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Home / Bike Insurance

Two Wheeler Insurance

ACKO Two-wheeler Insurance

Buying Guide

Bike Insurance in India

Bike insurance on ACKO

Low-cost bike insurance plans with exciting discounts - Buy online on ACKO.

Save costs

Two-wheeler insurance, commonly called bike insurance, protects your two wheeler from financial losses against accidental damages or theft.

Protect your bike

Good bike insurance covers losses due to accidents, natural disaster, fire, theft, or riot. It also protects against injuries/damages caused to someone else or their property.

Hassle-free experience

On ACKO, you can buy insurance for your two wheeler completely online in just a few minutes. No inspection or paperwork needed - even if your previous insurance has expired.

Types of bike insurance policies on ACKO

Our bike insurance plans cover different types of two wheelers such as motorcycles, mopeds, scooters, and more.

Third-party Bike Insurance Plan

Third party Bike Insurance is mandatory in India. It protects you against financial liability if you accidentally damage someone else's vehicle or property or injure someone in an accident. However, it doesn't offer financial protection against damages or losses to your bike.

Comprehensive Bike Insurance Plan

A Comprehensive Bike Insurance covers everything that Third-party insurance covers, and also covers losses or damages to your two-wheeler in case of an accident, theft, fire, natural calamities (floods, earthquakes), riots, or strikes.

Personal Accident (PA) Cover

It is an additional cover to enhance your bike insurance plan. It is mandatory by law to own a PA Cover in India. While your bike insurance policy covers damages to your bike, the PA Cover provides financial protection in the event of disability/death while riding a two-wheeler.

Add-on covers with ACKO's bike insurance

Add extra layers of protection to your bike insurance with our wide range of add-on covers.


Zero Depreciation Cover

The value of your bike will depreciate due to wear and tear with time. With Zero Depreciation add-on cover, ACKO will pay the cost of replacement of parts without deducting the depreciation.


Personal Belongings - Damage/Theft

Helmets are critical to avoid brain injuries while riding a bike.  Protect your helmet with this add-on cover, which will cover the repair/replacement cost of helmets in case of an accident, theft, natural disaster, fire, or riots.


Roadside Assistance Cover

A flat tyre in the middle of the road can be troublesome. With this add-on, our technicians will take the responsibility to replace/repair the flat tyre and save you from all the hassle during this breakdown.


Key Protect Cover

Key Protect add-on cover will secure you against the cost of replacing the bike’s key in case it is stolen, lost or damaged. Also, avail payment for the repair or replacement of the lock-set, if required.


Outstation Emergency Cover

In case your bike breaks down or meets with an accident outside 100 kms radius of your place of residence, ACKO will pay the amount as specified in the add-on cover.


Engine Protect Cover

Bike Engine add-on cover will pay for the cost of repair or replace parts of the engine due to damages because of floods, not using the bike for a long time, leakage of coolant/lubricating oil and hydrostatic lock.


Consumables Cover

ACKO will cover the cost of consumable items such as engine oil, nut and bolt, screw, lubricants, grease, distilled water and items of similar nature except fuel consumed during the repair of your bike.

Key features of ACKO’s bike insurance

Key Features ACKO Advantage
Premium Bike insurance plans starting at Rs. 499*
Own Damage Cover Available under Comprehensive Bike Insurance plan
Damages to the third party Covered
Personal Accident Cover Available. Cover up to Rs. 15 lacs for permanent disability/death while riding
Claim Settlement Ratio (CSR) 95% for FY20-21
Claims settlement process Quick, paperless, cashless, and stress-free. Instant claim settlements for minor damages (Within 2 hours)
Buying/renewal process Instant, 100% digitally-driven and super-easy

Benefits of buying directly from ACKO

Affordable premiums, instant policy issuance with no inspection or paperwork, and easy claim settlement make ACKO the perfect place to buy bike insurance online.

Incredibly low premiums

Since we adopt the direct-to-consumer model, our customers have to pay a lower premium.

