What are the 3 types of bike insurance?
The three types of bike insurance plans are as follows.
Third-party bike insurance
Comprehensive bike insurance
Standalone Own Damage bike insurance
Which insurance is best for bike 1st party or 3rd party?
1st party bike insurance provides coverage against damages to your bike, whereas 3rd party bike insurance provides coverage against third-party liabilities. Comprehensive bike insurance provides both 1st and 3rd party coverage. Hence, it is the best insurance plan for bikes.
What is 5 year insurance rule?
When you buy a new bike, it is mandatory to buy a 5-year bike insurance plan that includes third-party coverage for 5 years and Own Damage cover for 1 year. It is called the 5-year insurance rule.
Which insurance is best for bike?
The best insurance policy for bike depends on your requirements and the type of vehicle you own. However, the best bike policy to purchase would be the comprehensive plan as it provides third-party and own damage coverage.
What is 1st 2nd and 3rd party insurance?
1st party insurance refers to the Own Damage policy that covers damages to your bike. 3rd party insurance is nothing but mandatory insurance for bikes that covers third-party liabilities arising due to the insured bike. 2nd party in bike insurance refers to the insurance provider.
Which insurance is compulsory for 2 wheeler?
The third-party bike insurance policy is compulsory for all motor vehicles in India, including two-wheelers.
Which is the best motorcycle insurance?
The Comprehensive Bike Insurance Policy can be defined as the best motorcycle insurance as it provides third-party and own damage coverage. On top of that, you also get the option to choose add-on covers to enhance the policy coverage.
Can bike insurance be in someone else's name?
Yes, you can purchase bike insurance for someone else’s bike. You can buy a two-wheeler insurance on behalf of the vehicle owner. However, while selling the vehicle, it’s important to transfer the insurance to the new owner.
Can bike insurance be transferred to new owner?
Yes, you can transfer the bike insurance to the new owner if you sell the bike.
Does bike insurance cover engine repair?
If you have purchased the Comprehensive or Own Damage bike insurance with the Engine Protect add-on, the insurance plan will cover engine repair costs. Please note that the engine cover add-on is subject to availability.
Does bike insurance come under 80c?
No, bike insurance does not come under 80C. You cannot claim income tax exemption for buying bike insurance.
Can we change bike insurance company?
Yes, you can switch to another bike insurance company when renewing the policy. For instance, you can renew bike insurance online from ACKO even though you have bike insurance from some other insurance provider.
Why KYC for bike insurance?
As per the rules and regulations of IRDAI (Insurance Regulatory and Development Authority of India), every insurance provider must check the authenticity of the policy buyer through the KYC documents before issuing or renewing bike insurance.
Can we cancel bike insurance?
Yes, you can cancel the bike insurance policy. However, to get a refund for the paid premium, you must adhere to the terms and conditions of the policy.
How much is the insurance for a new bike?
New bike insurance price depends on the type of plan and add-ons you choose. If you opt for a third-party plan, the premium will be on the lower side as compared to the Comprehensive plan.
Does new bike need insurance?
Yes, a new bike needs insurance to comply with the law. As per The Motor Vehicles Act, every motor vehicle must have at least third-party insurance. However, for better coverage, it is better to buy a Comprehensive Bike Insurance Policy.
Can we buy insurance for new bikes online?
Yes, you can buy bike insurance online from ACKO. You only need to provide a few details about you and your bike to buy new bike insurance online instantly.
Is third party insurance mandatory for new bikes?
Yes, third-party bike insurance is mandatory for a new bike.
Why should I buy two wheeler insurance for my bike?
You should buy Third-party Bike Insurance for your bike as it is mandated by law. It is illegal to ride a two-wheeler without the basic bike policy. You may attract penalties or face imprisonment if you ride the bike without a valid bike insurance policy. That's the reason why two wheeler insurance renewal on time is also crucial.
However, a Third-party Policy will only cover third-party liabilities. For coverage against damages to your two-wheeler, you may opt for the optional Comprehensive Two-wheeler Insurance Policy. It provides a financial cushion if the two-wheeler gets damaged due to accidents and other unfortunate incidents like natural or man-made disasters or fire hazards. The Comprehensive Bike insurance Policy even covers events such as vehicle theft.
What does endorsem*nt mean in bike insurance, and what's the difference between premium and non-premium bearing endorsem*nt?
The endorsem*nt in bike insurance refers to making changes to the policyholder's personal details or the policy's terms and conditions. For instance, if you need to change your address, name, date of birth, etc., you can do it via endorsem*nt in the policy.
In a premium-bearing endorsem*nt, you need to pay an additional premium, whereas, in a non-premium-bearing endorsem*nt, you need not pay any additional premium.
Which is the best bike insurance company in India, and which is the best two wheeler insurance policy to buy?
An insurer offering higher IDV at a lower premium, an easy and hassle-free buying/renewal process and transparent and quick claim settlements can be considered as one of the best two wheeler insurance companies in India. Also, look out for other factors such as customer support and value-added services such as cashless repairs and instant claim settlements for minor damages. As a generalisation, a Comprehensive Bike Insurance Policy can be considered as the best bike policy in India as it provides broad coverage, including third-party liabilities and own damage.
Does my bike's make/model and variant affect the two wheeler insurance premium?
Yes, your vehicle's make/model, variant and purchase year affect the bike insurance premium and the IDV.
How can I find out my 2 wheeler insurance policy number?
You can find out your bike insurance policy number via the following methods. You need to have the policy number handy when making bike insurance claims or renewing the policy. So, knowing the bike policy number is important.
Refer to your bike insurance policy document.
Check the email sent by the insurer.
Log in to your insurance account via the website/mobile app to view the policy number.
Call the customer support team.
