Bike insurance is not just a legal mandate in India but also a crucial financial safeguard for every two-wheeler owner. One of the most trusted names in this segment is ICICI Lombard, offering reliable and comprehensive two-wheeler insurance policies. This article is a complete guide to ICICI Lombard bike insurance renewal, detailing why it matters, how to renew it, and what you should know before hitting the road.
What is ICICI Lombard Bike Insurance?
ICICI Lombard General Insurance is one of India's leading private sector insurance companies. The company offers various general insurance products, including motor, health, travel, and home insurance. Among its most popular products is two-wheeler insurance, which protects against financial loss due to accidents, theft, natural calamities, or third-party liabilities involving your bike.
Types of Bike Insurance Offered by ICICI Lombard
Before understanding the renewal process, it's important to know what kind of bike insurance policies ICICI Lombard provides:
- Third-Party Insurance: Covers liabilities arising from damage to third-party life or property.
- Comprehensive Insurance: Offers broader coverage, including own damage and third-party liabilities.
- Standalone Own Damage Insurance: For those who already have third-party coverage and want protection for their own bike.
Why is Bike Insurance Renewal Important?
Renewing your ICICI Lombard bike insurance on time ensures that your coverage continues without interruption. Lapsed insurance can lead to financial and legal complications. Below are some reasons why timely renewal is essential:
1. Legal Compliance
As per the Motor Vehicles Act, it is mandatory to have at least third-party insurance coverage for your bike. If your insurance policy has lapsed, riding the bike becomes illegal.
2. Continuous Coverage
Bike insurance protects you from financial losses due to unforeseen accidents or damage. A lapse in coverage means you won't be able to file any claims during the inactive period.
3. No-Claim Bonus (NCB) Retention
One of the major benefits of renewing on time is retaining your No-Claim Bonus. This discount reduces the premium and is applicable only if there are no claims during the policy term.
4. Avoid Inspection
If you miss the renewal deadline, the insurer may ask for a physical inspection of the bike before renewing the policy. This not only delays the process but can also result in higher premiums.
5. Peace of Mind
Timely renewal means uninterrupted protection, helping you stay worry-free while riding your two-wheeler.
ICICI Lombard Bike Insurance Renewal Process
ICICI Lombard offers both online and offline methods for renewing your two-wheeler insurance. Here's a breakdown of both:
Online Renewal
Renewing your ICICI Lombard bike insurance online is quick and easy. Follow these steps:
- Visit the Official Website: Go to the ICICI Lombard official website.
- Navigate to the Renewal Section: Click on ‘Renew’ and select ‘Two-Wheeler Insurance’.
- Enter Policy Details: Provide your existing policy number or registered mobile number and vehicle registration number.
- View Policy Details: The system will fetch your policy data.
- Customize the Plan: You can modify coverage, add-on covers, and policy duration.
- Review and Pay: Confirm the details and make payment through net banking, UPI, debit or credit card.
- Get the Policy Document: Once payment is made, the renewed policy document is sent via email instantly.
Offline Renewal
If you prefer the traditional method, you can visit the nearest ICICI Lombard branch or contact an agent. Here’s what you need to do:
- Carry your existing policy document.
- Submit renewal request.
- Make payment via cash, cheque, or card.
- Collect the new policy document.
Offline renewal may require a physical inspection if the policy has expired.
Documents Required for ICICI Lombard Bike Insurance Renewal
Generally, the online process requires minimal documentation. However, it’s good to keep the following handy:
- Previous policy number
- Registration Certificate (RC) of the vehicle
- Details of any modifications or claims made
- Government ID proof (for offline process)
Features of ICICI Lombard Bike Insurance Renewal
Here are the key features and benefits you enjoy when you renew your two-wheeler insurance with ICICI Lombard:
1. Instant Policy Issuance
You get your policy document immediately upon successful payment during online renewal.
2. Zero Paperwork
The entire process can be completed digitally without any physical paperwork.
3. No Inspection for Active Policies
If you renew before or on the expiry date, there's no need for vehicle inspection.
4. No-Claim Bonus (NCB) Benefit
Get a discount of up to 50 percent for not making any claims during the previous policy term.
5. 24x7 Claim Assistance
ICICI Lombard offers round-the-clock support to assist you in the event of a claim.
6. Add-On Covers
Renewal is the best time to enhance your policy with add-ons like:
- Zero depreciation cover
- Engine protect cover
- Roadside assistance
- Return to invoice
Things to Consider While Renewing ICICI Lombard Bike Insurance
Here are a few important factors to keep in mind during the renewal process:
Policy Type
Assess whether you need a third-party policy or a comprehensive one based on your usage and budget.
Coverage Needs
Review and upgrade your sum insured amount if needed.
