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Reliance Bike Insurance
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Reliance General Insurance is one of the leading general insurance companies in India. Incorporated on 17th August 2000, Reliance General Insurance is an Indian private insurance company. It is a 100% subsidiary of Reliance Capital Limited, a diversified financial services company promoted by the Reliance Group.
Reliance General Insurance provides insurance services across the domains of home, health, motor and travel. It also offers commercial insurance services which include commercial vehicles, marine and office. It has over 139 offices and 900+ intermediaries across the country. Reliance has come up with innovative insurance products such as India’s first over-the-counter health and home insurance policies. Reliance general insurance company was India’s first insurance company to receive an ISO 9001: 2008 certification.
Types of Reliance Two-wheeler Insurance Policies
When you buy a two-wheeler insurance policy from Reliance, you can choose from the following options:
- Third-party liability only- Third-party liability only provides coverage against third party financial liability. Third-party liability is mandatory under the Motor Vehicles Act, 1988. Third-party liability not only covers third-party property but also covers death or bodily injuries suffered by the third party due to an accident involving your bike.
- Comprehensive two-wheeler insurance- Third-party liability covers only the liabilities arising to the third party. However, comprehensive insurance policies include coverage against own damage and theft along with third-party liability. All the damages suffered by the insured vehicle are covered under comprehensive two-wheeler insurance policies. Reliance two- wheeler insurance offers an annual comprehensive two-wheeler insurance policy.
There are two types of third-party liability only insurance plans. They are as follows:
- Single year comprehensive policy- Single year policy provides coverage against third-party liabilities as well as own damage for a term of one year and can be renewed on an annual basis.
- Long term comprehensive policy- This insurance policy provides coverage against third-party liability as well as own damage for a longer tenure of 2,3 or 5 years.
Bundled plan- Bundled plan provides coverage for third-party liability for 5 years and own damages cover for your vehicle for one year. This policy is available for new two-wheelers.
Two Wheeler Own Damage (OD only)-The policy offers coverage against own damages and does not cover third-party liabilities. However, you can only opt for this policy, if you already have third-party insurance.
Note- As per the latest guidelines of IRDAI, every two-wheeler owner is mandatorily required to buy a 5-year third-party liability insurance policy at the time of purchasing a new bike or scooter. You can get third party liability insurance cover for 5 years and own damage cover for one year under a bundle plan. Alternatively, you can also choose to buy a standalone own damage annual cover along with a standalone 5-year third-party insurance policy.
Benefits of Buying Reliance Two-wheeler Insurance Policy
Let’s have a look at the benefits of buying Reliance two-wheeler insurance policy:
- Zero paperwork- Reliance two-wheeler insurance plans are available online and the process is paperless and hassle-free. Going paperless not only makes the process easy but also results in saving a lot of time and resources. Both the process of buying insurance policy and renewing is made easier and faster online.
- Easy renewal- Reliance provides a very easy renewal process which can be done online by following simple steps. You just need to fill in a few details such as the registration number of your vehicle and get a quote. On payment of the premiums, your policy will be renewed and sent to you in your email ID.
- Quick support- Reliance offers 24* 7 support through its telephone services and assistance even on holidays. Its customer support ensures to provide assistance in a smooth manner.
- Cashless network garages- Reliance has tie-ups with over 6200+ cashless garages across the country. You can avail the cashless benefit by locating a network garage near your area. You can also avail roadside assistance for towing your vehicle to the network garage.
- Transparency and safety- Everything from buying, renewing and claiming can be done online which ensures transparency and you can make the payment of the premium through secured gateways. While buying the insurance, all the details are available online ensuring transparency and full disclosure.
What is Covered Under Reliance Two-wheeler Insurance Policy?
Reliance two-wheeler insurance provides coverage against the following damages-
- Third-party liability- The third-party refers to any person to whom damages have been caused due to an accident in which the insured vehicle is involved. All the damages arising to the third-party or third party property are covered under two-wheeler plans.
- Natural disasters- Damages or losses to your bike or scooter due to natural disasters such as lightning, earthquake, floods, cyclone, etc. are covered under comprehensive two-wheeler insurance policy.
