Reliance Two Wheeler Insurance
Reliance Two wheeler insurance by Reliance General Insurance Company Limited is a pioneer in the bike insurance sector and is a part of Reliance Capital Ltd. One of the leading companies in the general insurance business, Reliance General Insurance Company has carved out space in the industry. The company deals in different types of non-life business which also includes two-wheeler insurance.
Features & Benefits of Reliance Two Wheeler Insurance
All Reliance two-wheeler insurance plans have some basic features which are mentioned below:
- There are two types of variants in which the two-wheeler Insurance plan can be issued. One is the Third Party Liability Only policy and one is the Package Policy
- A third party liability policy is a mandatory policy as per law and would provide only the basic coverage. This policy will cover any sort of bodily injuries or death which an individual different from you might suffer as a direct result of your vehicle, any damages to any other individual’s vehicle whether it is a two-wheeler or a four-wheeler and also any damage to any property due to your vehicle. This policy does not cover any ensuing damages to yourself or your vehicle
- A comprehensive package policy will cover all the facets of a Third Party Liability policy and will also provide coverage to you if you suffer any injuries and also your motorbike if it is damaged or stolen. This is the reason it is called a package policy.
- The two-wheeler insurance plan, whether it is issued as any variant, will be issued for a period of 1 year and after the completion of this tenure, the plan has to be renewed.
- The premium of this policy would depend on the Insured Declared Value of your vehicle, which is also called IDV in short. Various companies compute different IDVs and the premium is directly proportional to the IDV
Advantages of buying a Reliance Two-wheeler insurance plan
The two-wheeler plan offered by Reliance General Insurance offers a host of advantages in the form of additional features. The following are the advantages of availing a plan from Reliance General Insurance.
- There are additional add-on covers available under the plan which offers the facility of enhanced coverage and customization of the plan.
- Personal accident cover of 15 lakhs
- There is a facility of cashless claim settlement across preferred 159 network garages
- The company specializes in servicing of claims and their settlement in the fastest possible time. The claim settlement process adopted by the company is hassle-free and simplified.
- The insurance plan can be bought or renewed online through an easy and fast application process. The customer simply has to visit the company’s website and choose ‘motor insurance’ tab under which a Two-wheeler insurance plan is offered to the customers online
- The company provides a 24*7 telephone support and assistance to deal with claims raised by customers which is available even on holidays
- A No Claim Bonus is given to policyholders for every claim-free year. The bonuses accumulated for subsequent claim-free years. The rate of the No Claim Bonus offered by the company is 20% for the first year, 25% for two consecutive years, 35% for three consecutive years, 45% for 4 consecutive years and 50% for five consecutive years.
- There is also a concept of voluntary deductibles which can be chosen by the policyholder to lower the premiums payable. A deductible of Rs.500 to Rs.1500 can be chosen thereby lowering the premium by 5%-20% or by Rs.50 to Rs.200
Scope of Coverage in Reliance Two Wheeler Insurance
The following contingencies are covered for in the two-wheeler insurance plan offered by Reliance General:
- Fire, self-ignition or lightning, explosion, earthquake, typhoon, flood, hurricane, tempest, storm, inundation, hailstorm, cyclone, etc. which are natural events and can cause any damage to the vehicle
- Man-made causes which incur a loss for instance theft, riot, burglary, strike, accident through external means, malicious act, damage to the two-wheeler in transit by inland waterway, road, rail, lift, elevator or air or terrorist activity
- A third party cover which covers damages made to third party or property and which is legally mandatory in nature.
