Reliance Two Wheeler Insurance

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Reliance Two Wheeler Insurance Renewal

Apart from serving as a lifeline to the bourgeois masses, two-wheeled motorbikes are the most convenient and easiest forms of commute in our country. Owing to owning the majority space in the populace, two wheelers are widely popular as a means of transport in India. Thus, the number of individuals owning a two-wheeled motorbike is fairly large.

Although, relatively the awareness regarding insuring bikes and other two-wheeled vehicles is utterly disappointing. As a matter of fact, this laxity in outlook is not merely specific to two wheeler insurance, but also all other vehicular assets. Had it not been mandatory to maintain insurance deed as a significant documentation, no one would have directed a lot of focus to it.

But ignorance agenda aside, it is desperately worth mentioning that safeguarding vehicles and bikes with an insurance cover is essential for a number of reasons.

Firstly it enables one to remain proactive against any mishaps and accidents. Nobody is capable of gauging such unfortunate incidents in advance. Thus it is wise to be prepared against all the odds.

Talking about being on guard and well-versed with an insurance plan, it is essential to get equipped with an all round and comprehensive two wheeler insurance package. And the go-to service provider for such insurance aid is Reliance Two Wheeler Insurance.

A part of Reliance Capital Limited, Reliance Insurance extends covers in non-life insurance sectors like two wheelers, four wheelers and other general elements. It is one of the leading companies in general insurance businesses.

Extent of Coverage Provided Under Reliance Two Wheeler Insurance Policies

A generic insurance plan under Reliance Two Wheeler Insurance provides coverage for the triggering event of any damage or loss caused due to accidents or any other reasons. Moreover, the coverage is extended not only till the reimbursement of the losses caused due to the additional expenditure of the damages but also to the owner or and third party liability if there are any.

Thus, the plan protects your two-wheeler from damages or losses caused due to: -

Natural calamities like

  • Cyclone
  • Hurricane
  • Lightning
  • Floods
  • Earthquakes
  • Inundation

Man-made calamities such as

  • Transit damages on road, rail, air or elevator
  • Accident
  • Self ignition
  • Malicious acts
  • Riots and other civil disturbances
  • Strikes
  • Theft
  • Terrorism
  • Fire accidents
  • Explosions

What Aspects Are Not Covered Under The Plan?

There are numerous exclusions laid out by the insurance service provider. In the events is the following incidents, the insured cannot claim any amount for the damages occurred. Such exclusions are: -

  • Electrical and mechanical breakdown
  • Regular wear and tear of the vehicle
  • Vehicles being used beyond the boundaries and limitations recommended by the company.
  • Vehicle being driven by an unqualified driver, i.e. individual without a valid driver’s license.
  • Loss incurred due to the vehicle being driven under the influence of alcohol or recreational drugs.
  • Loss due to the depreciation of the vehicle’s value
  • Subsequent losses are excluded from the coverage, i.e. losses occurred due to the original loss. In such a case, only the original loss will be covered
  • Compulsory deductibles cannot be claimed from the insurer. It means the fixed sum that gets subtracted at the time of the bike or scooter insurance claim

Types of Products

There are two variants under the two wheeler insurance policies of Reliance.

One is Package Policy, and the other one is Third Party Liability Only policy

The Third Party Liability Only variant is mandatory by statute. It covers damages caused to a third party and its vehicle that gets damaged due to the insured’s vehicle. The third party can claim damages for a two-wheeler as a four-wheeled vehicle. However, the insured cannot claim any damage caused to its own vehicle or for one’s own self.

A Package Policy is a comprehensive insurance plan that entails all the facets of a Third Party Liability Only policy as well as all the features of a general insurance plan. Thus, it is known as Package Policy. Under this plan, the insured is protected against all sorts of damages and losses caused to him/her and the vehicle too.

Characteristics and Advantages of Subscribing to the Plans under Reliance Two Wheeler Insurance

The preliminary features which entail the policies are: -.

1. The policies can be purchased efficiently and easily at the click of few keys. Facility to buy plans online is made available to the clients. Thus, one can use mediums like Paytm, Net Banking, and Plastic Cards to avail policies and make premium payments online.

2. The paperwork routinely involved in buying policies is streamlined tremendously. Thus, there are absolutely no hassles and delays in getting your vehicle insured.

3. The claim settlement process is free from any loopholes and complexities. It is simple and offers prompt reimbursement of the damage and losses incurred.

4. Cashless claim facility is available at the garages which are a part of the specific network of garages picked out by the company.

5. The premium is computed with the help of IDV of the vehicle, i.e. Insured Declared Value. Different service providers calculate different IDVs for vehicles. Thus, premiums may differ according to different companies. The amount of premium computed is directly proportional to the Insured Declared Value.

Add-on Covers

Customization of the policy to suit your need and budget is possible. The basic features of the policy can be enhanced by adding a few more features to the policy. Certainly, requisite of additional premium is there for availing such add-on covers

Thus, the two optional add-on covers which can be added to the policy are: -

Nil Depreciation Cover

By enhancing the premium amount a bit more, one can avail the add-on cover of no depreciation policy. This feature refers to Zero Deduction based on depreciation. It means that the insured’s claim will be fully reimbursed without any deductions. In the case of a major claim, where the amount of compensation is hefty, this feature can prove to be beneficial.

Features of this cover are –

  • The parts of the vehicle that are constructed out of rubber, nylon and fiberglass will be shielded.
  • Coverage is extended to vehicles that are two years old or lesser than two years
  • Rubber accessories like tubes and tyres are not covered under this add-on cover
  • Theft claims and constructive total loss are excluded
  • Claim settlement will be done only for the insured’s vehicle
  • The payment is released only if the repairs are carried out at one of the garages falling under the network specified by the company.
  • Vehicle spare parts that are not approved by the insurer will be discarded and not included in the policy’s terms

Personal Accident Bundle Cover

This coverage provides financial safeguard against death or permanent total disability. The claim is accepted irrespective of the location of the accident and who was driving as well.

Compensation differs according to the range of damages occurred

The capital sum assured is five lakhs. 100% compensation is given on the events of death or permanent total disablement, loss of sight in both the eyes or loss of limbs and loss of sight in one eye and loss of a limb. 50% compensation is paid when there is loss of sight is one eye or a loss of limb.

It is a highly recommended add-on cover since it does not form a part of any of the basic insurance cover.

No Claim Bonus and Discounts

Discounts are offered if there are zero claims in a year. The schedule of the discount is provided below: -

Number of Years Discount
1 claim free year 20%
2 consecutive claim-free years 25%
3 consecutive claim-free years 35%
4 consecutive claim-free years 45%
5 consecutive claim-free years 50%

There is also a facility of the voluntary deductible. It refers to a minimum that the insured chooses to pay while the rest is borne by the insurer. The higher the insured’s voluntary deductible, the lower is the two wheeler’s premium quote. Hence effectively, the premium gets discounted. The details of the deduction and discount are mentioned below: -

Voluntary Deductible Discount Percentage
INR 500 5% (limited to INR 50)
INR 750 10% (limited to INR 75)
INR 1000 15% (limited to INR 125)
INR 1500 20% (limited to INR 200)

Reliance Two Wheeler Insurance - FAQ's

What is the additional premium charged for insuring electrical accessories?

An extra premium of 4% will be imposed

How is the IDV computed?

The manufacturer’s listed selling price is adjusted the vehicle’s depreciation percentage which is based on the lifespan of the vehicle.

What are the modes of payment of premium?

Modes of payment are cash payment at the branch and online payment via credit card, debit card and net banking.

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