Liberty Two Wheeler/Bike insurance, also known as two-wheeler insurance, provides crucial financial coverage against various unfortunate incidents such as accidents, theft, and even natural disasters. It not only safeguards your bike but also protects you from any liability towards third parties involved in accidents, including injuries to individuals or damage to other vehicles or properties. In India, bike insurance is mandatory for all bike owners, and failing to have it can lead to hefty fines, imprisonment up to 90 days, or both. Moreover, bike insurance also covers accidental losses caused to third parties.
Having a bike insurance policy relieves you from the burden of paying for these third-party expenses, including property damage and medical costs. It is essential for providing financial security to your vehicle. In the unfortunate event of the demise of a third party, if you don’t have bike insurance, you would be liable for compensating the surviving members of the deceased person’s family. That’s why having proper bike insurance coverage is crucial.
Liberty Two Wheeler Insurance Plan 2023, Safeguard Your Bike with the Right Coverage
For many people in India, their bike is one of their most prized possessions. It not only provides affordable transportation but also offers great convenience in various aspects of life. However, when it comes to purchasing insurance for your bike, opting for the cheapest policy available may not be the best decision. While you might save a little money upfront, you might end up regretting your choice later on.
When you’re on the road, it’s crucial to follow the traffic rules and regulations. To ensure that every driver and rider understands their responsibilities, authorities have established specific regulations and acts. The Motor Vehicle Act of 1988 is a law enacted by the Parliament of India to regulate and make roads safer for transport vehicles. This Act undergoes regular amendments to stay up to date with the changing times.
Liberty Two Wheeler Insurance Plan Details
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About Liberty Bike Insurance Liberty
General Insurance Limited is a well-known private general insurance company in India. It was formed through a merger between Liberty Citystate Holdings PTE Ltd, Enam Insurances, and DP Jindal Group, with ownership stakes divided into 48.7%, 25.32%, and 26%. The company commenced its operations in 2013 with the aim of providing a wide range of attractive and user-friendly bike insurance plans and other insurance policies to its customers.
The company offers a diverse range of insurance products, including Bike Insurance, Car Insurance, Health Insurance, Business Insurance, and Engineering Risk Insurance. All their policies are designed with customer satisfaction in mind. In addition to their focus on bike insurance and related sectors, the company also contributes to its social responsibility by establishing shelters, elderly care homes, and more.
What Types of Two wheeler Insurance Plans are Offered by Liberty Insurance
When it comes to two-wheeler insurance, it’s crucial to have the right protection in place. Not only does it provide coverage in case of accidents, but it also helps with expenses related to bike damages, theft, and vandalism. In this article, we will discuss the various types of two-wheeler insurance plans offered by Liberty Insurance, giving you a brief overview of each. We will also highlight the benefits and features of each plan, enabling you to make an informed decision based on your needs.
- Yearly Plan: As the name suggests, this plan is valid for one year, and you pay the premium once annually.
- Long-term Plan: Liberty Insurance offers a unique feature called the long-term insurance contract, where you make a single payment and enjoy coverage for an extended period of up to 5 years.
Now, let’s explore the different options available for purchasing insurance for your two-wheeler. Remember, when choosing a plan, prioritize what suits you best rather than solely focusing on a low premium. Ensure that you and your vehicle are adequately protected in a convenient manner.
Liberty Liability Only Two-Wheeler Insurance Policy
This policy provides coverage for any liabilities you may incur towards third parties. Third-party liabilities refer to the expenses you may be responsible for if you accidentally cause injury or damage to another person or their property while riding your bike. The company will compensate the third party for their loss; however, damages to your own vehicle will not be covered. Keep the following in mind:
Loss caused to a person’s property by your bike will be covered up to INR 1 lakh. In the event of the death of a third party, there is no maximum limit to the amount that will be paid as the liability cover.
Liberty Two-Wheeler Package
Policy Coverage for damages caused by natural disasters such as earthquakes, floods, landslides, etc. Coverage for damages caused by man-made disasters such as vandalism, riots, etc. Coverage for accidental damage to the vehicle. Coverage for theft of the vehicle. Coverage while in transit by rail, road, elevator, or inland waterways.
Liberty Package Standalone Two-Wheeler Insurance
If you have purchased the mandatory liability-only cover but now wish to enhance the coverage for your own damages, you have the option to go for standalone insurance.
