Private general insurance provider Liberty General Insurance Limited is based in Mumbai, India. It is a partnership of the Indian industrial giant DP Jindal Group, the US property and liability insurer Liberty Mutual Insurance Group, and the Indian private investment fund Enam Securities.
As a joint venture between Liberty Mutual and Videocon Group, Liberty General Insurance came into being in 2013 as Liberty Videocon General Insurance. The company was renamed Liberty General Insurance Limited after Videocon sold its significant stake (more than half) of its own in the venture to a partnership between DP Jindal and Enam Securities.
Advantages of Having Liberty General Two-wheeler Insurance
Safety from Natural Disasters
If you have a comprehensive two-wheeler insurance, you will be protected from paying for damage to your vehicle due to accidents like floods and earthquakes, to mention a few.
Protection from Unnatural Occurrences
Bike insurance protects you from loss and damage brought on by theft, strikes, break-ins, or conflict.
Legal Obligations
There will undoubtedly be legal ramifications if a third party is hurt in an accident involving your two-wheeler. Your protection from any third-party liability resulting from an accident is provided by third-party bike insurance, which requires two-wheeler insurance.
Other Advantages
You qualify for unique savings like a No Claim Bonus (NCB) when you purchase a two-wheeler insurance policy and renew it frequently and on time. The NCB is the incentive you receive for each year of claim-free insurance. In other words, it's the reward offered by the insurance company for maintaining your bike and driving safely. The higher the NCB in bike insurance, the lower your insurance price will be when your two-wheeler insurance is renewed.
Insurance Protection Against Personal Injury
The two-wheeler insurance policy also offers you the benefits of personal accident insurance, which protects the rider from injuries sustained in an accident. If you own a bike, having this cover is required by law along with your bike insurance policy. You do not need to obtain a new personal accident bike insurance policy if you already have one from a previous vehicle when you buy a new two-wheeler.
Long-term Coverage
Long-term bike insurance policies, which can cover your two-wheeler for three years, have been introduced by insurance companies. The main advantage of this choice is that the premium is fixed for the whole term and does not change, in contrast to yearly renewal, where customary insurer price increases or changes in tax rates usually result in premium increases. In addition, you won't have to stress about the three-year yearly renewal deadline.
Comprehensive Insurance Policy
This offers total coverage for both the insured and the two-wheeler. In other words, the comprehensive plan includes coverage for your injuries, third-party liability, and any damage to or theft of your bike. Some bike insurance companies additionally provide various options and add-ons, including zero depreciation coverages that include the cost of consumables. Additionally, it gives the owner or rider personal coverage in the event of an accident. Further, you are protected by this kind of two-wheeler insurance from third-party liability.
Importance of Choosing Liberty Two-wheeler Insurance Policy
Liberty bike insurance, the nation's largest bike insurance provider, paid out more than 91% of all two-wheeler insurance claims during the previous fiscal year. To meet all of your insurance needs, more than 1200 devoted personnel are available at 110 locations across 29 states and 95 Indian cities.
With more than 5,500 partner garages and 5800+ partner hospitals as part of an ever-expanding network, Liberty General Insurance continues to broaden its effect and reach in India while offering consumers a variety of choices.
Additionally, Liberty General Insurance provides a range of customisable insurance options such as:
- Health and personal accident insurance
- Two-wheeler insurance
- Employee compensation insurance
- Business insurance
- Boat insurance
- Fire insurance
Liberty General Insurance's Two-wheeler Insurance Package Policy: Everything You Need to Know
In this policy, the term "two-wheeler" means any bike, scooter, autocycle, or other motorised two-wheeled vehicle listed in the schedule. This policy attests that it is governed by the terms, exceptions, and conditions or otherwise supported or declared hereon.
Categories of characteristics are included in bike insurance policies; let's go over each one:
Section I - Damage to Insured Bike
The business will reimburse the insured if the insured's bike and accessories are lost or damaged.
1. Criminal activity includes, among other things, robberies, bike theft, property damage, riots, and strikes.
Read more - Theft Cover in Bike Insurance Explained
2. Examples of natural disasters include flooding, typhoons, cyclones, storm or hurricane inundation, hailstorms, or frost.
3. If your bike faces any damage during, rail, inland waterway, elevator, or air journey.
Section II- Third-Party Liability
The company will reimburse the insured against any sums that the insured will be legally obligated to pay in respect of any of the following in the event of an accident caused by or arising out of the usage of the covered vehicle.
However, if such a fatality or damage results from and in the course of the insured's employment of such a person, the business shall not be liable, except to the amount required by the Motor Vehicles Act.
Key Takeaways
You are shielded from third-party claims such as third-party death, property damage and medical expenses if you have Liberty bike insurance. Without two-wheeler insurance, you are liable for the cost of repairs if your bike is wrecked.
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