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Home / Two-wheeler Insurance / Compare Bike / Two Wheeler Insurance Online
Two Wheeler Insurance, also known as bike insurance, protects you and your bike against damages such as third-party liabilities, accidents, natural calamities, fire, riots, or theft. While buying any insurance plan, the two important things to consider are benefits and the premium amount. Hence, it is important to compare the price and various benefits before buying insurance for your bike. This will enable you to purchase a policy that fits your pocket and requirements as well.
Why is it important to compare bike insurance online?
New-age digital insurance companies such as ACKO have made the process of buying bike insurance seamless, quick, paperless, and easy. Comparing Two-wheeler insurance online ensures that you get the required coverage at an economical premium.
Saves time
You can learn about different coverages, benefits, the premium payable, exclusions, and factors influencing the premium amount from the comfort of your home. Comparing bike insurance online allows you to select a plan that best suits your needs.
Don’t have to depend on an agent
By comparing bike insurance online, you have direct access to information such as insurance policies, benefits, premium, and many more. You do not have to depend on an agent to provide this information to you.
Make an informed decision
Instead of being influenced by an insurance agent or salesman, comparing insurance online offers more options. By comparing online, you can make an informed and unbiased decision while buying a bike insurance policy.
Bike insurance premium calculator
Bike insurance needs vary from one person to another. With a bike insurance premium calculator, you can consider different parameters (add-ons, IDV, purchase date, etc.) to get an idea about the payable premium.
Steps to compare two-wheeler insurance policy
There are two ways to compare - online and offline method. The offline method can prove to be cumbersome and time-consuming. However, comparing insurance online is a quick and hassle-free process. Here are the steps to follow to compare bike insurance policies online.
Step 1
Visit www.acko.com or download the mobile app to compare two wheeler insurance online.
Step 2
Enter all required information such as bike’s make, model, purchase year, previous policy's details, etc.
Step 3
Choose Insured Declared Value (IDV) and suitable add-ons such as Zero Depreciation, Engine Protect, Roadside Assistance, etc. Check quotes.
Things to remember while comparing two-wheeler insurance
Premium
While comparing premium, pay attention to the covers that they offer. Company X might have the lowest quote; however, it may not meet all your requirements. So, it is important to compare both coverage and premium before you make the final decision.
Coverage & add-ons
No two plans can be the same. Some give you a basic cover, while others have extended coverage. Also, there are add-ons to enhance your insurance plan. Keep in mind the coverage and the add-on covers that suit your needs.
Deductibles
It is the portion of the repair bill you have to bear while settling claims. You can choose higher deductibles, which will reduce premium but will increase the payable amount during settlement. Hence, compare the deductibles before buying the insurance.
Claim Settlement Ratio (CSR)
Claim settlement ratio is the ratio between the number of claims received and the number of claims resolved in a financial year. The higher the claim ratio, the better the ability of the insurance company to settle claims.
Check exclusions
The real details lie in the policy coverage and exclusions. It is important to go through the list of what’s included and what’s not included in your two-wheeler insurance policy. These can give you an idea whether the insurance plan is worth it.
Garage network
At the network garage, cashless facilities are available. Meaning, the insurance company (in this case ACKO) will settle the bills directly with the garage. Hence, the wider the network, the better access to these garages to experience a cashless facility.
How to select the best two-wheeler insurance plan?
The Comprehensive Bike Insurance plan provides exhaustive coverage as it protects you against third-party liabilities as well as damages to your bike. However, it is essential to select the bike insurance policy that suits your requirements and offers maximum coverage at a low premium. Below are some of the best tips to select the best two-wheeler insurance plan as per your budget and requirements.
Assess your requirements
Assess your requirements and budget before you start buying bike insurance policies. Select the policy that provides the right coverage based on the usage of your bike, your expenses, and other liabilities.
Bike’s engine cubic capacity
It is important to learn about your bike’s engine cubic capacity (cc) as it is one of the main aspects used to calculate the insurance premium. The higher the cc, the higher the premium and vice-a-versa.
Know the Insured Declared Value (IDV)
IDV is the sum assured in case of a total loss or theft. As the bike ages, IDV declines due to wear and tear, which decreases the premium amount. The higher the IDV, the higher the premium.
Choose right add-ons
Customise your plan with a wide range of add-ons. While you will have to pay a slightly higher premium, add-ons enhance your existing insurance policy. Select only those add-ons that add value.
