ACKO Bike Insurance: Things To Consider

ACKO General Insurance offers bike insurance coverage for third parties financial and legal responsibilities on roads under its third-party bike insurance policy. This ACKO third-party bike insurance plan helps policyholders fulfil the third-party insurance requirement stipulated by the Indian Motor Tariff.

ACKO has developed a user-friendly website that helps policyholders understand third-party insurance policies and purchase them without hassle. ACKO third party bike insurance protects policyholders from financial losses caused by the negligence of third parties.

Comparing Bike Insurance against Third-party Liability to Comprehensive Coverage

The first thing you should consider when purchasing insurance for your new bike is whether you want third-party liability or comprehensive coverage. It is a legal requirement to have third-party liability two-wheeler insurance. Third parties are protected through this policy. A two-wheeler insurance policy covers damage to a third party person, vehicle and property. 

Unlike ACKO comprehensive bike insurance, which covers both. This policy covers, third-party as well as own damages like accidents, theft, fire, man-made/natural disasters,etc.

The additional features and pricing of the policy must be evaluated before buying. Additionally, you can add protection by purchasing add-ons.

What Should I Do about Adding-ons?

Comprehensive coverage does not mandatory require to buy bike insurance add-ons, but they can be purchased. You can enhance the coverage of your comprehensive bike insurance by adding add-ons. Therefore, selecting add-ons that are appropriate for the application is essential. Roadside assistance and zero depreciation are popular add-ons.

The Insured Declared Value (IDV) in bike insurance determines a two-wheeler's market value. If your bike is totalled or stolen, you'll receive this amount. The proper IDV is crucial to determining your insurance costs, as it directly impacts them.

IDVs are ad hoc values. Therefore, at renewal, it must be recalculated.

Read more - Does it Make Sense To Increase Your Bike's Insured Declared Value (IDV)?

Making the Voluntary Deductible Choice

Mandatory deductibles and voluntary deductibles are the two types of deductibles. Mandatory deductibles are in addition to voluntary deductibles. You are obligated to make a voluntary contribution throughout the claim settlement process.

When you increase your voluntary deductible, you will pay less premium than you would if you didn't have voluntary deductibles, but you will also receive less money if you file a claim.

Tips for Buying ACKO Bike Insurance

Prepare the Details in Advance

Online two-wheeler insurance is the easiest and quickest way to cover your bike. ACKO requires you to provide several details about yourself and your motorcycle.

An bike insurance premium is calculated based on your bike's engine cubic capacity, its make and model, and its manufacturing date. Your bike's invoice contains these details. When registering your bike at the Regional Transport Office, you must submit a copy of your two-wheeler insurance policy. The registration number won't be available at this point.

Choose the Right Type of Policy

Two-wheelers are more likely to be involved in an accident than a car. Therefore, it is advisable to purchase comprehensive bike insurance provided by ACKO. A third-party liability policy and an owner's policy cover both third-party and own-damage risks. By adding on additional coverage, you can extend the coverage.

The law does not require you to purchase comprehensive bike insurance, but it is highly recommended. ACKO provides relatively cheaper comprehensive bike insurance policies and offers complete coverage from all mishaps, too.

Read more - Things to Consider When Purchasing a Used Two-wheeler

How Does ACKO's Online Bike Insurance Work?

You have several reasons to buy motorcycle insurance online from ACKO. The same has been compiled here. The following points may change depending on upgrades, policy changes, etc.

Affordable Plans

As a direct-to-consumer company, ACKO charges a lower premium. As a result, your bike insurance costs remain low since you do not have to pay intermediaries commissions. You'll also receive an additional discount during special occasions and festivals.

Purchase/Renewal in an Instant

Getting your policy is instantaneous with 100% digital transactions. Two-wheeler insurance online renewal is quick, simple, and instant on ACKO, whether you are buying a new policy or renewing an existing one.

Read more - All You Need to Know About Bike Insurance Online Renewal with Liberty Insurance

Effortless Claims Processing

It is easy to purchase or renew a policy and even easier to raise a bike insurance claim request. Please login to your account by scrolling up, clicking "Claim Now", answering the simple questions, uploading photos, and submitting your claim. ACKO takes care of the rest.

Save as Much as Possible

ACKO has even more, to offer than low premiums and additional discounts! A long-term plan can help you save more. By purchasing multi-year two-wheeler insurance from ACKO, you'll be able to cut costs over time.

Take Away

In today's world, you can easily purchase bike insurance online. The process of insuring your bike can be completed within minutes. Before and after the purchase, ensure that the insurer you choose provides an enjoyable insurance experience.

You can determine the brand's trustworthiness by looking at the insurer's claim settlement ratio, customer reviews, and social media accounts.

Bike insurance must be renewed periodically after it is purchased. The duration of a bike insurance policy is generally one year. Don't ride your bike without a valid insurance policy; renew yours annually.