Liberty Videocon Two Wheeler Insurance

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Liberty Videocon Two Wheeler Insurance Overview

With the advancement in technology for two wheeler, the vulnerability of accidents has gone up as well. Thus a protection plan is a mandatory need for all those who uses two wheeler for various purposes. The scope of insurance plans also has to be at the same level, which can take care of any unfortunate loss or damage that might happen to the vehicle. For this very purpose, Liberty Videocon Two wheeler insurance plan are the most apposite solution to be prepared for such situations and eventualities.  Liberty Videocon offers a comprehensive two wheeler insurance cover covering wide array of any misfortune events. The two wheeler insurance Plans offers protection against liabilities that could arise out of third party issues as well as against other expenses that one may incur as a vehicle owner.

This insurance policy cover includes motor cycles, bikes, scooters, mopeds, auto-cycles and mechanically-assisted pedal cycles. Any individual, corporate owner, as well as the financier of the vehicle in India, can avail this comprehensive two wheeler insurance policy.

Features and benefits of the Liberty Videocon Two Wheeler Insurance Plans

  • Cashless claim service at more than 615 network garages.
    • Simple documentation and unperturbed inspection process in the plan.
    • All Claim settlement done within 7 working days ,as compared to  10-15 days time for other plans in the market.
    • Portability of No Claim Bonus for any existing plan availed by any other insurer.
    • An assortment of add-on protection cover plans to choose beside the traditional plans
    • 24x7 helpline and other customer service assistance for all queries related and claim processing.
    • Hassle-free inspection & cashless claim service.
    • Compensation in case of partial or total loss to vehicle arising out of accident or theft.
    • Protection Cover against third party damage and third party bodily injury.
    • Discount on renewal (NCB) for claim free experience
    • Swift telephonic service for effective claims support & assistance even on Sundays & holidays all available on a toll free number.
    • Vehicle relocation to the nearest garage in case of major breakdown.
    • Lost key assistance
      • State of the art online platform offering manifold services for quick and easy purchase or renewal of plans.

Benefits covered under the Liberty Videocon Bike Insurance Plans

Liberty Videocon offers comprehensive coverage for two wheeler plans, for the below mentioned cases.

  • Loss or damage due to natural calamities or disaster like thunder, lightening, earthquake is covered
  • Any loss of damage done due to manmade calamities or any consequential event  such as robbery, theft, insurgence, strike, malevolent act, any damage in transit by road, rail, inland waterway, lift, elevator or air are duly covered in the plan as well.
  • The repairing cost shall be covered under the plan benefit , however is subject to authorization by the insurer
    • The maximum amount of repairing expenses should be Rs. 150/-
    • Prior repairing the two wheeler, the detailed estimate of the cost has to be submitted to the insurer.
    • It is anticipated from the plan holder to give the insurer every backing to authenticate the requirement of repair and the charges are rational.
  • Other Important extension covers are also available basis additional premium amount paid as per plan.
  • Loss/damage to electrical/non-electrical accessories.

Schedule of expenses as against the depreciation of parts.

The cost of replacement shall be reimbursed as against the Components of the parts and depreciation ratio counted against it.

Nature of Expenses

% of Depreciation

For parts which are made of rubber/nylon/plastic parts, tyres, tubes, batteries and air bags

50% depreciation

Parts which are made of fiber glass components

30% depreciation

Rest any other parts which are made of glass

Nil depreciation

                                                        

Schedule for Rate of depreciation as against the plan term

Age of Vehicle

% of Depreciation

Post issuance of plan , however not more than 6 months

0%

Post 6 months after plan issuance  but not later than 1 year

5%

Post 1 year after plan issuance but not later than 2 years

10%

Post 2 years after plan issuance but not later than 3 year

15%

Post 3 years after plan issuance but not later than 4 years

25%

Post 4 years after plan issuance but not later than 5 years

35%

Post  5 years after plan issuance but not later than 10 years

40%

Post  10 years after plan issuance

50%

 

Personal Accident Cover for Owner/Driver

The Liberty Videocon Two Wheeler Insurance Plan brings a complete peace of mind for the owner- driver of the two wheeler through its two wheeler plan. The Bike Insurance Plan offers comprehensive coverage for personal accident coverage in the events of death or body injury. The ratio of compensation is derived as per the schedule mentioned in the plan offer documents.

