Liberty Bike Insurance

“Liberty bike insurance"—the three magical words that swooped in like a superhero, saving Arjun’s day (and his wallet) with classic flair!

Meet Arjun, a 28-year-old coding whiz whose world revolves around two things: his laptop and his trusted Yamaha Thunder. Every dawn, Thunder would roar through Delhi's empty streets, carrying Arjun to his favourite coding spot—a quaint café overlooking the Yamuna River.

But fate had other plans one rainy Tuesday. Out of nowhere, a truck swerved, and Thunder went skidding across the wet road. By the grace of God, Arjun walked away with barely a scratch- but in those heart-stopping seconds, his mind was racing: "How extensive is the damage?" "What if Thunder's repairs cost a fortune?" "How will I get to work?"

Fortunately, Arjun had taken the words of his uncle, an accomplished rider who'd encouraged him to decide on complete coverage. Due to Liberty's Two-Wheeler Insurance, what should have been a nightmare turned out to be a temporary setback. Thunder was back on the road within weeks through their cashless repair service.

Want to ride worry-free like Arjun? Let's explore how Liberty's Bike Insurance can be your safety net on life's unpredictable roads.

Liberty Bike Insurance Policy

Essentially, a bike insurance policy, usually called two-wheeler insurance, is an agreement between the bike owner and an insurance company. The insurer steps in to provide financial coverage for bike damages, third-party liabilities, and, in some cases, injuries to the bike owner.

Bike insurance gives a monetary shield against surprising mishaps such as accidents, theft, or even natural calamities. With so many bikes plying the roads these days, the possibility of mishaps happening has normally gone up as well.

Let's see the real numbers now:

In 2022, two-wheelers were involved in the highest number of accidents, with 63,115 cases reported, and sadly, 25,228 lives were lost. On Indian National Highways, two-wheelers accounted for as much as 41.5 percent in the case of accident-related fatalities.

These numbers really bring home why a reliable bike insurance policy matters so much. It is not only about the law but also about having that extra layer of financial security when life throws some unexpected challenges your way.

So, what’s the legal angle?

Possessing a bike accompanies a non-negotiable rule: You need to have at least a Third-Party Liability Insurance Policy.

Every two-wheeler sold in India is required to be covered with third-party insurance. Since 1 September 2018, every two-wheeler is supposed to have a policy of five-year third-party liability.

But why such a mandate? The simple truth is that skipping an insurance plan isn't simply hazardous- it’s opening the doors to fines and legal hassles that nobody wants to deal with.

Although Third-Party Insurance is a legal compulsion, Comprehensive Two-Wheeler Insurance is purely a choice. It all depends on weighing the benefits and deciding if one wants to enjoy the extra cover for the price of the ride.

And this is exactly where Liberty General Insurance ticks all the right boxes!

Liberty General Insurance provides comprehensive two-wheeler insurance policies that protect bike owners against a range of risks. It's all about that additional layer of protection while driving on roads.

Features And Benefits Of Liberty Two Wheeler/Bike Insurance Policy

Liberty's Two-Wheeler Insurance Policy features a whole list of benefits that ensure that, in case anything goes wrong with the bike, the owner gets adequate protection.

Let us proceed to discuss some of the notable features and benefits related to the Liberty Bike Insurance policy:

1. Own Damage Cover
   This cover guards your two-wheeler against an array of threats, which may include fires, explosions, accidents, theft, burglary, and even damage caused by riots or terrorist activity.
    
2. Third-Party Liability Coverage
   The policy covers third-party liabilities, protecting you if your insured vehicle causes injury, death, or property damage to someone else.
    
3. Comprehensive Coverage
   It brings together both third-party and own damage coverage, offering a complete safety net for all-around protection.
    
4. No Claim Bonus (NCB)
   A No Claim Bonus (NCB) is like a reward from the insurance company for every year the policy stays claim-free. Usually, it is available in the form of a discount on your premium, which feels like a nice perk for staying safe.
   
