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Two Wheeler Multi-Year policy

The two wheeler multi-year policy by Liberty General Insurance (LGI) is a unique insurance product brought out especially to offer long term coverage to owners of two wheeler vehicles. Unlike standard annual bike insurance plans, these long term bike insurance plans extend for two or three years.

The main objective behind this insurance policy by LGI is to curb the risk of lapse in policy, and enable people to stay safer while on the road. Longer policy tenures will let people escape the hassles of yearly renewals. Policyholders will also get to enjoy coverage and benefits under this plan by paying the premium in one go.

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Inclusions

Loss or damage to the Insured Vehicle

The Company will indemnify the insured against loss or damage to the vehicle insured hereunder and/or its accessories whilst thereon by –

  • Fire, explosion, self-ignition or lightning
  • Burglary, Housebreaking or theft
  • Riot, strike
  • Earthquake (fire and shock damage)
  • Flood, typhoon, hurricane, storm, inundation, cyclone, hailstorm, frost
  • Accidental external means
  • Malicious act
  • Terrorist activity
  • While in transit by road rail inland- waterway lift elevator or air;
  • Landslide/rockslide

Also if the vehicle is disabled by reason of loss or damage that is covered under the policy, the Company will bear the reasonable cost of protection and removal to the nearest repairer and redelivery to the Insured but not exceeding in all Rs. 300/- in respect of any one accident.

The insured may authorise the repair of the vehicle necessitated by damage for which the Company may be liable under this Policy provided that:

  • a) The estimated cost of such repair including replacements, if any, does not exceed Rs. 150/-
  • b) The Company is furnished forthwith a detailed estimate of the cost of repairs and
  • c) The insured shall give the Company every assistance to see that such repair is necessary and the charges are reasonable.

Liability to third parties

  • 1. Subject to the limits of liability as laid down in the Schedule hereto the Company will indemnify the insured in the event of an accident caused by or arising out of the use of the insured vehicle against all sums which the insured shall become legally liable to pay in respect of
    • i. Death of or bodily injury to any person including occupants carried in the insured vehicle (provided such occupants are not carried for hire or reward) but except so far as it is necessary to meet the requirements of Motor Vehicles Act, the Company shall not be liable where such death or injury arises out of and in the course of the employment of such person by the insured,
    • ii. Damage to property other than property belonging to the insured or held in trust or in custody or control of the insured
    PROVIDED ALWAYS that the Company shall not be liable in respect of death injury or damage caused or arising beyond the limits of any carriageway or thoroughfare in connection with the bringing of the load to the vehicle for loading thereon or the taking away of the load from the vehicle after unloading there from.
  • 2. The Company will pay all costs and expenses incurred with its written consent.
  • 3. In terms of and subject to the limitations of the indemnity granted by this section to the insured, the Company will indemnify any driver who is driving the vehicle on the insured's order or with insured’s permission provided that such driver shall as though he/she was the insured observe fulfill and be subject to the terms exceptions and conditions of this Policy in so far as they apply.
  • 4. In the event of the death of any person entitled to indemnity under this Policy the Company will in respect of the liability incurred by such person indemnify his/her personal representative in terms of and subject to the limitations of this Policy provided that such personal representative shall as though such representative was the insured observe fulfill and be subject to the terms exceptions and conditions of this Policy in so far as they apply.
  • 5. The Company may at its own option
    • a) arrange for representation at any Inquest or Fatal Inquiry in respect of any death which may be the subject of indemnity under this Policy and
    • b) Undertake the defence of proceedings in any Court of Law in respect of any act or alleged offence causing or relating to any event which may be the subject of indemnity under this Policy.

