Reliance Two Wheeler Insurance FAQs

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.

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

Incurred claim ratio of Reliance motor insurance for the financial year 2019-20 stood at 85%.

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.

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

Driving a two-wheeler with an expired insurance policy is illegal. The owner of the two-wheeler must plan on renewing the existing policy before it hits its expiration. It is also risky to take out the two-wheeler on the streets without insurance or an expired insurance, as it is vulnerable to impending damages and losses. 

Apart from the regular reminder Reliance sends to its customers for the renewal of an insurance policy nearing the expiration date, 90 additional grace days are offered for the clients to keep up with the renewal process. Further delay may require the company to inspect the bike before renewal. 

A no-claim bonus is a discount a client receives when they make zero claims while being on the tenure of an insurance policy. The bonus acquired would lessen the customer's premium for the bike insurance. In fact, Reliance increases the discounts with consecutive years of zero claims made by the client. E.g., if a customer goes 5 years without registering a single claim, they would get a 50% discount on their premium. 

If one exceeds the grace days of 90 days, the discount offer via the no claim bonus policy is shunned. However, the older insurance is eligible for the no claim bonus if one attempts to renew it within the grace days or before it. 

The voluntary deductible amount is a certain bracket of payment that the insured pays for a registered claim as the rest of the claim's amount is paid out by the insurance company. The higher one pays on this, the lesser the premium for the customer. 

The claim settlement ratio weighs the totality of claims fulfilled by the insurance company to the number of claims received by the company. Subject to the available data, the Reliance settlement claim ratio had rounded to be 84.26% for the financial year 2020. 

Post the expiration date of the insurance coverage period; the policyholder gets a total of 90 grace days. The insured shall try to renew the policy within this period to claim their no-claim bonus advantages rightly. 

A survey of the two-wheeler takes place after registration of the claim to comprehend the extent of losses the vehicle has sustained. It is then sent to any network garage for repair. If the claim amount exceeds INR 20,000, a re-inspection takes place for the two-wheeler. 

An FIR should be drafted at the nearest police station whenever a theft or an accident (with indicative reasons) takes place. According to the Reliance General Insurance, the involvement of the third party or vehicle theft would call for a filing of the FIR. 

The benefits of a no-claim bonus are very much transferable. If a client opts for a different company for a new insurance policy or just renews the existing one, their accumulated no-claim bonus would get adjusted to the next granted insurance coverage. 

The insurance company makes important information available to the policyholder through the policy document. Apart from all the functionalities and facilities offered by the company, the policy document also consists of – 

• The insurance plan type and its policy number.
• The premium and tenure of the coverage plan. 
• The opted inclusions and exclusions and the company's terms & conditions as a whole. 
• The insured declared value and the premium of the insurance coverage. 
• The insured's registered personal details with reference to the insured asset. 
• The process of grievance redressal. 

Yes, one may take a printout of the soft copy of the Reliance two-wheeler policy document and serve it as a physical document. It shall be considered as the original document of the same. 

An endorsement is documented proof that arises when certain changes in the policy occur. The change is agreed upon by both parties. These changes could either be related to name change, address change, spelling error, etc.

One may visit the insurance company's official website to submit an endorsement request for changes to be made to the policy document. Submissions through request letters to the company are also a valid option. The company shall quickly verify the changes proposed and enact them on the original document. One may also get in touch with the insurance provider and present the proof of the changes to be made in the existing policy.   

No, if one has given wrong inputs regarding their address or contact details, the rectification may be done free of cost. One simply has to submit a request to the insurance company to rectify the mistake. 

A maximum of two claims are applicable to the insured who has opted for the daily allowance add-on. Reliance bike insurance also lets its customers choose the days and the respective amount for attaining the allowance benefit.

The insured limit per helmet under the helmet protection coverage is INR 50,000. Annually, the add on pledges to cover more than one helmet for a maximum of one accident. The sum insured is only applicable for accidental damages – does not include any coverage for irregularities due to daily wear and tear or theft.