Coverage for accidental damage to the bike. Coverage for theft of the vehicle. Coverage for damages caused by natural disasters such as floods, earthquakes, landslides, etc. Coverage for damages caused by man-made disasters such as terrorist attacks, vandalism, riots, etc. Coverage while in transit by rail, road, elevator, or inland waterways.
Liberty Two Wheeler Bundled Cover
Under a bundled policy, you have the option to choose liability-only coverage for a period of 5 years along with an own damage cover that can be for a minimum of 1 year. As per the guidelines of the IRDAI, if you purchase a bike after September 1, 2018, you are required to buy a bundled policy.
Personal Accident Cover
The coverage can go up to INR 15 lakhs, depending on the severity of the accident.
What are the Benefits of Liberty Two Wheeler Insurance
Liberty Two Wheeler is a trusted and popular motorcycle insurance brand that offers a range of benefits to riders of all experience levels. In this blog post, we will discuss the advantages of Liberty Two Wheeler insurance, which provide personal protection and financial security. We will also share tips on how to find the right policy for your needs and make the most of your coverage. Whether you are a new rider or an experienced one seeking peace of mind, continue reading to discover the numerous benefits of Liberty Two Wheeler insurance.
- Wide Coverage Options With Liberty Bike insurance, you have a variety of options available. Depending on the value and usage of your vehicle, you can choose a policy that suits your insurance requirements.
- Access to Network Garages With a vast network of over 4,300 garages across the country, you will always be close to a trusted Liberty network garage in case of an accident. These garages provide top-notch repair services and accept cashless payments for your convenience.
- Efficient Customer Care Liberty Insurance prides itself on its friendly and efficient customer care team. You can connect with them through various channels, including phone calls, callback requests, or emails, ensuring prompt assistance for your queries or concerns.
- Convenient Online Processes An efficient online portal allows you to complete all insurance-related processes with ease. From calculating premiums, purchasing a policy, policy renewal, filing a claim, and tracking its status, everything can be done through the portal in a user-friendly manner.
- Hassle-free and Quick Claims Liberty bike insurance offers a straightforward claims settlement process, ensuring a hassle-free experience for policyholders. Claims can be processed quickly and efficiently, providing you with the necessary support during challenging times.
What is Covered Under Liberty Two Wheeler Insurance Policy
Liberty Two Wheeler Insurance provides coverage for a wide range of accidents, ensuring you are protected in various situations. In this blog post, we will explore the coverage offered by the policy and explain how it can safeguard you. We will also discuss the types of accidents covered and the minimum and maximum coverage amounts available. Whether you are a new rider or have years of experience, this blog post will provide valuable information about what is included in Liberty Two Wheeler Insurance.
Coverage under Liberty Two Wheeler Insurance includes:
- Third-Party Liability: This coverage protects you against damages caused to third parties, including individuals or property. In the event of an accident and subsequent legal proceedings, the company will cover the costs incurred.
- Comprehensive Cover: With a comprehensive cover, you not only receive third-party liability protection but also coverage for damages to your own vehicle. Having an appropriate bike insurance policy gives you peace of mind knowing that you are financially protected in case of an accident. Comprehensive coverage includes damages resulting from:
- Natural disasters like floods, earthquakes, or cyclones
- Fire or explosions
- Theft or burglary
- Malicious acts
What is Not Covered in Liberty Two Wheeler Insurance Plans
While Liberty Two Wheeler Insurance Plans offer comprehensive coverage for your motorbike, there are certain exclusions and limitations to be aware of. In this blog post, we will discuss some of these exclusions in detail. We’ll address commonly asked questions about our insurance plans to provide a clear understanding. Whether you are a new rider or an experienced one, this information is essential for making informed decisions regarding your insurance coverage.
The following are not covered under Liberty Two Wheeler Insurance Plans
- Reckless Riding: If an accident occurs due to your own negligence, you cannot make a claim for damages.
- Depreciation and Wear: Standard age-related depreciation or wear and tear of the bike and its parts are not covered.
- Riding Without a Valid License: Riding without a valid driver’s license makes you ineligible to make a claim.
- Mechanical and Electrical Failures: Damages resulting from mechanical or electrical failures in the vehicle are not covered.
- Riding Under the Influence: If you were involved in an accident while under the influence of alcohol or any intoxicating substance, your damages would not be eligible for a claim.
- War-related Damages: Losses or damages suffered during times of war are not accepted.
- Theft of Accessories: Theft of accessories attached to your bike is not covered under your insurance policy.
