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ACKO Third Party Bike Insurance
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Third-party insurance provides financial cover for the vehicular, physical, and property damages incurred to the third party involved in an accident due to your negligence. Apart from this, you also get legal protection against third-party liabilities that could land you in serious trouble. It is mandatory under the Motor Vehicles Act to avail of third-party insurance for driving on the roads of India.
ACKO Third Party Bike Insurance
ACKO third-party two-wheeler insurance is easy to avail of and can save the time and energy of the policyholders. Although it has limited monetary benefits, and those are all compensatory towards the third party, the premiums you pay for the bike insurance are also lower. It covers all types of damages and losses incurred by the third party.
How does ACKO Third Party Two Wheeler Insurance Policy Work?
The benefits that you avail yourself of from the third party are limited in number. Therefore, the premiums that you pay on third-party insurance are also lower. After the vehicle purchase, you must get third-party policy of ACKO two-wheeler insurance as soon as possible. It will protect you from legal liabilities after the accident as well as save you from penalties and fines while driving.
ACKO Third Party Two Wheeler Insurance Vs Comprehensive Two Wheeler Insurance
Before availing insurance, you must know everything about it. Bike owners can purchase comprehensive bike insurance or purchase the obligatory third-party insurance. Following is the tabular representation of the differences and the specifications of the ACKO third-party two-wheeler insurance that will help you decide:
ACKO Third Party Two Wheeler Insurance | ACKO Comprehensive Two Wheeler Insurance |
Only third-party receive compensation for the damages. | The policyholder and the third party involved in an accident get compensation for damages. |
You can not purchase add-on cover with ACKO third-party two-wheeler insurance. | ACKO comprehensive two-wheeler insurance allows policyholders to purchase add-on covers. |
It is mandatory by law. | It is optional. |
It is the cheapest policy. | It is the most expensive policy. |
How to Buy ACKO Third Party Bike Insurance?
Given below are the steps to purchase ACKO third-party two-wheeler insurance:
- Step One: This insurance can be purchased digitally. All you need is to visit the official website of ACKO General.
- Step Two: Navigate through the website for a third-party insurance policy procurement.
- Step Three: Offer the necessary information like vehicle brand, model number, and the variant.
- Step Four: Select the RTO with which your vehicle is registered and then provide the registration number.
- Step Five: You will receive the tentative quotation on your registered mobile number.
- Step Six: Select ACKO third-party two-wheeler insurance.
- Step Seven: Premium amount will be sent to you.
- Step Eight: Net banking, credit or debit card are the modes through which you can make the payment.
What All is Covered Under ACKO Third Party Two Wheeler Insurance?
The following things are covered in your ACKO third-party two-wheeler insurance:
- Third-party Damages:
The insurer will compensate for all the damages incurred by the third party. Damages include the vehicular damages incurred to the third-party vehicle. It also covers the property damages, movable or immovable property damages.
- Third-party Physical Injury:
If a third-party individual receives any injury from an accident caused by you, the insurer will compensate. This cover also extends protection against the demise of a third party person.
What All is not Covered Under ACKO Third Party Two Wheeler Insurance?
The following things are not covered under the ACKO third-party two-wheeler insurance:
- Own Damages:
You are not eligible to receive any damage incurred on the vehicle of the policyholder who is not compensated under the ACKO third-party two-wheeler insurance.
- Personal Damages:
If you sustain any injury, then all the cost of hospitalization will be levied upon you.
Key Benefits of Purchasing ACKO Third Party Bike Insurance
Following are the benefits you avail yourself when you purchase ACKO third-party two-wheeler insurance:
- ACKO third-party two-wheeler insurance offers eligibility under the motor vehicle act for all the policyholders to drive their vehicle legally on the roads of India.
- As a result of your involuntary negligence, a third party will receive compensation for any damage or injury caused.
- ACKO third-party two-wheeler insurance is the cheapest insurance cover that you can purchase.
- You are protected against the liabilities appealed by the third party after the accident.
- It is easy to purchase and renew the ACKO third-party two-wheeler insurance online as the procedure to avail of insurance is fully digital.
- You can reach out to ACKO for any query or grievance through their toll-free number.
ACKO Third Party Bike Insurance Review
As assured by all the customer testimonials and reviews on the website and other platforms, it is safe to say that with the ACKO third-party two-wheeler insurance, you get all the benefits that it promises to provide.
Add ons for your Two Wheeler Insurance
ACKO Third-party Bike Insurance FAQs
1. Is the death of the third party covered under the ACKO third-party two-wheeler insurance?
Yes, the death of the third party is covered under ACKO third-party two-wheeler insurance. However, you do not get any protection or financial protective cover for yourself.
2. What is the claim settlement ratio of ACKO third-party two-wheeler insurance?
The claim settlement ratio of ACKO third-party two-wheeler insurance is 83.91% in the financial year 2020.
3. How is the premium amount determined in ACKO third-party insurance?
The RTO area will determine the premiums with which your vehicle is registered. For the metropolitan area, the premium is higher, and for places with a lower population, the premium will be lower. The capacity of your vehicle engine will also become an essential factor in determining your third-party insurance premium.
4. Is it mandatory to produce an FIR to claim ACKO third-party two-wheeler insurance?
Yes, it is mandatory to produce an FIR or chargesheet to claim ACKO third-party two-wheeler insurance.
5. Can I customize ACKO's third-party insurance policy?
No. Insurers do not allow policyholders to customize or purchase any add-on covers along with third-party insurance policy.