Liberty Two-Wheeler Insurance Policy
Liberty General Insurance Limited is a joint venture between Enam Securities, a privately owned firm that makes investments that are long-term in nature in the listed companies while backing entrepreneurs who are building private companies, DP Jindal Group, and Liberty Citystate holdings PTE Limited. Liberty Citystate holdings PTE Limited is a group company of Liberty Mutual Insurance Group, headquartered in the US, which is one of the leading multinational casualty and property group.
The company commenced operations in 2013, with the aim of providing the best commercial, retail, and industrial insurance solutions. More than 1,000 employees work in the company in 60 offices spread across 58 cities in 23 states. They have partnered with more than 3,100 auto service centres and around 5,000 hospitals.
Liberty General Insurance Two-Wheeler Insurance
While two-wheelers provide us a lot of benefits starting from fuel expenses, it is important to consider the risks that come with it as the degree of risks associated with driving around in two-wheelers is higher than traveling using other modes of transport. While following the rules is very important while driving on the roads, it is important to also have a two-wheeler insurance policy to cover expenses in case of any untoward incident. Liberty General Insurance offers two types of two-wheeler insurance policies, Two Wheeler Package Policy and Multi-year Two Wheeler Package Policy.
Key Features and Benefits of Liberty General Insurance Two-Wheeler Insurance
Liberty General Insurance Two Wheeler Insurance offers the minimum mandatory cover required as per the law. They also offer a comprehensive insurance plan if you are looking to get more coverage for your motor vehicle other than the liability-only cover. Find out the advantages you will get if you opt for a comprehensive cover from the video below. Choose the insurance policy that is most suited for your motor vehicle.
Some of the main features of Liberty General Insurance Two-Wheeler Insurance have been listed below:
- Ease of buying the insurance policy online without any hassles
- Customer care support offered even on weekends
- Simple claim settlement and vehicle investment process
- Support offered to customers through telephone, email, and a lot more options
Coverage Offered Under Liberty General Insurance Two-Wheeler Insurance
- Third-party liability that covers the death or injury of the person and the damage caused to his or her property, if any
- Personal accident cover that provides cover in case of death or injury to the driver who is the owner of the vehicle and the policyholder.
- Damage to the vehicle due to the accident
- Natural or man-made reasons that result in the damage or loss of the two-wheeler due to the following causes:
- Riot or strikes
- Lightning, fire, explosion, self-ignition
- Flood, earthquake, typhoon, cyclone, storm, hurricane
- Injury, theft, house-break
Exclusions in Liberty Two-Wheeler Insurance
Damage or loss to the vehicle will not be covered by the insurer if it happens due to any one of the following reasons listed below:
- Issues that relate to drunken driving
- Claims that come up due to contractual liabilities
- Consequential loss
- Accidental loss or damage that takes place outside of the geographical area
- Any electrical or mechanical breakdowns
- Accidental loss or damage that rises due to a consequential loss
- Any damage that is covered under the manufacturer’s warranty
- Claims arising due to acts of war, invasion etc.
- Claims relating to depreciation or wear and tear of the vehicle
- Claims arising due to damage or loss incurred due to nuclear or radioactive material
Added Coverage by Paying Additional Premiums
Sometimes the coverage offered by the basic insurance plan might not suffice. Opting for some added coverage can help keep the vehicle protected in a much better manner. Some of the extra cover that will be available by paying added premiums have been listed below:
- The named or unnamed passenger other than the rider will be offered a personal accident cover along with the owner or driver by the payment of extra premium.
- Damage to non-electrical and electrical parts of the vehicles is covered by the payment of a small additional premium.
Liberty Two-Wheeler Insurance Add-On Covers
- Depreciation Cover
Depreciation amount on any admissible claims under the Own Damage Section of the policy will be covered. The value of parts will be covered under this cover. This cover will not be provided if the vehicle is not repaired in one of the Company’s authorised Garage.
- Consumables Cover
Coverage is provided for those items that have a specific use which are either deemed unfit for any further use or are totally consumed during the time of loss or damage to the vehicle. Example for such items include grease, air conditioners gas, engine oil, etc. Expenses will not be covered under this add-on in case of a constructive total loss. This will also not be applicable if the repair and labour bills are from a local garage for the insured items.
- Gap Value Cover
In case of a total loss, constructive total loss, or total theft of the vehicle, the company will pay the current replacement value of the bike if the same model is available or the difference between the amount received under the Own Damage Section and the price as per the invoice of the purchase. This cover will be applicable only if the total loss or the total theft is permissible under the Own Damage Section of the policy. The first registered owner of the vehicle should be the insured according to the RTO records if you wish to avail of this cover.
- Roadside Assistance Cover
Up to four claims can be made by the policyholder if the insured vehicle breaks down if requested by the policyholder. Listed below are the emergency services that can be claimed in the policy period through authorized vendors:
- Minor repair
- Towing of vehicle due to a major breakdown
- Breakdown support provided over phone
- Assistance provided in case of lost keys
- Emergency fuel in case the vehicle runs out of fuel (fuel costs will have to be paid by the insured)
- Engine Safe Cover
Any damage arising to the parts of the engine due to damage to the gearbox, water entering the engine, leakage of lubricating oil and other such issues. The policyholder will be provided compensation for the following:
- Replacement or repair of internal parts of the gearbox, like shafts or gears in the gearbox housing.
- Replacement or repair of internal parts of the engine such as crankshaft, pistons, cylinder head, and connecting rods.
