ICICI Lombard Own Damage Bike Insurance
Own damage bike insurance helps cover the cost of repairs for accidents, theft, vandalism, fire, explosions, and damage caused by natural or man-made disasters. When you combine this with third-party insurance, you get full protection for both your bike and others on the road.
ICICI Lombard Own Damage insurance isn’t required by law but is very helpful. It covers your own bike’s damage in many situations, giving you peace of mind during difficult times.
Standalone Bike Insurance v/s Third-Party Bike Insurance v/s Comprehensive Bike Insurance
| Features | Own Damage Insurance | Third-Party Insurance | Comprehensive Insurance |
|---|---|---|---|
| Coverage your own bike | Covers damages to your bike only | Not covered | Covers damages to both your bike and third-party liabilities |
| Third-party liability coverage | Not covered | Covers third-party property damage and injuries | Covers both third-party liabilities and own bike damage |
| Coverage for theft | Yes, bike theft is covered | Not covered | Yes, bike theft is covered |
| Coverage for natural disasters | Yes, covers natural disasters like floods | Not covered | Yes, covers natural disasters |
| Coverage for man-made events | Yes, covers vandalism and riots | Not covered | Yes, covers man-made events |
| Personal accident cover | Optional (through add-ons) | Not included | Available as an add-on |
| Premium cost | Moderate | Lower as it only covers third-party liabilities | Higher due to broader coverage |
| Add-on covers available | Available (e.g., zero depreciation) | Not available | Available (e.g., engine protection, zero depreciation) |
| Legal requirement | Not required | Mandatory by law | Optional but highly recommended |
| Best for | Those wanting protection for their own bike | Those seeking basic, mandatory protection | Those seeking full coverage for bike, third-party, and theft |
What is Covered and Not Covered in ICICI Lombard Own Damage Bike Insurance
1What is Covered
ICICI Lombard's own-damage two-wheeler insurance covers:
- If your two-wheeler is stolen or damaged beyond repair.
- Damage to your two-wheeler caused by road accidents.
- If your two-wheeler is damaged while being transported.
- If the damage is caused due to floods, earthquakes, or riots.
2What is Not Covered
ICICI Lombard's own-damage two-wheeler insurance does not cover the following:
- If the accident takes place outside India.
- If you are riding illegally or misusing the two-wheeler, the insurance will not cover the loss.
- If any mechanical or electrical problems happen with your bike.
- It did not include any natural wear and tear or decrease in the value of your two-wheeler over time.
How to Buy ICICI Lombard Own Damage Bike Insurance From Square Insurance
1Step 1
In the first step, visit the official website of Square Insurance "https://www.squareinsurance.in/".
2Step 2
Now to get the insurance, click on the "Bike Insurance" menu from the "Insurance Products" menu.
3Step 3
If you got a new bike, you need to click on "Got a New Two -Wheeler"
4Step 4
For the old bike, you need to enter the bike's registration number and then click on the "View Plans" button.
5Step 5
Now fill in the required details such as RTO, make, model, variant, and registration year to move forward to the next step.
6Step 6
Now you will see the plans dashboard on your screen. You can now through the plans offered by different companies and select the one given by ICICI Lombard.
7Step 7
Now you just need to pay for the selected plan and you will get the policy document in your mail shortly from the insurance provider.
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