No Claim Bonus in Liberty Videocon Two Wheeler Insurance plan

No Claim Bonus (NCB) paid as a direct discount on premium of the own damage portion of the vehicle subjected to no claim has been made during the last plan period of one year and renewal of plan to a further term. The insured may avail a discount ranging from 20-50% on the own damage Premium and can be accrued up to a maximum limit of 50% on OD premium.

Apart from this, customer may transfer the benefits of No claim bonus even if they migrate to any other insurance provider from Liberty Videocon General Insurance or vice-a-versa.

The benefit of no claim is derived basis the discount percentage as given below.

All Types of Vehicles

% of Discount on own Damage Premium

No claim made or pending during the preceding full year of insurance

20%

No claim made or pending during the preceding 2 consecutive year of insurance

25%

No claim made or pending during the preceding 3 consecutive year of insurance

35%

No claim made or pending during the preceding 4 consecutive year of insurance

45%

No claim made or pending during the preceding 5 consecutive year of insurance

50%

 

Process to Claim Liberty Videocon Two Wheeler Insurance Plans

In the event of any accident, loss or damage of the insured vehicle, the customer does have multiple channels to lodge his claim.

  • By visiting nearest branch office. List of nearest branch is available on the website.
  • Dropping a mail Care[at]libertyvideocon[dot]com
  • By sending a written intimation letter to registered office or the applicable branch office by post or courier

Basic details required to lodge a claim

  • Motor Insurance plan number
  • Name of Insured and contact details
  • Complete address where the loss or damage occurred
  • Complete address where the damaged vehicle is available for inspection
  • Registration number of the vehicle.
  • Name of the person who was driving vehicle at the time of damage and his driving license number ​OR in case of theft, name of the person in whose custody the vehicle was
  • Name of the police station to whom the loss or damage is notified
  • Your name, complete contact details and relationship with the Insured
  • Brief description as to how the loss of / damage to the vehicle took place
  • Name/s of person/s who sustained bodily injury/injuries and / or died in the mishap​
  • Estimated loss amount, if you are aware
  • Details of loss minimization, if undertaken by insured

Documents required lodging a claim for Videocon Two Wheeler Insurance

         i.  In case of accident

  • Claim Form duly filled and signed by Insured
  • Copy of Registration Certificate (RC) with the original for verification (in case of total theft, original RC needs to be surrendered)
  • Copy of driving license with the original for verification
  • Police First Information Report (where applicable)
  • Fire Brigade Report (in case of fire)
  • Original Repair/Replacement Bills (in case of Reimbursement Claim)
  • Photographs of the damaged vehicle
  • Subrogation & Power of Attorney in case of Total Loss
  • Discharge Voucher

       ii. In case of theft or robbery

  • Claim Form duly filled and signed by Insured
  • Copy of Registration Certificate (RC) with the original for verification (in case of total theft, original RC needs to be surrendered)
  • Copy of driving license with the original for verification
  • Police First Information Report (where applicable)
  • Fire Brigade Report (in case of fire)
  • Original Repair/Replacement Bills (in case of Reimbursement Claim)
  • Photographs of the damaged vehicle
  • NOC from f​financer in case of Total Loss and Theft
  • Subrogation & Power of Attorney in case of Total Loss
  • Discharge Voucher
  • Entire set of vehicle keys
  • Indemnity Bon

Mode of Payment of Claim

Under the plan, Provision for both Cashless & Non-Cashless reimbursements is provided. If the vehicle is repaired in a network garage, then the expense shall be directly paid to the garage subject to the total expense falling under the claim criteria. Any excess payment has to be paid by the customer to the garage.

