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ACKO Bike Insurance
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The Acko General Insurance Company is one of the newest entrants in the Indian general industry. It is the only general insurance company in India that sells all of its plans online. The company was founded in 2016 and received the IRDA licence in 2017. Headquartered in Mumbai, it is one of the fastest-growing motor insurance providers in India.
There are over 50 million customers in Acko Insurance Company with the partnership of more than 400 agencies including Ola, OYO, Amazon as well as RedBus. There are various types of innovative products launched by Acko Insurance Company which includes trip insurance, hotel-stay insurance plans and coverage for electronic products and equipment. Acko had launched a micro-insurance plan with Ola for which it had received the Golden Peacock Award for Innovative Product.
Types of Acko Two Wheeler Insurance Plans
When you look to buy a two-wheeler insurance plan from Acko, you get the following options to choose from:
- Third-party liability only insurance plan -
The Indian government has made it compulsory for all bike owners to have a basic form of insurance when they purchase the vehicle. This is known as third-party liability bike insurance. If you happen to injure the third party’s vehicle or property when riding your bike, you will have to pay for the damages. The third-party liability plans offer coverage for this. The third-party liability covers are available from Acko Two Wheeler Insurance.
There are 2 types of Liability Only Two Wheeler Insurance Plans available with Acko General Insurance:
- One year Liability Only Plan:
Which covers the third party liability for only one policy year.
- Long Term Liability Only Plan:
Which covers the third party liability for the entire tenure for which the policy has been opted for like 2 or 3 years
- One year Liability Only Plan:
- Comprehensive insurance plan -
This is called the Two Wheeler Package Policy. When you buy a third party liability insurance plan, you do not get any coverage for your own vehicle. For that, you need to invest in a comprehensive two-wheeler insurance policy, which offers the third party liability benefits along with cover for your own bike too. You can buy the comprehensive plans from Acko Two Wheeler Insurance too. This policy covers third-party liability + own damage to the bike.
There are 2 types of Comprehensive Two Wheeler Insurance Plans available with Acko General Insurance:
- One year Comprehensive Two Wheeler Insurance Plan:
Which covers the third party liability as well as own damage for only one policy year.
- Long Term Comprehensive Plan- 5 years: This is a Package Policy for 5 years which covers the third-party liability and own damage for the entire tenure of 5 years.
- One year Comprehensive Two Wheeler Insurance Plan:
- Bundled Plan:
This type of plan covers the third party liability for the bike for 5 years and damages of your own bike for only 1 year.
Note: According to the latest guidelines of the IRDAI, you need to buy a minimum of 5 years of third party liability plan if you buy a new bike or a scooter. Along with a 5-year third party plan, you can opt for 1-year own damage under Bundled Plan or a 5-year own-damage under Long Term Comprehensive Plan- 5 years.
Benefits of Acko Two Wheeler Insurance
Now, let us take a look at the benefits you get when you buy an Acko Two Wheeler Insurance policy:
- Digital benefit -
The biggest advantage is that you get the plans online. Buying an Acko Two Wheeler Insurance policy is a very simple thing to do. You just need to go online, enter your details, choose your cover, pay the premium and your plan will be issued instantly. This apart, you can also renew your plan, check the status and initiate claims online.
- Large network -
The company has tie-ups with a large number of garages all over the country. You can get a cashless settlement done at any of these network garages and that makes it all the more convenient for you.
- Helpful customer service -
The customer support team is one of the best in the industry. You can call in with any query or doubt and they will assist you in a polite and efficient manner.
- Emergency assistance -
The facility of 24/7 emergency assistance, including roadside assistance makes the Acko Two Wheeler Insurance plans very helpful and beneficial for the policyholders.
- Easy claim process -
The claim process is very simple and straightforward. You can opt for the cashless claim at a network garage. In that case, you simply need to notify the insurer and then they will contact the garage and clear the dues directly. If you go for reimbursement, you just have to click photos of the damage, inform the insurance company and they will release the claim amount after assessing the damages.
