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

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.