Two-wheelers are abundant on the roads in our country and the chances of accidents are high. In many cases, people involved in an accident and liable to pay for damages claim they are from low backgrounds and cannot afford it. So the Government of India made it mandatory to have a basic third-party liability policy on all two-wheeler vehicles. Liberty General Insurance offers two package policies with different tenures.
|Policy Period||1 year||Multi-year|
|Policy Types||Package policy||Package policy|
|Renewal frequency||Annual||End of policy term|
|Available Add ons||
|No Claim Benefit||Applicable for every claim-free year||Applicable for every claim-free year|
|No Claim Benefit after Claim||Not specified||Not specified|
|Zero Depreciation Cover||NA||NA|
|Refund Facility||If the policy is cancelled at the request of the insured, no refund of premium is applicable If the company cancels the policy by sending 7 days notice, then the premium minus any pro rata portion will be refunded|
|Policy Expiration||If your policy expires, the NCB is affected negatively, third-party liability cover ceases, and cost of repairing your vehicle increases|
|Network Garage||Over 900 network garages across the country|
When you opt for a two-wheeler insurance policy from Liberty General Insurance, you stand to benefit from a number of value-added features.
Liberty General Insurance provides hassle-free inspections with high service standards.
Get discounts when you renew your two-wheeler insurance policy with Liberty General Insurance.
Lost key assistance
In the event that you lose your bike key, Liberty General Insurance will provide assistance in getting a duplicate one.
Quick claim settlement
Liberty General Insurance assures customers that claims on two-wheeler insurance policies will be settled within 7 working days.
Get support from the customer care service anytime and anywhere through the toll-free hotline. For claims assistance, the customer care is available every day between 8:00 a.m. and 8:00 p.m.
Enjoy predefined depreciation values on your vehicle parts to ensure efficient replacement in case of damages incurred due to an accident.
Liberty General Insurance will provide assistance in relocating your two-wheeler to a garage in case of any major breakdown.
There are two plans on offer from Liberty General Insurance that cater to customers who need a two-wheeler insurance plan.
Multi-year two wheeler package policy
With this plan, you can choose a tenure of 2 or 3 years. You only need to make one single premium payment to avail cover for the entire term of the policy. With this plan, you can benefit from protection against rising premiums for third-party cover. In case you don’t make a claim through the tenure of the plan, you will be entitled to receive a no-claim bonus.
One-year two wheeler package policy
This plan is valid for one year and will provide comprehensive cover against own damages and third party liabilities. The plan is also eligible for no-claim bonuses for every claim-free year. If the IRDAI increases third-party premiums, then the premium for this plan will increase upon renewal.
If your vehicle is damaged or lost completely due to natural events, the insurance plan will pay out a benefit to cover expenses or losses. The natural calamities covered include self-ignition or lightning, fire, explosion, flood, typhoon, earthquake, storm, hurricane, tempest, inundation, hailstorm, cyclone, frost, landslide and rockslide.
The two-wheeler insurance policy will also cover certain manmade disasters. These include theft, burglary, riot, strike, accident by external means, malicious act, terrorist activity, any damage in transit by air, rail, road, rail, inland waterway, lift, or elevator.
The owner or driver will get an individual accident insurance cover for any injuries sustained while driving, travelling, mounting or dismounting the bike. The cover offered with this plan is Rs.1 lakh. Policyholders can also take additional cover for pillion riders and unnamed riders.
For any accidental damages caused to a third party, the insurance pays for any legal liabilities as per the provisions of the plan. The insurer will cover any expenses related to accidental death, permanent injury or damage to property of a third party. For damages to third-party property, the insurance cover is capped at Rs.1 lakh. For death caused to a third party, there is no limit on the insurance cover.
There are certain exclusions applicable under a two-wheeler insurance policy from Liberty General Insurance. Under these particular circumstances, the insurer will not be liable to pay any benefits to the policyholder.
To avail a two-wheeler insurance policy, a few requirements need to be fulfilled by the vehicle owner. The eligibility criteria differs between companies, and also between purchase and renewal. There are certain aspects that any insurance company will check before handing out an insurance policy.
You can buy a two-wheeler insurance policy from Liberty General Insurance easily online.
If you need to make a claim on your two-wheeler insurance policy, you can follow the steps below:
If you are eligible for cashless claims, you need to get your vehicle repaired at a network garage. The garage and the insurance provider will deal with each other directly. You will not be required to pay for any repairs up to the extent that the policy covers. Liberty General Insurance will settle the bill with the garage. A list of network garages can be found on the Liberty General Insurance website.
When you renew your policy on time, the process is hassle-free and much simpler. Once the policy expires, renewal might require additional inspections and other information before the insurer is satisfied to give you a policy. You can renew your policy online in a few simple steps.
When you take an insurance plan, the insurer might give you an option to choose your deductibles. Deductibles are simply the amount you are willing to pay if anything were to happen to your vehicle. The insurer will pay the rest. For example, if you opt for a 10% deductible, then you will be liable to pay for 10% of the damages caused to your vehicle or a third party. The insurer will only pay 90% of the cost, to the extent of the sum assured.
If you have missed the renewal date and your policy has lapsed, there are a few things you can do to remedy the situation. If your insurance policy expires, it is not legal to ride on Indian roads as per the prevailing motor laws. If something were to happen, you could end up paying high costs in damages to your own vehicle and to third-parties involved, including any damages to surrounding property. If you are riding with an expired insurance policy, it is punishable by law and you will be liable to pay a fine if you are caught. To be safeguarded against these expenses, it is advisable to renew your policy on time and always have a valid insurance plan for your two-wheeler. Furthermore,
Liberty General Insurance provides a customer care service round the clock to address any grievances, claim settlements, queries and complaints that customers might have.
Liberty General Insurance Ltd.
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Lower Parel, Mumbai - 400 013
This cover offers the insured person assistance in case medical transport is needed, and an allowance to take care of hospital and medical expenses.
You need your previous insurance copy and the registration certificate of the vehicle.
It is not common for anti-theft devices to be installed on two-wheelers. However, yes, Liberty General Insurance offers discounts for the installation of anti-theft devices.
During the policy term, if you do not make any claims, you will be entitled to a No-Claim Bonus. This bonus is given in the form of a discount on premiums. So if you have not claimed insurance, then when you renew your policy, your premium amount will be lesser. NCB accumulated by one person cannot be transferred to another person.
This cover provides the insured with the benefit of full financial protection in case of replacement of parts without taking into consideration any deductions for depreciation of their value.
The Insured Declared Value or IDV is basically the market value of your vehicle. When you purchase an insurance policy, the insurer will take into consideration the prevailing market value and then decide on the sum insured. IDV is important because if you choose a sum higher than the market value, you might end up paying higher premiums for no reason. If you choose a lower IDV, then your premiums come down but so will your insured amount.
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