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Things To Consider Before Purchasing Bike Insurance From Acko

Updated On Oct 14, 2021

Purchasing bike insurance from Acko is not that difficult. Go through this article to take a note of the things before purchasing bike insurance from Acko.

Riding your brand-new bike is pure joy; the rush is unmatched. However, riding a bike entails the duty to ride safely. Wearing a helmet, adhering to traffic laws, and being vigilant are all necessary precautions. Similarly, ensuring your bike protects you from financial losses. Additionally, it is a required prerequisite. 

Things To Consider Before Purchasing Bike Insurance From Acko

Things To Consider Before Purchasing Bike Insurance From Acko

Continue reading to learn critical things you should be aware of while shopping for new bike insurance. Some Criteria You Must Keep In Mind Before Getting An Acko Bike Insurance -

  • Insurance Against Third-Party Liability Vs. Comprehensive Insurance

When buying insurance for your new bike, the first thing to consider is whether to purchase Third-Party Liability Insurance or Comprehensive bike Insurance. Third-party liability insurance is required by law. It is a policy that protects the financial interests of a variety of third parties. This insurance covers damage to a third party or their property. The Insurance Regulatory and Development Authority of India regulates its pricing (IRDAI).

In comparison, Comprehensive bike Insurance coverage covers both the rider and the bike. It includes coverage for third-party liability, own damage, and significant risks such as theft, accidents, and natural disasters. The premium for this insurance varies per insurer. Thus, it is critical to evaluate the policy's different features and pricing before buying. Additionally, you may purchase Provide-ons to add a degree of protection.

  • Should I Add-On Or Should I Not Add-on?

Add-ons are not required and may only be purchased in conjunction with Comprehensive insurance. Standard Comprehensive insurance has certain exclusions or items that are not covered. Add-ons are intended to address such issues. Additionally, not everyone will want to pay for the capabilities provided by Add-ons. As a result, these Add-ons are decoupled from the main policy and made available as an alternative.

By adding Add-ons to your Comprehensive insurance, you may enhance its coverage and cost or premium. As a result, one should only choose appropriate Add-ons. Add-ons like Zero Depreciation, Pillion Rider Cover, and Roadside Assistance are popular.

The IDV Factor Insured Declared Worth (IDV) is the two-current wheeler's market value. It is the amount you will get if your bike is totalled or stolen. It is essential to report the proper IDV since it directly affects the cost of your insurance.

IDV is an ad hoc value. As a result, it is computed again at the time of policy renewal.

  • Choosing The Voluntary Deductible Option

Deductibles are classified into two types: mandatory and voluntary. The voluntary deductible is in addition to the mandatory deductible. This implies that you will make a voluntary contribution throughout the claim settlement process. Increasing your voluntary deductible lowers your insurance premium, but it also reduces the amount of money you get in the event of a claim since you pay less premium than you would if you did not have voluntary deductibles.

Take Away

Nowadays, purchasing bike Insurance online is very simple. Within minutes, you may insure your bike. Ascertain that the insurer you choose provides a convenient insurance experience both before and after the purchase. Examining the insurer's Claim Settlement Ratio, as well as customer reviews and social media accounts, may help determine the brand's trustworthiness.

After buying the insurance, it is necessary to renew it periodically. Generally, bicycle policies are one year in duration. Renew your bike's insurance coverage annually and never ride without a valid policy.

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Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard. 

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