Team AckoNov 17, 2021
Buying an insurance policy is the best way to get a financial protection. Bike insurance ensures smooth usage even after major damages. Read on to find out all you need to know about an insurance policy for a bike.
Bike insurance is when you buy coverage against unfortunate events caused by or to your bike. Any motor insurance company would provide insurance policy for bike. Technically, a policy document is a contract between you and your insurer which states that you will receive the sum assured at the time of claim, in exchange for bike insurance premiums. In simple words, insurance policy for bike is a promise made by the insurer to cover the expenses involving your bike.
Two types of bike insurance policies are available for purchase – Third-party liability policy and Comprehensive Insurance Policy. The type of insurance policy for bike depends upon the coverage it offers. Third-party liability covers any injuries/damages caused to any third party due to the insured bike. A comprehensive policy offers a wider coverage which includes third-party liabilities and own damage component. Own Damage is any damage caused to you and your bike.
Add-ons are additional coverages which can be bought only with the comprehensive type of bike insurance. Comprehensive Bike Insurance Policy is probably the best bike insurance available. Depending upon specific needs, one can choose to buy Add-ons from the following list:
Personal Accident Cover
Zero Depreciation Cover
Pillion Rider Cover
IDV is the abbreviation for Insured Declared Value. It is the current market value of a vehicle. It is important to set the correct value of IDV while buying bike insurance as IDV is one of the main components of bike insurance premium. At the time of claim, the addition of Vehicle IDV and Accessory IDV becomes the maximum amount paid to the owner of the insured bike.
No Claim Bonus (NCB) is a discount on the amount of premium as a reward for not raising any claim. This implies – NCB is a reward offered for driving the insured bike safely. Upon first claim-free renewal, a discount of 20% is offered and can go up to 50% after five consecutive claim-free years. This will continue until a claim is raised.
Unlike a few years back, now one can renew the bike insurance policy within a few minutes. To renew the policy, visit your insurer’s website and choose the type of policy you would like to buy after entering your details. Once you are done with the selection, a bike insurance quote will be generated. The next step is to make the payment to buy your bike insurance policy.
At the time of renewal of bike insurance, you can choose to make changes in the policy. For a Comprehensive Bike Insurance policy, select Add-ons which are best suited for you. You can also switch to a better insurance company if you are not satisfied with the services provided by your current insurer.
To file a claim against your bike insurance policy use Acko’s app or website. Here, you can directly register the claim. After entering the necessary details, proceed to submit the required documents.
After verification of the registered claim, your bike will be sent for repairs. The entire process will hardly take much of your time, and the repaired bike will be delivered within three working days under usual circumstances.
If you have a comprehensive bike insurance policy, you will be covered against the following:
Irrespective of the type of bike insurance policy, a claim cannot be raised in the following conditions:
Damages when an unauthorized rider is using the bike (It is always best to mention authorized names in the policy)
Depreciation is not covered
Carelessness regarding your bike (If you leave the key in ignition and it is stolen)
Mechanical or electrical failure
Riding without a valid license
Riding under the influence of an intoxicating substance
Damages caused due to radioactive or nuclear-related activities
Damages due to illegal activities
Buying bike insurance is taking a safety measure against possible financial losses. Also, this helps be on the right side of the law.
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Category: Non-Life Insurance
The use of images and brands are only for the purpose of indication and illustration. ACKO claims no rights on the IP rights of any third parties. The ratings are derived from reviews and feedback received from Google and Facebook users on their respective platforms. | *Savings of upto Rs. 50,000 have been calculated on the IDV of Rs. 18,00,000 and 0% NCB. Amount saved is in comparison to tariff rates. Product name: Private Car Policy - Bundled | UIN: IRDAN157RP0014V01201819 |
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