ICICI Lombard Bike/Two -Wheeler Insurance Renewal Online

As a bike owner, you must’ve received messages like: Have you renewed your bike insurance yet? Just like purchasing insurance for your bike, renewing it is also very important. As your policy expiration approaches, you are advised to renew your policy even if you haven't made any claims. It's important to remember that insurance is there to protect you against unforeseen circumstances.

At ICICI Lombard Insurance Company Ltd., a leading private insurance provider in India, you can renew your bike insurance policy and also get no claim bonus rewards. With a significant market share in the motor insurance business, they offer comprehensive, third party and own damage bike insurance coverage. They ensure your peace of mind on the road with easy policy renewal options. If you are about to renew your bike insurance, then you’ve reached the right place. In this blog, we’ll talk about everything related to ICICI Lombard Bike Insurance renewal.

Consequences of Not Renewing Your Bike Insurance Policy

Please note that failing to renew your insurance can lead to significant consequences. In an accident resulting in substantial damage to your bike, you'll be bound to pay for hefty repair costs. This can cause major financial strain on your own personal savings. (2)

Additionally, not having third-party liability insurance amplifies the legal liabilities in case of harm to a third party. Not renewing your bike insurance exposes you to substantial financial risks due to the factors mentioned below:

• Legal Compliance: According to the Motor Vehicle Act 1988, having third-party insurance for your bike is a legal requirement. Any failure to comply can result in fines or imprisonment.

• Financial Protection: Delaying the renewal of your bike insurance policy leaves a gap in coverage. If your policy expires and you renew it during the grace period, any claims during the gap won't be covered, potentially putting your bike at risk.

• No Claim Bonus: ICICI Lombard offers a generous 50% No Claim Bonus, providing a significant discount on your renewal premium.

Advantages of Renewing your Bike Insurance with ICICI Lombard

Renewing your bike insurance with ICICI offers several advantages, outlined below:

• Best Prices: ICICI Lombard offers great deals on premium starting at just Rs. 640 only. These low prices allow you to get the best deal as compared to other competitors.

• Discounts: The No claim bonus offers discounts of up to 50%. Hence, it is advised to always renew your bike insurance to avail these benefits.

• Great Services: A network of more than 13,000 cashless garages and roadside assistance.

• Add-ons: You have the availability of 5 add-on covers under the bike insurance policy cover.

ICICI Bike Insurance Renewal Dates and Reminders

Here's how to keep track of and stay updated on your ICICI Lombard bike insurance renewal date and reminders:

How to Check Renewal Date?

To stay informed about your ICICI Lombard bike insurance renewal date and receive reminders, here's what you can do: (2)

• Review your policy: Your current policy's expiry date is typically stated on your policy documents. In most cases, the renewal date follows shortly after the expiration date.
• Visit the website: Another option is to visit the InsuranceDekho website to locate your policy's renewal date. Upon logging in and providing the necessary details, you'll gain access to your policy insights.
• Reach out to Customer Support: If you need assistance, the Customer Support teams at InsuranceDekho or ICICI Lombard are available to help you obtain your policy's expiry dates. You can reach our Customer Support at 755 1196 989.

Note: If you miss renewing your ICICI Lombard bike policy on the expiry date, do not worry. You still have the Grace Period offered by the insurer to renew it and prevent any gap in your coverage.

Reminder Options

Below are reminders listed to help you stay on top of your policy renewal date:

• InsuranceDekho Reminder: InsuranceDekho keeps you updated on your ICICI Lombard bike insurance policy renewal date with prompt reminders sent via WhatsApp messages or emails.

• Email or SMS by Insurer: You are advised to look out for renewal reminders sent directly from ICICI Lombard or your insurer through emails or SMS alerts.

Documents Required for Renewal?

Renewing your insurance with ICICI Lombard requires minimal documentation if you were a previous policyholder. However, if you're switching to ICICI Lombard as a new insurer, you may need additional documents. (2)

For renewals with a new insurer, the following documents are typically required:

• Drivers Licence
• Registration certificate of bike
• Insurance papers of previous insurance
• Vehicles mileage

Optional Documents:

• Claim history of the bike
• Your bike maintenance history
• Vehicle ownership information ( in case you are not the registered owner)

For renewals with the same insurer, you only need your Registration Certificate and documents from your previous policy. To ensure you have the most up-to-date information and clarity on document requirements, it's advisable to consult an advisor from InsuranceDekho.

How to Renew Your ICICI Lombard Bike Insurance Policy?

You have the flexibility to renew your ICICI bike Insurance either online or offline via InsuranceDekho. (2)

Online process

• Step 1: Go to the "Support" section on the official InsuranceDekho website.
• Step 2: Select the "Renew Policy" option from the dropdown menu.
• Step 3: Enter your mobile number in the designated field and click "Send OTP."
• Step 4: Get access to your ICICI Lombard bike insurance policy details.
• Step 5: Proceed by clicking the "Renew" button to initiate the renewal process.
• Step 6: Complete the payment to finalise the policy renewal. Upon successful payment, your ICICI Lombard bike insurance policy will be renewed successfully.

Online Payment Options for ICICI Bike Renewal Insurance:

You can visit the insurer's website and follow their steps.

