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Frequently Asked Questions

Changes in the policy
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How do I record any changes in the policy?

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In case there are any changes in the policy relating to personal information, to the vehicle structure or its usage, it will be done by an Endorsement. Depending on the type of change requested, you may or may not be required​ to pay an additional premium.

For more information on the endorsement process & required documentation, you may please contact us on our toll free number (1800-266-5844) Or send an email at care@libertyvideocon.com

You may also visit our branch office. To locate the nearest branch o​ffice, please​ click here.​

What is an endorsement?

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An endorsement is a written evidence of an agreed change to your policy. It is a document that incorporates changes in the terms of the policy. Any changes or alterations that you need to make can be done by way of an endorsement.

An endorsement may be issued at the time of issuing the policy to provide additional benefits and cover (e.g. legal liability to driver) or to impose restrictions (e.g. accidental damage deductible).​The wordings of those endorsements are provided by the insurance company. An endorsement may also be issued subsequently to record changes such as change of address, change of name and change of car or two-wheeler models.

What is a premium bearing endorsement?

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A premium bearing endorsement is the endorsement for which additional premium is charged. For example, transfer of ownership, addition of LPG/CNG kit, c​hange of RTO location etc.​

What is a non-premium bearing endorsement?

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A non-premium bearing endorsement where no additional premium is charged. For example, rectification in contact details, rectification in engine/chassis number, a​ddition of hypothecation etc.​

Do I need to intimate LVGIC if an LPG/CNG kit is fitted after buying a motor insurance policy?

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Yes. Addition of LPG/CNG kit in your vehicle constitutes a material change in the vehicle & hence it is important that the same is intimated to us immediately.

Before intimating us of the addition, please ensure that the same is registered with the RTO where your vehicle is registered & an entry to effect the same has been passed in the RC book. Once done, you may please contact us on our toll free number (1800-266-5844) OR send an email at care@libertyvideocon.com

You may also fax your request to 022-6700 5844 OR visit our branch office. To locate the nearest branch o​ffice, please click here.

How can I change/ add my communication address/ telephone number?

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This is a simple process & our executives are happy to assist you. Please contact us on our toll free number (1800-266-5844) OR​ send an email at care@libertyvideocon.com

You may also fax your request to 022-6700 5844 OR visit our branch office. To locate the nearest branch office, please click here.

How do I add/delete the hypothecation in my policy?

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Please submit changed registration copy or l​etter from bank at our nearest branch oR email at care@libertyvideocon.com or fax- 022 6700 1606​.

Transfer of policy
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Can I transfer motor insurance to the new buyer of vehicle?

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Yes. You can transfer motor insurance to new buyer of the vehicle. To know more about the transfer process & related terms/conditions, please contact us on our toll free number (1800-266-5844) OR send an email at care@libertyvideocon.com

You may also fax your request to 022-6700 5844 OR visit our branch o​ffice. To locate the nearest branch office, please​click here.

Can I continue the motor insurance policy in the name of the previous owner even after transferring the vehicle to my name in the RTO records?

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No. The registration & insurance policy of the vehicle must always be in the same name & same address otherwise the claim is not payable.

What are documents required for transfer of policy?

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Below is the list of documents required to transfer the motor insurance policy:

    Either one of the following:

  • RC copy in the n​ew owner's name
  • Duly filled form 29/30 (along with NOC from financier- if applicabl​e)
  • Fresh proposal form filled by new owner
  • Consent letter for transfer by existing insured
  • Old policy and certificate of insurance (in original)
  • Rs 50/- towards transfer fee
  • Additional premium for NCB difference (if applicable)
  • Inspection report of vehicle

Please note that above list of documents is only indicative. To know more about the transfer process & document list, please contact us on our toll free number (1800-266-5844) OR send us an email at care@libertyvideocon.com You may also visit our branch office for more information. To locate the nearest branch office, please​click here.

Miscellaneous
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How do I renew the motor insurance if my policy is already expired?

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Don’t worry. Even if your policy has expired, a motor insurance policy for your vehicle can be obtained. But since a break in has occurred, the vehicle will be physically inspected by our company official or an authorised representative/agency. The entitlement regarding No Claim Bonus (NCB) will be as per prevailing rules & policies.

To know more about the transfer process & related terms/conditions, please contact us on our toll free number (1800-266-5844) OR ​send an email at care@libertyvideocon.com

You may also fax your request to 022-6700 5844 OR visit our branch office. To locate the nearest branch office, please​click here.

Can I get a duplicate copy of the policy if I have lost the original one?

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Sure you can. Please contact us on our toll free number (1800-266-5844) or send an email at care@libertyvideocon.com

You may also fax your request to 022-6700 5844 OR​ visit our branch office. To locate the nearest branch office, please​click here.

Where can I find policy issuance & delivery status?

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To know more about policy issuance & delivery status, please contact us on our toll free number (1800-266-5844) OR send an email at​ care@libertyvideocon.com

Can I get my premium refunded in a motor insurance policy?

