Why Are Add-On Covers in a Two-Wheeler Insurance Policy Required?

Amidst the rising numbers of road accidents, a comprehensive two-wheeler insurance policy emerges as your protection cover, shielding against several unforeseen circumstances. But hold on a minute. Is basic cover enough to protect your ride? Not quite. This article will help you understand valuable add-ons that enhance the coverage of your comprehensive bike insurance policy.

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Popular Add-ons in Bike Insurance Policy

In a world where uncertainty might hit, your bike insurance policy offers add-on covers as an extended shield in times of need. Here is a list of popular list of add-on covers that you shouldn't miss:

1. Personal Accident Cover

As per the Motor Vehicles Act 1988, a Personal Accident (PA) cover in bike insurance is a mandatory add-on for all two-wheeler owners. All bike owners/policyholders with valid driving licenses and under the age of 18-65 years can benefit from this cover. You can buy PA cover with third-party bike insurance policy or a comprehensive bike insurance policy. As per the latest guidelines by IRDA, all the general insurance companies offer a PA coverage of ₹15 lakhs, priced at just ₹750 annually.

2. Return to Invoice Cover

Imagine the unthinkable situation – your bike is stolen or facing a total loss where your insured bike is damaged more than 70%. In such a case, general insurance companies compensate based on your bike's Insured Declared Value (IDV). Remember, this IDV is less than the invoice amount of the bike. 

In such a case, a valuable add-on comes to the rescue: Return-to-invoice cover in bike insurance. Unlike the usual depreciation deductions, the RTI add-on cover guarantees the actual price you paid while purchasing the bike, including road tax and registration charges.

3. Zero Depreciation Cover

Like any other asset, regular wear & tear to your two-wheeler causes a reduction in its value over a period. This is where a zero depreciation cover in bike insurance comes into the picture. 

If you do not want a reduction in the claim settlement amount, you must opt for zero dep bike insurance. This add-on cover compensates you for the actual cost of the replacement while settling the claims. Hence, it minimizes the burden of out-of-pocket expenses during the claims settlement and helps you save money. 

4. Roadside Assistance Cover

Imagine you are in the middle of a road journey with a mechanical breakdown. Don't worry; a 24/7 roadside assistance add-on comes to your rescue. A knight in shining armour, an RSA cover in bike insurance ensures assistance reaches you within a specified time. Some valuable services in this cover are flat tyre changing, battery issues, technical or mechanical issues, key-related issues, towing assistance, emergency fuel delivery, taxi arrangement, accommodation services, and pick & drop facility.

5. No Claim Bonus (NCB) Protection Cover

Before knowing about this add-on, you must understand an NCB in bike insurance. An NCB bonus is a discount reward for driving safely and not raising claims during the policy year. 

NCB protection in bike insurance is a valuable add-on that keeps accumulated bonus intact despite raising a claim. Hence, this cover gives you extra protection without worrying about registering for claims during the policy period.

6. Consumables Cover

Nuts, bolts, lubricants, screws, engine oil, grease, etc., are minor yet essential elements that keep your ride going on. All these are known as consumables for your two-wheeler. 

The consumables cover in bike insurance is a valuable add-on cover in your bike insurance policy. It offers an extra layer of protection by providing coverage for replacing consumables damaged during an accident, theft, or other insured perils mentioned in the bike insurance policy documents. 

Over to You!

Add-on covers come in handy in boosting comprehensive bike insurance policy coverage and offer extensive coverage during unforeseen risks by paying a little extra premium. Do not forget to compare two-wheeler insurance plans before making the purchase decision.
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