- Theft- Reliance two-wheeler insurance covers theft. If your vehicle gets stolen, then you can make a claim in which the insurance company will pay you a lump sum amount for the loss suffered.
- Own damages- Reliance two-wheeler comprehensive insurance policy covers damages caused to your vehicle due to man-made disasters like fire, explosion, riots, strikes, etc.
- Personal Accident (if opted) - Personal Accident cover covers death or disablement suffered due to an accident when riding the bike. Personal accident cover can be taken for both the driver of the vehicle as well as the pillion rider by paying an additional premium.
What is not Covered Under Reliance Two-wheeler Insurance Policy
Reliance two-wheeler insurance does not cover the following:
- Mechanical and Electrical breakdown- No coverage is provided for a mechanical or electrical breakdown of the vehicle.
- Consequential loss- Damages arising due to original damages will only be covered. If the original damage causes subsequent loss such losses would not be covered under two-wheeler insurance policies.
- Limitation as to use- If you use your vehicle other than in accordance with the limitations specified as to use, no cover will be offered by Reliance. For example, if you use your two-wheeler for commercial purposes, you cannot make a claim under the two-wheeler insurance policy.
- Regular servicing- The owner of the vehicle will bear the cost of regular servicing and no claim can be made for normal wear and tear or depreciation of your vehicle.
- Driving without a valid licence- If you drive your vehicle without a valid driving licence, then you cannot make a claim to the insurance company if any damage is suffered by your vehicle.
- Outside the geographical area- Damages or losses outside the geographical limits of the country would not be covered. An accident which takes place beyond the Indian borders resulting in damages would not be entertained by the insurance company.
- Accessories- Reliance two-wheeler insurance does not cover loss or damages to vehicle accessories by housebreaking, burglary or theft unless the bike is stolen at the same time.
- Damages due to drunk driving- If you drive your vehicle under the influence of drugs or alcohol and an accident takes place, Reliance will not entertain any claims for damages arising due to such activity.
When you are making a claim of your Reliance two-wheeler insurance policy, you should keep the above-mentioned exclusions in mind to ensure that your claim does not get rejected.
How to Apply for Reliance Two-wheeler Insurance Policy?
Getting bike insurance now is as easy as you can imagine. The whole process is done online and is quick, pretty simple and reliable. The process to apply for Reliance two-wheeler insurance policy is stated below:
- Visit the insurance page- Visit Reliance two-wheeler insurance page by logging into the official website of the company (https://www.reliancegeneral.co.in/Insurance/Motor-Insurance.aspx) and fill in basic details such as your mobile number, email address and registration number of your vehicle.
- Details of the vehicle- After filling basic details, enter the details of your vehicle such as the two-wheeler model variant, the state in which the vehicle is registered and the age of your bike.
- Select a policy- After entering all the details, select a two-wheeler insurance policy from different plans shown along with the premium quotes. You can take the assistance of an agent by calling the customer service for any query.
- Pay the premium- After finalizing your policy and add-ons pay the amount of premium and the policy would be issued. Also, a hard copy of the policy will be sent to your registered address.
Reliance Two Wheeler Insurance Claim Process
With Reliance, the claim settlement process is very simple. It can be done either through cashless facilities at any network garages of Reliance or by claiming reimbursement for the cost of repairs. The step-by-step process of both the types of the claim as follows:
- Inform the insurer- Call the toll free number of the insurance company to register your claim. You can also inform the insurance company online through the self-help facility on the official website of the company (https://www.reliancegeneral.co.in/Insurance/Motor-Insurance.aspx ). In case a third party is involved in an accident or there is theft, you must file an FIR at a nearby police station.
- Nearest Garage- Take your two-wheeler to the nearest garage for repair. However, if you want to avail cashless benefit then you will have to take your vehicle to the nearest network garage. You can call the insurance company for assistance to locate the nearest Reliance network garage.
