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The two wheeler multi-year policy by Liberty General Insurance (LGI) is a unique insurance product brought out especially to offer long term coverage to owners of two wheeler vehicles. Unlike standard annual bike insurance plans, these long term bike insurance plans extend for two or three years.
The main objective behind this insurance policy by LGI is to curb the risk of lapse in policy, and enable people to stay safer while on the road. Longer policy tenures will let people escape the hassles of yearly renewals. Policyholders will also get to enjoy coverage and benefits under this plan by paying the premium in one go.
Loss or damage to the Insured Vehicle
The Company will indemnify the insured against loss or damage to the vehicle insured hereunder and/or its accessories whilst thereon by –
Also if the vehicle is disabled by reason of loss or damage that is covered under the policy, the Company will bear the reasonable cost of protection and removal to the nearest repairer and redelivery to the Insured but not exceeding in all Rs. 300/- in respect of any one accident.
The insured may authorise the repair of the vehicle necessitated by damage for which the Company may be liable under this Policy provided that:
Liability to third parties
Personal accident cover for owner-driver
Subject otherwise to the terms exceptions conditions and limitations of this Policy, the Company undertakes to pay compensation as per the following scale for bodily injury/ death sustained by the owner-driver of the vehicle indirect connection with the vehicle insured whilst mounting into/dismounting from or travelling in the insured vehicle as a co-driver, caused by violent accidental external and visible means which independent of any other cause shall within six calendar months of such injury result in:
|Nature of Injury||Scale of Compensation|
|ii) Loss of two limbs or sight of two eyes or one limb and sight of one eye.||100%|
|iii) Loss of one limb or sight of one eye||50%|
|iv) Permanent total disablement from injuries other than named above.||100%|
Provided always that
This cover is subject to
The Company shall not be liable in respect of:
Scope of Cover: In consideration of the payment of extra premium paid by the insured as mentioned in the policy schedule it is hereby understood and agreed subject to the terms, conditions exclusions and limitations that the Company shall bear the Depreciation amount deducted on the value of the parts replaced as a result of admissible claim under Own Damage Section.
Conditions: a) Insured Vehicle should be repaired at any of Company’s authorized Garage.
* For the purpose of this Cover the expression ‘admissible claim’ shall mean an event or series of events arising out of one cause in connection with the vehicle insured in respect of which indemnity is provided under this policy.
Scope of Cover: In consideration of the payment of extra premium paid by the insured as mentioned in the policy schedule it is hereby understood and agreed subject to the terms, conditions exclusions and limitations that the Company agrees to cover expenses incurred towards “those items or substances of specific use which at the time of loss are either totally consumed or deemed unfit for further use in the vehicle” arising out of damage to the vehicle insured and/or to its accessories caused by insured peril under the basic Two Wheeler Package Policy.
Consumables shall mean those items or substances which have specific use and when applied to their respective uses are deemed to be consumed completely and/or are deemed to be unfit for future use. These items include grease, lubricants clip, air conditioner’s gas, bearings, engine oil, oil filter, fuel filter, break oil, nut and bolt, screw, washers and the like.
Subject otherwise to the terms, conditions, exceptions and limitations of the policy.
Special Conditions applicable:
Gap Value Cover
Scope of Cover: In consideration of the payment of extra premium paid by the insured as mentioned in the Policy Schedule it is hereby understood and agreed subject to the terms, conditions exclusions and limitations that the Company shall pay the “difference amount” between the amount received under Own Damage (OD) Section i.e. Insured Declared Value (IDV) less deductibles under the policy AND price as per purchase invoice OR the current Replacement Value of vehicle if the same make model is available, whichever is less in the event of a Total Theft or Total Loss/ Constructive Total Loss (CTL) of the vehicle.
It also covers the Road Tax and first time registration charges if specifically declared and additional premium is paid.
Maximum liability to the company is limited to the sum insured mentioned in the policy schedule.
Special Conditions applicable to this benefit:
Roadside Assistance Cover
Scope of Cover: In consideration of the payment of extra premium paid by the insured as mentioned in the policy schedule it is hereby understood and agreed subject to the terms, conditions exclusions and limitations that the company shall provide “Roadside Assistance” in case of breakdown of the insured vehicle upon his request, with a maximum of four claims related to any one or more of the following emergency assistance services during the Policy Period through the authorized vendor. The services provided under the Roadside Assistance are as under:
|Sr. No.||Featured Benefits||Inclusion|
|01||Breakdown support over phone||Yes|
|02||Minor repair (onsite only)||Upto 50 Kms|
|03||Arrangement of emergency fuel (petrol only) in case the vehicle runs out of fuel (Cost of Fuel shall be paid by insured on the spot)||Upto 50 Kms|
|04||Flat Tyre Support||Upto 50 Kms|
|05||Assistance in case of lost keys||Upto 50 Kms|
|06||Transfer/ Towing due to major breakdowns||Upto 25 Kms|
|07||Alternative Transport assistance to the nearest safe location for the passengers of the vehicle (Taxi fare for the journey shall be borne by customer and shall be payable directly to the provider on spot)||Yes|
The territorial scope of the Emergency and Additional Assistance Services provided will be within a radius (in Kms) (as mentioned in above given coverage table) from the Place of Breakdown to nearest applicable vendor or cities within the Republic of India excluding islands for the coverage limit mentioned under each service. Cost of Services beyond coverage limits as mentioned against each service shall be borne by the customer.
