other benefits, a long-term two wheeler insurance policy comes with huge discounts on premiums.

Parameters 1-year Plan 3-year Plan
Renewal Each year Only once in 3 years
Yearly insurance cost On the higher side On the lower side
Discount on insurance premium Applicable Applicable
Flexibility Quite flexible Not so flexible
Ideal for Bike owners who plan to use their bike for less than three years Bike owners who plan to use their bikes for more than three years

Frequently asked questions

Why should I buy a multi-year insurance policy for my two-wheeler?

By purchasing a long-term motor policy, you are saved from unnecessary hassles related to yearly renewals and price hikes. Also, when you opt for ICICI Lombard’s long term two-wheeler insurance policy, you can avail of big discounts on your insurance premiums too.

Is multi-year third-party bike insurance mandatory?

ICICI Lombard’s third-party long-term two-wheeler insurance policy covers you against any third-party liability. It includes coverage for any damage to third-party property and injury or the death of a third-party person. ICICI Lombard’s comprehensive long-term two wheeler insurance policy provides extensive coverage. Third-party liability, damage due to accidents, theft, natural disasters, and more are covered by our long-term two wheeler insurance policy. It is always better to buy an all-encompassing long-term two wheel insurance policy for your bike.

How is the IDV for long term two-wheeler insurance calculated?

Insured Declared Value (IDV) reflects the estimated market value of your bike as of now. An insurance company calculates your long-term two wheeler insurance policy premium amount based on your bike’s IDV. You can calculate your bike’s IDV when buying a long-term two-wheeler insurance policy. Just subtract annual depreciation from the ex-showroom cost of your bike and you will have the IDV of your bike. Refer to the following table to know the depreciation value of your bike:
Age of the bike Percentage of Depreciation
Lower than 6 months 5%
6 months – 1 year 15%
1 year – 2 years 20%
2 years – 3 years 30%
3-years – 4-years 40%
4-years – 5-years 50%
Here’s an example: Let us assume, you purchased your bike in November 2017 at an ex-showroom cost of Rs 1,00,000. When purchasing an ICICI Lombard’s long-term two wheeler policy in 2020, the IDV of your two-wheeler would have been Rs 1,00,000 minus 30% depreciation = Rs 70,000. In 2021, the IDV of your two-wheeler will be Rs 1,00,000 – 40% depreciation = Rs 60,000. Depending on the age of your bike, you also can calculate your 3-year bike insurance price.
Product Product code UIN No.
Long term two wheeler package policy 3005 IRDAN115P0015V03201415

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