Personal accident cover for owner-driver

Subject otherwise to the terms exceptions conditions and limitations of this Policy, the Company undertakes to pay compensation as per the following scale for bodily injury/ death sustained by the owner-driver of the vehicle indirect connection with the vehicle insured whilst mounting into/dismounting from or travelling in the insured vehicle as a co-driver, caused by violent accidental external and visible means which independent of any other cause shall within six calendar months of such injury result in:

Nature of Injury Scale of Compensation
i) Death 100%
ii) Loss of two limbs or sight of two eyes or one limb and sight of one eye. 100%
iii) Loss of one limb or sight of one eye 50%
iv) Permanent total disablement from injuries other than named above. 100%

Provided always that

  • A. the compensation shall be payable under only one of the items (i) to (iv) above in respect of the owner-driver arising out of any one occurrence and the total liability of the Company shall not in the aggregate exceed the sum of Rs. 1 lakh during any one period of insurance.
  • B. no compensation shall be payable in respect of death or bodily injury directly or indirectly wholly or in part arising or resulting from or traceable to (a) intentional self-injury suicide or attempted suicide physical defect or infirmity or (b) an accident happening whilst such person is under the influence of intoxicating liquor or drugs.
  • C. Such compensation shall be payable directly to the insured or to his/her legal representatives whose receipt shall be the full discharge in respect of the injury to the insured.

This cover is subject to

  • a) The owner-driver is the registered owner of the vehicle insured herein;
  • b) The owner-driver is the insured named in this Policy.
  • c) The owner-driver holds an effective driving license, in accordance with the provisions of Rule 3 of the Central Motor Vehicles Rules, 1989, at the time of the accident

Exclusions

The Company shall not be liable in respect of:

  • 1. Any accidental loss damage and/or liability caused sustained or incurred outside the Geographical Area.
  • 2. Any claim arising out of any contractual liability.
  • 3. Any accidental loss damage and/or liability caused sustained or incurred whilst the vehicle insured herein is: a) being used otherwise than in accordance with the Limitations as to Use or b) being driven by or is for the purpose of being driven by him/her in the charge of any person other than a Driver as stated in the Driver's clause.
  • 4. i) any accident loss or damage to any property whatsoever or any loss or expense whatsoever resulting or arising there from or any consequential loss
  • 4. ii) any liability of whatsoever nature directly or indirectly caused by or contributed to by or arising from ionising radiations or contamination by radioactivity from any nuclear fuel or from any nuclear waste from the combustion of nuclear fuel. For the purposes of this exception combustion shall include any self-sustaining process of nuclear fission.
  • 5. Any accidental loss or damage or liability directly or indirectly caused by or contributed to by or arising from nuclear weapons material
  • 6. Any accidental loss damage and/or liability directly or indirectly or proximately or remotely occasioned by or contributed to by or traceable to Additional covers or arising out of or in connection with war, invasion, the act of foreign enemies, hostilities or warlike operations (whether before or after declaration of war), civil war, mutiny rebellion, military or usurped power or by any direct or indirect consequences of any of the said occurrences and in the event of any claim hereunder the Insured shall prove that the accidental loss damage and/or liability arose independently of and was in no way connected with or occasioned by or contributed to by or traceable to any of the said occurrences or any consequences thereof and in default of such proof the Company shall not be liable to make any payment in respect of such a claim.

Additional Covers

Depreciation Cover

Scope of Cover: In consideration of the payment of extra premium paid by the insured as mentioned in the policy schedule it is hereby understood and agreed subject to the terms, conditions exclusions and limitations that the Company shall bear the Depreciation amount deducted on the value of the parts replaced as a result of admissible claim under Own Damage Section.

Conditions: a) Insured Vehicle should be repaired at any of Company’s authorized Garage.

* For the purpose of this Cover the expression ‘admissible claim’ shall mean an event or series of events arising out of one cause in connection with the vehicle insured in respect of which indemnity is provided under this policy.

Consumables Cover

Scope of Cover: In consideration of the payment of extra premium paid by the insured as mentioned in the policy schedule it is hereby understood and agreed subject to the terms, conditions exclusions and limitations that the Company agrees to cover expenses incurred towards “those items or substances of specific use which at the time of loss are either totally consumed or deemed unfit for further use in the vehicle” arising out of damage to the vehicle insured and/or to its accessories caused by insured peril under the basic Two Wheeler Package Policy.

Consumables shall mean those items or substances which have specific use and when applied to their respective uses are deemed to be consumed completely and/or are deemed to be unfit for future use. These items include grease, lubricants clip, air conditioner’s gas, bearings, engine oil, oil filter, fuel filter, break oil, nut and bolt, screw, washers and the like.

