Liberty Car Insurance

Liberty Car Insurance Policy Highlights _{Updated on 24 Jan 2019}

*For Year 2016-2017

Overview

Liberty General Insurance Co. Ltd. was conceptualized in the year 2013 and currently has its operations in more than 58 cities.

Liberty General Insurance presently has an employee strength of 1100 and holds a network capacity of about 60+ offices spread across multiple cities and states. The partner network of Liberty General has around 5000 hospitals and the count for auto service centers stands at 3000. The insurance covers offered by Liberty vary from commercial insurance, engineering and fire insurance, to marine insurance, and so on.

Private Car Insurance

Coverage

• Third-Party Liability:

  This includes damages or losses sustained by a person caused by the insured. It could be in terms of loss of life, bodily injury or property damage.

• Own-Damage

  This includes expenses incurred on damages caused to the insured. It could occur due to the following reasons:

• Accidents (on-road or while the car is being transported to a different location)
• Fire or natural calamities
• Burglary
• War and related activities
• Intentional damage by another party
• Personal Accident Cover:

  This is a built-in cover provided to the owner-driver at no extra cost. Payout occurs when the said insured party either dies or is physically disabled as a result of an accident.

• Optional Covers:

  To enhance basic protection the following optional covers are offered on payment of extra premium:

• Electrical/Non-electrical accessories: This relates to those accessories that are not installed by the manufacturer. Compensation is based on the invoice value of these parts.
• Personal Accident Cover (other than owner-driver): This is to cover a passenger or person other than the owner-driver of the car. Payment is made by the insurer in the event of death or disability of the stated person(s).
• Legal Liability to paid employee: This is protection offered against losses arising from injury or death of a paid driver or cleaner or any other paid employee in connection with the insured automobile.
• Add-On Covers:

  These can be opted for to make the plan more inclusive:

• Depreciation:

  Claims made with respect to replaced parts will be met in full i.e. depreciation will not be deducted.

• Consumables:

  It includes items like grease, oil, lubricants, nuts, bolts, screws, filters, washers etc. Often not covered under a base plan, recovery costs of these items can be substantial.

• GAP Value:

  A useful enhancement that proffers optimum payment in case of an accident. The declared value of a car is always lower than it's original price since adjustments are made for depreciation. GAP assurance returns the invoice price to the policyholder in the event of a claim i.e. the insured will receive an amount equivalent to the showroom value and not the declared value.

• Passenger Assist:

  Expenses not usually accounted for during times of mishaps are those related to medical assistance. This add-on feature gives the insured the option of receiving allowances to meet medical expenses like emergency transport, hospital charges etc.

• Roadside Assistance:

  Inconveniences can result from situations other than accidents. The benefits of this policy attribute are in terms of assistance relating to breakdowns, towing, fuel shortages, battery discharge, flat tyres, lockouts and other on-road emergencies.

Sum Assured

When a claim is successfully processed the policyholder will be paid a certain amount of compensation based on the vehicle’s IDV .

• The IDV or Insured’s Declared Value is the value arrived at by deducting depreciation from the automobile’s selling price as stated by the manufacturer. The manufacturer’s price so considered will include taxes but will not include registration and insurance amounts.

• Depreciation amounts deducted to arrive at the IDV will be in relation to the age of the vehicle as follows (indicated as a percentage of the cost):

Above 5 years (and obsolete models) - depreciation will be based upon an agreement between the insurance company and the insured party.

Cost/Premiums

The cost of a policy is determined mainly by the amount the proposer has to pay as premiums. While premiums payable for third party liability are as per mandated tariffs, own-damage premiums are set by the insurer.

Under this plan, premiums are determined taking into account the following:

Discounts/NCB

Various kinds of discounts are featured on this product. As mentioned, since only own-damage premiums are set by the company, the discounts also pertain to this.

• No-Claim Bonus (NCB):
  • This is given upon renewal of the policy as a discount on the own-damage premium charged. The percentage of bonus awarded is in accordance with the number of claim-free years achieved by the policyholder.
  • No-Claim Bonus benefits or own-damage premium discount is awarded in the following manner (shown as a percentage of premium for the related number of claim-free years):

The amount so awarded can be accumulated up to 50% of the OD premium.

• This amount can be transferred while switching insurers:
  1. The accrued bonus earned from the previous insurer can be carried forward when taking a policy from Liberty General Insurance (subject to providing satisfactory proof and at rates of the previous insurer).
  2. The same is applicable to customers switching from Liberty General Insurance to another insurer.
• Membership discounts: Customers can avail premium discounts if they are members of a recognised automobile association of India.
• Discounts for safety: An amount of 2.5% or Rs.500, whichever is less will be deducted from premiums due if the car is fitted with anti-theft devices (approved by ARAI).

