Liberty Bike Insurance

Liberty Bike Insurance Policy - Key Features

*Disclaimer: The above table highlighting the key features of Liberty's bike insurance policy is for reference purposes only. To know the exact features, kindly refer to the policy wordings provided by the insurer.

Why Choose Liberty Bike Insurance Policy?

Liberty bike insurance policy hosts attractive features, making it an ideal choice for two-wheeler owners. Here are the reasons to choose bike policy by Liberty General Insurance:

• Cashless claim settlement service at more than 4,300 authorized network garages available nationwide.
• Get valuable add-on covers besides the traditional plans and enhance the policy coverage.
• Get roadside assistance if an accident happens in the middle of the journey.
• Issuance of bike insurance online in just a few clicks with zero paperwork.
• Hassle-free inspection by the surveyor is performed during the preparation of the assessment report.
• During renewals, get an NCB discount on the own-damage bike insurance premium.

Types of Liberty Bike Insurance Policy

Liberty General Insurance Limited is India's popular general insurance company. It is a joint venture between Liberty Citystate Holdings PTE Ltd, Enam Securities and DP Jindal Group.

The company offers two types of two-wheeler insurance policies. Both policies provide comprehensive coverage for various risks associated with two-wheeler ownership, but their choice depends on the desired policy term and renewal convenience. Let's understand both of them in detail:

1. Two-Wheeler Annual Policy

   This comprehensive bike insurance policy is valid for one year and requires annual renewal. It covers damage to the insured bike resulting from accidents. It also covers loss or damage arising from natural or manmade causes, such as earthquakes, floods, hurricanes, storms, cyclones, typhoons, fires, lightning, self-ignition, explosions, theft, housebreak strikes, or riots.

   Additionally, it covers the injury or death of third parties and any damage to their property caused in a road accident by the insured bike. By paying an extra premium, additional coverage can protect electrical and non-electrical parts of the two-wheeler and personal accident cover for named or unnamed passengers other than the rider.

2. Two-Wheeler Multi-Year Policy

   This comprehensive bike insurance policy extends coverage for two or three years, and the premium is paid in a lump sum for the entire policy term. The main objective of getting this policy is to reduce the risk of policy lapse by removing the hassle of yearly policy renewals.

   The policy covers the loss or damage to the insured vehicle and its accessories due to:

   • Fire, explosion, self-ignition, lightning
   • Burglary, housebreaking, theft
   • Riot, strike
   • Natural events like earthquakes, floods, typhoons, hurricanes, storms, inundation, cyclones, hailstorms, frost
   • Accidental external means, malicious acts, terrorist activity
   • Transit damage by road, rail, inland waterway, lift, elevator, or air
   • Landslide/rockslide

   Moreover, it covers third-party liabilities, which include:

   • Liability for death or bodily injury to any third person and property damage. It is commonly known as third-party bike insurance policy.
   • Costs and expenses incurred with written consent.
   • Coverage for any driver authorized by the insured.
   • Indemnity for the personal representative of a deceased person covered by the policy.
   • Option for representation at legal proceedings and defence in court if necessary.

*Disclaimer: The coverage of the United India bike insurance policy includes general inclusions and exclusions. Refer to the policy wordings to understand the exact coverage.

Depreciation Rates Applicable to Bike's Parts

The table below explains the nature of expenses along with the rate of depreciation applicable to it:

Depreciation Rates Based on the Age of Bike

Here is a scheduled rate of depreciation depending on the age of the vehicle:

*Disclaimer: The depreciation rates provided in both tables are for reference purposes. Kindly refer to the terms and conditions of the policy wordings for depreciation rates.

Personal Accident Cover for Two-Wheeler Owners

Liberty General Insurance Company offers complete peace of mind for bike owners by offering personal accident coverage in the event of death or bodily injury. The compensation ratio is derived per the schedule mentioned in the plan offer documents. The personal accident cover is offered up to ₹ 15 Lakh.

Here is the compensation scale offered by the insurer for varied nature of injuries:

• 100% compensation in case of accidental death.
• 100% compensation in case of loss of both limbs or eyesight or 1-limb and 1-eyesight:
• 100% compensation in case of permanent total disabilities.
• 50% compensation in case of loss of 1-limb or 1-eyesight.