Subject otherwise to the terms, conditions, exceptions and limitations of the policy.

Special Conditions applicable:

  • a) The cover under this add-on will be available only for vehicles upto the maximum age of ___ years.
  • b) For any claim to become payable under this add-on, it should be admitted under Own Damage Section of the Policy.
  • c) All such costs to be supported with proper bills/invoices only from Garages authorized by the company.
  • d) Such repairs to be undertaken within three (3) days of date of loss.

Gap Value Cover

Scope of Cover: In consideration of the payment of extra premium paid by the insured as mentioned in the Policy Schedule it is hereby understood and agreed subject to the terms, conditions exclusions and limitations that the Company shall pay the “difference amount” between the amount received under Own Damage (OD) Section i.e. Insured Declared Value (IDV) less deductibles under the policy AND price as per purchase invoice OR the current Replacement Value of vehicle if the same make model is available, whichever is less in the event of a Total Theft or Total Loss/ Constructive Total Loss (CTL) of the vehicle.

It also covers the Road Tax and first time registration charges if specifically declared and additional premium is paid.

Maximum liability to the company is limited to the sum insured mentioned in the policy schedule.

Special Conditions applicable to this benefit:

  • a) The vehicle insured is not more than ___ years old on the date of commencement of the policy period.
  • b) The Total Theft or Total loss / Constructive Total Loss of the vehicle should be admissible under Own Damage Section of the policy.
  • c) Insured should be the first registered owner of the vehicle as per RTO records.
  • d) GAP Value SI = Current Ex showroom price + Registration Charges (if opted) + Road Tax (if opted)

Roadside Assistance Cover

Scope of Cover: In consideration of the payment of extra premium paid by the insured as mentioned in the policy schedule it is hereby understood and agreed subject to the terms, conditions exclusions and limitations that the company shall provide “Roadside Assistance” in case of breakdown of the insured vehicle upon his request, with a maximum of four claims related to any one or more of the following emergency assistance services during the Policy Period through the authorized vendor. The services provided under the Roadside Assistance are as under:

Sr. No. Featured Benefits Inclusion
01 Breakdown support over phone Yes
02 Minor repair (onsite only) Upto 50 Kms
03 Arrangement of emergency fuel (petrol only) in case the vehicle runs out of fuel (Cost of Fuel shall be paid by insured on the spot) Upto 50 Kms
04 Flat Tyre Support Upto 50 Kms
05 Assistance in case of lost keys Upto 50 Kms
06 Transfer/ Towing due to major breakdowns Upto 25 Kms
07 Alternative Transport assistance to the nearest safe location for the passengers of the vehicle (Taxi fare for the journey shall be borne by customer and shall be payable directly to the provider on spot) Yes

Special Conditions:

  • a) All additional expenses regarding replacement of a part, additional Fuel and any other service which does not form a part of the standard services mentioned above would be on chargeable basis to the insured.
  • b) This assistance service shall get initiated based on specific request by the insured.
  • c) Below service can be availed only once during the policy period:
    • i. Assistance in case of lost keys
    • ii. Arrangement of emergency fuel in case the vehicle runs out of fuel

Territorial Scope:

The territorial scope of the Emergency and Additional Assistance Services provided will be within a radius (in Kms) (as mentioned in above given coverage table) from the Place of Breakdown to nearest applicable vendor or cities within the Republic of India excluding islands for the coverage limit mentioned under each service. Cost of Services beyond coverage limits as mentioned against each service shall be borne by the customer.

Engine Safe Cover

In consideration of payment of additional premium, it is hereby agreed and declared that this Policy extends to cover the consequential damage to the internal child parts of the engine of the Insured Vehicle arising out of water ingression / leakage of lubricating oil and/or damage to gear box of the Insured Vehicle arising out of leakage of lubricating oil due to Accidental means. Under this cover, the company will compensate insured for the following:

  • a) Repair or replacement of the internal child parts of the engine such as pistons, connecting rods, crank shaft and cylinder head.
  • b) Repair or replacement of the internal parts of the gear box such as gears or shafts in the gear box housing.
  • c) Labour cost incurred by insured to overhaul the damaged engine and gear box