Deductibles

This is that part of the claim amount that is payable by the insured, the balance being met by the company. It is in two forms:

• Voluntary: If the policyholder chooses to contribute to the payout due in the event of own-damage claims, a discount on premiums will be applicable. The reduction will be according to the amount chosen as voluntary deductible.

• Compulsory: Based on the capacity of the engine, the policyholder will have to pay the following amounts in the event of a claim:

Exclusions

The policy covers a variety of situations wherein the insured can be liable for expenses. However, there are circumstances under which claims will not be entertained. These are when loss or damage occurs due to:

• Normal wear and Tear, Depreciation
• Breakdown/failures of mechanical/electrical nature
• Usage outside the specified geographical area
• Usage over set limits
• Mishaps caused by an unauthorised driver/driving (i.e. without a valid license)
• Driving under the influence of alcohol or drugs or intoxicants
• War, nuclear activities

Claims

The ease of making claims is an appealing characteristic of this product.

The benefits elucidated above are evidential of the fact that Liberty General Insurance is not just an average go-to insurance company but every motorist’s insurer of choice.

Liberty Car Insurance Customer Care

In case you have any queries regarding your policy, you can call the toll-free number 1800 266 5844 or send an email to the customer service team at Liberty General Insurance at care@libertyinsurance.in. You can also fill up an online form with your feedback or request for a call back through the website.

The branch locator facility on the website enables you to find the nearest branch of the insurer’s office. If you need information on the cashless garages in the network of the insurer, click on the garage locator option on the website. You will have to enter the state, city, and garage type for the same.

FAQ’s for Liberty Car Insurance

1. What does the Liberty Car Insurance policy cover?

   The Liberty car insurance policy offers settlement for the following two types of losses:

• Loss or damage to the vehicle caused by accident, fire, burglary, self-ignition, external explosion and other such reasons.
• Liability for third party death or injury and damage caused to their property.
2. Can I customize my policy with add-on covers?

   Yes. To enhance the protection offered under standard policy package, Liberty car insurance also offers add-on covers. Add-on covers offer protection against loss due to electrical and non-electrical accessories, personal accident cover for the insured and legal liability to paid drivers and cleaners. One can avail the add-on coverage benefits Liberty car insurance by paying an extra premium. The five main add-on covers provided are as below.

• Depreciation Cover

Offers full claim without any deduction for depreciation.

• Consumable Cover

Reimburses the cost of consumables like brake oil and fuel filter.

• GAP Value Cover

Covers the difference between actual declared value and showroom cost of the car.

• Passenger Assist Cover

Offers benefits such as hospital allowance and medical transport assistance to the insured.

• Roadside Assistance Cover

Offers assistance through an authorized vendor in case of breakdown of the vehicle.

3. What are some of the factors that decide the premium amount?

The premium amount is determined by various factors like the Insured Declared Value (IDV) of the vehicle, the age of the vehicle, model type and the engine’s CC. IDV is arrived at by adjusting the listed selling price of the car and the depreciation percentage. For obsolete models, the IDV will be a value that is mutually agreed between the insurer and the insured.

4. What are the discounts offered on Liberty Car Insurance?
• No Claim Bonus (NCB) is a discount offered on the premium of Own Damage (OD) with regards to your vehicle if you have not made any claim during the last one year of the policy period. With NCB, you can avail up to 50% discount on the Own Damage Premium.
• For members of certain recognized Automobile Associations of India, a discount on Own Damage premium is given under the Liberty Car Insurance Policy.
• If you have installed an anti-theft device that is duly certified by the agency and approved by the government, you can avail a discount of 2.5% on the Own Damage premium.
5. How do I file a claim?

You can file a claim by either visiting the nearest branch office, sending a mail to Liberty General Insurance's customer care id or calling the toll-free number. While registering a claim, have the following details ready for reference.

• Motor insurance policy number
• Name of insured and contact details
• Registration number and details of the vehicle
• Name of police station where the loss or damage was notified
• Driving license details of the driver
6. What documents do I require while filing a claim?

Given below are some of the documents that might come handy while filing a claim.

• Duly filled and signed claim form
• Copy of driving license and the vehicle’s registration certificate
• Police or fire brigade report, in case of accident
• For theft, No Objection certificate(NOC) from the financier
• Indemnity bond

Other documents such as Power of Attorney, Repair and Replacement bills might be required depending upon the damage. The claim is usually settled within 7 working days if all the necessary documents are present.