Engine Safe Cover
In consideration of payment of additional premium, it is hereby agreed and declared that this Policy extends to cover the consequential damage to the internal child parts of the engine of the Insured Vehicle arising out of water ingression / leakage of lubricating oil and/or damage to gear box of the Insured Vehicle arising out of leakage of lubricating oil due to Accidental means. Under this cover, the company will compensate insured for the following:
Company will not be liable to indemnify insured for the following:
multi-year or a long term bike insurance policy refers to an insurance plan that has tenure of more than one year. Generally a long-term two wheeler insurance tenure is either of 2-3 years.
Buying long term two bike insurance policy has various advantages. It saves you from having to renew your bike insurance annually. It also saves you from the annual revisions in insurance premiums every year. You can pay only once and enjoy the coverage for the entirety of your policy tenure. A long term bike insurance policy unlike other standard policies does not cut out on NCBs even if you have made a single claim during your policy tenure.
The term IDV or Insured Declared Value refers to the current market value of the vehicle you are getting insured. This IDV is also the maximum sum insured that you stand to gain in case your vehicle undergoes completely damage or loss. The IDV of vehicles depreciate with each passing year.
In case of long term two wheeler insurance plans, policy buyers can set the IDV of their vehicles within a predefined limit, during the commencement of their policies. Insurers then calculate the age-wise depreciation based on a set rate.
For new two wheelers:-
The premium for your long term bike insurance plan will depend on several factors including –
Yes even if you own an annual bike insurance plan at present, you can switch it to a long-term two wheeler insurance during policy renewal. You will however have to bear the difference in policy premium.
NCB refers to No Claim Bonus and is the benefit that good insurance companies offer to their customers for maintaining their health throughout the year and making no claims.
The advantage of having an NCB is that it is mostly offered in the form of a discount on the premium when you renew your insurance policy. You can thus save good money with an NCB to back you up.
A third party long term two wheeler insurance is a type of multi year bike insurance plan that offers you coverage against expenses arising out of third party claims. This could happen when a third party undergoes damage or loss of property or injury to self, owing to an accident involving your vehicle.
Well comparing the coverage that these plans offers, comprehensive long term two wheeler policies have quite an expansive range. They offer you vehicle damage protection, personal accident cover and third party cover too. Whereas, third party plans are specifically made to protect you against expenses related to third party claims.
But again if you focus on premiums, third party plans are a little cheaper than the prior. So as far as the decision as to which plan is better out of the two, depends very much on the kind of requirement you have.
Some of the scenarios following which you can register a claim under your long term bike insurance plan include –
You can purchase a long term bike insurance plan from Liberty General Insurance either online or by visiting our branch office. While you will be guided about the procedures at our branch offices, buying online is not tough either. You have to fill in a simple form providing your personal details and insurance preferences. Following this you shall receive a quote from us. If you like it, you can proceed with the payment online.
Yes, you can transfer your existing long term bike insurance plan with another insurance company to LGI any time you like.
There are various advantages of buying a long term bike insurance plan with LGI, such as-
You can register a claim with LGI either through email or by getting in touch with our support team via call. You can also visit our branch office for the same or file your claim online. One of our representatives will soon get in touch with you to gather information. They will let you know if you need to wait for the surveyor or move your bike to a garage. You can next submit your documents for
Yes you will need to provide certain documents for verification following your claim. These include-
The long term bike insurance policy by LGI does not normally cover a co-passenger. However you can get your co-passenger or pillion rider covered under this plan on payment of additional premium.
The additional covers offered along with the long term bike insurance plan by LGI include –
Among the exclusions are –
Thank you very much for your prompt service, While taking insurance from your company, some people told that, if I take insurance from other than dealer, I have to face problem (Like visit to dealer and insurance company surveyor and office, no cashless facility etc) while claim comes, you have pro ven that all those words are wrong and we can take from other than dealar also, I would like to express my please for your service
Thank you very much.As discussed I was feeling helpless because of website OTP issue.But I would like to appreciate your proactive approach to help the customer.Thanks again and wish you a Happy Diwali!!
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Registration Number: 150 | ARN:Advt/2018/March/26 | CIN: U66000MH2010PLC209656
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