Customer reviews
Customer reviews offer an insight into the real-life experience of other customers. This will help you understand more about benefits and after-sales services offered by insurance companies, especially when you are confused.
Compare insurance plan online
Comparing bike insurance online is an effective way to know the premium. An online bike insurance calculator lets you change the values of IDV and remove/delete add-ons to see how the premium amount changes.
Check the Claim Settlement Ratio
It is advisable to check the claim settlement ratio to have a better understanding of the reliability of the insurance company.
Steps to buy two-wheeler insurance policy
Follow the below steps to buy the two-wheeler insurance policy on ACKO.
Step 1
Visit the official website of ACKO or download the mobile app to buy two-wheeler insurance online.
Step 2
Select your bike (e.g. Bajaj Pulsar), enter the purchase year of the bike (e.g. 2018) and select if your existing two-wheeler has expired or not.
Step 3
View different plans for your bike. Select plan and choose from different add-ons covers such as Zero Depreciation, Engine Protect, Roadside Assistance, etc.
Step 4
Make the payment and receive the policy instantly into your inbox.
Why choose two-wheeler insurance by ACKO?
With ACKO’s online bike insurance policy, you can buy/renew your two-wheeler insurance plan in less than 5 minutes and enjoy an easy, quick, paperless, and trouble-free claims settlement process. Below are a few benefits of buying two-wheeler insurance on ACKO.
1. Save money with incredibly low-priced bike insurance plans.
2. When you buy online on ACKO, it helps you save time and is super convenient.
3. Stay stress-free and experience zero-hassle claims settlement process.
4. With our wide network of garages, get the benefits of cashless claims.
5. Buying, renewing and raising claims on ACKO is 100% digital.
6. Approx. 95.45% claim settlement ratio for FY20-21.
7. Certified and licenced by the Insurance Regulatory and Development Authority of India (IRDAI).
8. More than 4.5 crore happy policyholders and rated 5 stars by 95% of customers.
9. Exceptional after-sales service - 1-hour pickup (for select cities), instant repairs and free doorstep delivery in 3 days.
Know more about comparing bike insurance policies
Below are some of the common questions related to comparing two-wheeler insurance policies.
FAQs related to comparing bike insurance policies
How can I compare bike insurance?
You can compare two wheeler insurance policies either offline or online mode. However, comparing bike insurance policies online is a super easy, convenient and hassle-free way of finding the policy that suits your requirements.
How to choose two-wheeler insurance?
Understanding your requirements is the first step while buying a bike insurance policy. With this, check benefits, coverage, after-sales service, claim settlement ratio, the credibility of the insurance company, the premium payable, IDV, etc. while selecting the right bike insurance policy that meets your requirement.
Is buying bike insurance online safe?
With the advent of digital transactions, you can compare/buy/renew bike insurance policies online. However, while choosing the best bike insurance, you need to follow a few guidelines (as mentioned above) to buy the best plan that provides optimum coverage at a low premium amount.
FAQs related to documentation
How to make changes to my bike insurance details after receiving the document?
You can send your request to [email protected] or call our customer care team for further assistance. You may be asked to provide supporting documents for making the change.
Can I get a copy of my insurance online?
Yes. You can get a copy of your insurance policy when you buy the plan. The policy document is instantly sent to your registered email address. Or, you could log in to your account to download the document.
Is online two-wheeler insurance valid?
Yes. The Government of India through the Ministry of Transport has launched DigiLocker, a platform where concerned authorities can issue the digital certificate to the policyholder. As per the recent amendment in the law, a soft copy is valid if it is saved securely in DigiLocker. You can also produce the policy document received at your email address while buying the insurance.
FAQs related to bike insurance terminologies
How to claim NCB (No Claim Bonus) Discount?
The NCB for the claim-free years will be used as a discount on the renewal premium. At ACKO, this discount can go up to 50%* also.
What is the meaning of Insured Declared Value (IDV)?
In case your insured bike suffers total damage or is stolen, the total claim will be as per the IDV, which is the approximate market value of the vehicle.
What are add-on covers in bike insurance?
Add-ons are additional covers that protect your bike from risks that are not covered under the Standard Comprehensive plan. You can choose from Zero Depreciation, Engine Protect, Roadside Assistance, Outstation Emergency Cover, etc. to enhance your Standard Comprehensive plan. Read more about bike insurance add-ons here.
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