ICICI Lombard Third Party Bike Insurance Policy
ICICI Lombard's third-party bike insurance protects you from legal expenses if you're responsible for an accident that causes damage to someone else's vehicle, property, or injuries. The insurance company covers the costs as listed in your policy. Having third-party bike insurance is not only a good idea but is also required by law for all bike owners. In this guide, let's learn more about ICICI Lombard Third Party Bike Insurance Policy.
ICICI Lombard Third Party Bike Insurance v/s Comprehensive Bike Insurance
| Features | ICICI Lombard Third Party Bike Insurance | ICICI Lombard Comprehensive Bike Insurance |
|---|---|---|
| Coverage | Covers damage to third-party property or injuries | Covers third-party liability, own bike damage, and personal injuries |
| Legal Requirement | Mandatory as per Indian law | Optional but recommended for full protection |
| Own Bike Damage | Not covered | Covered for accidents, theft, fire, and natural disasters |
| Personal Injury Coverage | Not covered | Covered under personal accident add-ons |
| Third-Party Liability | Covers third-party property damage and injury claims | Covers third-party property damage and injury claims, plus own damages |
| Premium Cost | Lower compared to comprehensive insurance | Higher due to broader coverage |
| Add-On Covers | Not available | Available (e.g., zero depreciation, return to invoice, etc.) |
| Theft Protection | Not covered | Covered under comprehensive policy |
| Natural Disasters | Not covered | Covered (e.g., floods, earthquakes, etc.) |
| Accidental Damage | Not covered | Covered for own vehicle |
Covered Vs Not Covered Under ICICI Lombard Third Party Bike Insurance
1Covered Under ICICI Lombard Third-Party Bike Insurance
- Damage to another person's vehicle in an accident.
- Injuries or death caused to a third party in an accident.
- Legal liabilities arising from damage to third-party property.
- Compensation for third-party death or injury, as per legal requirements.
2Not Covered Under ICICI Lombard Third-Party Bike Insurance
- Damage to your own bike in an accident.
- Injuries or death of the policyholder.
- Theft or loss of your bike.
- Damage due to natural disasters or fire affecting your bike.
- Any damage or loss caused when riding without a valid license or under the influence of alcohol or drugs.
FAQs
Third-party insurance is required by law under the Indian Motor Tariff for all bike owners. It protects you financially and legally if your bike is involved in an accident that causes damage or injury to someone else or their property.
The third party's bike insurance is valid for 1 to 5 years. For new two-wheelers, third-party insurance is compulsorily issued for at least 5 years.
Riding without third-party insurance is illegal in India. At the minimum, one may end up paying fines or facing other penalties. The worst part is that you'll not have cover for legal and financial liabilities in case someone gets injured or some property is damaged by you.
You can easily purchase third-party bike insurance through the website and app of ICICI Lombard quickly and easily.
Yes, you can upgrade from third-party insurance to comprehensive insurance, which will cover not only third-party liabilities but also damages to your bike. You can choose this option at the time of renewal or purchase.
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