   Liberty General Insurance offers a No Claim Bonus (NCB) discount of up to 50% for claim-free policy years. If a no-claim bonus was available on an old policy but it lapsed due to missed renewal, don’t worry. It might still be valid! When buying bike insurance online, the NCB could stay active for up to 90 days, or as stated in the policy document.
    
5. Cashless Repair Facility
   Cashless Repairs lets bike owners get their vehicles fixed at network garages without paying upfront. The bill is sorted directly with the garage, therefore making the claiming process easier with Liberty Insurance as there are now over 5,000 garages in every corner of this country.
    
6. Tailored Add-Ons
   Liberty Insurance’s comprehensive two-wheeler policy gives bike owners the option to add a few extra covers that boost protection in specific situations. These add-ons help tailor the policy to better suit individual needs. Let’s look at the various add-ons provided by Liberty Insurance:
7. 1. Depreciation Cover
      This add-on ensures that depreciation won’t be deducted from the claim amount for parts that need replacing or repair. If this add-on is selected, any depreciation taken will be reimbursed, along with other conditions that apply. Keep in mind that the parts must be damaged due to an accident.
       
8. 2. Consumables Cover
      This cover caters for the costs incurred on replacing consumables and accessories that become non-reusable or used up but were damaged during an accident. Consumables and accessories refer to grease, air conditioner gas, lubricants, clips, bearings, engine oil, oil filters, fuel filters, brake oil, and small parts such as bolts, nuts, screws, washers, etc. In a nutshell, everything little that makes it all tick over.
       
9. 3. Gap Value Cover
      This cover bridges the gap between the claim amount under the Own Damage (OD) section and the actual value of the vehicle. The eligible amount under the OD section is calculated as the Insured Declared Value (IDV) minus any applicable deductibles outlined in the policy.
      
      The vehicle's value is based on either the purchase invoice price or the current replacement cost if the same model is no longer available. In cases of theft, total loss, or constructive total loss (CTL), the lower value of the two can be claimed. If road tax and first-time registration charges are specifically mentioned and an additional premium is paid, they’ll be covered too.
       
10. 4. Roadside Assistance Cover
       Roadside assistance is there to help with breakdowns, offering up to four claims per policy period. This includes things like phone support, minor repairs, towing, fuel delivery, lost key assistance, flat tyre help, and transport services. It’s all about getting back on the road without the hassle.
        
11. 5. Engine Safe Cover
       LGI’s two-wheeler insurance also provides coverage for consequential damages to the internal components of the insured vehicle’s engine. This includes issues caused by water entering the engine, oil leakage, or damage to the gearbox. However, the leakage must specifically result from an accident to be covered.

On top of that, there are extra covers like personal accident protection for the owner-driver and additional third-party property damage coverage for even more protection. The benefits under these add-ons are in addition to the regular vehicle insurance sum assured, giving a little more security where it counts.

Types Of Liberty Two Wheeler/Bike Insurance Insurance Policy

Take a look at the different types of two-wheeler insurance offered by Liberty:

• Standalone Own Damage Insurance Policy
  This Standalone Own Damage Bike Insurance Policy will help cover the damage to your bike if it is involved in a road accident. It is all about peace of mind when things go wrong at the crossroads. It does not protect third-party liabilities, but it protects your bike from natural and man-made disasters and fire and even provides reimbursement in case of theft.
   
• Third-Party Bike Insurance
  Third-Party Bike Insurance policy shields you from third-party legal and financial burdens for five years straight. It helps take some of the financial pressure off when dealing with third-party damages or incidents caused by the insured bike. It gives peace of mind by covering legal actions from third parties, including the costs if legal help is needed.
   
• Two Wheeler Insurance Policy Package
  A Two-Wheeler Package Policy provides comprehensive protection, covering third-party liabilities, and damage to the insured bike. It includes accidents, theft, fire, natural disasters, and even man-made calamities. Additionally, it includes personal accident protection for the owner-driver, providing extra peace of mind.

Liberty General Insurance (LGI) offers two types of policies. The Annual Policy is valid for a year with an annual premium payment, covering vehicle damage and injuries to yourself or others. On the other hand, the Multiyear Policy offers coverage for up to three years with a single premium, perfect for those who ride regularly and want hassle-free, long-term protection.

