Bike Insurance

What is first party insurance of a bike?

First party bike insurance, also known as Comprehensive insurance provides coverage for damages due to theft, loss, or any unforseen accident. 

What does first party insurance cover?

A first-party insurance provides coverage for any damage or loss to the insured bike. 

What are the 3 types of bike insurance?

The three types of bike insurance plans are as follows.

Third-party bike insurance

Comprehensive bike insurance

Standalone Own Damage bike insurance

Which insurance is best for bike 1st party or 3rd party?

1st party bike insurance provides coverage against damages to your bike, whereas 3rd party bike insurance provides coverage against third-party liabilities. Comprehensive bike insurance provides both 1st and 3rd party coverage. Hence, it is the best insurance plan for bikes.

What is 5 year insurance rule?

When you buy a new bike, it is mandatory to buy a 5-year bike insurance plan that includes third-party coverage for 5 years and Own Damage cover for 1 year. It is called the 5-year insurance rule.

Which insurance is best for bike?

The best insurance policy for bike depends on your requirements and the type of vehicle you own. However, the best bike policy to purchase would be the comprehensive plan as it provides third-party and own damage coverage.

What is 1st 2nd and 3rd party insurance?

1st party insurance refers to the Own Damage policy that covers damages to your bike. 3rd party insurance is nothing but mandatory insurance for bikes that covers third-party liabilities arising due to the insured bike. 2nd party in bike insurance refers to the insurance provider.

Which insurance is compulsory for 2 wheeler?

The third-party bike insurance policy is compulsory for all motor vehicles in India, including two-wheelers.

Which is the best motorcycle insurance?

The Comprehensive Bike Insurance Policy can be defined as the best motorcycle insurance as it provides third-party and own damage coverage. On top of that, you also get the option to choose add-on covers to enhance the policy coverage.

Can bike insurance be in someone else's name?

Yes, you can purchase bike insurance for someone else’s bike. You can buy a two-wheeler insurance on behalf of the vehicle owner. However, while selling the vehicle, it’s important to transfer the insurance to the new owner.

Can bike insurance be transferred to new owner?

Yes, you can transfer the bike insurance to the new owner if you sell the bike.

Does bike insurance cover engine repair?

If you have purchased the Comprehensive or Own Damage bike insurance with the Engine Protect add-on, the insurance plan will cover engine repair costs. Please note that the engine cover add-on is subject to availability.

Does bike insurance come under 80c?

No, bike insurance does not come under 80C. You cannot claim income tax exemption for buying bike insurance.

Can we change bike insurance company?

Yes, you can switch to another bike insurance company when renewing the policy. For instance, you can renew bike insurance online from ACKO even though you have bike insurance from some other insurance provider.

Why KYC for bike insurance?

As per the rules and regulations of IRDAI (Insurance Regulatory and Development Authority of India), every insurance provider must check the authenticity of the policy buyer through the KYC documents before issuing or renewing bike insurance.

Can we cancel bike insurance?

Yes, you can cancel the bike insurance policy. However, to get a refund for the paid premium, you must adhere to the terms and conditions of the policy.

How much is the insurance for a new bike?

New bike insurance price depends on the type of plan and add-ons you choose. If you opt for a third-party plan, the premium will be on the lower side as compared to the Comprehensive plan.

Does new bike need insurance?

Yes, a new bike needs insurance to comply with the law. As per The Motor Vehicles Act, every motor vehicle must have at least third-party insurance. However, for better coverage, it is better to buy a Comprehensive Bike Insurance Policy.

Can we buy insurance for new bikes online?

Yes, you can buy bike insurance online from ACKO. You only need to provide a few details about you and your bike to buy new bike insurance online instantly.

Is third party insurance mandatory for new bikes?

Yes, third-party bike insurance is mandatory for a new bike.

Why should I buy two wheeler insurance for my bike?

You should buy Third-party Bike Insurance for your bike as it is mandated by law. It is illegal to ride a two-wheeler without the basic bike policy. You may attract penalties or face imprisonment if you ride the bike without a valid bike insurance policy. That's the reason why two wheeler insurance renewal on time is also crucial.

