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ICICI Lombard Third Party Two-Wheeler Insurance

According to the Motor Vehicles Act of India, it is mandatory to have a third-party liability only insurance policy, if you are a two-wheeler owner, otherwise, you will be penalised. Therefore, ICICI Lombard has come up with a Third Party Two-Wheeler Insurance policy that protects the owner from legal liabilities if the insured bike meets an accident involving a third party. If the accident causes injuries to the third party or any property damage to the third party, then the policy takes care of the related expenses. A third-party liability-only policy only offers protection against third parties, which is a basic one. It does not give any compensation if the owner’s two wheeler is damaged. It is not a comprehensive policy, therefore, the benefits are very limited.

Major Benefits of ICICI Lombard Third Party Two-Wheeler Insurance

The following are the benefits offered by this motor insurance plan.

Liability To Third-party:

The Company will indemnify the insured in the event of an accident caused by or arising out of the use of the Motor Vehicle anywhere in India against all sums, including the claimant’s costs and expenses, which the insured shall become legally liable to pay in respect of

  • Death of or bodily injury to any person so far as it is necessary to meet the requirements of the Motor Vehicles Act.
  • Damage to property other than property belonging to the insured or held in trust or in the custody or control of the insured up to the limit specified in the schedule.

Legal Protection:

The Company will also pay all costs and expenses incurred with its written consent.

Based on the nature of claim – The Company may, at its own option

  • Arrange for representation at any Inquest or Fatal Inquiry in respect of any death which may be the subject of indemnity under this Policy and
  • Undertake the defense of proceedings in any Court of Law in respect of any act or alleged offence causing or relating to any event which may be the subject of indemnity under this Policy.

Personal Accident Cover for Owner-driver:

The Company undertakes to pay compensation as per the scale for bodily injury/death sustained by the owner-driver of the vehicle in direct connection with the vehicle insured or whilst mounting into/dismounting from or traveling in the insured vehicle as a co-driver, caused by violent, accidental, external, and visible means which independently of any other cause shall within six calendar months of such injury result in.

General Exclusions of Third-Party Two-Wheeler Insurance offered by ICICI Lombard

As this is a basic policy, there are certain exclusions for which the company does not provide any compensation. Here are the important mentions.

  • Normal wear and tear of the bike.
  • In case of mechanical and electrical breakdown of the two-wheeler the company does not provide any compensation.
  • If the bike is driven outside the prescribed geographical areas.
  • If the accident happens under the influence of alcohol, drugs or any other intoxicating substance.
  • Depreciation or any consequential loss.
  • If the vehicle suffers any loss or damage due to war, riots, mutiny, public unrest, or any man-made hazards.

Frequently Asked Questions

ICICI Lombard Third Party Two-Wheeler Insurance has this following scale.

Due to a peril, if the insured vintage bike suffers any Total Loss/Constructive Total Loss, then the Insured’s Declared Value (IDV) of the vehicle as mentioned in the Policy without deduction of any depreciation will be payable.

ICICI Lombard Third Party Two-Wheeler Insurance has this following scale.

Nature of injuryScale of compensation
Death100%
Loss of two limbs or sight of two eyes or one limb and sight of one eye.50%
Loss of one limb or sight of one eye50%
Permanent total disablement from injuries other than named above.100%

If you have a vintage vehicle that is recognised by the concerned authority then you can avail of discounts. Or else, if you have installed an anti-theft device(s) to protect your bike, then also you can avail of certain discounts on the premium of the policy.

The premium amount for third-party bike insurance is the same and standard across all the bike insurance providers.

  • For third-party property damage, it is up to Rs. 1 lakh.
  • The coverage is unlimited in case of death or disability of the third person. This amount will be decided by the honourable court.

In case a bike gets damaged in an accident or due to theft which is beyond repair, the insurance company promises a fixed maximum amount to the insured person. This amount is called IDV. With each policy renewal, the IDV of a vehicle decreases. IDV depends on various factors such as the market price of the two-wheeler at the time of purchase.

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