Add-On Covers
Evaluate the need for add-ons for better protection.
NCB Status
Ensure your no-claim bonus is being carried forward correctly.
Renew On Time
Renew before expiry to avoid inspection and premium hike.
How to Renew Expired ICICI Lombard Bike Insurance
If you missed the renewal deadline, don’t worry. ICICI Lombard allows you to renew lapsed policies. However, the process is slightly more detailed:
- Visit the ICICI Lombard website or app.
- Enter your policy and vehicle details.
- Vehicle inspection may be required.
- Pay the premium and receive a fresh policy.
Renewing an expired policy as soon as possible is crucial to avoid financial risks and legal penalties.
Benefits of Renewing ICICI Lombard Bike Insurance Online
Renewing online is not just about convenience. Here are the advantages:
- Time-Saving: Complete the process in just a few clicks.
- Round-the-Clock Service: Renew anytime from anywhere.
- Instant Policy Document: Get the soft copy immediately.
- Multiple Payment Options: Use net banking, UPI, debit or credit cards.
- Secure Platform: Your transactions are encrypted and safe.
Add-On Covers You Can Opt For During Renewal
ICICI Lombard offers several optional covers that you can include during renewal for an additional premium:
1. Zero Depreciation Cover
It ensures that you get full claim without deduction for depreciation on parts.
2. Roadside Assistance
Helpful if your bike breaks down or has a flat tyre.
3. Consumable Cover
Covers costs of nuts, bolts, engine oil, and other consumables.
4. Engine Protection
Offers coverage for engine and gearbox damage, especially during waterlogging.
5. Return to Invoice
Compensates the full invoice value of the bike in case of total loss.
ICICI Lombard Bike Insurance Premium Calculation
You can use the online bike insurance premium calculator to estimate the renewal cost. Factors affecting the premium include:
- Age of the bike
- Make and model
- Engine capacity
- Location of registration
- No-claim bonus
- Add-on covers selected
Claim Process After Renewal
Once your policy is renewed, you are eligible to file claims for any covered event. The process is simple:
- Inform the insurer immediately after the incident.
- File a claim online or via toll-free number.
- Submit documents like RC, DL, FIR (if applicable), and photos.
- Get the bike inspected.
- Receive claim settlement as per policy terms.
Customer Support for Renewal Assistance
ICICI Lombard provides various support channels for policy renewal queries:
- Customer Care Number: 1800 2666
- Email Support: customersupport@icicilombard.com
- Mobile App: ICICI Lombard’s app for renewals and claim tracking
- Chatbot: For quick queries on the website
Tips to Reduce Premium During Renewal
Here are some smart ways to lower your premium while renewing your bike insurance:
- Claim No-Claim Bonus
- Choose Voluntary Deductibles
- Avoid Small Claims
- Use Online Discounts
- Insure for Optimal IDV
- Skip Unnecessary Add-Ons
Frequently Asked Questions (FAQs)
1. What is the grace period for ICICI Lombard bike insurance renewal?
ICICI Lombard does not offer a fixed grace period. However, it is advisable to renew the policy before it expires. If the policy lapses, it may require vehicle inspection.
2. Can I renew my ICICI Lombard bike insurance after expiry?
Yes, you can renew a lapsed policy, but it might involve vehicle inspection and a gap in coverage.
3. Will I lose my No-Claim Bonus if the policy expires?
Yes, if you do not renew within 90 days from expiry, you will lose your NCB.
4. How can I download the renewed policy document?
You can download it from the ICICI Lombard website using your registered mobile number or email. It is also emailed to you after renewal.
5. Is it possible to switch to another insurer during renewal?
Yes, you are free to switch insurers at the time of renewal and can even port your existing NCB.
6. What should I do if I entered wrong details during renewal?
Contact ICICI Lombard customer service immediately to get the details corrected.
7. Can I renew for multiple years?
Yes, ICICI Lombard offers long-term two-wheeler insurance policies of up to 3 years.
8. Do I need to submit any documents for online renewal?
No, online renewal does not require physical documentation unless the policy has expired.
9. Can I include add-ons during renewal?
Yes, renewal is the perfect time to include or remove add-on covers based on your requirement.
10. What happens if I miss the renewal date?
Your policy will lapse, leading to the loss of coverage and NCB. Immediate renewal is advised to restore protection.
Final Thoughts
Renewing your ICICI Lombard bike insurance is a simple but crucial task. It ensures uninterrupted coverage, helps you remain compliant with the law, and secures you financially against mishaps. Thanks to digital advancements, you can renew your policy in just a few clicks. Just remember to review your policy terms, check for NCB benefits, and consider add-on covers for a more robust protection plan. Don’t wait for the deadline—renew your bike insurance on time and ride worry-free.
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