Superfast and easy

With 100% digital transactions, buying/renewing your bike insurance policy is a super-fast and hassle-free experience.

Zero hassle claims

Log in to or the mobile app and select “claim now” to register your claim. Our experts will do the rest for you!

Discounts and offers

Get personalised discounts during special occasions/festivals and save more money.

Optimise savings

With our multi-year bike insurance plans, enjoy additional savings.

One-stop solution

With ACKO, you can buy, renew, track and raise bike insurance claims in one place.

What’s not covered in ACKO’s bike insurance policy?

You can select the right coverage for your two-wheeler by picking an insurance plan and enhancing it with a choice of add-ons. However, there are some things that’ll never be covered in ACKO’s Bike Insurance policy. We urge you to read about them. This will ensure a delightful claims experience with us.

Accidental damages while driving under the influence of alcohol or intoxicating drugs.

Accidental damages to your bike during war or similar conditions.

Any claims against an incident when your insurance policy was not active.

Cost of repair/replacement of parts that are damaged due to regular wear and tear and not related to any incident like accident, theft, fire, flood, etc.

Any claims against an incident where you were driving without a valid licence.

Any claims if you do not own a vehicle or using a vehicle for an illegal purpose.

Claims related to damages caused outside the geographical boundaries of the country.

Any claims related to tyre or tube punctures (You get 50% of the cost of repair/replacement if your two-wheeler is damaged at the same time).

Our customers love us

Save time, money, and avoid hassle.

Suyash Dixit

An absolutely hassle-free experience with ACKO! Not only are their car insurance prices attractive, their customer care executives are quite knowledgeable too.

Suyash Dixit

Maruti Suzuki Baleno Owner, New Delhi

Taher Ahmed Sayeed

Bowled over by ACKO’s excellent customer service! The Executives were very helpful and addressed all my queries. Even their policy premium was remarkable.

Taher Ahmed Sayeed


Rahul Gupta

From query to delivery, ACKO’s quick Turnaround Time made sure my experience was completely stress-free! Must say that I’m impressed with ACKO.

Rahul Gupta


Know more about ACKO's two-wheeler insurance

Frequently asked questions about bike insurance

Questions about ACKO bike insurance

Can I buy a bike insurance policy for a brand-new bike from ACKO?

Yes, you can buy a two-wheeler insurance policy for a brand-new bike/scooter from ACKO. Visit, and enter your bike model and purchase year. For a new bike insurance plan, you can opt for a Third-party insurance plan (for 5 years) or Bundled Plan (Own Damages for 1 year + Third-party for 5 years).

Select the plan that meets your requirement. Once you make the purchase, one of our representatives shall get in touch with you. 

Is online bike insurance trustworthy and how does ACKO provide low-cost bike insurance?

We are licensed by the Insurance Regulatory and Development Authority of India (IRDAI), and hence are completely safe and reliable. 

ACKO has digital processes for policy buying, claims handling, and almost everything. We also like to build relationships directly with customers and not have an agent/intermediary in between. The costs that we save in being digital and not paying commissions help us offer cheap rates and discounts to our customers.

Is the digital bike insurance policy or the soft copy of the insurance policy valid in India?

Yes, digital bike insurance policies stored in the DigiLocker or PDF document on your mobile phone are valid in India. The physical document is not mandatory while riding a bike in India.

My two-wheeler has been totally damaged due to an accident. What should I do?

Visit our website and log in with your registered mobile number and select “Claim Now”. Answer a few questions to register the claim. Our claims team will assist you with the next steps.

How to make a payment of bike insurance premium online?

While buying an insurance policy for your two-wheeler on ACKO, you can make payment online by any of the methods:

  • Debit Card

  • Credit Card

  • Net Banking

  • Digital Wallets

What is the list of mandatory documents required to buy ACKO bike insurance?

