Reliance offers very competitive premiums that are 45% - 71% less than other two-wheeler insurance plans in the market, making Reliance a good option to consider if you're on a tight budget. The Reliance plans are among the cheapest in the market, with the cheapest being in New Delhi for bikes that typically have a cylinder capacity of around 100cc. However, the Comprehensive plan provides only basic coverage in its core plan, with few add-ons, so it may not suit riders who are looking for high levels of coverage.
Table of Contents
|Summary of Reliance Motorcycle Insurance|
|The Comprehensive plan is 45% - 71% cheaper than the average Comprehensive bike plan offered in India|
|Comprehensive plan is most affordable option for low-powered bikes of 100 cc's.|
|Rates and information about Third Party plans are not available online|
|Reliance Incurred Claim Ratio: 85%|
Reliance Two-Wheeler Comprehensive Annual Plan Highlights
Reliance's Comprehensive two-wheeler policy provides basic coverage for premiums that are approximately 45%-71% cheaper than the average Comprehensive motorcycle plan, making it a good choice for riders prioritising cost over benefits. Overall, we found that owners of bikes with low engine capacities will save the most with Reliance. For instance, you will pay 71% less than the market average if your bike's engine capacity is between 100cc and 200cc— making Reliance's Comprehensive plan the cheapest plan on the market. Riders with other lower-powered bikes (under 100cc) also see very competitive premiums that are 68% cheaper than the market average.
However, the Comprehensive plan does not have features that help it stand out, nor does Reliance offer add-ons that make it special. For instance, the Comprehensive plan covers the rider from natural and man-made disasters that could damage or destroy the vehicle as well as third-party liability and damage. Beyond that, your coverage is limited by the add-ons you can opt to get. Thus, compared to other two-wheeler plans on the market, the primary differentiating factor that makes this plan attractive is the cheaper premiums.
Reliance Third Party Plan Highlights
Reliance's Third party plan provides baseline benefits, making it useful for those who are seeking a simple plan to protect themselves from the liabilities that come with damaging other people and their motorcycles. This plan provides the minimum legally mandatory coverage of third party liability coverage that is required by the Motor Vehicles Act. It provides coverage for a variety of third-party risks like:
- Death or bodily injury to the third party
- Property damage up to Rs. 750,000
- Accidental death of the insured vehicle owner
- Permanent Total Disability of the insured vehicle owner
Lastly, this plan also covers you if the other party is not insured or is underinsured because it covers their property damage or liability in case of injury. However, premiums for this plan are not available online. Therefore, we are not able to recommend this plan to a particular demographic.
Reliance Own Damage Plan Highlights
The Own Damage plan is useful for those only looking to cover their vehicle from danger or harm and compensates you for expense to repair or replace parts of your car damaged in the accident. Reliance's Own Damage plan is 11% - 50% cheaper, regardless of your bike model, than the average Own Damage or Standalone plan. If you already have a Third Party Only plan and want to top up your coverage to protect your bike, then Reliance's Own Damage plan can be an affordable option. It provides coverage for the following events:
- Riot & Strikes
- Transit by Rail, Road, Air & Elevator
Reliance Motorcycle Insurance Add-Ons & Deductibles
Reliance offers a few add-ons to its base policy for its Comprehensive and Own Damage plans. These include Nil Depreciation, Daily Allowance Benefit and Equated Monthly Installment (EMI) Protection. These benefits can be especially useful if you have extra room in your budget and would like to add some peace of mind benefits or want coverage for your bike and its contents. However, please note that these add-ons are not available for Reliance's Third Party plan.
|Nil Depreciation||This will allow you to secure the value of the bike parts as the vehicle and the vehicle parts age over time|
|Daily Allowance Benefit||This is applicable when the vehicle is in a Reliance authorized garage for more than 3 days. Allowance limit of Rs. 5,000 per day|
|Equated Monthly Installment (EMI) Protection||Covers up to 3 EMI's on the vehicle, which covers your monthly installments on your motor loan. This is applicable when the vehicle is in a Reliance authorized garage|
|Helmet Cover||This covers the cost and replacement of your helmet|
The plan also includes a voluntary deductible that allows the insured to pay a certain claim amount, while Reliance covers the remainder. The higher the insured pays, the lower their premium. As a result, the deductible can also be used to further discount the premium. The table below shows the voluntary deductibles and the corresponding discounts.
|Rs. 500||5% on the OD premium of the vehicle, maximum of Rs 50|
|Rs. 750||10% on the OD premium of the vehicle, maximum of Rs 75|
|Rs. 1,000||15% on the OD premium of the vehicle, maximum of Rs 125|
|Rs.1,500||20% on the OD premium of the vehicle, maximum of Rs 200|
Reliance has certain exclusions, which would stop the rider from receiving the claim payout. These exclusions include legal issues like driving under the influence or driving without a license to more obscure factors like loss or damage due to nuclear risks. The full list of exclusions can be found below. You should always read the policy wording to make sure you know what you'll be able to claim for.
General Policy Exclusions
- Any wear-and-tear of the bike due to aging
- Mechanical and electrical breakdown
- Driving without a valid driving license
- Loss or damage caused while riding under the influence of alcohol or any other intoxicating substance
- Loss or damage due to depreciation of the bike's value
- Loss or damage due to war or nuclear risks
- Consequential loss - if the original damage causes subsequent damage / loss, only the original damage will be covered under the bike insurance.
- Compulsory deductibles - a fixed amount that gets deducted at the time of the claim.
It is recommended that you contact the claims department as soon as you can after an accident. You can submit accident claims at Reliance's website (address below), where a staff member will help you through the process. You can also use the Reliance Self-i App to initiate claims instantly. This allows riders to live video chat with claim experts and track claim status in real time.
Features and Benefits
There are many important features that different insurers provide riders. Below, we have listed the benefits offered by Reliance to see if they are a right fit for you. Feel free to take a look at our comprehensive guide to the best bike insurance in India.
|Features||Comprehensive||Third Party||Own Damage|
|Personal Accident Coverage||100%||N/A||100%|
|Damage Related to Fire||100%||N/A||100%|
|Natural Disaster Cover||100%||N/A||100%|
|Theft or Malicious Acts||100%||N/A||100%|
|Third Party Liability||100%||100%||N/A|
|Third Party Damage||100%||up to Rs. 7.5 lakh||N/A|