Conditions:

  • A) Claims made by insured against Company under 'Engine Safe' are subject to the conditions set forth under the Motor Insurance Policy.
  • B) Claims made by insured against company under 'Engine Safe' would be admissible if:
    • I. There is evidence that the Insured Vehicle stopped in water logged area resulting into damage to the internal parts of the engine due to water ingression
    • II. There is evidence of under carriage damage to engine and/or gear box leading to oil leakage and resulting into damage to internal parts of the engine and/or gear box
    • III. The loss or damage is not payable under Motor Insurance Policy.
  • C) In case of transfer of ownership of the Insured Vehicle, the cover under 'Engine Safe' shall expire

Insured’s Obligations

  • I. Insured should avoid driving the Insured Vehicle through water logged area as far as possible. If it is unavoidable, the vehicle should be driven in low gear and/or high engine RPMs.
  • II. Insured should not try to crank or push start the engine once the Insured Vehicle had stopped in the water logged area or undercarriage damage had taken place.
  • III. Insured should intimate company to obtain help.

Exclusions

Company will not be liable to indemnify insured for the following:

  • 1. Where a loss is covered under any other type of insurance policy with any other insurer or manufacturer's warranty or recall campaign or under any other such packages at the same time.
  • 2. Any consequential loss apart from the damage to the internal child parts of the engine due to water ingression/ leakage of lubricating oil and/or damage to gear box arising out of leakage of lubricating oil due to Accidental means.
  • 3. Cost of engine oil and consumables in case of flushing of engine.
  • 4. Loss or Damage including corrosion of engine due to delay in intimating company or delay in retrieval of the Insured Vehicle from the water logged area.
  • 5. Where reasonable care has not been taken by insured to protect the loss or damage to the Insured Vehicle.

Frequently Asked Questions

General

Q. What is a multi-year two wheeler insurance? ​

multi-year or a long term bike insurance policy refers to an insurance plan that has tenure of more than one year. Generally a long-term two wheeler insurance tenure is either of 2-3 years.

Q. Why should I purchase long term two wheeler insurance?

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Buying long term two bike insurance policy has various advantages. It saves you from having to renew your bike insurance annually. It also saves you from the annual revisions in insurance premiums every year. You can pay only once and enjoy the coverage for the entirety of your policy tenure. A long term bike insurance policy unlike other standard policies does not cut out on NCBs even if you have made a single claim during your policy tenure.

Q. What does the term IDV stand for?

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The term IDV or Insured Declared Value refers to the current market value of the vehicle you are getting insured. This IDV is also the maximum sum insured that you stand to gain in case your vehicle undergoes completely damage or loss. The IDV of vehicles depreciate with each passing year.

In case of long term two wheeler insurance plans, policy buyers can set the IDV of their vehicles within a predefined limit, during the commencement of their policies. Insurers then calculate the age-wise depreciation based on a set rate.

For new two wheelers:-

Q. How is the premium for long term two wheeler insurance determined?

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The premium for your long term bike insurance plan will depend on several factors including –

  • Your geographical location
  • The Insured Declared Value of your vehicle
  • The age of your vehicle
  • Cubic capacity of the vehicle (in case of third party insurances mostly)

Q. If I have an annual bike insurance plan, can I buy a multi-year?

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Yes even if you own an annual bike insurance plan at present, you can switch it to a long-term two wheeler insurance during policy renewal. You will however have to bear the difference in policy premium.

Q. What does an NCB mean and how does it affect my insurance policy?

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NCB refers to No Claim Bonus and is the benefit that good insurance companies offer to their customers for maintaining their health throughout the year and making no claims.

The advantage of having an NCB is that it is mostly offered in the form of a discount on the premium when you renew your insurance policy. You can thus save good money with an NCB to back you up.

Q. What is third party long term two wheeler insurance?

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A third party long term two wheeler insurance is a type of multi year bike insurance plan that offers you coverage against expenses arising out of third party claims. This could happen when a third party undergoes damage or loss of property or injury to self, owing to an accident involving your vehicle.