To buy two wheeler insurance online on ACKO, you are required to enter only the details of the bike, existing policy details and purchase year. There is no need for physical documents to be submitted while buying online. The following details are required while buying a bike insurance policy online:

  • Bike model and variant

  • Purchase date of the bike

  • The location of the bike

  • Existing policy details (if you are renewing with a new insurer)

  • ID and address proof of the policyholder

What happens to my two-wheeler insurance in case I have changed my location and job?

Your bike insurance policy remains unaffected; however, you need to update ACKO with the new address. You can make these changes online by visiting our website or by calling our customer service team. The bike insurance premium might change depending on the location or city that you are moving to.

Questions you may have about bike insurance

Why should I insure my bike?

Third-party insurance is mandatory by law and not having it may lead to monetary penalties or imprisonment. However, it doesn’t protect you from damages to your bike in case of accidents, theft, fire, man-made and natural calamities such as earthquakes, floods, etc. Comprehensive bike insurance protects you against financial liabilities arising due to accidental damages to your bike and includes the mandatory Third-party cover as well.

Can I opt for add-on covers with my two-wheeler insurance policy?

Yes, you can opt for add-ons only with the Comprehensive two-wheeler insurance and not with Third-party bike insurance.

What is an endorsement in motor insurance? What is premium and non-premium bearing endorsement?

Endorsement means making changes to the policy’s terms and conditions. If the policyholder needs to change details such as address, name, etc., it can be done through the endorsement in the bike insurance policy. There are two types of endorsements. While the premium bearing endorsement requires the policyholder to pay an additional premium, the non-premium bearing endorsement may require the policyholder to pay a lesser premium.

Q4.  Which is the best two-wheeler insurance company in India?

Apart from a higher IDV at a competitive price, insurance providers who provide exceptional customer service, easy and instant buying/renewing process are usually considered one of the best bike insurance companies in India. Furthermore, the insurer should be able to offer hassle-free, transparent, and quick claim settlements. Also, look out for other value-added services such as cashless claims settlement, and instant repairs for minor damages.

How to get a copy of my bike insurance policy online?

Log in to your online insurance account to view/download soft copies of the insurance policy.

Does the model or the variant of the bike affect the bike insurance premium?

Yes, the model, the variant, and the purchase year will influence the premium and the Insured Declared Value (IDV) of your bike

How to find out my two-wheeler insurance policy number?

The insurance company refers to the policy number for claims and administrative-related purposes. Here is how you can find the bike insurance policy number:

  • Refer to the policy document.

  • Check the email sent by the insurer.

  • Log in to the online insurance account to view the policy number (website or mobile app).

  • Call the customer care team.

How to check bike insurance policy active status?

You need to log in to your account through the insurer’s website or mobile app to view the policy period and the expiry date of the policy. Additionally, you can check the status of the policy document available in your email account. You can also call the insurance company to know the details.

Know more about policy purchase & renewals

How to renew a bike insurance policy?

The process of buying and renewing a two-wheeler insurance policy is almost similar. You can renew your bike insurance by following these easy steps:

Step 1: Visit

Step 2: Use the premium calculation tool

Step 3: Enter a few details like bike model, purchase year, and previous policy details

Step 4: Select plan and add-ons and renew it.

Can I change the insurance plan while renewing my two-wheeler insurance policy?

It depends. If you wish to convert the Third-party plan to a Comprehensive plan and vice versa, it is difficult. However, you can buy a new policy with a different plan at the time of renewals.

My bike insurance policy has expired. How can I renew the policy in case of a break-in period in my bike policy?

The break-in period is the period between the expiry date and the date when you renew the policy. During this period, your policy remains inactive and you cannot raise any claims. Post the break-in period, you will lose all the accumulated benefits. A bike insurance policy bought after the break-in period is considered a new policy and does not carry forward the benefits of the old policy.

Know more about terminologies in bike insurance

What is IDV in two-wheeler insurance?

The approximate market value of the bike is known as the Insured Declared Value (IDV). This is the maximum amount you will receive from us in case of a total loss of your bike. It is important to check the IDV before purchasing the insurance policy.

What is an insurance premium?

