ICICI Lombard Bike Insurance Zero Depreciation Policy

ICICI Lombard bike insurance zero depreciation coverage stands out as a crucial add-on, also known as zero dep cover or bumper-to-bumper cover. It works well with both comprehensive bike insurance policies and standalone own-damage policies. Read on to learn more about the ICICI Lombard bike insurance zero depreciation policy in detail.

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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.

Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Average Rating
(Based on 27 Reviews)

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ICICI Lombard Bike Insurance Zero Depreciation Policy Reviews & Ratings

4.3 / 5 (Based on 27 Reviews)
(Showing Newest 10 reviews)
Jayant
Faridabad, July 25, 2016
Nice Policy
I purchase a new bike and for that i buy a icici two wheeler insurance plan. The insurance is very nice and easy to renew on website portal. The tow service is free of cost. Garages are many and service is fantastic. Except tires and fiber parts the whole bike is secure.
Manoj
Patoda, July 08, 2016
Two Wheeler Insurance
The two wheeler insurance policy of my vehicle is fantastic. It has low premiums and the returns are high. The tow facility is free, and provided at any location. Service is awesome and good work done by members of the company. Online service is easy to use.
Gautam
Bhopal, June 25, 2016
Good Work
My two wheeler insurance plan is good and it come's in low premium. The policy has secure my whole vehicle except tires and fiber parts. Policy claims are high and easy to sanction due to fast service facilitate by the executives. Tow service is at any location but it may charge for that.
Sunil
Korba, June 05, 2016
bike insurance
Plz help me
Amrit
Delhi, May 21, 2016
cashless compersive two wheeler policy
I need cash less policy for my two wheeler
Amar
Bangalore, May 20, 2016
Insurances
Need to renewal two wheeler insurance
Zara
Bangalore, April 29, 2016
Best Services
premium is high but services matter. And better IDV compare to competitors. It was ease to pay online
Kshitij
Panipat, March 15, 2016
Marvelous
ICICI Lombard General Insurance is the finest insurer that's why i buy the two wheeler insurance policy plan from them. The policy coverage is high and the claims are even better. Whole bike is insure in the policy and the claiming amount is about one lakh forty thousand rupees. Good number of garages are providing service to the customers for better and fast recovery.
Arindam
Meerut, March 15, 2016
"Damn Good"
I have insurance for my two wheeler with icici lombard general insurance. Policy coverage is good but the premiums are little bit high. Claims are high and the amount is approx. Rs.1 L. Large number of garages are providing fast services and the recovery is so quick no long waiting.
Kumar
Chattarpur, March 15, 2016
Excellent Policy
Great two wheeler insurance policy plan which i buy from icici lombard general insurance. Large amount of garages are present in the city for on time service. Policy provide good claims which includes whole vehicle recovery. Service is the best provided by the executives and the staff members.

^The renewal of insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for a transaction may vary subject to additional data requirements and operational processes.

^The buying of Insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for transaction may vary subject to additional data requirements and operational processes.

#Savings are based on the comparison between highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.

*TP price for less than 75 CC two-wheelers. All savings are provided by insurers as per IRDAI-approved insurance plan. Standard T&C apply.

*Rs 538/- per annum is the price for third party motor insurance for two wheelers of not more than 75cc (non-commercial and non-electric)

#Savings are based on the comparison between the highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.

*₹ 1.5 is the Comprehensive premium for a 2015 TVS XL Super 70cc, MH02(Mumbai) RTO with an IDV of ₹5,895 and NCB at 50%.

*Rs 457/- per annum (1.3/day) is the price for the third-party motor insurance for private electric two-wheelers of not more than 3KW (non-commercial). Premium is payable on an annual basis