Q. Which is better - a third party liability or a comprehensive multiyear two wheeler policy?

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Well comparing the coverage that these plans offers, comprehensive long term two wheeler policies have quite an expansive range. They offer you vehicle damage protection, personal accident cover and third party cover too. Whereas, third party plans are specifically made to protect you against expenses related to third party claims.

But again if you focus on premiums, third party plans are a little cheaper than the prior. So as far as the decision as to which plan is better out of the two, depends very much on the kind of requirement you have.

Q. When I can raise a claim under my long term two wheeler insurance policy?

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Some of the scenarios following which you can register a claim under your long term bike insurance plan include –

  • You have experienced loss or damage of your vehicle owing to –
    • Fire, explosion, self-ignition or lightning
    • Burglary, Housebreaking or theft
    • Riot, strike
    • Earthquake (fire and shock damage)
    • Flood, typhoon, hurricane, storm, inundation, cyclone, hailstorm, frost
    • Accidental external means
    • Malicious act
    • Terrorist activity
    • While in transit by road rail inland- waterway lift elevator or air;
    • Landslide/rockslide
  • You have suffered expenses due to third party claims over an accident involving your vehicle
  • You have sustained damage (injury, loss of limb, disablement) to self or died in an accident
    • You should register a claim right after the incident/accident has occurred. Of course, you must give priority to your safety and medical assistance first (in case required).
    • In case of total theft claims, you must intimate both the Police and the Company (us) within not more than 24 hours of time from the incident
    • For a delay in claim registration, which is over 48 hours of incident, you as the insured have to furnish the Company a detailed clarification in writing.
    • Any loss that happens due to delay in claim registration or failure to produce vehicle for survey, will not be withstood by the insurance company

Policy-related

Q. How do I purchase long term two wheeler insurance from LGI?

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You can purchase a long term bike insurance plan from Liberty General Insurance either online or by visiting our branch office. While you will be guided about the procedures at our branch offices, buying online is not tough either. You have to fill in a simple form providing your personal details and insurance preferences. Following this you shall receive a quote from us. If you like it, you can proceed with the payment online.

Q. If I have an insurance plan with another company can I still switch it to LGI multiyear bike insurance?

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Yes, you can transfer your existing long term bike insurance plan with another insurance company to LGI any time you like.

Q. What are the benefits of purchasing long term two wheeler insurance with LGI?

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There are various advantages of buying a long term bike insurance plan with LGI, such as-

  • Hassle-free inspections
  • Discounts on renewals
  • Quick claim settlement
  • Telephonic support
  • Vehicle relocation
  • Predefined depreciation
  • Lost key assistance

Q. How can I register a claim with LGI?

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You can register a claim with LGI either through email or by getting in touch with our support team via call. You can also visit our branch office for the same or file your claim online. One of our representatives will soon get in touch with you to gather information. They will let you know if you need to wait for the surveyor or move your bike to a garage. You can next submit your documents for

Q. Will I need to furnish any documents once I make a claim? If yes, what?

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Yes you will need to provide certain documents for verification following your claim. These include-

  • Your long term bike insurance policy number
  • Your name and contact details
  • Full address of the place where the incident has taken place
  • Complete address of the location where the vehicle is available for inspection
  • Name of the individual who was riding the vehicle or that of the person in whose custody it was left
  • Brief description of the damage/loss/physical injuries sustained, in case any
  • Personal details of the person making the call and their relationship with the insured
  • An estimation of the total loss

Q. Does the long term bike insurance from Liberty General Insurance Company cover co-passenger?

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The long term bike insurance policy by LGI does not normally cover a co-passenger. However you can get your co-passenger or pillion rider covered under this plan on payment of additional premium.