It is the amount you pay to the insurance company (in this case ACKO) for financial coverage for claims being made against the insurance policy.

Know more about caims

What are the documents required while filing a claim against my two-wheeler policy?

Depending upon the type of damage and the type of insurance policy, the list of documents may vary. Here is an overview of the documents required while filing a claim:

  • Policy document

  • Valid Driving Licence (DL)

  • Registration Certificate (RC) of the insured bike

  • FIR (if required)

  • Pictures of damages taken at the time of the mishap

  • Other supporting documents

What is the difference between cashless and reimbursement claims?

Under the cashless claims, the insurer will pay the replacement or repair costs directly to the network garage. As for reimbursement claims, you can get the bike repaired at a garage of your choice and then raise a claim for the reimbursement of the cost. You will have to submit the original repair bills, payment receipts and other supporting documents for a hassle-free process.

What is the role of the surveyor during the claim process?

The primary role of the surveyor is to inspect and assess the damages to the insured bike and of the third party (if required). Post the assessment, the surveyor will submit the report to further process the claim.

Can I raise a claim during the grace period of the bike policy if my two-wheeler was involved in a mishap?

No, you cannot file a claim during the grace period as the policy is inactive during that period. It is advisable to renew bike insurance online for a hassle-free experience.

Need more help?

Have queries related to ACKO’s car insurance policies? Refer to Policy Wordings here: for detailed information or reach out to us via email or phone using the information below.


Write to us at [email protected]


Call us on 1800 266 2256

What is bike insurance/two-wheeler insurance policy?

What is two wheeler insurance?

Bike insurance or a two wheeler insurance policy is a contract between the bike owner and the insurance provider. Here the insurance company provides financial coverage for damage/loss to the bike owner in exchange for a premium.

Types of two wheeler insurance

There are two types - Third-party and Comprehensive Insurance Plan. Third-party plan is mandatory and protects you against injuries/damages to someone else/their property. Comprehensive Insurance covers third-party damages and damages to the bike due to accidents, theft, flooding, fire, etc.

How to buy a bike insurance policy?

You can buy your bike insurance policy through both online and offline methods. With the online method, you can buy, renew the policy or raise a claim in a few clicks from anywhere and at anytime.

Types of bike insurance

Bike insurance is mainly categorised into Comprehensive and Third-party insurance policies. Below are the details of both types of two-wheeler insurance policies.

Comprehensive Two-wheeler Insurance

It provides financial protection against injuries/damages to someone else’s life/property. It also covers damages to your bike due to accidents, natural calamities, man-made calamities, theft, and fire. Furthermore, you can enhance your insurance plan with useful add-on covers.

Key features are: 

- Coverage against accidental damages to the insured bike and third-party losses.

- Coverage against theft, damage or losses due to man-made or natural calamities.

- Not mandatory.

Third-party Two-wheeler Insurance

This type of bike insurance policy covers damages and injuries to someone else’s property and life due to accidental collisions and does not cover damages/losses to your bike.

Key features are:

- Insurance against third-party losses.

- Mandatory as per the Motor Vehicles Act, 1988.

- Covers legal liabilities of the policyholder in case of mishaps.

- Not insuring your two-wheeler with Third-party insurance attracts a heavy penalty and/or imprisonment.

Compare ACKO bike insurance policies

Benefits and coverage Comprehensive bike insurance Third-party two-wheeler insurance
Damage to own bike Yes No
Theft Yes No
Up to 50% discount (NCB) Yes No
Option to choose add-on covers Yes No
Cashless claims at network garages Yes No
Damage to third party property/vehicle Yes Yes
Third party’s death/injury Yes Yes
Personal Accident Cover (Rs. 15 lakh) Optional cover Optional cover
Instant claim settlement for Own Damage (Within 2 Hours) Yes NA
Digital transactions Yes Yes

Online vs offline: Where should you buy?

While the offline or traditional method continues to exist, the online mode offers a faster, quicker, and efficient process when it comes to buying and renewing policies or while raising a claim. Here are the benefits of buying two-wheeler insurance online.

