Acko Third Party Bike Insurance

Acko General Insurance was founded in the year 2016, and is a well established name in the motor insurance space. The parent company of Acko General Insurance is ACKO Technologies and Services Pvt. Ltd. and is headquartered in Bengaluru, Karnataka. Till date, the company has a great reputation in claim settlement with its current claim settlement ratio being 92.71%. Acko has so far secured more than 2 crore lives and has issued over 8 crore policies. The company is also a technologically advanced organisation that thrives on transformation and making the use of technology to serve their customers. [1] [2]

In this page, you will find out details on Acko Bike Third Party Insurance, key features of Acko bike insurance, benefits of third party bike insurance,inclusions and exclusions within the insurance, how to buy Acko third party bike insurance, documents required to buy third party bike insurance, renewing your Acko bike third party insurance, factors affecting price of your third party bike insurance premium, how to settle claim and some frequently asked questions.

What is Third Party Bike Insurance?

When you buy a bike, it is mandatory as per the Motor Vehicle Act of 1988 to purchase a third party bike insurance. A third party bike insurance gives you financial and legal protection in case you accidentally damage a third party’s property or injure a third party. When it is an accident, your insurer takes care of you financially. It is important to note that you do not get an insurance claim when you have knowingly harmed a person or have damaged a third party’s property.

In the event that the accident leads to the death of a third party or a major property damage, a compensation is made depending on the compensation determining factors like third party’s age, occupation, and salary or annual income.

Let’s look at an example below to understand how third party bike policy works:

Rahul is driving his bike and suddenly meets with an accident where he injures a woman - Meenakshi - walking on the road. Meenakshi’s injuries are minor but will need medical attention. Rahul (insured) has a third party bike insurance and in this case, all the expenses that Meenakshi (third party) will incur, will be paid by Rahul’s insurer (in this case Acko).

In case Rahul did not have a bike third party insurance from Acko, Rahul would have to bear all the cost for Meenakshi out of his pocket.

Note that Rahul’s insurer will cover the expenses only when Rahul was not under the influence of alcohol or drugs and had a valid driving licence at the time of the accident.

Key Features of Third Party Bike Insurance

Listed below are the key features of buying Acko bike insurance policy:

1. No Claim Bonus (NCB): When you do not raise a claim in a given policy year (don’t raise a bill to claim with your insurer), you are eligible to get a no claim bonus (NCB). With Acko bike third party insurance, you can get up to 50% discounts for 5 claim free years. [3]
2. Provides Liability Cover: Third party bike insurance provides liability cover against a third party in case of an accident caused due to your bike. This provides you with both legal and financial protection in case a third party is injured or dead or if your bike damages their vehicle or property. [4]
   

Third Party Bike Insurance Premium Rates

Third party bike insurance premium price is determined by the Insurance Regulatory Authority of India (IRDAI) and the base price is the same for all insurers no matter who you buy your third party bike insurance from.

Benefits of Third Party Bike Insurance

Here are the benefits of having a third party bike insurance from Acko:

• Get 24*7 Claim Assistance: When you buy your third party bike insurance from Acko, you get round the clock customer service support in case you need to settle a claim.

• Get Financial and Legal Support: Get financial and legal coverage in case a third party is injured or dead or if there is property damage caused to third party property.

• Safeguards You From Getting Penalised: Since having a third party bike insurance is mandatory as per the Motor Vehicle Act of 1988, you can be penalised if you do not have the third party insurance in place. When you have the insurance, you will not have to worry about getting a fine when on the road.

Two Wheeler Types That are Covered with Acko Third Party Bike Insurance?

While opting for a third party bike insurance from Acko General Insurance, note that the following types of two wheelers are covered:

• Bikes: Bikes like sports bike, cruiser, mountain bike, adventure etc are all covered under Acko’s bike insurance. Premiums may vary slightly depending on the type of bike, and add-ons taken.
• Scooty: Acko bike insurance also covers scooty. It is important to have a third party cover for your scooty to avoid getting penalised upon inspection by traffic police as having a third party bike insurance is mandatory.
• Moped: A moped is like a bicycle equipped with an engine. It is a light weight low powered bike that can also be paddled. Mopeds are also covered under Acko’s third party bike insurance.
• Electric Two Wheeler: Electric bikes or e-bikes are two wheelers that are powered by rechargeable batteries. Acko third party bike insurance also covered electric two wheelers.