- Survey- The insurance company will send a surveyor who will survey the damages and you will have to submit the claim documents after the survey. The agent will confirm the amount of liability to the insurance company after inspecting the extent of the damage.
- Settlement of claim- After due verification, the insurance company will settle all the bills directly to the network garage. In case of reimbursement of claim, you can submit the bills and the claim form to the insurance company and the amount will be credited to your account later.
Reliance General Insurance has come up with Reliance self-i app in which you can intimate the claim to the insurance company instantly. Moreover, it also provides a live video call facility with their claim experts who will assist you in the claim process and keep you informed about the status in real-time.
Renewing a Lapsed Reliance Two Wheeler Insurance Plan
You should renew your insurance plan immediately on or before the expiry of the existing two-wheeler policy. You can renew the insurance policy online by visiting the official website of Reliance General Company (https://www.reliancegeneral.co.in/Insurance/Motor-Insurance.aspx ). Enter your mobile number or policy number and pay the premium. The policy will be renewed instantly.
However, if you do not pay the premiums on time, your insurance policy will lapse. You can reinstate your policy by paying the premiums within the grace period offered by the insurance company. If you fail to pay the premiums within the grace period, your two-wheeler insurance policy will lapse and you will have to contact the insurance company to renew your lapsed policy. Reliance will conduct a verification of your vehicle again and offer you a fresh quote to renew the plan.
Review of Reliance Two-wheeler Insurance
Reliance General Insurance has a huge customer base including corporates individuals and small & medium enterprises. The insurance company rewards you for being a safe driver by lowering the premium amount of your two-wheeler insurance policy. Claim settlement ratio for the financial year 2019-20 stood at 98% for two-wheeler insurance. Reliance General Insurance has been awarded as “General Insurance Company of The Year” in the year 2015 at the Indian Insurance Awards. It has also received “ET best BFSI Brands Award” in 2016. Reliance is known for its claim settlement and providing reliable services in the fastest and shortest possible time. Reliance two-wheeler insurance is, thus, an ideal choice if you are looking for a reliable insurance policy for your bike or scooter.
Reliance Two Wheeler Insurance Contact Information
|Registered and Corporate office||Reliance Centre, South wing, 4th floor, off Western Express Highway, Mumbai-400055|
|Contact number||+91 22 4890 3009|
|WhatsApp number||74004 22 200|
Add ons for your Two Wheeler Insurance
Reliance Bike/Two Wheeler Insurance FAQs
1. What is IDV in two-wheeler insurance policies?
IDV stands for Insured Declared Value which is the current market value of your bike or scooter calculated after deducting the amount of depreciation. IDV is an important component of a two-wheeler insurance plan as it determines the compensation amount. If your vehicle is stolen or your vehicle is destroyed totally, the IDV of your vehicle is offered as a claim.
2. What are the add-ons available with Reliance two-wheeler insurance plan?
Two-wheeler insurance plans offer basic protection, you can increase the coverage of your two-wheeler policy by buying add-ons at an added premium cost. Reliance two-wheeler insurance offers standard two-wheeler insurance add-ons such as:
- Nil depreciation cover
- EMI protection
- Helmet cover
- Daily allowance benefit
3. What is the incurred claim ratio of Reliance Motor Insurance for the financial year 2019-20?
Incurred claim ratio of Reliance motor insurance for the financial year 2019-20 stood at 85%.
4. Is there any discount offered under Reliance two-wheeler insurance policy?
Reliance offers a discount on bike insurance to the vehicles with approved anti-theft insurance. You can also avail a no-claim bonus which ranges from 20% to 50% for every claim-free year. In addition, you can also get discounts for choosing a voluntary excess and discounts for being a member of recognized Automobile Associations of India.
5. What documents do I need to submit for making a claim of Reliance two-wheeler insurance policy?
Documents you need to submit for making a claim are as follows:
- Filled and signed claim form
- Duplicate copy of registration book and driving licence
- Proof of two-wheeler insurance- policy document for cover note copy
- FIR or police panchnama in case of third-party property damage, bodily injury or death
- In case of a reimbursement claim, repair bills and the payment received after the repairs is completed
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