Compare policies

The online insurance platform offers you the option of selecting a suitable policy. You can compare various policies and get to know the merits and demerits of the plan.

Lower premium

The online method does not involve any agents. Hence, the benefit of low-costs is passed on to the customer in the form of lower premiums compared to offline policies.

Expert assistance

Avail support from insurance experts who can help you throughout the process of buying and renewing policies or while registering a claim.

Zero paperwork

Skip the tedious paperwork! Share a few details, select the policy, pay premium and receive the policy in your inbox instantly.

Saves time

With online two wheeler insurance, you can transact online anywhere and anytime, which helps you save time and efforts.

One-stop solution

With online insurance, you can not just buy bike insurance in a jiffy, but also manage and raise claims anytime and anywhere.

Buy/renew bike insurance online on ACKO

Enjoy a quick, transparent, exceptional, and super easy claims process while buying or renewing bike insurance on ACKO. ACKO has digitised the entire process of buying/renewing two-wheeler insurance. Now, say bye to tedious documentation and exhaustive form-filling! Learn more about the steps to buy/renew bike insurance online on ACKO.

Step 1

Select details such as your two-wheeler (e.g. TVS Jupiter), purchase year (e.g. 2020), and existing policy (e.g. expired).

Step 2

Click to view the prices of different plans for your bike and select the plan and add-ons that suits your requirement.

Step 3

Once you select the plan and add-ons, make the payment online, and receive the policy instantly into your inbox.

Benefits of renewing bike insurance policy at ACKO

Below are the primary benefits of renewing a two wheeler insurance policy online with ACKO.

Include useful add-on covers that meet your requirement.

Calculate the cost of your bike insurance and play around with various factors such as IDV.

Raise claims by login into your account or via mobile app anytime and anywhere.

Pay easily through various payment options and save on time and efforts.

Instant renewal process - completely digital, paperless and hassle-free.

Receive the policy document instantly to your registered email account.

Quick guide to select the right add-ons for your bike

ACKO provides several a wide range of add-ons such as Zero Depreciation, Personal Belongings - Damage/Theft, Roadside Assistance Cover, and many more.


Select the right add-ons

Add-on covers enhance the coverage of the basic Comprehensive two-wheeler insurance policy. However, you need to select the right add-ons which suit your requirement and serve the purpose.


How to choose the right add-on covers for your bike?

Ask these questions before choosing the right add-on covers:

- Does it serve the purpose and is it beneficial?

- Are you ready to pay the nominal additional premium?

- Does it add value to the basic bike insurance cover?

With various jargons and terminologies, insurance is made complicated. However, it is super-easy if you understand their relevance. Here are a few of the terminologies that you may want to know.


Insured Declared Value (IDV)

Insured Declared Value (IDV) is the sum insured amount or the current market value of the bike. This is the amount ACKO will pay in case of a total loss due to theft, fire, riots, floods, etc. Hence, it is important to choose the right value so that you get the rightful compensation in case of a total loss. The buyer can choose the IDV while buying or renewing the policy. For two-wheelers, which are more than 5 years old, the insurer and policyholder will mutually agree on the IDV.


IDV Formula

IDV is calculated as the selling price of the manufacturer minus the depreciation value. The lower the IDV, the lower the premium and vice versa.

Example: Your bike’s market value is Rs. 75,000. You decide to reduce the IDV to Rs. 65,000 to decrease the premium. In case of theft, the insurer will pay the IDV after deducting depreciation, which is lower than the market value. Hence, you need to be careful while changing the IDV.


Zero Depreciation

With time, the value of the bike depreciates due to wear and tear. While making a claim, the insurance company only pays this depreciated value and not the entire value. 

With Zero Depreciation add-on cover, age does not matter since depreciation is not considered and you enjoy a higher claim settlement amount. Also, the insurer will not consider the deprecation of the replaced bike parts. Hence, you can get almost the same value of coverage by the insurer in case you have to replace a part of the bike.


