Top Add-Ons You Must Consider With Your Bike Insurance Policy
A bike insurance is one of the most important things for your two-wheeler as it protects you against losses or damages caused to any third party or your own vehicle. However, a basic bike insurance may not always be sufficient to protect you against all types of losses.
To ensure comprehensive coverage and peace of mind, insurers offer comprehensive bike insurance instead of the legally mandatory third party insurance. Furthermore, to enhance protection of your bike insurance you can include several add-ons to cover specific risks and expenses that are otherwise excluded at an additional premium. Add-ons must be purchased separately with a standalone own damage insurance or as part of a bundled (comprehensive) policy.
Benefits of Choosing Add-Ons with Your Bike Insurance
Now that it is clear what is an add-on cover, it is essential to understand why you even need an add-on cover. An add-on cover not only tailors your bike insurance as per your specific needs and riding style, but it also offers broader and more effective protection.
A bike insurance with top add-ons helps you to avoid unexpected expenses, maintain your bike’s value, and provide critical support during emergencies. Choosing the right add-on covers has several benefits. Some of them are mentioned below.
❖ Enhanced Protection: Add-on covers fill the gaps between a standard policy as they cover a wider range of risks at a minimal cost. They expand the coverage of your bike insurance beyond accidents and thefts, offering protection for specific risks that are otherwise excluded.
❖ Financial Savings: A bike insurance with the necessary add-ons will help you avoid unexpected expenses occurring due to any mishap. You can choose add-ons that cover depreciation costs, accessories, and engine repairs ensuring you receive the full replacement cost of damaged parts.
❖ Peace of Mind: There are certain add-on covers like roadside assistance, engine protection, etc, can provide valuable support in emergencies, giving you peace of mind while riding your bike on the road.
Top 6 Add-Ons To Choose With Your Bike Insurance Policy
A lack of understanding about your riding habits, location, and budget can lead to purchasing the wrong bike insurance. To choose the right add on cover, you must first know what each of it means.
Here are the top add-ons you can consider as per your requirement to maximize your comprehensive bike insurance.
1. Mandatory Personal Accident (PA) Cover
The government of India has made it mandatory for bike owners to have a personal accident (PA) cover. The PA cover is included in the comprehensive policy by default, but must be purchased if you have a TP bike insurance. The compulsory PA cover offers a coverage of up to ₹15 lakh in case of death, injury, or disability.
2. Zero Depreciation Cover
Every year your bike incurs depreciation. Whenever you file a claim, the settlement is made after deducting the depreciation cost. The zero depreciation (zero dep/nil depreciation/bumper to bumper) add-on however, ensures that you receive the full claim amount for repairs or replacement of parts without any deduction for depreciation. Hence, with the zero dep add-on, your insurer will not deduct depreciation on parts like plastic, rubber, and metal components, in case of an accident.
3. Roadside Assistance (RSA) Cover
Imagine being stranded in the middle of nowhere due to a flat tyre or any other mishap. Since breakdowns can happen anytime, anywhere, the roadside assistance add-on can be helpful in such times. The add-on provides emergency services such as towing, fuel delivery, flat tyre assistance, battery jump-start, and minor on-the-spot repairs. It’s especially useful if you often travel long distances or through remote areas.
4. Engine Protection Cover
The engine is one of the most important parts of a two-wheeler. Often referred to as the heart of your bike, engine repairs can be costly. This add-on provides coverage against damages caused by water in the engine, oil leakage, or mechanical breakdowns which are usually not covered under a standard bike insurance. This add-on is beneficial if you live in flood-prone areas or frequently ride in challenging conditions.
5. Accessories Cover
Bike insurance policies usually do not provide coverage for electrical and non-electrical accessories like music systems, LED lights, or other customized parts. With this add-on, you can cover repair or replacement costs of such accessories, helping you avoid hefty out-of-pocket expenses in case of an accident.
6. Return to Invoice (RTI) Cover
Insurers are only liable to pay you the Insured Declared Value (IDV) of your two-wheeler in case of theft or total loss. The IDV is the current market value of your vehicle after deducting the depreciation based on the age of the vehicle. However, if you have the RTI add-on cover, you can claim the full invoice value of your bike, instead of just the market value.
*Disclaimer: Please read the policy wordings carefully to understand the exact coverage, exclusions, and terms of each add-on cover.
Final Thoughts
Even though add-on covers are optional, they significantly boost the value and scope of your standard bike insurance. Including relevant add-ons as per your riding habits, location, and budget will help you with getting the right coverage at the best price. With the right combination, you can ride confidently knowing you have comprehensive protection against unforeseen events.
However, before finalising the bike insurance you must carefully review the coverage details and premium costs to make an informed decision. With these add-ons, your bike insurance policy becomes a robust shield that safeguards your investment and well-being on the road.
(The views, opinions, and claims in this article are solely those of the author’s and do not represent the editorial stance of The Assam Tribune)