Payment Options:

You can choose to make the payment using any of the following modes:

• EMI (Equated Monthly Instalments) or yearly payment
• Credit card
• Debit card
• Digital Payment Applications, if applicable.

Offline process

If you prefer the offline route to renew your ICICI Lombard bike insurance policy, you have two alternatives:

Get Support from InsuranceDekho: The first method is to reach out to an InsuranceDekho advisor via call for comprehensive assistance or request home assistance. By doing this, a Relationship Manager will visit you to guide through the renewal process.

Direct Visit to Insurer's Office: You also have another option is to visit ICICI Lombard’s branch office in your locality, where you can also receive renewal support.

Factors Affecting Bike Insurance Renewal Premium

Various factors influence the renewal of bike insurance premiums. Knowing these factors provides insight into how your premium amount is determined.

• Make, Model, Variant: It is important to note that different bike types and specifications affect premiums. Additionally, sports or luxury bikes typically incur higher costs due to their powerful engines and higher market value.
• IDV (Insured Declared Value): The estimated value of your bike upon renewal, is determined by factors like market value, depreciation, and condition, significantly influencing your premium amount.
• Registration Year: The premiums often decrease with older bikes as they may require less costly repairs compared to newer models with advanced technology.
• No Claim Bonus (NCB): A discount on premiums is offered if no claims are filed during the policy period, with the duration of the claim-free period affecting the bonus amount.
• Add-ons and Premiums: Additional covers like zero-depreciation and roadside assistance provide extra benefits but also contribute to increased premiums.

Things to Keep in Mind While Renewing Your Bike Insurance

There are many factors to keep in mind before renewing your bike insurance. Some important things are as follows:

• Age Impact: The age of your bike directly influences the renewal premium, typically resulting in higher costs as the vehicle ages.
• Inflation Influence: The changes in inflation rates can lead to adjustments in renewal premiums by ICICI Lombard, reflecting the rising costs in the industry.
• Policy Modifications: Any alterations to your ICICI Lombard policy can lead to an increase in premium payments.
• Claim Track Record: Your history of bike insurance claims, especially for significant expenses, can impact the cost of renewing your ICICI Lombard bike Insurance.
• Grace Period Advantage: Even if your policy has expired, you can still avail renewal benefits during the grace period, ensuring continuous coverage.

Grace Period Of ICICI Lombard Bike Insurance Renewal

When renewing an expired ICICI Lombard bike Insurance policy, keep in mind:

ICICI Lombard offers a grace period of 15-30 days for policy renewal, allowing you to renew your policy even after its expiry. During this time, you can retain benefits from your previous policy, such as the No Claim Bonus (NCB), transferred to your new policy, ensuring continuous coverage. (1)

When renewing your bike insurance policy within the grace period after expiry, remember:

There will be no coverage during the gap between the expiry date and the renewal date. This means any repair expenses or claims made during this interval won't be covered by the insurance company.

Renewing an expired ICICI bike Insurance policy during the grace period usually maintains the same premium. However, changes might occur if you've added extra features, relocated, or experienced changes in your age group.

Important Note: The duration of the grace period may vary between 15-30 days depending on your specific policy.

Renew the Expired ICICI Lombard Bike Insurance Policy

If your policy lapses before you renew, you'll need to be ready for some significant consequences.

Bike Inspection: If you decide to buy insurance after the grace period expires, your bike will undergo an inspection. Furthermore, based on the inspection results, it will be determined whether your bike qualifies for insurance or not.

Change in Premium: The outcome of the inspection will also impact the premium you'll need to pay, as it will be based on the current condition of your bike.

Why Renew with InsuranceDekho?

Listed below are some reasons you should choose InsuranceDekho are:

• Unbiased Opinion: InsuranceDekho offers impartial advice customised to your specific insurance needs.
• Compare quotes: It offers you the opportunity to compare all insurance quotes at once, enabling you to select the most suitable option effortlessly.
• Reminders for Renewal: It is always better to stay informed with timely renewal reminders about your bike insurance renewal. We update you with our timely renewal reminders on your bike insurance renewal.
• Best Deals: InsuranceDekho encourages you to compare quotes from multiple insurers to find the best deal. Insurance offerings change from time to time, and a different insurer may offer a better plan when your current policy expires.
• 24x7 Support: You should always rely on InsuranceDekho for seamless policy renewals and modifications. Our team is available around the clock to assist you.
• Port Feature: If you are unsatisfied, you can always take advantage of our portability feature, allowing you to switch insurance providers with ease.

ICICI Lombard Bike Insurance Renewal: Customer Support & Assistance

If you face any challenges while renewing your ICICI bike Insurance policy, don't hesitate to contact InsuranceDekho's customer support team. Below you can find the email ID along with the helpline number for the same.

• Email: support@insurancedekho.com
• Helpline Number: 755 1196 989

Alternatively, you can reach out to ICICI Lombard directly via their official website.

• 24x7 emergency assistance by the helpdesk team.
• Takes care of legal obligations regarding the third party.
• You can extend your coverage by availing add-on covers.
• Provides financial security and peace of mind while driving.
• Provides all in one coverage against the uncertainties of life.
• Avail No Claim Bonus if you don’t make any claim during the tenure.
• Provides support bearing the liabilities of third-party in case of an accident.
• Covers the expenses of the repair and replacement at the nearest cashless garages.