Comprehensive and Third Party policies with Add -Ons
Financial Cushion in the event of a mishap
Covers damage or loss to the insured vehicle
No claim Bonus Where ever applicable
Vehicle Insurance portability for Uninterrupted Benefits
Personal Accidental Cover
Renewing your two-wheeler insurance policy when it is due will ensure that you follow the law of the land. You will avoid penalties and continue to be shielded as per your insurance cover. You can be fined, even imprisoned, for riding a bike without a valid two-wheeler insurance policy. Note that your two-wheeler policy becomes inactive the moment it expires. Thus, timely two-wheeler insurance online renewal after expiry becomes all the more important.
Failing to renew your two-wheeler insurance policy will make you vulnerable to financial losses in case of unfortunate events involving your bike. A Comprehensive Two-wheeler Insurance policy covers your bike in case it gets damaged due to an accident or calamities. It also insures your two-wheeler against theft. Renewing your two-wheeler insurance will help you to stay insured and to continue availing of your bike’s insurance coverage.
As mentioned earlier, you need to renew your insurance policy before its expiry. If you renew it after a considerable period (varies from insurer to insurer) after the expiration date, your two-wheeler insurance policy will be considered as a break-in policy. The insurance company might want to inspect your bike in such cases. This could increase your bike’s insurance premium. Also, read: Third Party Bike Insurance
No Claim Bonus (NCB) is an incremental discount (for 5 years) offered by insurance companies while renewing the policy. It is a discount offered for safe driving and not raising a claim during the course of the policy period. No Claim Bonus will cease to exist if you raise a claim or fail to renew your bike insurance policy before 90 days from its expiry date. 90 days is a grace period provided to keep your NCB active.
A month before your policy’s expiration period is usually a good time to review your Comprehensive Two-wheeler Insurance policy. While renewing, you can choose to opt for Add-ons such as Roadside Assistance, Pillion Rider Cover, etc. if it meets your requirements. Add-ons will increase the insurance premium slightly but will strengthen the insurance cover by extending its coverage. You can also switch your insurance provider while renewing your policy. Digitization has changed the insurance industry and new insurers have come up.
When you renew bike insurance policy in time, your insurer can give you a certain discount on the policy premium. Provided you had not raised a claim in the previous policy period, you will be eligible for a No Claim Bonus. This is considered to be the biggest discount possible as it can go up to 50% on the policy premium. NCB is conditional in nature. Thus, you have to meet certain prerequisites to be able to avail the discount. As said earlier, NCB can be availed if you do not raise a claim. To get a higher discount i.e. 50%, you should not raise a claim for 5 consecutive years. As soon as you raise a claim, the NCB cycle will reset, that is, the discount will drop to zero. Another reason your NCB will drop to zero is when you do not renew two-wheeler insurance in time. If your policy has been expired for more than 90 days, a fresh NCB cycle will begin when you buy a new insurance policy for your bike. Thus, with timely bike insurance online renewal, you can avail high discounts.
If you ride your bike/scooter at slow speeds and follow traffic rules, you are a very safe rider. Hence, the probability of you getting involved in an accident/mishap are slim, and in turn, the chances of vehicle damages are also less. So, the Comprehensive Policy provides sufficient coverage for your riding style, and you may not require to opt for any add-ons. The cost you save by not buying add-ons is the reward for your safe riding style.
If you like to travel long distances on your bike or wish to explore the unbeaten path on your two-wheeler, the Comprehensive Bike Insurance Plan may fall short in terms of coverage.
Touring on your motorcycle means you will be riding in a new place. And if your two-wheeler breaks down in an unknown location, getting assistance is a challenge. But opting for the below add-ons may come in handy if you are a traveller or adventure rider.
• Outstation Emergency Cover: This add-on will provide you with assistance if your two-wheeler breaks down or meets with an accident outside a 100 km radius of your residence. If you purchase this add-on, ACKO is liable to pay the amount specified in the add-on cover. The Outstation Emergency Cover add-on is helpful if you often go on long rides on your bike/scooter.
• Key Protect Cover: Imagine if you lose your bike key while on a motorcycle tour. It will ruin your trip and also incur additional expenses. But if you opt for the Key Protect add-on, ACKO will cover the cost of replacing the key if it’s lost, damaged or stolen. The add-on also covers expenses of repair/replacement of the lockset in case of theft.
A sports/high-end bike is exciting to ride as it gives you a sense of actual speed. If you own such a two-wheeler, you may ride at high speeds. Sports bikes are typically equipped with larger engines and premium parts, and any damage to those components may burn a hole in your pocket. A Comprehensive 2-wheeler Policy does not cover all the components of your bike, and sometimes certain types of damages are not covered. In that case, you can opt for the add-ons mentioned below.
The below add-ons will come to your rescue if you ride a sports or high-end bike.
• Engine Protect Cover: The engine is one of the crucial components of your bike, and the Comprehensive Policy does not cover engine damages. That’s when the Engine Protect cover for bikes helps you. If you opt for this add-on, ACKO will cover the costs involved in repairing/replacing the engine parts. Damage caused to the engine due to leakage of engine oil/coolant and hydrostatic lock is covered under this add-on.
• Consumables Cover: This add-on will cover the expenses of the consumable items used during the repair/service of your two-wheeler. The cost of consumable items such as engine oil, coolant, nuts and bolts, etc., are not covered by the Comprehensive Bike Insurance Plan. But if you opt for the bike's Consumables Cover, ACKO will cover such expenses.
If you have just purchased a new bike/scooter, you may have limited riding experience. With limited experience, the chances of dropping your two-wheeler are high. So, make sure to opt for a Comprehensive Bike Insurance Policy when you buy your new bike/scooter. To enhance the coverage, you can also opt for specific add-ons; that way, you will have peace of mind while riding.
Here are the add-ons you can opt for if you are a new rider.
• Zero Depreciation Cover: The value of a new bike/scooter will depreciate over time due to wear and tear. During claim settlements, the depreciated value will be deducted from the claim amount. But if you opt for the Zero Depreciation Cover for two wheeler.
• Roadside Assistance Cover: This add-on will provide you with assistance if you are stranded on the road.