However, a Third-party Policy will only cover third-party liabilities. For coverage against damages to your two-wheeler, you may opt for the optional Comprehensive Two-wheeler Insurance Policy. It provides a financial cushion if the two-wheeler gets damaged due to accidents and other unfortunate incidents like natural or man-made disasters or fire hazards. The Comprehensive Bike insurance Policy even covers events such as vehicle theft.

What does endorsement mean in bike insurance, and what's the difference between premium and non-premium bearing endorsement?

The endorsement in bike insurance refers to making changes to the policyholder's personal details or the policy's terms and conditions. For instance, if you need to change your address, name, date of birth, etc., you can do it via endorsement in the policy.

In a premium-bearing endorsement, you need to pay an additional premium, whereas, in a non-premium-bearing endorsement, you need not pay any additional premium.

Which is the best bike insurance company in India, and which is the best two wheeler insurance policy to buy?

An insurer offering higher IDV at a lower premium, an easy and hassle-free buying/renewal process and transparent and quick claim settlements can be considered as one of the best two wheeler insurance companies in India. Also, look out for other factors such as customer support and value-added services such as cashless repairs and instant claim settlements for minor damages. As a generalisation, a Comprehensive Bike Insurance Policy can be considered as the best bike policy in India as it provides broad coverage, including third-party liabilities and own damage.

Does my bike's make/model and variant affect the two wheeler insurance premium?

Yes, your vehicle's make/model, variant and purchase year affect the bike insurance premium and the IDV.

How can I find out my 2 wheeler insurance policy number?

You can find out your bike insurance policy number via the following methods. You need to have the policy number handy when making bike insurance claims or renewing the policy. So, knowing the bike policy number is important.

Refer to your bike insurance policy document.

Check the email sent by the insurer.

Log in to your insurance account via the website/mobile app to view the policy number.

Call the customer support team.

How can I get bike insurance online?

You can get bike insurance online by visiting the official website or app of the insurance provider. For example, you can download the ACKO app or visit our official website to buy bike insurance online.

What is the cheapest motorcycle insurance?

The Third-party Bike Insurance Policy is the cheapest motorcycle insurance you can buy. This policy will provide coverage against third-party liabilities, and it is a law-mandated policy for all vehicle owners in India.

How much is motorcycle insurance in India?

The cost of motorcycle insurance depends on various factors like type of coverage, bike make/model, engine capacity, add-ons, geographical location, etc.

How to check bike insurance online?

To check bike insurance online, all you need is an internet-enabled smartphone/computer. Follow the steps mentioned below for the same.

Open the web browser on your phone/computer and search “bike insurance” on any search engine like Google.

You will see a host of results; click on any one of them.

For example, if you click on ACKO bike insurance, you will be able to see more details about the insurance plans, coverage, premium, etc.

How to check bike insurance validity?

To check the validity of your bike insurance, you can refer to the policy document or the policy card issued by the insurer. ACKO bike insurer customers can simply log in to their account via the mobile app/website and check the policy details, including the validity.

Can I opt for a different insurance plan while renewing my existing bike insurance policy?

Yes, you can opt for a different bike insurance policy during renewal. For instance, if you have a Third-party Plan, you can upgrade to a Comprehensive Plan.

Is it better to buy a multi-year bike policy than a single-year insurance plan?

It is a good option to opt for a multi-year bike insurance plan when you buy/renew a 2 wheeler insurance plan. We offer you additional discounts if you opt for a 2 or 3-year plan. However, the discount only applies if you opt for the Comprehensive Bike Insurance Policy.

How to claim bike insurance?

To file a claim against your bike insurance, you can visit the official website of the insurer or contact the customer support number or visit the insurer’s office. If you are an ACKO customer, you can raise a claim online through the mobile app or website.

How to pay for bike insurance online?

You can pay the bike insurance premium online through any of the available digital payment options like UPI, net banking, debit/credit cards, etc. You will find these options after you have finalised the insurance plan you wish to buy or renew.

What is the “premium” in bike insurance?

The premium refers to the amount you pay to the insurance provider in exchange for financial coverage against third-party liabilities or damages to your bike, depending on the type of plan you buy.

What is a grace period in two-wheeler insurance?

The grace period refers to the period after your policy expires. Generally, insurers might provide you with a 30-day grace period to renew the policy without any vehicle inspection and premium hike. However, the policy will remain inactive during the grace period. It also depends on the terms and conditions of the insurance provider.

What does total loss mean in two wheeler insurance?

Total loss refers to vehicle damages that are beyond repair. In other words, if the cost of repair exceeds 75% of the vehicle's IDV, then such a vehicle is declared a total loss. The insurer will compensate you by paying the IDV amount for such claims. That's why it's essential to set a correct IDV when you buy a new policy

What Is IDV in bike insurance?

IDV stands for "Insured Declared Value". It is the maximum sum of money that an insurance company agrees to pay to the policyholder in the event of a total loss or theft of the insured bike. It represents the current market value of the bike at the time of insurance purchase/renewal.

What Is NCB In bike insurance?

NCB stands for "No Claim Bonus”. It is a discount or bonus offered by insurance companies to policyholders who do not make any claims during the policy period. It serves as a reward for safe and responsible riding. 

When a policyholder renews their bike insurance without filing any claims, they become eligible for NCB. The NCB is applied as a percentage discount on the own-damage premium of the insurance policy. The percentage of NCB increases for every consecutive claim-free year, usually up to a maximum of five years.

Which documents do I need to provide while raising a claim against my two wheeler policy?

The document list may vary depending on the type of damage or loss. Here are the common documents you may need to file a claim request.

• Insurance policy document

• Valid Driving License (DL)

• Registration Certificate (RC) of the insured two-wheeler

• FIR (if applicable)

• Pictures of damages taken at the time of the mishap

• Other supporting documents (if any)

What are cashless and reimbursement claims in bike insurance?

Cashless Claim is a claim process wherein the insurance provider will directly pay the repair bill (as per the policy’s terms and conditions) to the network garage. You only need to get the vehicle repaired and pay the amount that’s not covered by the policy, and the rest will be taken care of by your insurer.

In a Reimbursement Claim, you can repair your two-wheeler at your preferred garage, settle the repair bill and raise a claim for reimbursement with supporting documents such as the original repair bills, payment receipts, etc. 

What does a surveyor do during the bike insurance claim process?

The surveyor inspects and assesses the damage suffered by your two-wheeler and of the third party (if required). Post that, the surveyor will submit a report on the damage assessment to the insurer to process the claim request.

Is it a good idea not to claim for minor damages?

Yes, it is an excellent decision not to raise the claim against your policy if the damage is minimal. It will help you retain your NCB discount for not raising a claim during the policy period. If you have not made any claims for five years in a row, you are eligible for a 50% discount on the two-wheeler policy premium (Own Damage component). Hence, it will be beneficial in the long term if you avoid making claims for minor damages to your bike/scooter.

Is it safe to renew bike insurance online?

Yes, it is completely safe and convenient to renew two wheeler insurance online. 

How to renew 2 wheeler insurance ?

You can renew your bike insurance online by following these steps. The 2 wheeler policy renewal process remains the same as the new policy purchase process. 

Step 1: Visit our website or download the mobile app.

Step 2: Log in to your account and select the renewal option on your Policy Card.

Step 3: Select your preferred plan, pay the premium, and buy bike insurance online instantly. If you are our new customer, enter your vehicle details to get the bike insurance policy quote. Choose the plan, pay the premium and instantly get the policy in your inbox.

How do I check my bike insurance?

You can visit the Parivahan website to get details about your bike insurance policy. 

How many days before I can renew my bike insurance?

Typically, insurers offer a grace period of 30 days to renew bike insurance policy.

Can I renew bike insurance after expiry?

Yes, it is possible to do bike insurance renewal after expiry, however, you will lose on the NCB benefits and undergo the same process all over again.

What happens if I don’t renew my bike insurance?

If you fail to renew bike insurance policy, you can again do so during the grace period.

What is the fine for expired bike insurance in India?

The fine for riding with an expired bike insurance policy is Rs. 2,000.

Can I renew expired bike insurance, and what is the break-in period in two wheeler insurance?

Yes, you can renew your expired two wheeler insurance policy online. The break-in period is nothing but the period between the policy expiry date and the policy renewal date. During the break-in period, your bike insurance plan remains inactive, and you cannot raise claim requests. Usually, a policy purchased after the break-in period is considered a new insurance plan.