The EMI protection serves as assistance to offload the financial burdens of the policyholder. This triggers when the vehicle of the insured is still under repair in any of the Reliance authorized network garages across the county. The Reliance bike insurance add-on policy for EMI protection also seeks to make the payment directly made to the financial institution.

The daily allowance benefit is a big help when the insured bike is at the garage for repairs and the insurance holder has to opt for another transportation medium. The insurance company compensates for the day-to-day commute with a limitation of INR 5,000 per day – available for only two claims.

The daily allowance benefit only provides the insured sum given the damaged bike is in any network garage of the insurance company for more than 3 consecutive days. If the bike has not been freed from the authorized garage in less than 90 days, a lump sum of the theft benefit is provided to the insured. Further changes or additional conditions shall be available in the insurance policy document for the clients to go through. 

No, the comprehensive insurance policy for two-wheelers is not legally compulsory, as stated by Indian law. 

Compensation up to INR 7.5 lakhs is offered for the occurrence of any third-party property damages against any insured bike. 

A maximum of INR 15 lakh is reserved for any personal accidents occurring to the insured bike owner. 

Yes, all the comprehensive package policies are digitally enabled nowadays. 

Yes, online renewal services are available for comprehensive packages. One needs to visit the official website of the insured company to proceed further. 

The following documents are required while purchasing the insurance cover:

• Registration number
• Engine number
• Chassis number
• Previous policy number(if any)
• Vehicle manufacturing date
• Date and city of purchase
• Contact details
• A copy of your vehicle’s RC book

The official website of Reliance General Insurance makes the steps to renewing a third-party insurance policy simple. To proceed, one needs to provide the previous policy number/ cover number and the engine number. 

Usually, policyholder has to buy this PA cover separately along with the base third-party bike insurance policy.  Personal accident cover is mandatory to buy  for every bike owner. 

The first and second parties are the insured or the policyholder and the insurance company, respectively. The insurance company assists the insured in compensating for the indemnified losses incurred by the third-party. 

The compensation to the accident victim is decided by the Motor Accident Claim Tribunal or MACT. IRDAI has done away with tariffs. Instead, the premium on the third-party liability cover is fixed by IRDAI.

The zero depreciation cover does charge a higher premium than a regular insurance policy. For the extra amount paid, the policyholder receives an assurance of safety. The add-on acts as a bulwark to the volatility of the market's depreciation rates and provides compensation for the incidental dents or damages occurring upon the spare parts of the bike. 

The zero depreciation add-on helps claiming a few times by the insured. Usually, maximum 2 claims are allowed during the policy tenure. However, these limits are subject to change with each insurance company. It is best to get in touch with the insurance cover executive of the company the policyholder had opted for detailed information. 

The insured declared value or IDV of the bike takes up the total market price of the bike, i.e the actual ex-showroom price minus the depreciation cost, and adds with the total accessories cost of the bike, i.e., the accessories cost minus the depreciation value of the parts. 

• 50% rate for parts made of nylon, plastic, and rubber. The batteries of the bike also carry this depreciation rate. 
• 30% deductions as the depreciation rate upon two-wheeler parts made of fiberglass. 
• The bike's wooden parts shall be deducted as per the age of the two-wheeler – 5% off for the bikes with one year of age, 10% for the bikes with two years of age. 

As the Reliance zero depreciation bike insurance cover waives off the depreciation charges from the bike's market price as well as from the accessory parts of the bike. This maximizes the insured declared value of the bike and ensures full compensation of the bike's losses or damages to the policyholder. 

The nil depreciation cover secures the insured bike against the reduction of the value of the parts of the vehicle with age. The add-on cover would replace the parts without any other additional costs accrued. 

No, add-ons are optional to buy but worth the cost as they offer an extra layer of protection to your vehicle.

Usually this policy is available for 1 year, but you can also buy long-term policies for 2 years and 3 years, based on your choice.

Yes, you can easily and quickly raise your bike insurance claim online at the official website of Reliance General Insurance.