What is Covered Under the Acko Two Wheeler Insurance Plans?
Now, let us take a look at what is covered under the Acko Two Wheeler Insurance plans:
- Third-party liability -
When you buy a third party liability cover, all damages incurred to the third party liability, including damage to the person or property, is covered. This cover is also available under the comprehensive two-wheeler insurance plans from Acko Two Wheeler Insurance.
- Cover for own vehicle -
If you opt for a comprehensive plan, you will get the third party liability cover and you will also get cover for damages to your own vehicle. You will also get a cover for bodily injuries of the rider incurred in a bike accident.
- Damage -
Damages suffered by the bike such as scratches, dents, broken parts, etc are covered under the comprehensive Acko Two Wheeler Insurance plans. You can make a claim if your bike is damaged following an accident.
- Theft -
Theft protection covers are available under comprehensive plans from Acko Two Wheeler Insurance. If your vehicle gets stolen, the company will pay you for the losses so that you can use the money to replace the bike with a new one.
- Personal accident (if opted)-
If you or your pillion suffers death or bodily injuries in an accident, the medical bills will be taken care of by the insurance provider. This is available under the personal accident cover of the Acko Two Wheeler Insurance plans.
What is not Covered Under the Acko Two Wheeler Insurance?
While the Acko Two Wheeler Insurance policies do offer a wide range of cover, there are some permanent exclusions that you should be aware of:
- Mechanical or electrical breakdown -
No coverage is available for mechanical or electrical breakdowns of the two-wheeler.
- Damage due to man-made disasters -
If the vehicle is damaged in a man-made disaster such as war or riots, you cannot make a claim as that is a permanent exclusion.
- Regular servicing -
Every bike requires regular servicing to ensure it runs smoothly. The servicing cost has to be borne by the bike owner as the insurance provider will not offer compensation for natural wear and tear.
- Damage due to drunk driving -
If any accident happens due to the rider being drunk or under the influence of a banned substance like a drug, then he cannot make any claim for damages to a third party liability or for damages and injuries he sustains himself.
- The damage took place outside India -
The covers available under the Acko Two Wheeler Insurance plans are only offered within the geographical limits of India. If you travel by your bike beyond the Indian borders and an accident happens thereafter, you cannot make a claim.
- Damage when policy is not active: If you have an inactive policy or your policy has expired/lapsed, no damages or claims will be covered by the insurance company.
- Driving a vehicle without a valid license: If you are driving a vehicle without a valid license or using it for illegal activities, the insurance company will not offer any compensensation for such damages.
Keep these exclusions in mind when you look to make a claim to ensure your claim is not rejected.
How to Apply for an Acko Two Wheeler Insurance Policy?
It is very easy to apply for an Acko Two Wheeler Insurance plan. Here are the simple steps:
- Visit the insurer’s website - Start off by visiting the website of Acko General Insurance. Then, go over the available plans, look at the prices, read the policy wordings and understand which policy would suit you the best.
- Fill in your details - After you select the perfect plan, fill in the relevant details such as your name, address, contact number, etc. Along with that, you also need to feed in some basic information about your vehicle such as the number of your bike, the make and model, etc.
- Submit the documents - Very few documents are needed. You just need an ID proof and a KYC document.
- Pay the premium - Pay the premium and you will be the proud owner of an excellent Acko Two Wheeler Insurance policy.
It is actually this simple to buy a two-wheeler insurance plan from Acko General Insurance. All the plans are directly available online from the insurance provider so you do not have to go via an insurance agent or any middleman to get the policy.
Acko Two Wheeler Insurance Claim Process
There are 2 types of claims possible for Acko two Wheeler Insurance Plans.
- Cashless Claim:
You can opt for the cashless claim process. In that case, you simply need to go to a network garage. The surveyor will visit the garage to survey the claim and once it is approved, your repair work can be done by the authorised garage. The amount approved by the insurer would be settled directly with your garage and you do not have to pay from your own pocket.
