Learn About The Basics Of Bike Insurance

Types of Bike Insurance

There are three different types of bike insurance plans:

• Third-Party Bike Insurance: A third party bike insurance is mandatory for all bike owners as stated in the Motor Vehicles Act of 1988. This type of bike insurance provides coverage in case there is any damage to a third party due to the insured bike. 
• Standalone Own-Damage Bike Insurance: This insurance policy offers financial protection only if there is damage to the insured bike.
• Comprehensive Bike Insurance: A comprehensive insurance plan brings the benefits of own-damage and third party coverage into one. So, whether your bike is damaged in a natural disaster, accident, or theft, or even if a third party faces injury, this policy will provide adequate coverage. The premium for this policy is higher than that of the other two, however since it provides coverage for both own and third party damages, this policy is highly recommended.

Add-ons for Bike Insurance

To enhance the coverage of bike insurance policies even more, you can include many add-ons. The add-ons are available at additional premiums, yet they are beneficial in many cases. So, let’s take a look at some of the add-ons you can include in your bike insurance plan:

• Zero Depreciation Cover: Also known as Bumper-to-bumper or Nil Depreciation Cover, this cover lets you eliminate the depreciation costs. This means that when you raise claims, you can get the total amount irrespective of the depreciation costs of the bike.
• Roadside Assistance Cover: The Roadside Assistance Cover is an extremely important add-on as it rescues you if your bike meets a breakdown in the middle of the road. This cover ensures you get roadside assistance like towing service, changing a flat tyre, etc.
• No Claim Bonus Protector Cover: No Claim Bonus benefits the policyholder if they have a claim-free year. The No Claim Bonus Protector Cover protects the NCB you have accumulated over the years even if you have to settle an insurance claim.
• Consumables Cover: Typically, consumables like nuts, bolts, engine oil, grease, etc., are not covered by a bike insurance policy. Even tyres, brake pads, clutch plates are not covered in a regular insurance policy as they wear out with usage. But, with the Consumable Cover, you can get financial protection even for these consumables if they get damaged in an accident and require repair or replacement.

How To Buy Bike Insurance With Acko?

To buy a bike insurance policy with Acko, here is all that you need to do:

1. Visit www.acko.com or search for Acko insurance in Google or other search engine
2. Click on the ‘Bike’ icon on the website
3. Enter the bike’s registration number and click on ‘Get quote’
4. You’ll see the list of bike insurance plans
5. Select a suitable plan
6. Select the necessary add-ons from the list of available options
7. Provide the necessary details such as vehicle owner’s name, pin code, contact number, etc.
8. Proceed with the payment
9. Once the payment is confirmed, you will receive policy details on your registered email ID

After buying the bike insurance policy with Acko, do not forget to renew it before it expires. If you fail to renew your bike insurance policy, the policy will lapse and you will stop getting protection for your bike.

Take Away

Having a valid bike insurance policy will not only safeguard you against fines and harassment from traffic police, but also protect your vehicle against any financial risks due to motorcycle damage and theft. With a comprehensive bike insurance policy, you can focus on enjoying the ride. Just remember that before buying this insurance plan, you should compare the different plans available to buy the best policy at affordable premiums.