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Things You Should Consider When Buying ACKO Bike Insurance Plan

Written by Sumit Arora
Updated On Dec 03, 20212 min read
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Purchasing a two-wheeler insurance coverage has long been required in India. It is so vital that the government has made it necessary to get a 5-year long-term coverage when purchasing a new bike.

When so much stress is placed on purchasing coverage and protecting your cash, it is understandable that purchasing bike insurance should not be taken lightly. We recommend that you should not rely on the bike dealer for insurance coverage and instead make a selection based on your own preferences. It's important to remember that bike insurance is required. You may get your own coverage without the assistance of a broker. In this article, we will discuss things that you need to focus on while getting your bike insured. Let's get this party started.

Things You Should Consider When Buying ACKO Bike Insurance Plan

Tips for Buying ACKO Bike Insurance

If you're new to bike insurance, you should set aside some time to learn how it works. This will assist you in purchasing the finest available insurance that meets your needs and fits within your budget. If you're wanting to get your bike insured for the first time, we've got some advice for you in this post.

  • Policy Types

Bicycle insurance coverage is divided into two categories. Third-party Liability and Comprehensive Bike Insurance policies are both available. You must choose which type is most suited to your requirements. The third-party policy will only protect you from third-party losses or injuries. A comprehensive coverage, on the other hand, will cover you for both third-party and own-damage damage to your motorcycle. You may compare two-wheeler insurance to see the differences for yourself. Experts recommend that you choose comprehensive insurance since it provides greater coverage and saves you money in the event of an accident.

  • Your Bike's Worth

The price for your comprehensive bike insurance coverage is calculated using the current market value of your bike. This amount is known as the Insured Declared Value in the insurance world (IDV). When purchasing bike insurance coverage, you must first determine the IDV of your bike. Knowing the approximate current market worth of your bike makes it simple to calculate IDV. Compare two-wheeler insurance to see how much IDV is available. The IDV of your bike will be higher if you have a high-end or sports bike. If you possess a basic 110cc motorcycle, your IDV will be smaller, and your insurance coverage will be less expensive.

  • Coverage

The most essential thing to remember when purchasing a bike insurance policy is to know and comprehend the coverage. Understanding the coverage provided by your insurance will make filing a claim much easier. You will obtain greater coverage if you purchase bike insurance online. The following is often covered by a comprehensive policy:

1. Coverage for theft

2. Damage from a fire

3. Natural disasters such as floods, earthquakes, landslides, and other natural disasters can cause significant damage.

4. Damage caused by man-made disasters such as rioting, vandalism, and so forth.

5. Damage to a third party

6. Legal responsibility for other parties

7. Accident-related damage

Take Away

Finally, these typical blunders may be readily avoided if you pay closer attention to the policy's contents and terms and conditions. Online two-wheeler insurance has made it simpler to locate the best new two-wheeler insurance policy on the market, making it easier to research, compare, and buy auto insurance. It's critical to not only purchase insurance for your bike while it's new but also to keep the policy valid by renewing it. If you are prone to forgetfulness, a long-term two-wheeler insurance coverage that is good for more than a year is an option. Depending on your preference, the term might be 3 or 5 years.

Also Read:

All About SBI Comprehensive Bike Insurance Plan

How to Renew New India Bike Insurance policy?

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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Written by Sumit Arora
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 Sumit is an insurance industry veteran with more than 20 years in the industry. Sumit is a frequent columnist and speaker at major insurer conventions and is a heard name in insurance circles In his free time, Sumit likes to spend time with his family and go on trips

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