Liberty General Insurance is a leading general insurance provider in India, with over 91% of all two-wheeler claims settled in the last financial year. Over 1200 dedicated employees, spread across over 110 locations in 29 states and 95 cities in India, provide comprehensive and dedicated support to service all your insurance needs. With over 4300 partner garages and 5000+ partner hospitals as part of an ever-growing network, Liberty General Insurance continues to increase its reach and influence in India while offering solutions to customers across a broad spectrum. Other offerings from Liberty General Insurance include health and personal accident insurance, car insurance, employee compensation insurance, commercial insurance, marine insurance, and fire, and engineering insurance, along with a host of customisable insurance products.
The insured declared value (IDV) of motorcycles, bikes, and scooters is the sum insured coverage provided as part of the bike insurance policy. The IDV is always based on the selling price listed by the manufacturer of the vehicle, the brand, and the model or variant at the time of commencement of the insurance policy or during renewal. This amount is also adjusted for depreciation.
IDV represents the current market value of your motor vehicle. When a claim is made, this is the maximum amount that can be expected by the insured party.
Understanding how to calculate your two-wheeler insurance premium on the Liberty General Insurance website is easy:
- You can click here to navigate directly to the page or go to the homepage.
- From there, you can click on the two-wheeler tab and select the buy online or renew LGI policy button, depending on your requirement.
- After this, you will need to provide some necessary information about the motorcycle, its make, and some contact details and personal information.
- You can then access the quote for your motorcycle based on the information provided by you.
- As part of the new digital initiatives at Liberty General Insurance, you can also choose to receive updates on your policy after purchase directly via WhatsApp.
- You can also reach out to our customer support teams with queries related to your two-wheeler insurance premium.
In India, it is mandatory to have at least third-party insurance cover, to protect against damage caused to others or their property in case of an accident. Third-party insurance cover is one of the main types of bike insurance available in the country. It protects the insured party from legal liabilities associated with the death/disability to third parties. Motorcycle insurance also secures the insured party against damage or loss caused to property. These policies also provide personal accident coverage for the insured party. There is no payout under third party cover when the motorcycle is lost, stolen, or damaged.
- With effect from September 2018, the sum insured is now increased to Rs.15 lakh, rather than the original Rs.1 lakh.
- Third-party liability for new vehicles is mandatory for a term of at least 5 years. Personal accident cover can be availed for a minimum of 1 year to a maximum of five years.
- Personal accident coverage for the insured party is payable regardless of the vehicle in use at the time of the claim. So for people with more than one vehicle, motorcycle insurance, which includes personal accident cover, would automatically be in effect in case of accidents, regardless of the vehicle they were using at the time.
To learn more about the third party insurance policies available with Liberty General Insurance, click here.
Comprehensive motorcycle insurance policies are different, ad cover the liabilities covered by third party insurance while also offering additional protection to the two-wheelers and the insured party. There may be add-ons which are added to the comprehensive cover for two-wheeler insurance, and those that opt for long-term comprehensive motorcycle insurance policies may also have additional benefits such as:
- Premium rate hike protection - where insurance charges do not rise dramatically
- No claim benefit – where if no claims are made during the policy period, a rebate is offered on renewal
- Long-term coverage – where one-time payments provide security for a period longer than one year.
If you would like to learn more about Liberty General Insurance's comprehensive motorcycle insurance policies, click here.
Buying bike insurance online offers a host of benefits such as:
- Time savings – Think of a time when you had to go specifically to a branch to get your insurance. Thanks to two-wheeler insurance online, you can now smoothly insure your vehicle from the comfort of your smartphone or computer at your convenience.
- Safety and security – When you submit your two-wheeler insurance information online, it remains completely safe and secure. With multiple protections to safeguard your data and financial details, providing data and making payments towards your two-wheeler insurance online is easier than ever before.
- Customisation – If you want to purchase add-ons along with your two-wheeler insurance online, you can do so with ease.
- Switching insurers – If you get a more competitive offer from another insurance provider or feel that better coverage is being offered, you can easily switch your insurance policy over to the other organisation at the time of renewal.
- Transparency – All the details are available at the time when you purchase bike insurance online. This visibility ensures that you know all the terms and conditions and that no undue influence is exerted when you apply for your insurance.
(The term two wheeler referred to in this Policy will include motor cycle/scooter/auto cycle or any other
motorized two wheeled vehicle mentioned in the Schedule.) Now This Policy Witnesseth: That subject
to the Terms Exceptions and Conditions contained herein or endorsed or otherwise expressed hereon.