Things to Keep in Mind While Buying a Personal Accident Cover

When selecting a Personal Accident (PA) cover, it's crucial to be aware of the policy's limitations and exclusions:

1. Compensation is available for only one condition as listed in the policy details. The total compensation cannot exceed ₹15 lakh within a single insurance period.
2. The PA claims related to intentional self-harm, suicide, pre-existing physical defects or infirmities, and accidents occurring under the influence of drugs or alcohol are not entertained.

How to Buy/Renew Liberty Bike Insurance Online?

Buying or renewing your Liberty bike insurance policy with Policybazaar.com is quite simple. Follow these simple steps:

• Step 1: Visit Policybazaar.com, navigate to the 'Insurance Products' section and select 'Bike Insurance'.
• Step 2: Input your bike number and click 'View Prices'. If you don't have the bike number, select 'Bought a New Bike' to proceed.
• Step 3: Provide essential information about your bike, including model, variant, city, RTO, and manufacturer, then click 'View Plans'.
• Step 4: Select the Liberty bike insurance plan from the options provided.
• Step 5: Choose between third-party or comprehensive coverage depending on your need and budget.
• Step 6: Enhance your base policy with add-on covers like pillion rider cover, zero dep cover, NCB protection cover, etc.
• Step 7: Pay the premium using your preferred payment method (credit/debit card, UPI, or net banking). A copy of your policy will be sent to your registered email address.

How to File a Claim with Liberty Bike Insurance Policy?

Understanding how to file a claim under your Liberty bike insurance policy will help you get assistance during times of need. Here are three different scenarios explained for raising claims to get adequate support:

1. For Theft Claim

   Follow the below procedure for raising theft claim:

   • Report the theft case at the nearest police station and obtain an FIR.
   • Provide the FIR to your insurance provider.
   • A surveyor assessment will be conducted to assess the situation.
   • Next, inform or notify your local RTO about the theft.
   • Collect and submit all necessary documents.
   • If your bike remains untraceable for over a month, provide a police 'untraceable report' for settling claims.

2. For Accident Claim

   Follow the below procedure for raising accidental claim:

   • Notify the insurance provider about the accident and fill out the claim form on their website.
   • The insurer will appoint a surveyor to inspect the damage and generate an assessment report accordingly.
   • Provide all required documents to process your claim.
   • For repair and settlement, you can choose either a cashless or reimbursement settlement process.
   • For the cashless process, repair your bike at a network garage, and the insurer will directly settle the claim with the insurer.
   • For the reimbursement process, repair it at nearby local garages, pay the bill upfront, submit the bills to the insurer, and later, the insurer will reimburse the bill amount.

3. For Third-Party Claim

   Follow the below procedure for raising third-party claim:

   • Inform your insurer about the accident.
   • Submit the court summons to your insurance company.
   • Fill out, sign the claim form, and submit it.
   • Provide the mandatory documents to the insurer.
   • The case will go under adjudication by the Tribunal court.

Documents Required for Raising Liberty Bike Insurance Claims

Ensure you have the following documents ready for different types of bike insurance claims:

1. For Theft Claims

   Here is a set of documents required for a successful claim settlement in the case of a stolen bike:

   • Signed claim form
   • RC copy of the vehicle with original keys
   • Driving License (DL)
   • Original bike insurance policy
   • FIR with a detailed theft report
   • 'No-trace report' from the local police

2. For Accident Claim

   Here is a set of documents required for successful claim settlement in case of accidental damages:

   • Signed claim form
   • Original RC copy of the vehicle
   • Original DL of the vehicle owner
   • Copy of the first two pages of the bike insurance policy
   • Motor Collision Report (MCR) or FIR
   • Original repair estimate
   • Original repair invoice and payment receipt (for non-network garages)

3. For Third-Party Claim

   Here is a set of documents required for successful claim settlement in case of third-party claims:

   • Signed claim form
   • Police FIR
   • Original Driving License
   • Original two-wheeler insurance policy
   • RC copy of the bike
   • Company-registered vehicle documents, if applicable