Q. What additional covers does Liberty General Insurance provide?

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The additional covers offered along with the long term bike insurance plan by LGI include –

  • Zero Depreciation Cover
  • Gap Value Cover
  • Consumables Cover
  • Engine Safe Cover
  • Road-side assistance Cover

Q. What are the exclusions under a LGI long term bike insurance?

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Among the exclusions are –

  • 1. Any accidental loss damage and/or liability caused sustained or incurred outside the Geographical Area.
  • 2. Any claim arising out of any contractual liability.
  • 3. Any accidental loss damage and/or liability caused sustained or incurred whilst the vehicle insured herein is: a) being used otherwise than in accordance with the Limitations as to Use or b) being driven by or is for the purpose of being driven by him/her in the charge of any person other than a Driver as stated in the Driver's clause.
  • 4. i) any accident loss or damage to any property whatsoever or any loss or expense whatsoever resulting or arising there from or any consequential loss
  • 4. ii) any liability of whatsoever nature directly or indirectly caused by or contributed to by or arising from ionising radiations or contamination by radioactivity from any nuclear fuel or from any nuclear waste from the combustion of nuclear fuel. For the purposes of this exception combustion shall include any self-sustaining process of nuclear fission.
  • 5. Any accidental loss or damage or liability directly or indirectly caused by or contributed to by or arising from nuclear weapons material
  • 6. Any accidental loss damage and/or liability directly or indirectly or proximately or remotely occasioned by or contributed to by or traceable to Additional covers or arising out of or in connection with war, invasion, the act of foreign enemies, hostilities or warlike operations (whether before or after declaration of war), civil war, mutiny rebellion, military or usurped power or by any direct or indirect consequences of any of the said occurrences and in the event of any claim hereunder the Insured shall prove that the accidental loss damage and/or liability arose independently of and was in no way connected with or occasioned by or contributed to by or traceable to any of the said occurrences or any consequences thereof and in default of such proof the Company shall not be liable to make any payment in respect of such a claim.

Glossary

Multi Year Insurance Glossary (A)

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  • Accident- An uncertain and unexpected event with a potential to cause damage, injure or death
  • Accident-only policies- Two wheeler insurance plans that offer financial coverage against expenses resulting from an accident
  • Accidental Bodily Injury- Any injury that results directly from an accident
  • Accidental Death and Dismemberment: An insurance rider or benefit that compensates a pre-specified amount in case of death and/or dismemberment resulting from an accident.
  • Act of God- Any calamity (earthquake, storm, flood etc.) that is caused by Nature and is unexpected.
  • Actual Cash Value – The amount that is remunerated by an insurance provider in case of total loss or damage of the vehicles and equal to its market value.
  • Additional Insured- Any party or person excluding the policyholder who is adjoined under an insurance plan to be covered under the same.

Multi Year Insurance Glossary (B)

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  • Beneficiary- The individual or entity (trust, corporation etc.) mentioned in the policy as the receiver of insurance proceeds, in case the policy holder losses their life.
  • Breach of Condition- If an insured breaks a condition from their insurance contract; they stand likely to face cessation of the contract benefits by the insurance company.

Multi Year Insurance Glossary (C)

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  • Cancellation- It refers to the termination of an insurance plan before it has reached its date of expiry by either the Insurance Company or the Insured.
  • Claim- Request made by an insured to the Insurance Company for reimbursements following the terms of insurance policy
  • Clause- Special conditions in an insurance policy that outline the coverage scope.
  • Claim Amount- The sum paid by an Insurance Company for injuries or damages following the terms and conditions of an insurance policy.
  • Coverage- It refers to the benefits offered under an insurance policy. It is important that you check the coverages offered by a plan thoroughly before purchasing it.
  • Comprehensive Coverage- A comprehensive long term bike insurance is one that pays for damage or loss of your vehicle, personal damage sustained by insured and third-party claims too.

Multi Year Insurance Glossary (D)

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  • Date of Commencement- It marks the date on which an insurance plan actually begins covering the policyholder
  • Death Benefit Payable- The sum that as mentioned in an insurance policy is to paid off to the beneficiary, in event of death of the policyholder.
  • Declaration- It is the part of an insurance form wherein the policy buyer declares that the information or statement submitted are accurate and completely true, and if that is not the case they stand to face legal consequences.
  • Deductible- A specified amount that the insured has to pay for damages due to accident as per agreement. As per normal standards, higher is the deductible paid; the lower shall be the premium.
  • Depreciation- It is the fall in the market value of a vehicle owing to aging or normal wear and tear.

Multi Year Insurance Glossary (E)

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  • Effective Date- It is the date of inception on which an insurance policy has been transacted.
  • Excess- It is the amount up to which no claim is reimbursed by an insurer and is agreed upon by the insured.
  • Exclusion- All risks or perils that are outside the scope of coverage as per the terms of an insurance policy.

