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Personal Belonging - Damage - Bike Insurance Add-on

Team AckoJul 23, 2021

Accidental damage to your bike can be a big financial blow to you. That said, with a comprehensive bike insurance policy, you can minimise the financial impact. You will be compensated up to the Insured Declared Value (IDV). But what about coverage for the damages to your personal belongings that were left in the bike, such as your mobile phone? Through the Personal Belonging - Damage add-on cover, you can cover the loss of your personal belongings.

Personal Belonging - Damage in Two-wheeler Insurance

What is Personal Belonging - Damage in Bike/Two-wheeler Insurance?

It is an add-on cover that you can buy along with the comprehensive plan. Under this coverage, in the event of an accident to your bike, ACKO will reimburse the amount, as mentioned in the add-on cover for the cost incurred against the replacement or repair of personal belongings left inside the insured bike after deducting the depreciation.

For Example: In case of an unfortunate accident, which has led to damages to your insured bike and to your mobile phone kept inside the bike, ACKO will pay the cost to repair or replacement of the mobile phone after deducting the depreciation of the mobile phone.

How to Buy Personal Belonging - Damage Add-on Cover?

The process of buying the Personal Belonging - Damage add-on cover is easy if you follow the necessary guidelines. The add-on can be purchased along with comprehensive Two-wheeler insurance or while renewing the existing comprehensive policy. Follow the steps below to buy the Personal Belonging - Damage add-on cover:

New Customers:

  • Step 1: Visit ACKO.com or the mobile app.

  • Step 2: Enter a few details of your bike (registration number, year of manufacture, the location where the bike was registered, etc.).

  • Step 3: Choose the comprehensive bike insurance plan (includes Comprehensive and Third-party Bike Insurance Policy).

  • Step 4: You have the option to include add-on covers. Choose Personal Belongings - Damage add-on cover.

  • Step 5: Pay the premium and receive the policy instantly to your email account.

Existing Customers (Renewal):

  • Step 1: Log in to your account through ACKO.com or through the mobile app.

  • Step 2: Click to renew the policy. You will be prompted to choose from various add-on covers.

  • Step 3: Choose Personal Belongings - Damage add-on cover.

  • Step 4: Pay the premium and receive the policy to your email account instantly.

Benefits:

Coverage for damages to your personal belongings will certainly add value to the comprehensive bike insurance plan. Below are the benefits of the add-on cover for your bike:

  • Get paid for the cost to repair the damages or replacement of your personal belongings.

  • Increased savings due to the coverage of damages to your personal belongings.

  • Peace of mind knowing that damages to your personal belongings are covered in case of accidental damage to the insured bike.

How to Claim Two-wheeler Insurance for Damages to Personal Belongings?

Filing a claim against your bike insurance policy towards damages to your personal belongings is simple by following the necessary steps to raise a claim. In case of an accident of the insured bike, ACKO will reimburse the amount stated on the add-on cover for the cost to repair or replace the personal belongings left inside the insured vehicle. Below are the steps to raise a claim towards the repair or replacement of your personal belongings:

  • Step 1: Visit ACKO.com or the mobile app.

  • Step 2: Log in to your account to access the policy.

  • Step 3: Click on claims and upload the required documents to support your claim.

  • Step 4: ACKO will review your claim and pay the amount as specified in the cover after deducting the applicable depreciation.

Two-wheeler Package Policy: Personal Belongings - Damage Add-on Cover 

Under the Personal Belongings - Damage add-on cover, ACKO will reimburse an amount up to the sum insured stated in the policy towards the cost incurred in replacing or repairing the personal belongings kept inside the bike. You can also buy the add-on with the Stand-Alone Own Damage Two-wheeler package policy.

Special Conditions

Benefits under the add-on are subject to special conditions mentioned below:

  • The claim is admissible only on the policy issued for the insured bike.

  • Any amount paid will be deducted for depreciation as per the percentage mentioned in the table below.

Depreciation Based on the Age of the Personal Belongings

Before reimbursing the amount towards the cost of repair or replacement of your personal belongings due to damage, ACKO shall deduct the depreciation (on invoice value) as per the table below:

Age of Personal Belongings Depreciation (%)
Less than 1 year 20
More than 1 year and less than 2 years 40
More than 2 years and less than 3 years 50
More than 3 years and less than 4 years 60
More than 4 years 80

Exclusions

ACKO will not be liable if:

  • Any claim intimated to ACKO after 30 days of such loss.

Documents Required

  • Original invoice of the personal belongings.

Also, read: Two Wheeler Insurance – Add On Covers

Things to Keep in Mind While Filing a Claim:

To file a successful claim towards the cost to repair or replace personal belongings, consider the points below:

  • Inform ACKO within 30 days of such a loss.

  • Personal Belongings - Damage is an add-on to the Comprehensive Bike Insurance Policy.

  • Read the exclusions in detail.

  • Depreciation will be deducted while settling the claim.

Frequently Asked Questions:

Including the Personal Belongings - Damage add-on cover along with the comprehensive vehicle insurance policy will make the standard bike insurance policy robust and exhaustive. For more information about the add-on cover, below are the frequently asked questions about Personal Belongings - Damage add-on cover:

1) Do all insurance companies in India offer the Personal Belongings - Damage as an add-on cover?

All insurance companies may not offer this add-on cover. You can research online for more information about the add-on cover. ACKO provides this add-on while buying a comprehensive plan.

2) Can I buy this add-on cover for just a 1-year?

Yes, you can purchase the add-on for a period of a 1-year post which you have the option to include while renewing your standard comprehensive bike insurance.

3) Does the damage to my mobile phone kept inside the insured bike covered by the Personal Belongings - Damage add-on cover?

Yes, you will be reimbursed to the maximum of the sum insured stated in the add-on cover after deducting the depreciation of the personal belongings.

4) Do I need to submit an FIR to file a claim towards the cost to repair or replace my personal belongings kept in my insured bike against this add-on?

No, you need to submit an FIR since it is not theft and has only been damaged due to an accident to your insured bike.

5) Can I buy the Personal Belongings - Damage add-on cover while renewing my Comprehensive Bike Insurance Policy?

Yes, you can buy the add-on while renewing your standard comprehensive plan for your bike.

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