ICICI Lombard Bike Insurance Zero Depreciation Policy

What is a Zero Depreciation Bike Insurance Policy?

Zero-depreciation bike insurance, commonly known as bumper-to-bumper cover, provides coverage without considering the depreciated value of the damaged bike's part when calculating the payout amount.

With this policy, policyholders can claim the full cost of replacing bike parts without any deduction for depreciation in case of a road accident. Hence, buying zero dep cover with your bike insurance policy is highly recommended as it increases its coverage by ensuring maximum payout for settling bike insurance claims.

Benefits of ICICI Lombard Zero Depreciation Bike Insurance

Here are the benefits of ICICI Zero Depreciation Bike Insurance policy:

• Claim Reimbursement: Unlike basic bike insurance where claim payouts are based on depreciated values, zero dep cover in bike insurance guarantees full replacement cost without applying any depreciation. Ultimately, it results in huge savings & higher payout amount than usual.
• Financial Stability: By covering the significant expenses for the repaired bike parts, policyholders will be relieved of any financial burden.
• Cost-Effectiveness: The zero depreciation bike policy is available in a budget-friendly price bracket.
• Peace of Mind: With the zero depreciation add-on, there is an assurance of financial cover for accidental damages without worrying about out-of-pocket expenses. Hence, it provides peace of mind.

ICICI Lombard Zero Depreciation Bike Insurance Coverage

Inclusions

✅Depreciable bike parts

✅Tyres and tubes partially

✅Batteries

✅All parts repair and replacement

Exclusions

❌Bikes older than 5 years

❌Bike tyres

❌Bi-fuel and gas kit

❌Bike engine

❌Normal wear and tear

❌Mechanical or electrical failures

❌More than 2 claims

❌Intentionally damaged parts

❌Total constructive loss

How to Buy ICICI Lombard Zero Depreciation Bike Insurance Online?

By following the below steps, you can buy ICICI Lombard zero depreciation bike insurance online from Policybazaar.com:

• Step 1: Visit the official website of Policybazaar Insurance Brokers Private Limited.
• Step 2: Choose 'Bike Insurance 'from the 'Insurance Products' drop-down menu.
• Step 3: Enter details about your bike, such as make, model, and year of manufacture.
• Step 4: Continue with all the requested details, compare multiple plans offered by ICICI Lombard, and choose one that meets your needs and budget.
• Step 5: Tailor your policy by adding Zero Depreciation Bike Insurance Coverage and enhance the coverage as best as possible.
• Step 6: Complete the payment securely online through UPI, debit/credit card, or Internet Banking, as you choose.
• Step 7: Finally, you will receive the ICICI Lombard comprehensive bike insurance policy instantly at your registered email ID.

Alternatively, you can purchase zero depreciation with ICICI Lombard bike insurance policy from the insurer’s website as well.

ICICI Lombard Zero Dep Bike Insurance Claim Process

By following the below steps, you can quickly raise ICICI Lombard zero depreciation bike insurance claim:

• Step 1: Report Incident
  Notify your insurance provider about the incident by calling customer support or submitting an online claim.
• Step 2: Complete Claim Form
  Download and complete the claim form, then submit it online.
• Step 3: Document Submission
  Provide essential documents such as your bike insurance policy, First Information Report (FIR) for theft or accident, and repair estimates.
• Step 4: Damage Assessment
  An assigned surveyor from the insurance provider will assess the damages and process your claim accordingly.
• Step 5: Bike Repairs
  If your claim is approved, opt for cashless repair services at a network garage for hassle-free repairs. If you choose reimbursement, take your damaged bike to the nearest garage for repairs.
• Step 6: Claim Settlement
  After repairs, if you opt for cashless repair, the insurance provider will settle the claim amount directly with the garage. For reimbursement repairs, you pay the bill to the garage, and the insurance provider later reimburses the amount to your registered bank account.

ICICI Lombard Zero Dep Bike Insurance Support

For assistance with purchasing, renewing, processing claims under your ICICI Lombard Zero Depreciation Bike Insurance, reach out to Policybazaar.com's customer service representatives by:

• If you need help buying a new policy, call at 1800-208-8787
• Connect on WhatsApp at +91-8506013131

Things to Keep in Mind While Buying ICICI Lombard Zero Depreciation Cover

Here are specific terms & conditions that you must be aware of about ICICI Lombard Zero Depreciation Cover:

• Available for bikes with a maximum age of 2 years.
• Not applicable in case of a total loss of the insured bike.
• Policyholder is liable for a voluntary deductible amount.
• Applicable only for the first two claims during the policy tenure; subsequent claims are subject to depreciation deduction.

Conclusion

ICICI Lombard's Zero Depreciation Bike Insurance offers enhanced coverage and financial protection against several unforeseen circumstances. By understanding its terms & conditions, you can buy it with your own-damage or comprehensive bike insurance policy.