Reliance Standalone Own Damage Bike Insurance

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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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Every insurance company aims to guarantee all-around security and, consequently, maximum safety to policyholders and their respective assets. To meet the various needs for the customers' protection, the insurance plans circumvent differently with specified features. Reliance's standalone two-wheeler insurance policy is one such specific indemnity closure. Maximization of protections starts at home first. The Reliance own damage two-wheeler insurance sees to that and weighs the importance of securing one's very own bike.

The standalone insurance, alternatively known as the own damage insurance, pertains to the insured's vehicular protection coverage. This particular type of insurance policy was initiated recently, in the year 2019, by the IRDAI or Insurance Regulatory and Development Authority of India.

How does Reliance Standalone Own Damage Two Wheeler Insurance Work?

The own damage insurance cover for bikes under Reliance helps the customer to be at ease by assisting the insured two-wheeler against various mishaps. While on the road, a bike may experience unforeseen circumstances, such as losses due to fire, theft, vandalism, etc. The standalone policy of Reliance two-wheeler insurance also promises to replace any parts which had undergone any accidental damage during a mishap. This insurance company also offers the compensation of expenses for any lost or damaged part. 

The Reliance standalone insurance policy takes a cue from losses due to natural calamities and also covers the damages occurring from man-made disasters. 

Reliance Standalone Own Damage Two Wheeler Insurance Vs. Third Party Two Wheeler Insurance Vs. Comprehensive Two Wheeler Insurance 

BasisReliance Third-party Bike Insurance Reliance Standalone  Bike InsuranceReliance Comprehensive Insurance 
CoverageA compulsory insurance policy mandated by the Motor Vehicles Act only covers the damages and bodily injuries of the immediate third- party. This insurance covers damages occurring due to both man-made and natural disasters upon the insured vehicle. Repairs and compensation are also provided for the bike's damage due to theft, fire, etc. This policy is a mix of both, the third party insurance as well as own damage insurance cover. 
Add-onsAdd-ons are not available.Add-ons are available for further protection to the insured two-wheeler.Add-ons are available under a comprehensive package. 
NecessityMandatory by law  to buy.This policy is optional to buy.This policy is optional to buy.
PremiumRelatively lower premium.Higher premium but lower than comprehensive insurance. Higher premium than the previous two insurance policies due to wider coverage.

What All is Covered Under Reliance Standalone Own Damage Two Wheeler Insurance Policy? 

The Reliance standalone or own damage two-wheeler insurance policy insures the cost of damages to the policyholder's bike due to various expenses occurring upon the vehicle, such as -

  • Accidental damages to the vehicle.
  • Natural disasters like floods, earthquakes, landslides,
  • Total loss and fire. 
  • Man-made ​​troubles and calamities like vandalism, riots, and terror attacks are covered. 
  • Theft or any kind of malicious acts brought upon the two-wheeler is dealt with ease by the Reliance standalone two-wheeler insurance policy. 
  • Difficulties faced by the bike during transit by rail, road, air & or elevator. 

What All is not Covered Under Reliance Standalone Own Damage Two Wheeler Insurance Policy?

The standalone insurance policy is waived off a few benefits. Reliance makes sure the detailed information about each insurance policy is communicated to the customer for their buy according to their needs. Following are a few exclusions under the Reliance standalone two-wheeler insurance policy: 

  • Damages to a third-party person and/or vehicle.
  • Damage or losses caused to a third-party property.
  • Regular and day-to-day wear and tear of the two-wheeler.
  • Any mechanical and electrical breakdown sustained by the vehicle.
  • Using the insured private bike for commercial purposes.
  • Damage done to or by the person driving without a valid driving licence.
  • Loss of the vehicle caused while riding under the influence of alcohol or any other intoxicating substance.
  • Loss due to depreciation of the bike's value.
  • If the original damage causes subsequent loss, only the original damage will be covered, sans the secondary losses.
  • ​Damages incurred to the bike accessories by burglary or housebreaking, unless the vehicle is stolen at the same time.

Reliance Standalone Own Damage Two Wheeler Insurance Benefits 

  1. If a policyholder already owns the basic third-party insurance, buying standalone insurance will offer complete protection.
  2. A standalone insurance policy lets the policyholder cover the bike for 1, 2 or 3 years and renew it in accordance with the needs of the insurer. This makes the process more flexible.
  3. Buying this bike insurance policy is affordable and yet it offers wider coverage to the insured.

Reliance Standalone Own Damage Two Wheeler Insurance Review 

The Reliance standalone or own damage cover seizes the responsibilities for one's bike. Any rider would want to ride their bikes with ease: this insurance policy promises to take off the load by covering for damages and losses from accidents, man-made disasters, and the unavoidable natural calamities. Reliance also provides garage assistance with their garages available all over India. Thus, accessibility of the vehicles to protection is enhanced, and the policyholder is relieved. However, the limit to the compensation one can receive depends on the insured declared value of the chosen two-wheeler. 

Reliance Standalone Bike Insurance FAQs

  • 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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