Consumables Cover

Parts such as screw, nut and bolt, lubricant, engine and gearbox oil, distilled water, A/C gas, oil, and break filter are called Consumable items. 

The basic Comprehensive Insurance policy does not cover consumable items while settling claims. The Consumables add-on cover will pay for the specified consumable items to help you save on cost.


Voluntary Deductible

Deductible is the part of the repair bill that you need to pay from your pocket. There are two types - Compulsory and Voluntary. Compulsory Deductible for two-wheelers is fixed at Rs. 100 by the Insurance Regulatory and Development Authority of India (IRDAI). 

In case of Voluntary Deductible, you have the option to increase the percentage of the deductible. In return, the insurer offers a discount on the premium amount resulting in lower premiums. This is suitable when you are not sure of making claims during the policy period.

Example: If your bike was damaged and the total claim amount is Rs. 6,000 and you have opted for a Voluntary Deductible of Rs. 2,000, then you have to pay Rs. 2,000 and the insurer will pay the balance amount of Rs. 4,000.


No Claim Bonus

ACKO rewards riders with a discount for driving safely and not raising a claim during the policy period. The discount is referred to as No Claim Bonus (NCB) and can be used while renewing the policy.

On the first two-wheeler insurance renewal, you will receive a 20% discount and it increases for five consecutive years for driving safely and not raising any claims. This discount can go up to 50%.

Example: if you got a 20% discount on the first renewal of the policy and you do not file a claim the second year, the discount for the second renewal rises to 25%. Similarly, for the third, fourth and fifth consecutive no-claim years, the NCB discount becomes 35%, 45% and 50% respectively.

Inclusions: What is covered in two-wheeler insurance by ACKO?

Here's the list of features and benefits under Third-party and Comprehensive Bike Insurance policy.


ACKO's Third-party Bike Insurance Policy

- Damage to someone else’s property/vehicle

- Injuries to someone else while riding a bike

- Death of a third party


ACKO's Comprehensive Bike Insurance Policy

- Damage to someone else’s property/vehicle

- Injuries to someone else while riding a bike

- Death of a third party

- Loss due to theft

- Damage due to accidents, fire, natural calamities or riots

Exclusions: What is not covered in two-wheeler insurance by ACKO?

While we aim to give you optimum coverage, ACKO's Comprehensive bike insurance policy has the following exclusions.

Breakdown caused due to electrical or mechanical issue.

Accidental damages under the influence of alcohol/intoxicating drugs.

Accidental damages during war or similar conditions.

Any claims against an incident when your insurance policy was not active.

Cost of repair/replacement of parts that are damaged due to regular wear and tear and not related to any incident.

Claims related to tyre or tube punctures (You get 50% of repair/replacement cost if your bike is damaged at the same time).

Any claims if you were driving without a valid licence or do not own a vehicle or using a vehicle for an illegal purpose.

Claims related to damages caused outside the geographical boundaries of the country.

Personal Accident Cover (mandatory by law) to safeguard yourself from permanent disability/death while riding.

Two-wheeler insurance premium calculator

To know the cost, follow the steps below:

Step 1: Answer a few basic questions about your bike, purchase year, and existing policy details.

Step 2: Choose between the various plans. Also, you can add suitable add-on covers along with the Comprehensive Plan.

Step 3: Post this, you will be able to view the two-wheeler insurance premium for your bike.

The two-wheeler insurance premium consists of several components such as Insured Declared Value, the year of manufacture, the variant, the bike's location, existing policy details (if any), and any NCB. These components increase or decrease the premium amount.

To understand how to calculate the two-wheeler insurance price, use the bike insurance premium calculator to get bike insurance quotes.

Claims are easy with ACKO

Skip cumbersome paperwork, raise your claim online, and experience a hassle-free journey with ACKO. Our 24x7 claim registrations do not require you to submit physical documents. Visit our website or mobile app and select “claim now” to raise your claim with a few clicks. Below are the features of ACKO’s two-wheeler insurance claim process.