What Is Covered Under Liberty Two Wheeler/Bike Insurance Policy?

Liberty’s two-wheeler insurance policy offers a thorough scope of coverage, protecting you from the knocks and scratches life could toss in your direction. How about we look at what’s included?

1. Third-Party Liability
   This is the kind of coverage that has your back when someone else gets hurt because of your bike. It helps safeguard against any injury or death caused to a third party. It also covers any damage the insured vehicle might cause to third-party property.
    
2. Loss Or Damage To The Bike
   Accidents happen, and so does damage. It covers:

• Fire And Explosion Damage: Fire, explosions, self-ignition, or similar incidents.
• Transport-Related Damage: Harm that occurs while the vehicle is being transported by road, rail, waterway, lift, elevator, or air.
• Natural Disasters: Lightning, earthquakes, floods, storms, cyclones, hailstorms, and landslides.
• Man-Made Events: Theft, burglary, riots, strikes, malicious acts, and terrorist activities.

3. Personal Accident Cover For Owner-Driver
   It provides personal accident cover for the owner-driver who holds a valid driving license. It includes medical expense coverage in case of an accident. In case of death caused by an accident, the nominated beneficiary will receive a claim amount. However, this is not applicable to company-owned vehicles.

Note: For a complete and precise breakdown of what's covered, be sure to check the policy wording.

Not all damage gets the green light. Here’s what’s left out in your Liberty two-wheeler policy!

What Is Not Covered Under Liberty Two Wheeler/Bike Insurance Policy?

While Liberty’s two-wheeler insurance policy offers extraordinary security, there are a couple of things it doesn't cover. Let’s take a look at the exceptions so you know what to expect and what to avoid:

1. Overlap Of Coverage
   If a loss is covered by another two-wheeler insurance policy, a manufacturer’s warranty, a recall campaign, or any similar package with a different insurer at the same time, the policy doesn’t offer coverage for the same. In other words, you can’t stack up claims from multiple policies for the same incident.
    
2. Consequential Losses
   Any other loss, aside from damage to the engine's internal parts from water entering or the leakage of lubricating oil, and any gearbox damage caused by accidental oil leakage are also excluded.
    
3. Engine Oil And Consumables
   If your engine needs flushing after an incident, the cost of engine oil and consumables won’t be covered.
    
4. Delay In Reporting Or Recovery
   If there is any damage or corrosion to the engine due to a delay in notifying the insurance company or issues in recovering the vehicle from a flooded area, your policy won’t cover it.
    
5. Lack Of Reasonable Care
   If the insured vehicle hasn’t been properly protected from damage or loss due to a lack of reasonable care, it won’t be covered.

Note: These are general exclusions. For a complete list of exclusions, including specific conditions and details on what isn't covered, please refer to the policy wordings.

How To Buy Liberty Two Wheeler/Bike Insurance Policy from SMC?

Getting your bike covered by Liberty two-wheeler insurance is as easy as revving up your engine and taking a quick spin through these steps with SMC. Let’s take a look at how you can get your policy in no time.

Step 1: Go directly to the SMC official website.

Step 2: Click on the two-wheeler insurance section under the General Insurance tab.

Step 3: Then, just enter your vehicle's registration number.

Step 4: Alternatively, you can proceed with the details about your bike, including the brand, model, type of fuel, variant, RTO, etc. in lieu of the registration number.

Step 5: Fill in the required information on the screen, including whether the vehicle is private or owned by an organisation.

Step 6: Then you will arrive at the Quotes page, which offers multiple quotes from multiple insurers to be compared.

Step 7: Afterwards, simply choose the plan that suits you best from Liberty, select any add-ons you want, and proceed with the payment.

Step 8: Obtain a receipt for your payment and copies of your policy documents once your payment is finalised.

How To Renew Liberty Two Wheeler/Bike Insurance Policy From SMC?

Renewing your Liberty two-wheeler insurance is a breeze! Just follow this quick guide from SMC to get it done:

Step 1: Once it’s time to renew, you’ll receive a link through both email and text messages.

