Reliance bike insurance offers 3 types of bike insurance plans: Comprehensive, Own Damage and Third Party. The premium of these plans start from Rs. 182/yr. The coverage under Reliance two wheeler bike insurance would depend on the type of policy you choose, check the details below:
Starting Premium- ₹ 714/yr
Starting Premium- ₹ 182/yr
Starting Premium- ₹ 714/yr
Add-ons are additional coverage benefits which can be chosen voluntarily by paying an additional premium. Add-ons help increase the scope of coverage of the bike insurance policy. Reliance two wheeler insurance plans offer the following types of add-ons with the comprehensive policy:
Since depreciation is not covered under two wheeler insurance plans, in case of a claim, the estimated depreciation is deducted from the costs incurred in repairing or replacing the damaged parts of the bike. As such, the claim amount is reduced considerably. The depreciation which is deducted from the different parts of the bike is as follows
Types of parts of the bike | Rate of depreciation applicable |
---|---|
Rubber, plastic or nylon parts | 50% |
Fibreglass parts | 30% |
Tyres and tubes | 50% |
Metal parts | As per the depreciation of the Insured Declared Value of the bike |
The nil depreciation add-on removes the effect of depreciation from bike insurance claims. If you have chosen the add-on, the company would pay the full claim irrespective of the above-mentioned rates of depreciation.
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IDV means the Insured Declared Value of the bike and it represents the coverage level of your bike insurance policy. The value is arrived at by deducting the depreciation from the market value of the bike. Depreciation depends on the age of the bike and is as follows
Age of the bike | Rate of Depreciation |
---|---|
Up to 6 months | 5% depreciation |
More than 6 months but less than 1 year | 15% depreciation |
More than a year but less than 2 years | 20% depreciation |
More than 2 years but less than 3 years | 30% depreciation |
More than 3 years but less than 4 years | 40% depreciation |
More than 4 years but less than 5 years | 50% depreciation |
IDV is paid if the bike is stolen and not recovered or if the bike is damaged beyond repair.
Bike insurance premiums are calculated based on the following factors
Though Reliance offers you a zero documentation purchase process, you would have to provide the following details to buy a Reliance two wheeler insurance policy
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