In case the rep[air has been undertaken in any non network garage , then customer has follow the reimbursement claim process as per the document list provided above and the claim amount shall be remitted directly to customer’s bank account within 7 working days time line.

General Exclusions under the Liberty Videocon Bike Insurance Plans

The Liberty Videocon Two Wheeler plans shall not extend its benefit for below mentioned cases,

  • For any loss or damage occurred outside the geographic area mentioned in the plan coverage, No claim shall be accepted.
  • No compensation shall be paid for any loss or damage which has happened as a direct or consequential effect of contractual agreement.
  • No compensation shall be paid as per plan benefit in case the death or injury has occurred when the insurer is inebriated.
  • In the event of death or injury wherein the driver is found driving the Vehicle without a valid driving license.
  • No separate claim shall be reimbursed for any Damage to tyres/tubes. However this exception shall not be applicable for cases where the insured two wheeler is also damaged in the same accident.
  • The maximum quantum of compensation could be up to 50% of  actual cost incurred towards replacement of such parts.
  • Self inflicted injury or suicide or driving under the influence of narcotics, drugs or alcohol is not covered or even as a part of war or terrorism
  • Normal wear and tear of the vehicle and depreciation

Most Important Terms & conditions for Liberty Videocon Two Wheeler Insurance Plans

  • Any electrical and/or electronic equipment that is not factory-fitted with the vehicle can be covered under electrical accessories at an additional premium. The value of such accessories will be as declared by the insured at the invoice value.
    • Any non-electrical/non-electronic equipment that is not factory-fitted with the vehicle can be covered under non-electrical accessories at an additional premium of invoice value (at Own Damage rate). The value of such accessories will be as declared by the insured at the invoice value of the plans.
    • A legal liability for paid driver implies that if you have hired a driver to drive your vehicle and he meets with an accident while driving it, then the insurance company will provide compensation for his injury/loss of life.
    • Insured's Declared Value shall be calculate at the current market value of vehicle & adjusting the manufacturer's current listed selling price of the vehicle with depreciation percentage as mentioned in the plans.
    • The compensation towards personal accident plan be payable provided
  • The owner-driver is the registered owner of the vehicle insured
  • The owner-driver is the insured named in this plan.
  • The owner-driver holds an effective driving license, in accordance with the provisions of Rule 3 of the Central Motor Vehicles Rules, 1989, at the time of the accident.

Liberty Videocon Two Wheeler Insurance - FAQs

1. How to pay a premium? What are the modes of payment available?

The Liberty Videocon General Insurance company Ltd. offers 3 modes of premium payment namely:

  • Cash payment at the branch
  • Credit/Debit Card
  • Net banking

2. How can I check policy status for Liberty Videocon two wheeler insurance?

You can contact the nearest branch to check policy status.

3. What is the policy renewal process for Liberty Videocon two wheeler insurance?

You can also visit the nearest branch and can renew your policy.

4. What is the company’s process to settle claim for Liberty Videocon two wheeler insurance?

You can visit the nearest branch personally or you can intimate the company on the toll free number. You can send the claim form on company’s mail id care[at]libertyvideocon[dot]com. You can also send the claim form by post to the company. Usually the claim is settled within 7 working days if no discrepancy comes.

5. What is the policy cancellation process for Liberty Videocon two wheeler insurance?

If the vehicle is liability covered you can ask for the cancellation of the policy. For the cancellation of the policy, just visit the nearest branch.

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Liberty Videocon Two Wheeler Insurance Reviews

TOTAL REVIEWS (1)
Raghav
Bhopal
May 13, 2016

Good Service

I own liberty videocon two wheeler insurance policy plan. The policy is great with good benefits. Large number of garages are facilitate services. The tow facility is also there for free. Policy coverage is high ~86% and the claims are even better. Good investment, I like the plan.