Step 2: Tap on the renewal link shared by SMC Insurance.

Step 3: Once you click the link, you'll be taken to the insurer's portal.

Step 4: Now, just enter your policy number and fill in any necessary details.

Step 5: Feel free to make any updates or changes to your current details if needed (optional).

Step 6: Take a moment to double-check the policy details you've entered.

Step 7: Complete the payment using an online method.

Step 8: Once the payment is made, the insurer will send a confirmation through both a text message and an email to your registered contact details.

Step 9: Finally, your renewed policy will be sent directly to your inbox in PDF form.

How To Claim Liberty Two Wheeler/Bike Insurance Policy From SMC?

Filing a Liberty two-wheeler insurance claim with SMC is easy. Follow this simple guide to get back on the road worry-free:

Step 1: Head over to SMC's official website and submit your claim request directly there.
Step 2: SMC’s team will gather your personal details and the specifics of the claim issues you’re facing.

Step 3: Once SMC collects all the necessary details, they’ll forward the claim request to the insurer for review.

Step 4: The insurer reviews the claim request and supporting documents, verifies the details, and provides cashless approval if applicable.

Step 5: The insurer will communicate their decision to you, and based on the request raised, the service team will assist you with the next steps for settling your claim.

Step 6: If there are any pending issues, they will be conveyed to you and then sent back to the insurer for further review.

Step 7: Whenever everything is said and done, you’ll be notified about the final claim approval. Whether it’s cashless approval or reimbursement, you'll know precisely what to anticipate.

How To Settle A Claim With The Help Of SMC?

SMC has helped settle over 2.04 million claims, showing just how reliable they are when it comes to handling the process smoothly. With their track record, they’re no strangers to making sure everything gets taken care of in the claim process.

They offer a clear, step-by-step walkthrough, making the whole process simpler and enabling a better understanding of claims settlement and also with the requirements for documents. It's simplicity at its core and never missing any one detail. It's always "good hands" when working with SMC.

SMC offers 24/7 assistance regarding any questions or concerns about the claim settlement process. Whether it's by day or by night, they're always available to guide and assist so that everything goes well.

With SMC’s expertise and support, the journey through the process of claims will become much simpler, helping ensure that the compensation owed under the Liberty two-wheeler insurance policy reaches you. This partnership can go a long way in making even the most mundane and stressful matters easier to digest.

Documents Required To Claim Liberty Two Wheeler/Bike Insurance

When it’s time to file a claim with Liberty General Insurance, having the right documents at hand can have a significant effect. Here’s what’s expected to start things off:

• A duly signed claim form
• A copy of the driving license
• A copy of the Registration Certificate (RC)
• A copy of the insurance policy
• FIR- if there is a claim for bodily harm or death
• The initial invoice or estimate slip for repairs

Having all the documents required can certainly speed up the process of filing claims. However, one should note that the type of claim, such as Own Damage and Third-Party Liability, may require different documents.

Two Wheeler Insurance Policy: Depreciation Rates For Various Parts Explained

If the insured car happens to be damaged, then the insurance firm will pay out the damage cost minus the applicable depreciation deduction for the rates adopted on parts that need to be replaced. Let's see how:

Ever heard about NIL depreciation or zero depreciation cover?

Basically, it’s an add-on that ensures your insurer covers the full cost of repairing and replacing parts without deducting depreciation when settling claims, meaning you get a higher payout!

Want a clearer picture? Dive into this video on zero depreciation  to learn more!

Two Wheeler Insurance Policy: How Is Depreciation Calculated Based On The Age Of The Vehicle?

Here's a breakdown of how depreciation is calculated based on the age of your vehicle:

To Wrap It Up

Liberty two-wheeler insurance gives complete protection to your bike against mishaps, theft, and other unanticipated events. With features like cashless repair shops and a no-claim bonus, this policy is a phenomenal decision. From basic third-party insurance to comprehensive ones, the Liberty Insurance policy guarantees the peace of mind that riders desire. Drive safely and stay covered!

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