Multi Year Insurance Glossary (I)

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  • Inclusion- All risks or perils that fall within the scope of coverage, as per the terms of an insurance policy.
  • Insured: The individual (s) that fall within the range of coverage of an insurance policy.
  • Insurer: It is the Insurance Company that offers coverage under an insurance plan in return of premiums payments.
  • Insured Declared Value (IDV): It is the current market value of the vehicle based on which an insurer makes payments for theft or total loss of a vehicle
  • Insurance Policy: It is a formal contract that describes coverages, policy terms and conditions, deducible and premium of an insurance plan

Multi Year Insurance Glossary (L)

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  • Lapse- It is the cessation of an insurance contract because of the insured’s failure to pay policy premiums.
  • Liability- An obligation that is imposed legally
  • Limit- The maximum amount of protection as per the terms of an insurance policy.

Multi Year Insurance Glossary (N)

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  • No-Claim Bonus- It is the bonus offered to policyholders at the time of policy renewal for having made no claim throughout the previous policy tenure. No Claim Bonus is normally offered in the form of a discount on the Own Damage Premium.

Multi Year Insurance Glossary (O)

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  • Own Damage Premium (OD) – It offers reimbursement for the expenses sustained for replacing or repairing parts of vehicles damaged or lost due to theft, road accident, fire, earthquake etc.

Multi Year Insurance Glossary (P)

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  • Package Policy- It is a type of insurance policy that offers two or more varieties of insurance covers as a part of the same policy.
  • Perils- Accidental or natural events such as earthquake, fire, lightning, flood etc.
  • Premium – It is the sum paid by the insured in order to access the coverages and benefits under an insurance plan as per the terms and conditions of a policy
  • Policy Term- It is the time period for which the coverages under an insurance policy are available
  • Personal Accident Cover: It is an insurance cover that covers the insured against death and permanent disability resulting from an accident.

Multi Year Insurance Glossary (R)

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  • Reimbursement- It is the payment for expenses sustained as the result of an accident as mentioned in a policy.
  • Renewal- It is the continuation of an insurance policy, after it has reached the expiry date of its original term, for a new policy term

Multi Year Insurance Glossary (S)

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  • Settlement- It is the payment of claim following the terms and conditions of insurance plan.
  • Sum Insured- It is the liability limit as assured of by an Insurance provider under an insurance policy.

Multi Year Insurance Glossary (T)

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  • Third Party- Anyone excluding the Insured and the Insurer.
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Thank you very much for your prompt service, While taking insurance from your company, some people told that, if I take insurance from other than dealer, I have to face problem (Like visit to dealer and insurance company surveyor and office, no cashless facility etc) while claim comes, you have pro ven that all those words are wrong and we can take from other than dealar also, I would like to express my please for your service

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Two wheeler Insurance Reviews

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Average RatingBased on 35 Ratings

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Kunwar Gupta

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07/07/2018 10:51:28 AM
Category: General Insurance

I was fed-up with the time-consuming and tiresome insurance renewal process of my previous insurance company, so I...

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Nandan Jain

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11/07/2022 09:51:28 AM
Category: General Insurance

I never thought I would get my bike insurance renewal done online. But my friend suggested that it’s a better and more...

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Nitin Kakkar

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02/05/2022 12:51:28 PM
Category: General Insurance

I just got my bike insurance renewal done online with LGI, and the entire process of renewal was quite easy and convenient...

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15/03/2019 10:51:30 AM
Category: General Insurance

I found Liberty General Insurance as an excellent option to buy an insurance policy. I recently got my bike insurance...

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Registration Number: 150 | ARN:Advt/2018/March/26 | CIN: U66000MH2010PLC209656

2019 Liberty General Insurance Ltd.

Reg Office: 10th floor, Tower A, Peninsula Business Park, Ganpat Rao Kadam Marg, Lower Parel, Mumbai - 400013

Trade Logo displayed above belongs to Liberty Mutual and used by the Liberty General Insurance Limited under license. For more details on risk factors, terms & conditions please read sales brochure carefully before concluding a sale.

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