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In case of motor insurance policy, premium is refunded only if request of motor policy cancellation is received within 9 months from policy start date and the refund shall be calculated on short rate basis.

We strongly advise that you speak with us before cancelling the policy. You may reach us our toll free number (1800-266-5844) or send an email at care@libertyvideocon.com

You may also visit our branch office for policy refund/cancellation request. To locate the nearest bran​ch office, please click here.

Private Car

Policy Cover Related
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What are the events and losses covered in this policy?

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The insurance policy provides cover for the following occurrences:​

  • Loss or damage to the vehicle by:​
    • Accident
    • Fire
    • Lightning
    • Self-ignition
    • External explosion
    • Burglary
    • Housebreaking or theft
    • Malicious act
    • Riot and strike
    • Terrorism
    • Earthquake, flood, cyclone and inundation
    • Whilst in transit by rail, road, air, elevator & lift.
  • Liability for third party injury or death and damage caused to their property
  • By paying an additional premium, one can opt for extra cover in case of:
    • Loss or damage to electrical and non-electrical accessories
    • Personal accident cover for the insured and any named or unnamed passenger(s)
    • Legal liability to person employed (paid driver/cleaners)
  • ​​​​

    T​​his is not an exhaustive list. For ​a detailed list of ​inclusions & other details, please read the policy wordings​​​​.

What are the events and losses not covered in this policy?

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What is NOT covered in this Car Insurance policy?

Some of the major exclusions under the policy are:

  • Consequential loss
  • Depreciation; wear and tear
  • Mechanical and Electrical breakdown; failure or breakage
  • When the vehicle is used outside the geographical area
  • When used contrary to limitations as to use
  • When driven by a person other than the driver stated in the driver's clause
  • War perils, nuclear perils and drunk driving

This is not an exhaustive list. For ​a detailed list of ​exclusions​ & other details, please read the policy wordings.

What is Third Party Liability Insurance? Is Third Party Liability covered in this policy?

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Third Party Liability insurance covers losses to a third person who is not a party to the insurance contract. The Liberty Videocon Motor Third Party Insurance covers the following losses:

  • Any permanent injury/death to a person caused by your insured vehicle
  • Any damage caused to the property (excluding vehicle) of some other individual by your insured vehicle

Liability is covered for an unlimited amount in respect to ​death. Any damage to third party property is covered up to Rs. 7.5 lakh in case of private car.

What is Third Party Liability Insurance? Is it covered in this policy?

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Electrical accessories:

  • Any electrical and/or electronic equipment that is not factory-fitted with the vehicle can be covered under electrical accessories at an additional premium. The value of such accessories will be as declared by the insured at the invoice value.

Non-electrical accessories:

  • Any non-electrical/non-electronic equipment that is not ​factory-fitted with the vehicle can be covered under non-electrical accessories at an additional premium of invoice value (at Own Damage rate). The value of such accessories will be as declared by the insured at the invoice value.

Liability is covered for an unlimited amount in respect to ​death. Any damage to third party property is covered up to Rs. 7.5 lakh in case of private c​ar

What does the legal liability cover for a paid driver include?

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A legal liability for paid driver implies that if you have hired a driver to drive your vehicle and he meets with an accident while driving it, then the insurance company will provide compensation for his injury/loss of life.

What is a Personal Accident Insurance cover?

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​Personal Accident Insurance covers death or disability caused due to an unfortunate accident. The Motor Insurance Policy essentially has a personal accident cover for the owner-driver, as per tariff, for which no extra premium is to be paid.

For a person other than the owner-driver, the personal accident cover has to be purchased separately by paying an additional premium. The amount paid as compensation depends upon the extent of cover opted for.​

Please refer the ​policy wordings for a detailed explanation.​

What is a depreciation cover?

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​A depreciation cover offers full claim without any deduction for depreciation on the value of parts replaced.

Please refer to the policy wordings for a detailed explanation.

What is a consumables cover?

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​This cover reimburses the cost of consumables. The items covered under consumables include grease, lubricants clip, air condition, bearings, engine oil, oil filter, fuel filter, break oil, nut and bolt, screw, washers etc.

Please refer to the ​policy wordings for a detailed explanation.​

What is a GAP value?

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​GAP insurance covers the difference between the actual declared value of a vehicle and the showroom cost of the same new car. ​​​This cover is ideal for financed vehicles.

Please refer to the ​policy wordings for a detailed explanation.​​

What is a passenger assist cover?

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A passenger assist cover offers the insured with the protection of hospital allowance, medical expenses & medical transport assistance.​

Please refer to the ​policy wordings for a detailed explanation.​

What is a roadside assistance cover?

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This cover offers road side assistance through an authorised vendor in case of breakdown of the insured vehicle. Under these services, a customer can avail of facilities like mechanical & accidental breakdown towing, on site repairs, fuel delivery, assistance in case of wrong fuelling, battery jumpstart, flat tyre change, locked and lost keys & host of other road side emergency assistances.