- Labour cost to repair the damaged gearbox and engine.
- Damage or loss that is covered under the warranty provided by the manufacturer is excluded from this cover.
Liberty General Insurance Two-Wheeler Insurance Claim Process
Liberty General Insurance has tried to ensure that the claim process is hassle-free and very convenient for the policyholder. The claims can be made by following the simple steps mentioned below:
Step 1 - The claim has to be immediately registered either by calling the customer care toll free number or on the company website.
Step 2 - Representatives from the company will get in touch to gather all the other required details.
Step 3 - A survey will be organised by the company within 24 hours if the accident/ theft is inside city limits and within 48 hours outside city limits.
Step 4 - After the vehicle is moved to a garage, the required documents will have to be submitted to the garage for the surveyors to do the verification process.
FAQs on Liberty Two-Wheeler Insurance Policy
- Can the motor insurance policy be transferred to the new owner of the vehicle?
Yes, there is an option to transfer the insurance policy to the new owner of the two-wheeler. To know more details about the terms and conditions and the transfer procedure, contact the company on their toll free number (1800 266 5844) or send a mail at care@libertyinsurance.in.
- What is IDV?
IDV is Insured’s Declared Value. This is the current market value of the vehicle. This figure is obtained by making adjustments to the selling price listed by the manufacturer according to a depreciation percentage list.
- What is No Claim Bonus (NCB)? Does it have an impact on the payable premium?
No Claim Bonus is the bonus provided on the premium to be paid for the Own Damage (OD) portion of the vehicle when the policy is renewed. This is provided no claims are made during the entire policy period. Discounts ranging between 20 and 50% can be availed on the Own Damage Premium. This can be accumulated up to 50% of the Own Damage Premium.
- Is the No Claim Bonus transferable?
Yes, the No Claim Bonus (NCB) is transferable. If you are switching from one insurance company to another, you can transfer the NCB you accumulated from the previous insurer to the new insurer. This option is applicable only if the insurance is renewed before the completion of 90 days from the renewal due date.
- How to add or change my telephone number or communication address?
This is a simple process and can be easily done with the assistance from the customer care executives. Contact the toll free number (1800 266 5844) or mail at care@libertyinsurance.in.
- If there are changes to be made to the two-wheeler insurance policy from Liberty, how do I go about it?
If you would like to update the policy documentation with personal information or make changes to the vehicle usage/structure, you can do so through an endorsement. Based on the type of change you have requested, the premium may or may not increase. You can contact the insurance company at its toll-free number, 1800-266-5844, for more details. Alternatively, you can send an email at care@libertyinsurance.in or visit any of their branch offices.
- What is a premium-bearing endorsement?
An endorsement for which additional premiums are charged is referred to as a premium-bearing endorsement. Some of these include addition of LPG/CNG kit to the vehicle, transfer of vehicle ownership, change in the location of RTO, etc.
- I have transferred the ownership of my vehicle to another person. Can the two-wheeler insurance policy continue in my name?
No, the insurance policy and registration records of the vehicle should always be in the name of the same person. Otherwise, the insurer will not honour claims.
- What documents should I submit for the transfer of my two-wheeler insurance policy?
The following documents need to be submitted when transferring your two-wheeler insurance policy:
- RC copy with the name of the new owner
- Fresh proposal form updated by the new owner
- A consent letter for transfer of the insurance policy from the existing policyholder
- Old insurance policy documentation, including insurance certificate, in original
- Transfer fee of Rs.50
- Additional premium corresponding to the difference in NCB
- Report of inspection of the vehicle
The above list is only indicative. For specific details, please contact the insurance company at its toll-free number or email ID.
- My two-wheeler insurance policy has already expired. How do I renew it?
You can renew your two-wheeler insurance policy easily by contacting the insurer. But since there is a gap in insurance coverage for your vehicle, the bike will need to be physically examined by an authorised representative from the insurance company. The NCB entitlement will be according to the prevailing norms.
- What is lost key assistance?
Lost key assistance cover is offered by Liberty on its two-wheeler insurance policy. In the event of an emergency where your bike keys are misplaced or damaged, the insurance company will arrange for a representative to replace your keys on the spot.
- What is personal accident insurance coverage?
The Liberty two-wheeler insurance policy offers coverage to the owner-driver against death or disability in accidents. The personal accident cover is also offered to a person other than the owner-driver if extra premium is paid.
- Does the insurer have a grievance redressal mechanism?
Liberty has an efficient grievance redressal cell that attends to grievances reported by customers in a timely manner. If policyholders are not satisfied with the services offered by the company or resolutions provided, they can get in touch with the grievance redressal department of the insurer at their toll-free number, 1800-266-5844, or through email at care@libertyinsurance.in.
- What is the incurred claim ratio of Liberty?
For the financial year 2016-17, the overall incurred claim ratio of Liberty General Insurance was 79.14% across all products offered by the company. The incurred claim ratio specific to motor insurance was 77.29%.
- What is cashless claim facility?
The Liberty two-wheeler insurance policy provides cashless claim facility as part of the coverage. Following an accident, the policyholder can get the vehicle repaired at any of the 900+ network garages spread across India. In this event, the policyholder is not required to pay for the repair work upfront. The insurance company will take care of the expenses and settle bills directly with the garage. The policyholder may, however, be required to pay a minimal amount for the deductibles.
The network garages that the insurer is affiliated to offer best-in-class service to customers. So, you can be assured of quality repair work on your bike at competitive pricing.
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