How to Apply for Liberty Two Wheeler Insurance Policy
If you’re considering obtaining Liberty Two Wheeler Insurance, you need to apply for a policy. In this blog post, we will guide you through the application process and explain the necessary information to include in your application. We will also provide tips for a successful application. Whether you’re searching for affordable insurance for your motorcycle, our blog post has got you covered.
- Visit the company’s website or an insurance aggregator website.
- Enter your details such as name, date of birth, contact information, and your bike’s registration number.
- Fill in your vehicle details, including registration city, make, model, and variant.
- You may be prompted to provide a valid ID proof, driver’s license, and other KYC documents.
- Double-check your entries, proceed to payment, and choose your preferred payment method, such as credit/debit cards, Google Pay, net banking, or UPI.
- You will receive a soft copy of your policy via the contact details you provided. You can print this document if desired.
While it is recommended to purchase insurance online, you can also visit a local office to buy Liberty Two Wheeler Insurance. Fill out the application form, attach the required documents, and pay the premium to receive your policy. Trusted insurance agents can also assist you in purchasing Liberty Two Wheeler Insurance.
How to Make a Claim for Liberty Two Wheeler Insurance
In the unfortunate event of an accident involving you and your bike, it is crucial to inform Liberty General Insurance promptly. You can contact the customer care helpline at 1800 266 5844, send an email, or register your claim through the official website. It’s important to adhere to the company’s guidelines and regulations to ensure a smooth and hassle-free claim settlement process. Once your claim is registered, a company representative will be in touch. They will arrange for a vehicle survey within 24 to 48 hours. Depending on the garage, your claim will be settled by the company.
Credit Only Claim
If you opt for the credit-only claim facility, you need to take your bike to a company garage. The list of company garages is available on the official website. After the intimation and survey, when you take your bike for repairs, the company will directly settle the dues with the garage based on the chosen policy option. You will need to submit a properly filled and signed Claim Form.
To find a nearby garage, visit: freedominsurance.in/products/CPMigration/branchfinder.
If you did not get your bike repaired at a company garage, you can request reimbursement. However, it is important to inform the company in advance and before the repairs. You will be required to attach the claim form along with other documents, including all bills and receipts related to the repairs.
Liberty Two Wheeler Insurance, Renewal of Policy
Timely renewal of your insurance policy is crucial. Failing to do so can cause inconvenience and leave you without coverage in case of an accident.
You can renew your policy in two ways:
- Visit the website and click on “Renew” under the Self-Help option.
- Enter your policy number, vehicle details, and contact information on the renewal page.
- Review the following page, make any additions or deletions to the policy as needed, and proceed to payment.
- Choose your preferred payment method, such as credit/debit cards, net banking, or UPI.
- Complete the payment to renew your policy.
To renew the policy offline, visit a Liberty Insurance Agency office. Request a renewal form, fill it out, and pay the premium. Use the branch finder on the freedominsurance.in/products/CPMigration/branchfinder to locate an office branch near you.
Renewal of Expired Policy
If you fail to renew your policy before the expiry date, it enters a grace period. After this period, your policy will lapse. However, if you wish to renew it, you will need to request a renewal from the company. For the renewal of an expired policy, your vehicle will be inspected by a company representative, and approval will be based on their report. If your policy has expired, reach out to customer care as soon as possible.
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Liberty Two Wheeler Insurance Plans Review
Over the years, Liberty Two Wheeler Insurance has maintained a high claim settlement ratio, with a recorded 94% ratio and a Claims Incurred Ratio of 73% in the 2018-19 financial year. The company has partnered with over 4,300 network garages nationwide, offering seamless cashless repairs.
Renowned for its simplicity and convenience, Liberty Two Wheeler Insurance is highly appreciated by customers. They value the extensive coverage options, customer-centric claim settlements, easy renewals, and more. If you or someone you know is considering motorcycle insurance, Liberty Two Wheeler Insurance is a trustworthy choice.
Conclusion, Liberty Two Wheeler Insurance provides comprehensive coverage for two-wheelers, offering protection against third-party liabilities as well as damages to your own vehicle. The policy covers a wide range of accidents, including accidents, natural disasters, theft, and malicious acts.
However, there are certain exclusions such as reckless riding, wear and tear, riding without a valid license, mechanical and electrical failures, and riding under the influence. The insurance can be applied for online or offline, and the claim settlement process is prompt and hassle-free. It is crucial to timely renew the policy to ensure continuous coverage. Overall, Liberty Two Wheeler Insurance is a reliable choice known for its simplicity, extensive coverage options, and customer-centric claim settlements.