Please refer to the ​policy wordings for a detailed explanation.​

Policy Premium Related
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What are the key factors that affect the premium amount?

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The premium payable for your vehicle depends on the below factors:

  • Cubic capacity of the engine
  • Age of the vehicle
  • Geographical zone
  • Type of model
  • IDV (Insured Declared Value)

What is meant by IDV?

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IDV means Insured's Declared Value. It is the current market value of your vehicle & is arrived at by adjusting the current manufacturer's listed selling price* of the vehicle with depreciation percentage listed in the table below: -

VEHICLE % OF DEPRECIATION
Not exceeding 6 months 5%
Exceeding 6 months but not exceeding 1 year 15%
Exceeding 1 year but not exceeding 2 years 20%
Exceeding 2 years but not exceeding 3 years 30%
Exceeding 3 years but not exceeding 4 years 40%
Exceeding 4 years but not exceeding 5 years 50%

For car models that are obsolete and aged over 5 years, the IDV will be the value agreed between insurer and insured.

*Manufacturer's listed selling price = (cost price + local duties)/taxes, excluding registration and i​nsurance.

What is No Claim Bonus (NCB)? Does it reduce my payable premium?

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No Claim Bonus (NCB) is a discount on premium of the Own Damage (OD) portion of your vehicle when you renew your policy, provided you have not made any claim during the last policy period of one year. If you have NCB, you can avail a discount ranging from 20-50% on the Own Damage Premium. The NCB can be accumulated up to a maximum limit of 50% on OD premium.

You can transfer complete benefits of NCB, even when you shift your motor insurance to Liberty Videocon General Insurance from any other insurance company.

NCB benefits are given as per the below chart:​

All Types of Vehicles % of Discount on own Damage Premium
No claim made or pending during the preceeding full year of insurance 20%
No claim made or pending during the pre​ceeding 2 consecutive year of insurance 25%
No claim made or pending during the preceeding 3 consecutive year of insurance 35%
No claim made or pending during the preceeding 4 consecutive year of insurance 45%
No claim made or pending during the preceeding 5 consecutive year of insurance 50%

Is my No Claim Bonus (NCB) transferable? Is there a specific rate?

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Yes. In case you’re our customer, or are switching to Liberty Videocon General Insurance from any other insurance company, and have accrued some NCB from your previous insurer, you can get the same transferred. But this will be applicable only if the vehicle is insured within 90 days of your renewal due date. The same applies in case you decide to switch from Liberty Videocon General Insurance to any other insurance company.

The NCB is transferred at the same rate that you were entitled to get from the previous Insurance Company on renewal of your policy. However, we’ll need some documents from you that prove your entitlement to the NCB. The evidence can be in form of:

  • A renewal notice or
  • A letter confirming the NCB entitlement from the previous insurer

Kindly note that in case of a false NCB declaration, the policy will be subject to cancellation.​

What is voluntary excess?

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Voluntary excess is an option where you choose to bear a certain amount of loss from every claim. For this option, you are eligible for a discount on Own Damage Premium (ODP) as listed in the table below:

VOLUNTARY DEDUCTIBLE DISCOUNT
Rs. 2500 20% on the OD Premium of the vehicle, subject to a maximum of Rs. 750/-
Rs. 5000 25% on the OD Premium of the vehicle, subject to a maximum of Rs. 1500/-
Rs. 7500 30% on the OD Premium of the vehicle, subject to a maximum of Rs. 2000/-
Rs. 15000 35% on the OD Premium of the vehicle, subject to a maximum of Rs. 2500/-

What is compulsory excess?

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Compulsory excess is the amount of loss that has to be borne out by the insured for each and every claim. It is levied as mentioned in the table below:-

TYPE OF VEHICLES COMPULSORY DEDUCTIBLE
Private vehicles not exceeding 1500cc Rs. 1000/-
Private vehicles exceeding 1500cc Rs. 2000/-
Motorised two-wheelers Rs. 100/-

How do I record any changes in the policy?

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What is third party liability insurance? Is it covered in this policy?

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.

What is third party liability insurance? Is it covered in this policy?

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.

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  • Ashish Singh Puna

    9/2/2014 8:20:24 PM

    I was surprised to see the level of professionalism shown by the claims & customer service team. They were quick and courteous. Cheers.

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Registration Number: 150 | ARN- ADVT/2017/May/22 | CIN: U66000MH2010PLC209656

© 2017 Liberty Videocon General Insurance Co. Ltd.

Reg Office: 10th floor, Tower A, Penisuala Business Park, Ganpat Rao Kadam Marg, Lower Parel, Mumbai - 400013

Trade Logo displayed above belongs to Liberty Mutual and used by the Liberty Videocon General Insurance Company Limited under license. For more details on risk factors, terms & conditions please read sales brochure carefully before concluding a sale.