In India, there are mainly two types of bike insurance available, third-party liability-only two-wheeler insurance, which is a mandatory one according to the Motor Vehicles Act for bike owners, and a comprehensive two-wheeler policy that offers complete protection against all types of road risks. Usually, a bike insurance policy provides coverage against natural calamities, man-made hazards, theft, burglary, etc. Apart from that, it also offers against third-party liabilities and offers legal protection.
When we are talking about bike insurance policies, we cannot avoid ICICI Lombard Two-Wheeler and Kotak General Two-Wheeler Insurance policies. Both insurers are prominent enough in the market of two-wheeler insurance and have gained popularity for their customer-friendly approach. Both of the insurers have come up with third-party and comprehensive bike insurance policies and have their own unique benefits and advantages. To know more about these two insurers, their bike insurance plans, and their differences, have a look at the following mentions.
Comparison Between ICICI Lombard Two-Wheeler and Kotak General Two-Wheeler Insurance
The following table gives you an idea about the bike insurance plans offered by the two insurers.
| Parameters | ICICI Lombard Two-Wheeler Insurance | Kotak General Two-Wheeler Insurance |
| Types of policies | Three
| Two
|
| Premium discounts | Available on certain conditions | On three occasions
|
| Third-party liability cover |
| It covers you from all third-party liabilities like bodily injury, death, and third-party property damage |
| Coverage against natural disasters | Fire, explosion, self-ignition or lightning, earthquake, flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm, frost, landslide, rockslide. | Covers all-natural calamities and man-made hazards. |
| Personal accident cover | Rs. 15 lakhs cover the registered owner-driver of the bike or scooter while traveling in, getting on, or off the two-wheeler. | Avail personal accident cover of up to Rs.15 lakhs for the owner-driver of the two-wheeler |
| Optional personal accident cover for co-passengers | Payable at an additional premium | Yes, covered as an additional benefit |
| Issuance of two-wheeler policy | Instant quote is available | Instant policy with zero paperwork |
| Claim assistance | Instant claim approval through the IL Take Care app | Quick claim approval |
| Theft | Covered | You can also file a claim under the comprehensive policy if your bike or scooter is stolen and a lump sum benefit would be paid to help you buy a new bike or scooter. |
| Online two-wheeler policy buying facility | Available | Available |
| Losses suffered due to depreciation of the bike and its parts | Not covered | Not available |
| Roadside assistance | Covered | Payable |
| Wear & tear and aging of the bike or scooter | Not covered Wear & tear of tires and tubes unless the vehicle is damaged in an accident, in which case the company covers up to 50% of the replacement cost | Not covered |
| Zero depreciation cover | Yes, available at an extra premium amount | Available as an add-on cover |
| No Claim Bonus (NCB) benefit | Available up to 50% | Available up to 50% |
What is ICICI Lombard Two-Wheeler Insurance?
ICICI Lombard is one of the most reliable general insurance companies in the market. Bike insurance is one of their most popular products, with a legion of happy and loyal customers. The company’s two-wheeler insurance covers the cost of repairs in the case of accidental damages to your bike. Apart from accidents, it also provides financial security from incidents like thefts, natural disasters, vandalism, etc., and third-party liabilities. The company takes the service guarantee on repairs done at the network garage of the insurer.
Know about Kotak General Two-Wheeler Insurance
Kotak General Insurance has presented a bunch of bike insurance policies so that the policy-seekers can choose at their convenience. One can get the facility of an instant bike insurance policy with zero paperwork. Kotak Long-Term Two-wheeler Secure policy can further be clubbed with optional add-ons to boost its coverage and make it more comprehensive, thereby providing all-round coverage from all the bike-related liabilities. The company offers the towing facility for free to the nearest garage when necessary.
Key Benefits of ICICI Lombard Two-Wheeler Insurance Policy
Here are the mentions.
Personal Accident Cover:
The comprehensive policy provides you with a personal accident cover of Rs. 15 lakhs for accidental death and disability at a small additional premium.
Third-party Legal Liability:
The policy offers protection against legal liability due to accidental damages resulting in the injury or death of a person or damage caused to the surrounding property.
Customization of Plan:
One can tailor the bike policy as per his/her choice by opting for the additional covers and add-on covers.
Immediate Service:
One can get instant quotes from the company for their bike policies by availing of the online facility of the company. The insurer also issues instant policy as well.
No Paperwork:
Ditch the overbearing paperwork. The company’s simplified online buying process helps you choose the right coverage, check the premium, customize your two-wheeler policy, and get it in a jiffy.
Digital Claim Process:
No more making rounds of the insurance office. Log in to the company’s IL Take Care app, make a claim digitally, and get instant repair approval through InstaSpect.
Smooth Online Renewal:
You can renew your bike insurance policy online conveniently from the comfort of your home. Enter your previous policy details and renew your plan instantly.
Add-on Covers:
Roadside Assistance Cover and Zero Depreciation Cover, these two add-on covers are available with the insurer to strengthen your policy.
Major Highlights of Kotak General Two-Wheeler Insurance
The key highlights of Kotak bike insurance are as follows.
Personal Accident:
Get comprehensive coverage to protect yourself and your loved ones from unpredictable events such as accidents with the Kotak General Two-Wheeler Policy.
Man-made Hazards:
The company safeguards your bike against all man-made disasters, such as theft, burglary, strikes, and riots. We keep your vehicle safe & protected always.
Theft:
You should never have to worry about anything when it comes to protection from theft. Because two-wheelers are easy targets for thieves, and the company will cover it all for your bike.
Cashless Servicing:
Kotak General Insurance has tied up with 4000+ cashless garages network across India to provide its customers access to cashless servicing. You just have to take your vehicle to the nearest network garage for repair and the insurance company will take care of the expenses incurred.
Claim Settlement:
At Kotak, they process your claim at jet speed so that you get financial assistance in emergencies without any wait.
Own-damage Cover:
Comprehensive Two-wheeler insurance covers damages caused to your bike or scooter, which is otherwise not available in a third-party liability-only insurance policy.
Customer Assistance:
Get 24×7 round-the-clock assistance for all your queries, needs, doubts, and complaints. They are just a call away.
Bundle Policy:
Kotak Long Term Two-wheeler Secure Bundled is a bundled comprehensive two-wheeler insurance policy in which you get three-year third-party coverage and one-year own-damage coverage. The bundle comprehensive policy is available only for new bikes or scooters.
Which one is better- ICICI Lombard Two-Wheeler or Kotak General Two-Wheeler Insurance?
ICICI Lombard Two-Wheeler and Kotak General Two-Wheeler Insurance Companies have come up with adequate benefits and facilities for their bike policies. Therefore, it becomes difficult to choose anyone. If one needs more variety to choose from, then he/she should go for Kotak General Insurance. On the other hand, if someone chooses to get instant claim approval, which is certainly an important factor, he/she may go with the ICICI Prudential Two-Wheeler Insurance Plan. In the end, it totally depends on the requirements of the policy-seeker and which insurer is more suitable for him/her.