Note that a bike insurance protects both new and second bikes.

What is Covered in Acko Third Party Bike Insurance?

Here’s a list of things that are covered or the inclusions in Acko Third Party bike insurance:

• Third Party Injury or Death: Acko bike third party insurance covers any liability that may have arisen to the third party person due to your bike. This includes injury or death to the third party. In case of an injury or death to the third party a compensation will be provided based on the age, financial status and occupation of the third party.
• Third Party Property Damage: In case your bike damages a third party’s property or vehicle, a compensation of up to INR 7.5 lakh is provided by the insurer. [4]
• Personal Accident Cover for Bike Owner: In case you’d like to take a personal accident cover for yourself, you can choose this add-on with your third party two wheeler insurance. This personal accident add-on will protect you in case there is an injury caused to you or death due to the accident. Note that the maximum amount paid in this case is up to INR 15 lakh.

What is Not Covered in Acko Third Party Bike Insurance?

Listed below are the things that are not covered under Acko Third Party two wheeler insurance:

• Own Damages: Under the third party bike insurance, any damage related to your bike is not covered. For covering your bike under the insurance you will have to buy a stand alone own damage (SAOD) bike insurance.
• Riding Without Valid Driving Licence: In case you are driving without a valid licence (DL) or with a fake or expired licence, Acko bike third party insurance will not cover you for the financial or legal liabilities against the third party. Additionally, if you have a learner’s licence (LL) and you are driving without a valid driving licence or DL holder as a pillion, your claim in that case could be rejected.
• Driving Under The Influence of Alcohol: If you are found to be driving under the influence of alcohol, you will not get any benefits of third party bike insurance.
• Driving Under The Influence of Drugs: If you are driving under the influence of drugs or contrabands and you meet with an accident where a third party person is injured or dead or damage property of a third party, Acko General Insurance is not liable to protect you financially or legally.
• Accidents Outside The Stated Geographical Boundaries: When you are travelling or have relocated your bike, incidents happening outside the stated geographical location in your policy document will not be covered under Acko bike third party insurance policy.
• Usage of Private Vehicle for Commercial Use: In case you end up using your personal bike for commercial purposes and an accident happens, you will not be eligible to get financial safety net under Acko two wheeler third party insurance.
• Contractual Liabilities: In case it is decided or a contract is made that your two wheeler is being sold to someone else, and you end up being in an accident causing damage or injury to third party person or property, then you won’t get any coverage under Acko third party bike insurance.

How To Buy Acko Third Party Bike Insurance from InsuranceDekho?

In order to buy Acko third party bike insurance from InsuranceDekho, you can choose to either buy it online or offline. The processes for both are mentioned below:

Online Purchase from InsuranceDekho

For purchasing Acko bike two wheeler insurance online from InsuranceDekho you need to follow the steps mentioned below:

Step 1: Visit InsuranceDekho’s website

Visit bike insurance home page on InsuranceDekho. You will see a form as soon as you land on the page.

Step 2: Enter your bike registration number

As soon as you enter the details, a pop up will appear confirming if the details are correct (details like bike brand, year and city of purchase and fuel type will be reflected. Select option “yes it's my bike” to continue. If the information is incorrect, select “no it's not my bike” and re-enter your bike’s correct registration number.

Step 3: Select a Suitable Plan

Once you are in, you will now see top plans for your bike insurance. Select a suitable plan as per your requirement by clicking on “Price”

Step 4: Verify Details

Now, verify owner and vehicle details.

Step 5: Make The Payment

After you have verified your details, you will be redirected to the payment gateway. Make your payment through UPI, credit or debit card, net banking as per your liking.

Step 6: Download Policy Document

After you have made the payment, you will be easily able to download the policy document from InsuranceDekho.

Offline Purchase from InsuranceDekho

In order to purchase your Acko bike third party insurance from InsuranceDekho you can connect with our customer service executive by calling us at +91-7551196989 or by emailing us at support@insurancedekho.com. Our team will be able to assist you in purchasing this insurance on call or in case you require further support, they can also come to your home to help you book the insurance offline.

