Bike Insurance Add-Ons That You Must Opt to Boost Your Policy Coverage This New Year
Two-wheelers offer benefits of a convenient commute as well zipping past through congested traffic snarls. For both the scenarios, a two-wheeler is undoubted the choice of many. Not just that, a two-wheeler has an affordable price tag when compared to a car and hence, can be bought by people of most income groups.
As crucial it is to select the right two-wheeler, its insurance is equally important. Not only for legal compliance, but also for financial cushion it provides to the policyholder. Hence, selecting the right type of bike insurance policy is essential.
When you are shopping for a two-wheeler plan, you have the option between two categories—third-party plans and comprehensive policies. A third-party plan, also known as liability-only cover, offers protection from legal liabilities arising due to accidents injuring a third person or their property. It offers no protection for the damages to your bike.
For those seeking an all-inclusive coverage, comprehensive policy is an alternative. Here, you can avail financial cover for the repairs to your bike as accidents do not damage a third person’s vehicle. It even damages yours. In addition to that, comprehensive policies can be customised using add-on facility which is optional insurance coverage over and above the standard policy scope. Being optional in nature, each add-on has an impact on the final bike insurance price. Here are some of those essential add-ons you must consider when buying one:
*Zero-depreciation add-on
Zero-depreciation cover is one of the most sought-after add-ons for its impact on the compensation that the insurance company pays. A standard comprehensive plan considers the depreciation on your bike before making the pay-out of your claim. This results in a lower compensation paid by the insurance company. To counter that, a zero-depreciation add-on is effective. This add-on eliminates any, and all effects of the depreciation paying a higher claim amount.
*24X7 Roadside assistance add-on
Breakdowns are unexpected events and occur at most unpredictable situations. Imagine you are travelling on a road trip and that’s when your bike stalls and stops. This would leave you in an unknown location with little to no help available. For these situations, a 24X7 roadside assistance or RSA comes handy helping you avail either a temporary fix or tow your vehicle to the nearest service garage.
*Engine protection cover
Although a comprehensive plan provides an all-inclusive coverage, it offers no protection for the damages to the engine. Hence, it is essential to seek add-on insurance cover for it. An engine protection add-on is the perfect way to include it in your policy’s scope for a nominal premium offering mental peace knowing you are covered. An engine protection add-on safeguards against the damages due to water ingression, leakage of lubricants, hydrostatic lock and other damage to the components of the engine like the gearbox and differential spares.
*Return to invoice cover
You might be aware that IDV pays a pre-specified amount in case of total loss to your bike, it accounts for depreciation in doing so. With the help of a return to invoice cover, such gap between the IDV and the invoice value of the vehicle can be insured offering you the original purchase price in event like damage beyond repair or theft occurs. *
* Standard T&C Apply
With these nifty add-ons, you can ensure a 360-degree coverage for your bike. However, at each two wheeler insurance renewal, you must reassess the need of these add-ons to keep your premiums within check. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.