- Reimbursement Claim:
If you wish to opt for the reimbursement claims, you want to make a claim on the Acko Two Wheeler Insurance policy, you have to follow these steps:
- Inform the insurer -
Begin by informing the insurance provider about the damage and subsequent need to get your vehicle repaired.
- Click and upload photos -
Next, you need to click photos of the damaged vehicle. Send the photos to the insurance provider and they will assess the damage. If found suitable and within the coverage limits, the claim will instantly be reimbursed without any need for further documentation or formalities and within 2 hours.
Note: You need to get the approval from the insurer before the repair work is done and not afterwards.
- Get the amount in your account -
You will then get the reimbursed amount in your account for the amount spent in the repair work that has been approved.
- Inform the insurer -
The claim process of the Acko General Insurance Company is one of the smoothest and best in the country. The insurer settles the valid bike insurance claims without asking for any documents, provided the policyholder adheres to the terms and conditions stated in the policy.
Reviving a Lapsed/Expired Acko Two Wheeler Insurance Plan
If you forgot to pay the two-wheeler insurance premium on time, your Acko Two Wheeler Insurance may have gotten lapsed/expired. If you are within the grace period, you can simply pay the premium and get the policy reinstated. If it has crossed the grace period, you will have to call the insurance provider as your policy has been lapsed. They will reassess your vehicle and then offer a fresh quote. Pay the premium and your policy will get revived.
Review of Acko Two Wheeler Insurance
Acko is a new and modern vehicle insurance provider in India. The company functions online only and this makes it very simple for people to buy their plans whenever they wish to. Since a lot of the process is automated, there is almost zero room for error and this adds to the positive experience the policyholders have. The plans are very reasonably priced and the claim process is quite simple. The company doesn't ask for too many documents when issuing the policy or when processing a claim and this makes it completely hassle-free. Acko Insurance enjoys a high rating from its customers with 95% positive reviews all across the internet.
Acko Two Wheeler Insurance Contact Information
|Registered Office Address||Unit No. 301, 3rd Floor, E Wing, Lotus Corporate Park, Off Western Express Highway, Jay Coach, Goregaon East, Mumbai 400063.|
1800 266 2256
Add ons for your Two Wheeler Insurance
ACKO Bike Insurance FAQs
1. Is the claim process really free of paperwork?
Yes, if you go in for the cashless claim, the process is very straightforward with zero paperwork. All you have to do is inform the insurance company. If you go in for the reimbursement option, you have to click photos as evidence of the damage and then if the insurer is satisfied, the claim will be accepted and an estimated repairing cost will be sent to your bank account . There is no need for any extra paperwork.
2. Does Acko Two Wheeler Insurance have insurance agents?
Since all of the two-wheeler insurance plans are sold online, the company does not have any insurance agents. You can directly buy the bike insurance plan from Acko General Insurance Company by visiting their website. If someone tells you they are an agent for Acko, do not believe them as online plans are never sold by insurance agents.
3. Can I renew my plan online?
Yes, apart from buying a two-wheeler insurance plan online, you can also do various things such as renewing the plan, checking its status, making a claim, etc online. You can also add or drop add-ons by visiting the portal of Acko Two Wheeler Insurance. The process is quick, simple and can be done any time during the day or night.
4. Can I expect a discount on my Acko Two Wheeler Insurance premium?
Yes, there are some ways in which you can get a discount on your Acko Two Wheeler Insurance plan. First and foremost, see if you have an accumulated NCB. make sure you have that applied to the premium. That will give you some discount. Then, try installing some anti-theft devices to the bike. If your vehicle is safe, the insurance premium will be lower. Joining automobile associations also fetch you a bike insurance discount. These are some good ways in which you can get a discount on your Acko Two Wheeler Insurance premium.
5. Are add-ons available with the two-wheeler insurance plans?
Yes, Acko General Insurance does offer all the standard two-wheeler insurance add-ons. You can get add-ons such as the roadside assistance, depreciation cover, engine cover, etc when you buy an Acko Two Wheeler Insurance policy. However, you must remember that every add-on is available at an added cost, so your bike insurance premium will also go up.
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