Documents Required to Buy Acko Third Party Bike Insurance Policy

Mentioned below are a list of documents that you will require for purchasing bike insurance from Acko General Insurance [5]:

1. Your Identity Proof: Documents that prove your identity like your Passport, Aadhaar Card, Driving Licence, Voter ID will be required.
2. Your Address Proof: Documents like your Voter ID, Passport or Aadhar Card is required to prove your address is correctly mentioned.
3. Registration Certificate (RC): Your bike’s registration certificate or RC is also required when you are planning to buy a third party vehicle insurance from Acko.
4. Passport Size Photograph: Your recent passport size photograph will also be required for buying a bike insurance.
5. Previous Policy Number: In some cases, you will also be required to present your old bike insurance policy number for reference.

How To Renew Your Acko Third Party Bike Insurance?

In order to renew your Acko General Insurance’s Third Party Two Wheeler Insurance you must:

Step 1: Visit InsuranceDekho website

Visit InsuranceDekho’s bike insurance main page.

Step 2: Select Renew Policy

From the header menu tap on “Renew”

Step 3: Enter Mobile Number

Enter your mobile number in the pop up and tap on “Continue”

Step 4: Verify Details

Once you enter your mobile number, you will get an OTP on your phone. Enter OTP and click on “Verify OTP”

Step 5: Select Your Policy

From the list of all your open policies, select your Acko third party bike insurance policy.

Step 6: Review Policy

Review your policy before renewing, see if you would like to make changes to the add-ons previously selected or would like to take new add-ons. Do a final review before moving forward.

Step 7: Make Payment

Choose your preferred payment method like UPI, net banking, credit or debit card and make the payment.

Congratulations, your policy is renewed and you can now download your policy document.

InsuranceDekho recommendation: Note that it is advisable to compare plans before renewing your third party bike insurance as policies keep getting updated and you must choose a plan that fits your current requirements and needs.

Factors That Affect Your Third Party Bike Insurance Premium

Your third party bike insurance premium is determined by the Insurance Regulatory and Development Authority of India (IRDAI). This determination of premium by IRDAI is based on your two wheeler’s engine capacity. Therefore, your bike’s engine Cubic Capacity or cc is the only factor that impacts your Acko third party bike insurance policy premium price. [4]

How To Raise a Claim for Your Third Party Bike Insurance?

To raise a claim for your Acko third party two wheeler insurance you need to first understand whether you are the victim or the one who has caused the accident. Mentioned below are details for both:

If You Are The Victim

Step 1: Obtain Vehicle Owner Details

It is advisable to obtain the vehicle owner’s details (person who caused the accident) and their third party vehicle insurance details.

Step 2: Inform Insurer

Then, inform the insurer to register the claim. The vehicle owner’s insurer will then transfer the case to the Motor Accidents Claim Tribunal.

Step 3: Decision on Your Claim

Once the case is transferred to the Motor Accidents Claim Tribunal (MACT), the tribunal will finalise on the compensation amount. The vehicle owner’s insurer will accordingly settle the claim with you based on the decision made by the tribunal.

If You Have Caused The Accident

Step 1: Gather Details and Provide Information

In case you are the one who has caused the damage, it is important to gather all the details from the accident area first. Also, remember to provide your accurate details to the third party.

Step 2: File An FIR

While usually the third party will file the FIR, make sure you also have a copy of the FIR.

Step 3: Immediately Inform Acko

Inform Acko General Insurance immediately about the incident in complete transparency.

Step 4: Case Gets Transferred to MACT

Once the third party also informs Acko General Insurance regarding the claim, Acko will transfer the case to the Motor Accidents Claim Tribunal or MACT.

Step 5: Inform Acko About The Legal Notice

Once the case is transferred to MACT, they will send a legal notice to you. Do not panic, and immediately inform Acko of the same. Acko will then take care of the compensation based on MACT’s decision and compensate the third party.

Note: In both the cases mentioned above, make sure to collect as much information as possible like pictures of the accident and of the damage caused to any property or injury caused to a person. It helps support your case better.

Process of Third Party Bike Insurance Compensation

Listed below are the compensation details under third party bike insurance:

Third Party Vs Comprehensive Bike Insurance

Here’s a table to give you an understanding on the difference of coverage between a third party and a comprehensive bike insurance:

Here’s our recommendation on plan type that you should choose based on your bike’s age: