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How to check bike insurance quotes using a smartphone?

Team AckoAug 8, 2022

In modern times, an internet-enabled smartphone is an integral part of our day-to-day life. It quickly fetches almost any information you wish to have. For two-wheeler users, it can help you with the end-to-end process of owning a bike. Right from deciding a suitable model to buying the best bike insurance plan. The information is available at your fingertips. 

Thanks to digitalisation in motor insurance, you can use your smartphone to get bike insurance quotes and then select an ideal policy for your vehicle. Here is some prelude for reference before we begin with the steps to check insurance quotes.

How to Check Bike Insurance Quotes Using a Smartphone?

What is a bike insurance quote?

A bike insurance quote is an approximate amount of money you would spend for buying a bike insurance plan. These quotes are subjective to your needs and may change when you tweak certain factors. For example, changing the IDV (Insured Declared Value) of a Comprehensive Bike Insurance Plan will change the quote of the policy.

Steps to check ACKO bike insurance quote using a smartphone

The process is easy, and you can get a quote for your bike’s insurance plan within seconds. Here is what you need to do.

Step 1: Download ACKO’s mobile app and use your phone number to get the One Time Password (OTP).  Just that, and your ACKO account is ready.

Step 2: Tap “Bike” under “Products” from the main menu, and you will see two options. 

  1. Enter your bike number (select this if the registration process of the bike is complete)

  2. Get a Quote (select this if the registration of the bike is in the process)

Step 3: Answer a few questions on the screen, and you will get a quote for your bike insurance policy.

3 reasons you must check bike insurance quote before buying a plan

With offline bike insurance or when buying from an agent, it is difficult to know the approximate cost of the policy. But with online bike insurance, you have an option to change certain factors, and the quote will change accordingly. Here are the top three reasons why you should consider checking the quote before buying a bike insurance plan.

  • Helps with the budget

People usually don’t realise that it is possible to buy bike insurance plans that are budget-friendly. At ACKO, you already get bike insurance at a discounted rate (why so? more on this in the next section). Viewing a quote will give an idea of how well it suits your budget. If it does not, then you can tweak a few factors here and there to bring it down.

  • You can compare plans

There are different types of bike insurance plans available in the market. Viewing a quote for each plan will help you get a direct answer for which plan to choose. Thus, bike insurance quotes can act as an important factor while considering the coverages and services offered.

  • You get an idea about the plan

Generally, a bike insurance policy includes elements like what is covered, what is excluded, additional features, and services of the insurance plan. When you see a quote, you can get an idea on how expensive or cheap a policy will be as per the benefits of the plan.

Why are online bike insurance plans cheaper at ACKO?

Here is the list of reasons why bike insurance plans are usually cheaper at ACKO.

1. Digital insurance

ACKO is a digital-first insurance company. This means we carry out most of the operations online, thanks to digital infrastructure. This reduces the cost of a plan, and thus, you get yours at a discounted rate.

2. No agent commission

It is common for some people to buy bike insurance from an insurance agent. But at ACKO, you buy directly from us. The cost reduces further as we don’t charge extra to pay agent commissions.

3. Low operational costs

Being a digital insurer allows us to provide services remotely, i.e. online. We don’t need multiple branch offices. This reduces our operational costs. We pass this benefit as a discount on your bike insurance plan.

The above factors lead to ACKO offering low-cost bike insurance policies.

Basics of bike insurance you must know before buying a policy

Bike insurance plans can be slightly confusing when you are new to the concept. So let us help you understand the basics. These will help you buy your policy more confidently. 

1. Types of bike insurance plans

There are two major types of bike insurance plans — Third-party Bike Insurance (mandatory) and Comprehensive Bike Insurance (recommended). The former type provides only basic coverage and does not cover your bike against damages. The latter offers extensive coverage, including damage to your bike.

2. Tenure of the policy

It is compulsory for owners of a new bike to buy a 5-year Third-party Bike Insurance Plan. You can choose to buy a 1-year Own Damage Bike Insurance (coverage for damage to your bike) along with the mandatory plan. If you have an old bike then you are free to choose short-term bike insurance plans.

3. Types of claims

You can claim for damages in two ways  — Cashless or Reimbursement. In a cashless claim, your bike insurance company (ACKO) will bear a major part of the repair bill (as per policy terms) while the bike undergoes repairs. On the other hand, you need to get the bike repaired first, pay the bills, and then raise a claim if you are opting for a reimbursement claim. 

Remember that irrespective of the type of claim you need to inform the insurer before sending the bike for repairs.

4. Network garages

Every motor insurance company has a network of garages. This means the insurer will have a tie-up with a garage/bike repair shop. You can avail of a cashless claim if you send your bike for repairs to a network garage. If you choose to repair a bike in a non-network garage then the only claim option is reimbursement.

5. Important terms

It will be helpful if you familiarise yourself with the following bike insurance terminologies.

1. IDV: The IDV in bike insurance or the Insured Declared Value is the approximate current market value of your bike.

2. NCB: No Claim Bonus (NCB) is a discount for not raising bike insurance claims during the previous policy tenure.

3. Add-ons: Additional coverage options available for purchase with bike insurance plans.

4. Depreciation: The reduction in the value of your bike. Depreciation is usually calculated per year.

5. Grace period: Fixed number of days after the expiry of the current plan. You can renew the policy during the grace period without losing major benefits. Note that you cannot make a claim for an accident that happened during the grace period.

Frequently asked questions

Following is a list of common questions about bike insurance. If you have more queries, then please send an email to [email protected]

Is the renewal process as easy as buying bike insurance online?

Yes, in fact renewing your bike insurance policy is even faster than buying a new plan. Login to your ACKO account using your internet-enabled smartphone, answer a few questions, select the plan, and make payment. And you will receive the new policy.

How to buy bike insurance instantly?

If you choose to buy bike insurance from your computer or your smartphone, you can get the policy document within minutes. We will send your bike policy document to your email address.

What will happen if you don’t buy a bike insurance policy?

Since riding a bike without a valid bike insurance policy is against the law, you will have to pay a fine or a challan. It can amount to a huge figure for repeated offences.

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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