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Having an active bike insurance policy is compulsory by law for all two-wheeler riders to ride on Indian roads without being fined. Along with its compulsory nature, a comprehensive two-wheeler insurance policy promises the policyholder coverage against financial losses caused by accidental damages, theft, fire, natural disasters, and more. It further covers the insured against liabilities such as injuries, and death sustained by third-party individuals or damages caused to third-party property.
Being obligatory, the bike insurance policy needs to be active at all times of the year when you are riding your vehicle. Hence, you need to renew your policy before it expires; otherwise, the plan lapses, and you will be devoid of the financial benefits and accumulated rewards gained. You may also face legal liability and might lose your NCB benefits.
In this post, we are taking you through the effortless and seamless journey of the ICICI Lombard two-wheeler insurance renewal process.
Renewing your ICICI Lombard vehicle insurance policy is a significant aspect of owning a bike insurance plan. Generally, a bike insurance policy is active for one year. However, some policies are available with a two-or three-year policy term. Once the policy tenure is over, the ICICI Lombard renewal process is needed to keep the policy active. If not renewed on time, the policy might lapse, and you might lose the benefits under the plan. Further, if you fail to renew the plan during the grace period, the policy might terminate, and you will be required to buy a fresh policy.
Besides the online process, you can even renew your ICICI Lombard bike insurance policy by calling the toll-free customer helpline of the insurer at 1800-2666. Further, you may visit a branch of the insurer close to home to renew the plan.
By renewing your ICICI Lombard bike insurance policy on a timely basis, you can continue enjoying the benefits mentioned below:
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If a bike owner is caught riding a two-wheeler with an expired insurance policy, the rider might be charged a fine of up to INR 2,000 or imprisonment of up to 3 months as per the Motor Tariff law of the country.
The below details are required at the time of ICICI policy renewal:
~ Name and mobile number of policyholders
~ Existing policy number
~ Registration number of two-wheeler
Below are some reasons for your insurer to reject your bike insurance policy renewal application:
~ In case your two-wheeler is imported
~ If you offer any wrong personal details
~ If you are not old enough to be eligible for driving
~ If you don't have an active driving license
~ If you live in an area that is theft or fraud-prone
~ If you are unable to pay the premium of your policy
~If you have a bike that is a modified version
~ If you are associated with motoring rule violations and offenses in the past
The ICICI Lombard insurance renewal date for bike insurance is mentioned in the policy document provided by the insurer. You can even call the customer care number of the insurer to get the information.
NCB or no claim bonus offered by ICICI Lombard that a policyholder can avail of during the bike insurance renewal process starts at 20% and goes up to a maximum of 50% of the premium.
A long-term insurance policy can be opted for a longer duration of three years. It saves the insured from a revision of the policy rate and the need to get the policy renewed every year.
You can start it 60 days in advance.
PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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