Team AckoJan 11, 2022
India boasts of an exciting mix of landscapes. Be it the mountain ranges, ghat sections, plains, or the man-made expressways, riding a bike in these terrains offers a rewarding experience. If you embark on long-distance travel on your motorcycle or someone who loves to keep riding long distances, you plan ahead and ride safely for a thrilling and satisfying experience.
However, there can be mishaps beyond your control. To mitigate the financial impact in case of damages or losses, bike insurance offers peace of mind knowing you are financially covered in such situations. In this article, you shall learn about the ideal bike insurance for long-distance riders and why bike insurance is essential for long rides.
The risks involved in long-distance touring differ from riding in city or rural areas. Accidents can happen while on the road. Insuring your bike with comprehensive insurance is the right way forward since it offers peace of mind knowing you are financially protected in case of damages to your bike. It also financially covers you against injury, death or property damage to a third party.
Ideal two-wheeler insurance for long-distance riders must have the following benefits and features for wholesome motor insurance coverage.
Coverage for third-party liabilities
It is mandatory to insure your bike with the Third-party Liability Plan to protect you against third-party losses. Losses can include injury to the third party or demise of the third party or damages to their vehicle or property. In the case of third-party liabilities, your insurer, in this case, ACKO, takes care of your legal and financial liability on behalf of you, thereby reducing the financial impact on you.
Coverage for own damage
While the Third-party Liability Plan is compulsory and protects you against third-party liabilities, it does not cover damages or losses incurred by your bike. When travelling long distances on your bike or scooter, it is essential that you financially protect yourself against damages or losses.
Buy the Comprehensive plan for broad coverage. It not only provides coverage for third-party liabilities, but it also covers you against damages or losses incurred by your vehicle. You also have the option to include add-on covers to enhance the standard plan’s coverage.
Include valuable add-on covers
Most of the insurers provide add-on covers for bike insurance. These add-on covers extend the standard plan’s coverage to cover damages or losses that are not covered. Including valuable add-ons come in handy during unforeseen mishaps on long journeys.
Opt for a digital insurance company
Digital insurance companies have disrupted the industry with the help of technology. The procedures are hassle-free and faster. Whether you want to renew bike insurance or raise a claim against your two-wheeler insurance, all the processes are through the online method.
At ACKO, you do not require physical paperwork or documentation to raise a claim in case of damages to our bike. Simply access your account through the website or mobile app to instantly register your claim. It is that easy. These innovative features and the faster process helps you buy, renew or raise claims much faster than the traditional method.
Here are the steps to buy the appropriate two-wheeler insurance for long-distance riders.
Before buying the two-wheeler insurance plan for your bike, you must understand your needs. There are two main types of insurance plans in bike insurance: Third-party Liability Plan (TP) and Comprehensive Plan. The former covers third party liabilities and is mandatory as per the Motor Vehicle Act, 1988.
Failure to insure your bike with TP shall result in penalties by the respective authorities. While it is compulsory to insure your vehicle with this plan, it does not cover your bike.
For broad coverage and to secure your bike against damages or losses incurred due to accidents, theft, natural or man-made disasters, and total loss, the Comprehensive Plan is an ideal insurance plan for your bike.
The bike insurance premium is calculated based on various factors. The primary factor is the approximate market value of your vehicle. IDV is the approximate market value of your bike. When your bike is damaged beyond repair or is stolen, the insurer pays the IDV (sum insured) after considering the deductibles and depreciation.
You have the option to increase or decrease the IDV. An increase in IDV results in a higher premium and vice versa if you reduce the IDV. Choose the correct value for the appropriate compensation during claim settlements by the insurer.
The insurer factors the bike’s engine capacity while calculating the insurance cost. The higher the engine capacity, the higher the bike insurance premium. However, the charge is fixed by the Insurance Regulatory and Development Authority of India (IRDAI) based on the two-wheeler’s Cubic Capacity (cc).
As for the cost of Own Damage cover (coverage for your vehicle), the insurer decides the cost of bike insurance. In both cases, you must factor in the cc of the bike since it is directly related to the insurance cost.
Some insurers provide add-on covers to enhance the standard plan. You can purchase add-ons along with the Comprehensive Plan. To extend the primary plan’s coverage, you can choose from Roadside Assistance Cover, Zero Depreciation Cover, Engine Protect Cover, Key Protect Cover, etc.
Digital insurance companies such as ACKO offer services through the online environment. Whether you want to buy, renew or even raise claims, you can do so through the website or mobile app. The process is hassle-free and does not require paperwork for buying or renewing insurance plans.
Apart from the hassle-free and quick process experience, ACKO works on the direct-to-customer model. Hence, there are no agents and commissions are not involved. With most operating costs reduced, the savings are passed on as low-cost bike insurance plans. Choosing a digital insurer such as ACKO helps get affordable two-wheeler insurance plans along with a superior digital experience.
If you are travelling long distances, you can quickly raise a claim from anywhere with the help of an internet-based smartphone. ACKO settles claims for minor damages within a few hours so that you can get your bike repaired at a garage of your choice.
You can compare different insurance plans for your bike through the online platform. The internet offers an array of insurance companies offering insurance for two-wheelers. Instead of depending on agents or visiting offices, you can compare these plans in a single platform to get an insurance quote.
Comparing bike insurance plans helps you understand the benefits and advantages of a plan against others. By comparing different plans, you can make an informed decision while insuring your bike.
When you have set off on a long-distance ride on your bike, it may be challenging to raise a claim against your policy from a place away from your home, especially for minor damages. However, ACKO offers instant claim settlements for minor damages so that you can get the vehicle repaired at a garage of your choice.
When you raise your claim for minor damages such as a broken mirror, dent on the tank, etc., ACKO reviews the damages and settles the claim within a few hours. There is no paperwork or inspection required in such situations. You can ride without worrying about minor damages that can be repaired at a garage of your convenience.
Opt for a multi-year bike insurance policy since you do not have to remind yourself to renew the insurance plan. You may forget to renew the insurance plan when you are on the road for several days. With the multi-year plan, you can avoid lapses in renewing the plan.
You can also search for plans that offer discounts during festivals or special occasions. Discounts reduce your insurance cost while the coverage remains the same. Hence, opt for multi-year and scout for discounts to get the best bike insurance price.
Riding long distances has its pros and cons. Damages or losses incurred during your long journeys can affect your financial health. For ideal bike insurance for long-distance riders, opt for the plan that offers wide-ranging benefits such as faster claim settlement, quicker renewal process and paperless transactions.
Here are some common questions about the ideal bike insurance for long-distance riders.
What are the main types of two-wheeler insurance plans?
The primary bike insurance plans are the Third-party Liability Plan and Comprehensive Plan. While the former covers third party liabilities, the latter covers damages or losses to the insured vehicle.
Which type of bike insurance plan is mandatory?
The Third-party Liability Plan is mandatory as per the Motor Vehicle Act, 1988. While this type of bike insurance plan is compulsory, it does not cover damages to the insured vehicle. You need to purchase the Own Damage cover to cover your bike against damages or losses.
What is full insurance for two-wheelers?
Full insurance for bikes and scooters is a comprehensive insurance plan for two-wheelers that provides financial protection against third-party losses and own damage. The Comprehensive Bike Insurance Policy offers both the benefits of third-party coverage and own damage coverage, making it an ideal insurance plan for two-wheelers.
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ACKO General Insurance Limited
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