[Aditya]

ICICI Lombard has introduced long-term insurance policy for two-wheelers. Under this plan, two-wheeler owners will be able to insure their vehicles for a period of three years.

Customers will have to pay the necessary premium for the long-term insurance just one time. This will help them avoid the hassle of yearly renewals and save on revision of third party rates.The policy copy of the two-wheeler insurance will be issued immediately online.

Customers can give their bikes for cashless claim servicing at more than 1900 garages across India. They can avail no claim bonus on renewals if the same service was not utilized in the previous policy period. Reminders can be set to inform customers when renewal of the policy is due.

Additionally, co-passengers can avail optional personal accident cover.

The two-wheeler segment consists of a large number of owners who forget to renew their policy after the first year and the introduction of the long-term policies is expected to help reduce the number of uninsured vehicles on the road.

[comfortablynumb]

Originally Posted by Aditya

ICICI Lombard has introduced long-term insurance policy for two-wheelers. Under this plan, two-wheeler owners will be able to insure their vehicles for a period of three years.

Is this applicable only if one chooses comprehensive coverage, or to just 3rd party coverage too?

Cheers,
Vikram

[Venkat_Figo]

While shifting from a different insurer to ICICI Lombard, NCB can be claimed only if renewed before 90 days of policy expiry (read it on the wesite).

What if I have insured my two wheeler under the ICICI Lombard long term policy & I had a claim on it, say, in the 2nd yr. How will this effect my NCB when I am due for renewal after the end of 3 yrs?

[Rajeevraj]

I had a bike insurance from ICICI Lombard pending renewal. Just renewed it, but did not see an option for renewing for 3 years. Wonder if it is a valid only on new policies taken from ICICI Lombard. Could not find more detail in the fine print

[Fx14]

Originally Posted by comfortablynumb

Is this applicable only if one chooses comprehensive coverage, or to just 3rd party coverage too?

Some years back, the PSU insurers had a policy for such Long Term third party only covers.

Specifically remember this since it was offered to me and went for it for my earlier motorbike after approx. 9-10 years of comprehensive policy renewals. The policy issued under "LONG TERM ACT" had a specific clause stating "Validity till cancellation of Registration of the vehicle".

In effect it meant the policy was valid atleast for another 5 years i.e. the vehicle age of 15 years - the agent could not clarify whether it would stay in force post the mandatory RTO clearance (passing) applicable after 15 years.

Unsure if such policies are still available.

[GTO]

Mod Note: Thread moved to the Motorcycles Forum!

[ghodlur]

There already exists a thread for the same.

http://www.team-bhp.com/forum/indian...ce-policy.html

The NCB which is accumulated over the three years - is this to be added along with the 3 yr discount during renewal? For eg, if an owner accumulated 30% as NCB, would this be clubbed with the 30% discount in premium for the 3 yrs insurance renewal? Also if there are claims every year, would the Insurance co still continue with the same premium or jack up the prices in between the policy periods.

I guess this scheme of Insurance has not been properly drafted by IRDA and is premature without knowing the intermediate outcomes.

[The Great]

Originally Posted by Venkat_Figo

While shifting from a different insurer to ICICI Lombard, NCB can be claimed only if renewed before 90 days of policy expiry (read it on the wesite).

What if I have insured my two wheeler under the ICICI Lombard long term policy & I had a claim on it, say, in the 2nd yr. How will this effect my NCB when I am due for renewal after the end of 3 yrs?

If you claim - your NCB becomes 0. No matter which company you take the insurance from.

It works on the basis of No Claim Bonus. i.e if you dont claim (No Claim) you get a bonus, hence if you claim the bonus becomes 0.

The general Bonus rule for any vehicle is:

1st year - no claim (applicable if you buy second hand car too)
2nd year - 20% NCB
3rd year - 25% NCB
4th year - 35% NCB
5th year - 45% NCB
6th year - 50% NCB

Max 50% NCB without claims and this bonus CAN BE TRANSFERRED TO ANOTHER VEHICLE IF YOU SELL THE CURRENT VEHICLE AND BUY ANOTHER VEHICLE IN THE SAME NAME.

Say if you have a claim in the 3rd year then the bonus becomes 0 and 4th year becomes your 1st claim free year. From hereon again the cycle starts.

Also note that The New India Assurance Co Ltd, already has launched this type of policy earlier in this year

The New India Assurance Co Ltd, launches long-term policy

[ghodlur]

Originally Posted by The Great

1st year - no claim (applicable if you buy second hand car too)
2nd year - 20% NCB
3rd year - 25% NCB
4th year - 35% NCB
5th year - 45% NCB
6th year - 50% NCB

You got the figures slightly mixed up. For the 5th year the NCB will be 50% in case of no claims till the 5th year of ownership.

My question is - If the Insurance policy is purchased for 3 yrs after getting 30% discount in the premium amount and if the first and third year there are no claims whereas in the second year there has been a claim, would the applicable NCB at the end of the 3rd year be 20%? Now would this 20% be clubbed with the normal 30% discount generally given when buying 3 yr Insurance policy? Also at the end of the 3rd year would the Insurance co jack up the premium cost since there was a claim in the 2nd year?? Generally Insurance co mark you a high risk customer if you have any claims in any year of Insurance policy.

[The Great]

Originally Posted by ghodlur

You got the figures slightly mixed up. For the 5th year the NCB will be 50% in case of no claims till the 5th year of ownership.

My question is - If the Insurance policy is purchased for 3 yrs after getting 30% discount in the premium amount and if the first and third year there are no claims whereas in the second year there has been a claim, would the applicable NCB at the end of the 3rd year be 20%? Now would this 20% be clubbed with the normal 30% discount generally given when buying 3 yr Insurance policy? Also at the end of the 3rd year would the Insurance co jack up the premium cost since there was a claim in the 2nd year?? Generally Insurance co mark you a high risk customer if you have any claims in any year of Insurance policy.

Firstly, AFAIK my NCB figures are right sir.

Secondly the discount you are talking about is different than the no claim bonus. This 30% discount is given on premiums to attract buyers and it is not to be mixed with the no claim bonus.

The pattern of No Claim Bonus remains same. for eg. If you have no claim in 1st year then you are entitled for 20% NCB on 2nd year and so on. But if you have a claim in any of the insured current year then the subsequent year has no bonus.

Another example: if your current policy already shows say 20% NCB then the policy will entitle you for 25% NCB during the purchase year, after that again if you do not claim for the renewed year, then the subsequent year will show 35% NCB.