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Frequently asked questions about Liberty General bike insurance
1. What is IDV in bike insurance of liberty general?
Insured Declared Value means IDV is the total value of the insured bike by the insurer to compensate the policyholder in case of irreparable damage or total loss due to any uncertain event or theft.
2. What is meant by TPA in Liberty Generali bike insurance?
TPA means a third party administrator is an organization that processes insurance claims. It is also a term used to define organizations within the insurance industry that administer other services such as underwriting and customer service.
3. What is Nil depreciation cover?
Nil depreciation is also known as Zero depreciation cover that leaves out the depreciation from the coverage.
4. What does type of bike insurance mean in Liberty General?
A bike insurance policy consists of three parts- Own damage cover and third-party liability and comprehensive bike insurance.
5. Does IDV reduce every year in bike insurance?
The depreciation factor reduces the IDV claim every passing year in bike insurance.
6. What happens if bike insurance get expires?
When you fail to renew your bike insurance policy before the due date, then your two-wheeler insurance gets expires. Your insurer is no more liable to provide any financial assistance or to entertain any of your claims.
7. How is bike insurance premium determined?
Two-wheeler insurance will be determined on basis of the following factors 1.Age of two-wheeler2.Cubic capacity3.Insured Declared value 4.Geographical area 5.Two-wheeler model
8. What are the add-ons offered by liberty Two-wheeler insurance?
Add-on covers through which the policyholders can extend their coverage such as depreciation cover, Consumable cover, Passenger cover, GAP Value cover, Roadside Assistance cover .
9. What is NCB in bike insurance?
NCB stands for No Claim Bonus. It is a discount offered by all insurers own damage premium for claim-free years.
10. How much compensation is offered if the accident results in permanent total disability of third party in Liberty?
Final premium compensation amount is decided by the court of law and the entire cost is borne by insurer in liberty.
11. How many add-on covers can I include in my plan at time insurance?
There is no limit to opt for two-wheeler insurance add-on cover, that means you can add various add-on covers at a time of two-wheeler insurance policy as per your budget and needs.
12. What is meant by compulsory deductible?
Compulsory deductible is the amount that policyholder is liable to pay to insurer at the time of claim settlement.
13. What is the tenure for liberty long term comprehensive two wheeler insurance policy?
Tenure for liberty long term comprehensive two-wheeler insurance policy extends from 2years to 3 years.
14. Can I choose the claim in which I want to avail the zero depreciation cover?
Yes, the policyholder of liberty can decide in which claims she/he wants to bear the cost of depreciation of replaced parts or not for a particular claim.
15. Should I buy a zero depreciation cover in Liberty if I do not own a luxury car?
Yes, you can include the zero depreciation add-on cover to your two-wheeler insurance policy even if you don’t own a luxury car.