ICICI Lombard Third Party Bike Insurance
A third party bike insurance covers the financial and legal liabilities incurred by the policyholder towards a third party due to a mishap/accident involving the insured’s bike. As per the Indian Motor Tariff, every bike owner is mandatorily required to have at least a third party insurance policy. For a new bike, the owner must purchase a third party insurance for at least 5 years. ICICI Lombard General Insurance offers third party insurance at affordable rates.
ICICI Lombard Third Party Bike Insurance vs Comprehensive bike Insurance
Third Party bike
It provides coverage for third party/legal liabilities only.
It covers damage incurred by a third party as well as the insured’s bike.
Nature of Requirement
It is mandatory by law to have a third party insurance for any bike. A new bike must have a third party insurance policy for 5 years.
Purchasing or not purchasing a comprehensive insurance policy depends on the owner’s preference.
No add-ons are available with
a third party bike insurance.
You can avail a variety of add-on covers along with a comprehensive insurance policy.
The premiums for third party insurance are generally economical and affordable.
A comprehensive policy is generally expensive due to its extensive coverage.
What coverage does ICICI Lombard Third Party Bike Insurance Policy provide?
ICICI Lombard Third Party bike insurance plan covers the following liabilities of the third party.
- Third party property damage: This plan provides compensation for property damage incurred by a third party due to a mishap/accident involving the insured’s bike. In case of third party property damage, the compensation is limited to Rs. 1 lakh.
- Bodily Injuries/Death of third party: The insurer compensates for the third party injury or loss of life in the accident. However, the compensation amount in case of loss of life or disability is settled by the insurer as per the decision of the court of law.
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ICICI Lombard Third Party Bike Insurance FAQs
Why do I need a third party insurance?
Third party insurance is mandatory as per Indian Motor Tariff for every bike owner. A third party insurance keeps you insured against the financial and legal liabilities which may arise towards a third party due to a mishap involving your bike.
What assistance do I get in case of death of the third party in an accident?
In case of loss of life in an accident, the insurer compensates the third party on behalf of the policyholder. The compensation amount in such cases is decided by a court of law.
How can I contact the insurer after an accident to avail the third party bike insurance?
You can contact ICICI Lombard General Insurance at their toll-free number which is 1800 2666 or visit the nearest branch/website of the insurer. It is necessary to contact the insurer immediately after the accident to raise and register a claim.
What is the tenure of a third party bike insurance?
The tenure for a third party bike insurance ranges from 1 year to 5 years. However, every new bike must have a third party bike insurance for 5 years.
What are the limitations of ICICI Lombard third party bike insurance?
ICICI Lombard third party insurance has the following limitations.
- It does not provide coverage if the insured’s bike gets stolen.
- It fails to provide coverage for own-damages incurred by the insured’s bike.
- No coverage is provided in case of an accident beyond the assigned geographical extent.
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