When buying a two-wheeler insurance policy, many policyholders prefer ACKO Insurance (IRDAI Registration No: 157), one of the newest digital insurers in India. ACKO Insurance started selling general insurance policies in 2016 and has been growing quickly. The company boasts a clientele base of more than 50 million customers and has sold over 60 crore insurance policies.
In the financial year 2019-20, the company had settled 95% of claims. ACKO Insurance was chosen as the winner in The Financial Express' Insurance and Savings Category. Explore the following sections to understand ACKO third-party bike insurance in detail, its features, and ways to apply.
According to the Motor Vehicles Act, 1988, any vehicle owner driving a two-wheeler without valid third-party insurance has to pay a fine of INR 2,000 and may be imprisoned for up to three months when caught for the first time. For subsequent breaches, the penalty may increase to INR 4,000 and 3-month imprisonment.
The Government of India has increased the fines and punishment to curb the menace of road accidents in India. Hence, availing of two-wheeler insurance is a necessity rather than a luxury in India. The following sections contain information about ACKO third-party bike insurance, the types, inclusions, exclusions, and benefits.
What is ACKO Third Party Bike Insurance?
ACKO Insurance's third-party bike insurance policy is a basic online two-wheeler insurance policy that covers any losses or damages caused by the policyholder's two-wheeler to any third-party property, vehicle, or person due to an accident. The company provides money to the policyholder to take care of the legal and financial liabilities arising from a third party's collision or accident.
What are the Types of ACKO Third-party Bike Insurance Policy?
ACKO Insurance offers two types of 3rd party two-wheeler insurance policies. They are as follows:
Five-year Liability Only Policy
The Supreme Court, via its order in 2018, made it mandatory for bike insurance companies to issue a 5-year third-party policy for new bike owners.
One-year Liability Only Policy
After completing the initial five-year policy term, bike owners can purchase a one-year third-party two-wheeler insurance policy. Policyholders need to renew this policy annually from thereon.
ACKO Third-party Bike Insurance Policy - Inclusions
Compensation is available for:
Third-party Personal Damage
If any third party receives a bodily injury due to an accident or collision involving your bike, ACKO bike Insurance will sponsor the medical treatment of the particular person until he/she recovers. Moreover, in the case of a third party's unfortunate death, the insurance plan will provide the concerned individual's family with a hefty compensation amount.
If your two-wheeler damages a third-party vehicle or property, ACKO Insurance will pay up to INR 7.5 lakh to the concerned person.
Owner/ Driver Personal Damage
You can add a personal accident cover to the 3rd party bike insurance plan to get up to INR 15 lakh coverage in case of permanent disability, death, or injury due to an accident.
ACKO Third-party Bike Insurance Policy - Exclusions
Unless you have activated the PA cover, any damages inflicted upon you or your two-wheelers will not be covered under this policy. Alternatively, you may opt for a ACKO standalone bike insurance policy to get covered for your own damage.
Riding Under the Influence of Alcohol or without a Valid Licence
If the policyholder rides a two-wheeler without a valid driving license and registration certificate or is intoxicated, the company will not entertain any compensation claim.
ACKO Third-party Two Wheeler Insurance - The Top Benefits
Here are some significant benefits of the ACKO 3rd party bike insurance policy:
Paperless Policy Purchase
You can buy ACKO third-party bike insurance on the website of the digital insurance provider. Just mention a few details such as your bike registration number, make and model. Basis these details, you get a quote from ACKO. After you accept it, you can go ahead to buy the policy.
Peace of Mind
Since ACKO provides compensation of up to INR 7.5 lakh for property damage of the third party, you can stop worrying about the financial problems resulting from an accident. As a fact, ACKO 3rd party bike insurance doesn't have a predefined limit for the third person's injuries, disability and death. The court decides the settlement amount in that case.
You need to upload no more than two to three documents to activate the policy and comply with the rules laid down in the Motor Vehicles Act, 1988.
Read more - How to Download ACKO Bike Insurance Policy
24x7 Customer Support
You can call ACKO Insurance's toll-free number or email id available on the website to get support from across India.
ACKO Third-party Bike Insurance - How to Apply
You can buy the ACKO third-party bike insurance policy in a few steps.
Step-1: Visit the official website of ACKO Insurance.
Step-2: Go to 'products' and click on 'bike insurance'.
Step-3: A new page will open asking you to enter the registration number of your vehicle.
Step-4: Click on 'insure now'.
Step-5: ACKO will give you a quote.
Step-6: After you accept the quote, you can buy the policy.
ACKO Third-party Bike Insurance - Claim Process
If your two-wheeler has caused any damage to a third party vehicle, property, or person, you or the third party must file an FIR (First Information Report) at the nearest police station. You must share your ACKO insurance policy information with a third party. Also, you must inform ACKO about the collision or accident.
ACKO will forward the information to the Motor Accident Claims Tribunal. The tribunal may send a legal notice to you. You must inform ACKO Insurance on receiving the notice, and the company will handle the same. The tribunal will inform ACKO, you, and the third party about the compensation the last one will receive.
Read more - How to Claim ACKO Bike Insurance