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

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.

What All Is Not Covered Under ICICI Lombard Third Party Bike Insurance Plan?

When it comes to a third party insurance, it is a compulsory insurance product but offers limited insurance coverage, which every policyholder needs to be aware of. Here are a few crucial offerings which are excluded from the third party bike insurance plan:

• No coverage for injuries suffered by the policyholder.
• Damages sustained by the insured bike will not be covered.
• Optional personal accident cover is not provided with the third party plan.