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Does bike insurance cover earthquake damage?

Team AckoNov 21, 2022

Earthquakes are rare in India; however, Indians have also experienced some devastating ones. The unfortunate earthquake in Gujarat in 2001 caused more than 10 thousand deaths and property damage worth millions of rupees. From a vehicle insurance standpoint, the question here is, does a bike insurance policy cover damages caused to an insured two-wheeler due to an earthquake? Read on to know the answer.

Does Bike Insurance Cover Earthquake Damage?

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Does two wheelere insurance cover earthquake damage? 

To understand if earthquakes are covered under bike insurance, we first need to understand the types of plans available in the Indian insurance market. Here are the two major types of bike insurance plans in India.

  • Third-party Bike Insurance

  • Comprehensive Bike Insurance

Third-party Bike Insurance policy is used to cover third-party liabilities. A Comprehensive Bike Insurance Plan helps you raise a claim in case your bike gets damaged due to accidents, natural calamities, fire, etc.

Now coming back to bike insurance coverage from an earthquake. You can raise a claim for damage to your bike from an earthquake only if you have a Comprehensive Bike Insurance Plan.

Many insurance companies, including ACKO, offer insurance coverage for bike damage due to an earthquake. You can raise a claim and get the bike repaired. In case of severe damage, i.e., damage beyond repair or total loss, you will be paid the Insured Declared Value (IDV) of the bike.

How to file a cashless bike insurance claim for earthquake damage

You can refer to the following steps when you need to file a cashless bike insurance claim at ACKO.

  • Step 1: You probably already have the ACKO app on your phone. If not, please download it from Apple or Play Store, depending upon your device. You can also directly visit www.acko.com from an internet browser to access your account.

  • Step 2: Log in with the help of your registered phone number and open your bike insurance policy.

  • Step 3: Click on "claim", answer a few questions, upload necessary documents, and click "submit".

We will reach out to you in case we need more details about your claim and process your request as per the applicable terms and conditions. 

Documents required during claim settlement

There is no physical paperwork needed in filing a two-wheeler insurance claim at ACKO. Depending on the kind of claim, simply upload soft copies of the relevant documents through our website or the mobile app. You may need the following documents depending upon the reason for which you want to raise a claim.

  • Bike’s Registration Certificate (RC)

  • Driver Licence (DL)

  • Bike Insurance Policy

  • Proof of identification of the policyholder

  • First Information Report (FIR), if required

  • Original two-wheeler keys

  • Fire brigade report (if necessary)

How to choose the right bike insurance policy

Here are some tips on choosing the right bike insurance policy. 

1. Know your requirements

Spend a few minutes to analyse your insurance requirements. For instance, if bike theft cases are on the higher side in your locality, you must opt for Comprehensive Insurance instead of the basic Third-party Insurance.

2. Go for an online bike insurance plan

Gone are the days when you had to rely on someone else to get your bike insured. With online bike insurance, you can select and purchase the policy on your own. Moreover, if you buy online bike insurance from ACKO, you can avoid paying middleman commissions, as you buy insurance directly from us. This helps in buying the coverage at a cheaper rate as compared to offline options.

3. Select the right Insured Declared Value

Insured Declared Value (IDV) is the actual monetary value of your bike, and you need to set this amount while buying Comprehensive Bike Insurance. This is also one of the factors that majorly affects the premium. Remember, setting a lower amount will decrease the premium, but this can be counterproductive in case of major damage to the bike. This is because your insurer will pay (during claim settlement) an amount approximately equal to the IDV you set while making the purchase. On the other hand, setting a higher IDV will increase the premium.

4. Compare plans

Comparing bike insurance plans from different providers is easy when you do it online. You can check the plans' coverages, exclusions, costs, etc., by visiting the insurer’s website, for example, www.acko.com. Enter relevant details about the bike to get a free bike insurance quote. Now compare the features and quotes from different insurers and then purchase a suitable policy.

5. Select the right insurance company

Your insurance company must provide good coverage at a lower price, offer quick claim settlement, and satisfactorily address your queries. You can check all these points with the help of the insurer's social media handles. You can browse through comments and feedback of existing policyholders and decide for yourself if you wish to buy the plan from a particular insurance company.

Frequently asked questions

The following are some common queries about bike insurance and earthquake damage.

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Is a natural disaster covered by bike insurance?

Damage to your bike caused by natural calamities such as earthquakes is covered if you have insured your bike with a Comprehensive Bike Insurance Policy.

Is flood-related damage covered by bike insurance?

Flood-related damage to your bike will be covered if you have bought a Comprehensive Bike Insurance Plan.

Is IDV important in a bike insurance claim for earthquake damage?

Yes, IDV is important in an earthquake bike insurance claim if the damage to the bike is beyond repair. The insurer will pay the pre-decided (pre-chosen) IDV in such cases during claim settlement.

Disclaimer: The content on this page is generic and shared only for informational and explanatory purposes. It is based on industry experience and several secondary sources on the internet, and is subject to changes. Please go through the applicable policy wordings for updated ACKO-centric content, and before making any insurance-related decisions. 

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