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

Statics say a whopping 1.47 lakh people died in India due to road crashes in 2017. Moreover, as per the GIC (General Insurance Council) date, 60% of vehicle plying on Indian roads are uninsured, the majority are two-wheelers! Considering the figure, having bike insurance is essential to ensure optimum financial protection in the hour of need. A two-wheeler insurance policy covers the insured vehicle against damages caused by natural and man-made calamities. Moreover, the Motor Vehicles act of 1988 also makes it mandatory to buy at least the basic Third Party Insurance.

Read more
Get Two-Wheeler Insurance
Starting @ only ₹538/year#
  • Compare & Save upto 85%*

  • 20+ Insurers

    To Choose From
  • 1.2 Crore+

    Bikes Insured

#TP price for less than 75 CC two-wheelers. All savings are provided by insurers as per IRDAI approved insurance plan. Standard T&C apply.

Stay home & renew bike insurance in 2 minutes
No Documents Required
Get Bike Insurance starting @ only ₹538/year#
Enter Bike Number
Processing
Other options

But, do you think a regular cover is sufficient? Well not. Here’s why

  • Though Third Party Insurance is mandatory in India, it can’t provide the sufficient coverage to the insured vehicle and only covers third party liability arising out of accidental property damage, bodily injury or death of a third party
  • Considering the rising cost of healthcare, at times even comprehensive policy with a regular cover appears insufficient.
  • You can’t always find a cheap plan with extensive benefits.

No wonder!

There’re add-on covers to match up to your expectations. Here’s why you should club your basic bike insurance with add-ons.

To Cover Personal Accidents

One of the very common add-ons that most of the 2 wheeler insurance plans cover is personal accident cover. Usually, personal accident cover is available in two variants. One covers the owner or driver of the motorbike and other covers the passenger. The first type of cover comes as an inbuilt feature in most of the insurance policies, however, it is the second for which add-on comes in picture. As per the recent amendments made by IRDA the minimum insurance cover under PA has been raised to Rs. 15 lakhs for a premium of Rs. 750 annually. Moreover, the insured will not have to buy separate personal accident cover for multiples vehicles he/she owns.

Get the Invoice Price of Your Vehicle

In case of total loss or theft of your bike, the insurance company pays up to the Insured Declared Value (IDV) of your vehicle. The IDV is the current market value minus the depreciation applied on your bike. However, if you want the actual rate mentioned on the invoice of your vehicle including the road tax and registration charges, then an add-on called ‘Return to Invoice’ works the best.

To Cover the Depreciation & Get Full Value

When you make a claim, your insurance provider considers the depreciation value of the damaged parts of your bike. It does not repay or covers the actual cost you paid in replacing a depreciated part. If you take zero depreciation cover, then the depreciation factor will not at all come in the picture and you will get the actual amount of all the damaged parts. For instance, you own basic bike insurance from United India Insurance. However, you can consider taking this cover at the time of Renewal for a two-wheeler.

To Get Roadside Assistance

To protect you from the unwanted situation of a breakdown of your two-wheeler in the middle of a road, roadside assistance add-on is needed. If you have taken an add-on related to the same, you can easily avail the facility of roadside assistance provided by your insurance provider.

To Cover the Consumables

No insurer covers the repair or replacement costs of consumables such as nuts and bolts, sealants, lubricants, engine oil, types, etc. An add-on covering the consumables comes in handy to cover those additional expenses.

Over to You!

Add-on covers come handy in boosting the basic policy coverage and offering extensive coverage during a contingency. You can ensure an extensive coverage just paying a little extra. As you can see most of the benefits are good in some or the other terms for everyone. However, personal accident cover and zero depreciation are two of the most popular add-ons that you can consider. And if we consider the growing cases of accidents, personal accident cover with both the variants is essential. Well, it is always recommended to compare the plans or analyse your need before zeroing down on a plan.

Two Wheeler insurance articles

Recent Articles
Popular Articles
6 Regular Checks for All the Two-wheeler Owners

10 Nov 2022

A two-wheeler is the most convenient and affordable mode of...
Read more
7 Tips to Buy a Second-hand Bike

19 Oct 2022

A second-hand or used two-wheeler is a perfect option for those...
Read more
4 Pros of Buying a Bike During the Festive Sale

19 Oct 2022

Are you planning to buy your dream bike this year? Then you must...
Read more
5 Tips to Change the Engine Oil of Your Bike

18 Oct 2022

In India, two-wheelers are considered the most convenient and...
Read more
How Does Cubic Capacity (CC) Vary & Its Impact on Bike Insurance Premium?

13 Oct 2022

While purchasing a new bike insurance policy, different factors...
Read more
Best Two Wheeler Insurance Plans in India
When it comes to choosing the best two wheeler insurance plans, we’re sure you have heard enough from different...
Read more
Renew Your Two-Wheeler Break-in Insurance Policy at PolicyBazaar
Owners of two-wheelers have been getting a good night’s sleep as far as their vehicle’s insurance is...
Read more
How to Get Duplicate RC Online & Offline?
A Registration Certificate or RC is as important as the Driving License (DL) or two-wheeler insurance policy for...
Read more
Zero Depreciation Bike Insurance
Every two-wheeler goes through depreciation. Simply put, depreciation of a vehicle means a reduction in its value...
Read more
Lost Your Two Wheeler Insurance Documents? Here Is What You Need To Do
A bike insurance policy is one of the mandatory documents that every two-wheeler owner must have. In case you have...
Read more