About Two Wheeler Insurance in Visakhapatnam
Visakhapatnam, with its premier educational institutions, IT special economic zones, connectivity and cosmopolitan culture, was the ninth richest Indian city with a GDP of Rs2.79 lakh crore, going by 2017 figures. The city is in the throes of further development with the state government mulling to develop it as Andhra Pradesh's de facto seat of power or executive capital.
Going by 2017 figures, a Union Ministry report has placed Andhra Pradesh in the top-ten bracket with highest road accidents. And Visakhapatnam, with a population of over 50 lakh in the metro area alone, reported the highest number of road crash fatalities and injuries in the state. The report further states that the largest contributors to road mishaps were two wheelers such as scooters and motorcycles.Read More
Why choose Liberty General Insurance for two wheeler insurance in Visakhapatnam?
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Types of Two Wheeler insurance available in Visakhapatnam
Third Party Insurance
Riding your bike without a Third Party or Liability Only insurance policy is a punishable offence under the Motor Vehicles Act of 1988. This policy, however, only covers loss or damage suffered by a third party in case of an accident arising out of the use of the insured vehicle. Remember that it does not cover any loss or damage to the insured vehicle or to the insured.
A comprehensive insurance policy covers third-party damage, as well as damage inflicted on your bike in case of an untoward incident
Own Damage (OD) Cover
An OD or Own Damage to vehicle insurance policy covers not just accidents or theft, but also damage caused by fires, explosion or lightning, burglary or housebreaking, riots and strikes, earthquakes (fire and shock damage), typhoons or floods, riots and malicious acts, terror activity, etc.
What Own Damage Insurance does not cover for your Bike?
- Damages to a third party vehicle (If you want coverage for both - own as well as third party damages then buy comprehensive bike insurance)
- Damage caused to a third party property
- Injuries caused to other people in an accident
- Normal wear-and-tear of the vehicle
- Mechanical and electrical breakdown
- A vehicle being used other than in accordance with the limitations as to use. For example, if you use your two wheeler for commercial purposes.
- Damage to/by person driving without a valid driving license
- Loss or damage caused while riding under the influence of alcohol or any other intoxicating substance
- Consequential loss - if the original damage causes subsequent damage/loss, only the original damage will be covered.
Liberty General Insurance also offers various add-on covers which include depreciation cover, passenger assist, consumable cover, engine safe cover, Gap value cover, key loss cover, and roadside assistance cover.
Is two wheeler insurance mandatory in Visakhapatnam?
Yes. Third-party two wheeler insurance policy is a mandatory and statutory requirement in India as per the Motor Vehicles Act, 1988. Riding a two wheeler without third-party insurance coverage is an offence punishable by law and can even attract imprisonment.
Does LGI offer a depreciation cover?
As an add-on feature, LGI offers depreciation insurance coverage that does not deduct for depreciation, thus providing you with a complete cover. If your vehicle gets damaged in a mishap, no depreciation is subtracted from the coverage for depreciation and the insurance firm will pay the entire cost of the body parts, including that of plastic, for replacement.
Can I purchase two wheeler insurance online?
Can I continue the policy in the name of the previous owner even after transferring the vehicle to my name?
No. The registration & insurance policy of the vehicle must always be in the same name & same address otherwise the claim is not payable. So, you will have to get them changed in the RTO records.
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Registration Number: 150 | ARN:Advt/2018/March/26 | CIN: U66000MH2010PLC209656
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