Long-term Two-wheeler Insurance

How is the IDV calculated for long-term two-wheeler insurance?

IDV is the approximate market value of the bike. It is calculated after considering the two-wheeler’s depreciation from the bike’s ex-showroom price. Read our article about how is the IDV calculated for bike insurance for more details.

Multi-year Comprehensive vs multi-year Third-party Bike Insurance, which is better and why?

While the multi-year Comprehensive Two-wheeler Insurance covers own damage and third-party liabilities, the multi-year 3rd Party Insurance covers only third-party liabilities. For wide-ranging benefits, it’s ideal to choose long-term or multi-year Comprehensive Insurance.

Why should I buy a long-term (multi-year) insurance policy for my two-wheeler?

A long-term two-wheeler insurance policy offers stress-free financial protection for 2 to 5 years. You need not worry about price hikes or annual renewal. We also offer discounts on long-term bike insurance policies.

Can I buy long-term two-wheeler insurance for more than 3 years?

Yes, you can opt for long-term bike insurance policies for a term of up to 5 years. The IRDAI has allowed insurers to offer bike insurance policies for a term of up to 5 years. 

Can I opt for a 3 year bike insurance policy separately for Own Damage cover (OD)?

No, you cannot buy a 3 year two-wheeler insurance policy for OD cover. However, you can purchase a 2 or 3 year of Comprehensive or Third-party Bike Insurance for your bike.

Will I get a refund if I want to cancel the two-wheeler insurance policy before the tenure of my long-term two-wheeler insurance?

Yes, you shall receive a refund after considering the terms and conditions of the policy. You can reach out to us at [email protected] for details. 

Can I switch to a new insurer before the tenure of my long-term two-wheeler insurance policy is complete?

Yes, you can switch to a new insurer before your multi-year or long-term two-wheeler insurance policy expires. Raise a policy cancellation request, and the refund shall be calculated based on the remainder of the tenure and the terms and conditions of the policy. You can then switch to a new insurer.

Can I make changes (edits) to specific details in my long-term two-wheeler insurance policy?

Whether it is a misspelt name or incorrect personal details, you can make changes to these details online. Access your ACKO account via our website/app and change details online. You can also give us a call. Our support team shall guide you through the process.

Can I opt for long-term two-wheeler insurance while renewing my bike insurance policy?

Yes, you can switch to long-term bike insurance while renewing your bike insurance. You can choose either the 1 year, 2 year, or the 3 year insurance policy for two-wheelers.

Can bikes be insured after 15 years?

Yes, you can insure a 15-year-old two-wheeler. Motorcycles, scooters or electric bikes, provided it has a valid Fitness Certificate (FC). All vehicles over 15 years must be insured with the mandatory 3rd Party Insurance. Failure to do so shall invite traffic penalties.

Is bike insurance mandatory after 5 years?

As per The Motor Vehicles Act, 1988, it is compulsory for all motor vehicles to be insured with Third-party Insurance. But, for financial protection against damages to the bike, it is ideal to buy Comprehensive Insurance for your two-wheeler, which includes mandatory coverage. It is even better if you opt for long-term two-wheeler insurance since you can avail of discounts, stay shielded from price hikes and be stress-free for 3 years. Read our article on bike insurance mandatory for 5 years for more details.

Do I have to pay bike insurance every year?

You can avoid paying a bike insurance premium yearly by opting for a long-term bike insurance policy. You need not worry about renewing the bike policy every year.