Exclusions under the Reliance General Bike Insurance plan
The plan does not cover the following damages incurred on the vehicle
- Wear and tear and general aging of the two-wheeler
- Any sort of electrical or mechanical breakdown
- Situations where the vehicle is used against its limitations
- Depreciation and its consequential loss
- Damage to or by a person driving the vehicle without having a valid driving license
- Any damage is done to the vehicle or by the vehicle if the person is driving under the influence of alcohol
- An amount of compulsory deductible payable by the policyholder in cases of claim
Documents required for Reliance Two Wheeler Insurance
No documents are required to be submitted under the plan but the policyholder has to provide the following details to avail of the plan:
- Registration Number
- Engine Number
- Chassis Number
- Previous Policy Number, if applicable
- Vehicle Manufacturing Date
- Date and city of purchase
- Contact details of the policyholder
- Copy of the vehicle’s RC Book
Add-on Covers under Reliance General Two Wheeler Insurance
The plan offers two kinds of add-on covers to enhance the coverage. The following add-on covers are available under the plan:
Nil Depreciation Cover - This cover provides protection against the reduction in the value of the vehicle owing to the depreciation of the vehicle. At the time of claim, a major proportion of the deduction in the claim is charged based on the age and the value of the depreciated parts which are replaced. With this cover, no deductions are done on the car’s parts, except tyres and tubes. However, certain things have to be kept in mind before opting for this cover:
- The coverage is offered only on rubber, nylon and plastic parts and fiberglass components of the vehicle
- Vehicles of a maximum age of 2 years can only be covered
- A maximum of 2 claims per policy period is available under the cover
- The extra coverage can be added at the time of purchase of a new vehicle or at the time of renewal
- Only two-wheelers are covered under the cover
- The claim under the cover is settled by the company only if the repairs are done by or at authorized dealers or workshops
- Indemnity to total loss, constructive total loss or theft claims are not granted under the cover
- Tyres and tubes are excluded from the scope of coverage and so are the parts not approved by the Motor Insurance Policy
Personal Accident Bundle Cover: The Company offers personal accident bundle cover which provides for cover in cases of death or permanent disablement of the plan buyer in any part of the world irrespective of the driver of the vehicle. The amount of sum insured differs depending upon the type of physical damage caused to the plan buyer. The list of benefits and the sum insured amount is given below:
- In cases of death or permanent total disability, the company gives a compensation standing at the rate of 100% of the capital sum insured which is fixed at Rs.5 lakhs.
- In case of loss or physical separation of two limbs or loss of sight for both eyes, the company gives a compensation standing at the rate of 100% of the capital sum insured which is fixed at Rs.5 lakhs.
- In case of loss or physical separation of one limb and loss of sight of one eye, the company gives a compensation standing at the rate of 100% of the capital sum insured which is fixed at Rs.5 lakhs
- In case of loss or physical separation of one limb or loss of sight of one eye, the company gives a compensation standing at the rate of 50% of the capital sum insured where the Capital Sum Assured is Rs.5 lakhs and the resultant compensation is Rs.5 lakhs
Method of Reliance Two Wheeler Insurance Claim Settlement
A policyholder making a claim should follow the following steps to raise and settle the two-wheeler claim:
- The claim has to be registered by calling the company’s toll-free helpline number immediately when the claim arises
- The vehicle should be taken to any of the authorized garages for repairs and the required documents need to be submitted to the surveyor
- The company will then confirm the liability
- In case of Cashless facility through repairs done at authorized garages, the company directly settles the bill with the garage
- In case repairs are not done at any authorized garage, the policyholder foots the bills himself. He then submits the bills and the claim form to the surveyor or company and the claim is settled
- The vehicle is then delivered to the policyholder
Applying for Two-Wheeler Insurance Plans from Reliance
Two - wheeler insurance plans offered by the company can be applied to through multiple channels like:
- Individuals desirous of availing any plan can simply call the Sales helpline of the company and speak to the customer service representative.
- They can provide their name and mobile number on the website of the company and request for a callback
- Online car insurance plans can be simply applied by visiting the company’s official website @reliancegeneral[dot]co[dot]in and purchase the plan.
- Lastly, customers may also visit the company’s branches or get in touch with an agent to buy the plans required.
You can also check insurance for the following bike models:
Reliance Two Wheeler Insurance - FAQs
Ans: The Reliance General Insurance Company offers 2 modes of premium payment namely:
- Cash payment at the branch
- Online Payment
For the online payment mode, the policyholder can pay via;
- Credit Card
- Debit Card using ATM PIN
- Net banking
Ans: You can check the policy status online, with username and password in the Login tab, on the home page.
Ans: You can go for the online renewal on the website of the company. To renew the policy online you need to provide current policy details, such as policy number, Name, Vehicle registration number, e-mail address, and contact details. Then you can have a premium calculation and if you proceed for the payment it will carry you to the payment gateways. As soon as you pay the premium, your policy is renewed.
Ans: To settle the claim you can intimate the company by filling a form online and uploading relevant documents.Upon successful acceptance of the process, the claims are settled within a week.
Ans: Submit the policy documents with surrender form at the nearest branch. Upon successful proceeding, the refund is deposited directly in your bank account and the policy stand cancelled.