Same day claim settlement

You do not have to wait for days for the claim to be settled, especially for minor damages. ACKO will settle the claim on the same day.

Advance cash settlement

In case of minor damages to your bike, ACKO will settle the claim instantly. You can choose a garage of your choice to fix the damage.

Instant settlement

Login and upload the picture of the bike damages, and get an instant settlement. This process usually takes less than 2 hours.

Growth of the two-wheeler industry in India

The growth of the domestic two-wheeler sales was at a compounded annual growth rate (CAGR) of 5.8% between FY14-15 and FY18-19. With this, the domestic total sales trend has also shown a CAGR growth of 5.8% over the same period. Let’s look into the contribution of this vehicle segment to the Indian automobile industry.

Proportion of two-wheelers sales to the total domestic vehicle sales

The sales for FY18-19 is double the sales in 2011 when only approx. 1.1 crores bikes were sold in the country. 

The proportion of two-wheeler sales to the total domestic sales in India hasn’t changed much since FY14-15. For FY18-19, they contributed 80% of total domestic sales in India, which is similar to FY14-15.

Proportion of registered two-wheelers to the total registered vehicles

For FY18-19, two-wheelers registered as a proportion of the total registered vehicles stood at 75%, as compared to 74% for FY16-17 and FY17-18.

Interesting facts about two wheeler insurance in India

Here are a few interesting insights about bike insurance policies.

Distribution of bike policies in Indian states

The above chart highlights the distribution of two wheeler insurance policies in the top 10 Indian states.

While Lakshadweep has more than 91% of the total policies written in the two-wheeler segment, Nagaland clocked the lowest number with two-wheeler insurance policies contributing just 8% of the total policies.

Contribution of two-wheeler insurance policies towards premium

For the Own Damage (OD) premium, 11% of the OD premium is derived from two-wheelers.

However, in the case of the total premium, the contribution of the two-wheeler stands at 12% for FY18-19. For FY18-19, the average Own Damage premium for this segment was Rs. 502, whereas, for private cars, it was Rs. 7,645.

Distribution of two-wheeler insurance policies by NCB percentage

In the parlance of insurance, NCB discount is the reward given in the form of a discount on policy renewal to bike owners for safe riding and not raising any claims.

For FY18-19, approx. 29% of bike insurance policies carried an NCB discount of 20%. This number witnessed a steep fall for NCB discounts of 25%, 35% and 45%. However, approx. 29% of policies carried an NCB discount of 50%.

Nature of loss in the two-wheeler insurance segment

In the bike OD claims segment, accidents and theft claims contributed around 95.85% and 2.54%, respectively, of the total number of OD claims.

Natural disaster claims for FY18-19 was at approx. 1.2%, which has increased six times due to the Kerala floods. Fire-related claims comprised of approx. 0.12% of the total claims in this vehicle segment.

Percentage of claims settled

As per the IIB - Motor Annual Report 2018-19 report, private cars comprised 64% of the total number of OD claims settled, while two-wheelers occupied a share of 27.9%. The mean and median claim amount for two-wheelers was at Rs. 7,892 and Rs. 5,298 respectively. While the mean amount has nominally increased for private cars, it has slightly decreased for the bike segment compared to FY17-18.

Vehicle Class % of Settled OD Claims Mean OD Claim Amount Median OD Claim Amount
Private Cars 64.12% Rs. 28,580 Rs. 14,584
Two-wheelers 27.94% Rs. 7,892 Rs. 5,298
Goods carrier 2.79% Rs. 1,12,734 Rs. 52,040
Passenger carrier 4.70% Rs. 32,870 Rs. 15,082
Others 0.45% Rs. 69,842 Rs. 19,693

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CIN: U66000KA2016PLC138288

IRDAI Registration No: 157

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 |

Trade logo displayed above belongs to ACKO Technology & Services Pvt Ltd and used by ACKO General insurance Limited under License. For more details on risk factors, terms, conditions and exclusions, please read the policy wordings carefully before concluding a sale.