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India is the second largest producer of two-wheelers in the world. In the last few years, the Indian two-wheeler industry has seen spectacular growth. The country stands next to China in terms of production and sales respectively. The annual sales of motorcycles in India expected to cross the 10 million mark by 2010. Majority of Indians, especially the youngsters prefer motorbikes rather than cars. Two-wheelers are the most popular and highly sought out medium of transport in India. The low penetration of two-wheelers in the country 31 two-wheelers per 1000 citizens (2004) leaves immense scope for the growth of the market. Overall the industry sales of two-wheelers have grown by 15% from 6.57 million in 2004/2005 to 7.57 million in 2005/2006.

The buoyant Indian economy with a growth rate of around 8% per annum is further expected to fuel the growth of two wheelers in the country. As the number of two-wheelers are increasing day by day and it calls for a constant alertness from theft and accidents. Two-wheeler insurance policy guarantees safety for the vehicle and thereby making ride stress-free. For this, there are private insurance companies which offer insurance of your two-wheeler. Some of the leading two-wheeler Insurance companies in India are ICICI Lombard, The New India Assurance, Bajaj Allianz, United India Insurance, HSBC India and many more. In order to get more number of customers under their belt the various insurance companies are even offering discounted auto insurance.

The leading Auto Insurance provider, ICICI Lombard provides a composite two-wheeler insurance policy which covers you against any loss or damage caused to the vehicle against the natural and man made calamities such as fire, explosion, theft, accident etc. ICICI Lombard two wheeler insurance policy provides personal accident cover of Rs.1lakh for the owner driver of the vehicle. One can also opt for a personal accident cover for passengers and can avail cashless claim facility at any cashless Garage Network all across India.

There are a number of benefits of this policy such as no claim bonus, NCB transfer and discount for anti-theft device. Policy owner can avail the facility of no claim bonus on the policy renewal and this discount can go as high as 50%. One can also transfer full benefits of No claim bonus when they shift their motor insurance policy from another company to ICICI Lombard. If anyone have installed ARAI approved anti-theft device in his/her vehicle, one can get a discount of 2.5% on the OD Premium to a maximum of Rs.500.

ICICI Lombard 2 Wheeler Insurance policy offers a discount of 2.5% on the OD Premium to a maximum of Rs.50 to the members of recognized Automobile Association in India. The vehicles are insured at a fixed value called the Insured’s Declared Value (IDV). It is calculated on the basis of the manufacturer’s listed selling price of the vehicle including the accessories price also.

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