Reliance Two Wheeler Insurance FAQs

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Reliance Two Wheeler Insurance Highlights

Reliance (Two Wheeler Insurance)
Reliance General Insurance is one of the leading general insurance companies of India, incorporated in the year 2000. The company has over 139 offices and more than 28,900+ intermediaries across India.
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Overview

  • 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

Renewal

  • 1. Is Reliance bike insurance renewal necessary?

    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. 

  • 2. Is there a deadline to renew the Reliance bike insurance policy?

    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. 

  • 3. What is a no-claim bonus?

    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. 

  • 4. Is the no-claim bonus available for the expired Reliance insurance coverage as well?

    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. 

  • 5. What is the voluntary deductible amount in Reliance bike insurance?

    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. 

Claim

  • 1. What is the Reliance claim settlement ratio?

    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. 

  • 2. Can an insured claim no-claim bonus's benefit if they exceed the policy expiration date?

    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. 

  • 3. How does Reliance inspect the bikes for fulfilling a claim settlement?

    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. 

  • 4. When shall an insured file an FIR?

    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. 

  • 5. Is Reliance no claim bonus transferable?

    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. 

Policy Download

  • 1. What is the detailed information available in the Reliance bike insurance policy document?

    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. 
  • 2. Will the print out copy of the soft copy format of the Reliance bike insurance policy document serve as the original document?

    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. 

  • 3. What is an endorsement in the policy document?

    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.

  • 4. How can one file for an endorsement?

    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.   

  • 5. Would I be charged if I request an endorsement to change my contact details in Reliance bike insurance 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. 

Add On Covers

  • 1. How many claims are applicable under the Reliance bike insurance add-on cover for the daily allowance benefit?

    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.

  • 2. What is the insured limit per helmet under the Reliance two-wheeler add -on cover for helmet protection?

    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.

  • 3. What are the conditions for the add-on facility of Reliance bike insurance EMI protection?

    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.

  • 4. What is the daily allowance benefit?

    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.

  • 5. What are the conditions for daily allowance benefit?

    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. 

Comprehensive

  • 1. Is Reliance comprehensive policy for two-wheelers compulsory in India?

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

  • 2. What is the amount of compensation offered by Reliance's comprehensive insurance policy for third-party property damages?

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

  • 3. What is the maximum amount of compensation for personal accidents under the Reliance comprehensive two-wheeler insurance policy?

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

  • 4. Are package policies’ claim process offered by Reliance digitally enabled?

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

  • 5. Can I renew my Reliance comprehensive policy for bike online?

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

Third-Party

  • 1. What are the documents required to buy the Reliance third-party insurance cover?

    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
  • 2. How can I renew my Reliance third-party two-wheeler insurance policy?

    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. 

  • 3. Is personal accident cover available under the Reliance third-party bike insurance coverage?

    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. 

  • 4. Who are the first and second parties?

    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. 

  • 5. Who decides Reliance third-party insurance policy premium?

    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.

Zero Depreciation

  • 1. Do I have to pay for a high premium while availing the Reliance zero depreciation bike insurance policy?

    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. 

  • 2. For a Reliance two-wheeler insurance policy, how many claims can I opt for under zero depreciation add-on?

    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. 

  • 3. How is the insured declared value of the bike calculated?

    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. 

  • 4. What are the depreciation rates on the bike parts as laid on by the IRDAI?

    • 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. 
  • 5. How does the Reliance two-wheeler insurance zero depreciation cover increase IDV?

    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. 

Own Damage

  • 1. What is the nil depreciation cover offered under the Reliance standalone bike insurance policy?

    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. 

  • 2. Is it compulsory to buy add-ons with Reliance OD bike policy?

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

  • 3. What is the tenure of my Reliance standalone OD bike policy?

    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.

  • 4. Can I raise online claims for Reliance standalone own damage bike policy?

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

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