5 Most Underrated Add-Ons You Should Opt for With Your Bike Insurance Policy
In India, having a third-party bike insurance policy is compulsory. However, for vast coverage, you should choose a comprehensive policy. With this basic policy, you can purchase additional covers known as add-on covers or riders in bike insurance.
You can purchase these riders at an extra cost, like extra cheese on a pizza. Add-ons are available with a standalone own-damage or comprehensive two-wheeler insurance plan. These cannot be clubbed with third-party policy or cannot be purchased separately. Hence, your comprehensive bike insurance policy provides enough coverage, but you can always get extra benefits with add-on covers.
To help you find the best add-on cover, here is a list of the most suitable yet underrated covers designed just for you:
Zero Depreciation Cover
Every type of two-wheeler is subject to regular wear and tear over time. Due to this loss, your vehicle parts are subjected to recurring depreciation. Whenever you raise a claim to repair your insured vehicle, depreciation is deducted while calculating the final settlement to be paid by the insurer.
This is where a Zero Depreciation add-on cover comes to rescue you. It is commonly known as a Bumper-to-Bumper cover.
This add-on will mitigate the additional financial burden due to the depreciation of your bike’s parts by omitting the deduction. Hence, while raising a claim, your insurer will pay the bill for the damage without considering the depreciation percentage levied on the bike parts which are being repaired or replaced.
Generally, most insurers compensate for a maximum of two claims in a policy period with zero dep add-on cover. However, some insurers even allow unlimited zero depreciation claims in the policy period. Therefore, you must review the policy wording before buying this add-on cover with your basic policy.
Roadside Assistance Cover
A 24x7-Roadside Assistance Cover (RSA) is a form of assistance you can avail of wherever you face a mechanical or technical breakdown of your bike in the middle of the road. It can be availed 24/7 by calling your insurer and providing all incident details.
This add-on cover becomes crucial for riding in remote areas or daily cover long-distance. With little to no mechanical service support at this distance, it becomes significant to have a peaceful riding experience without worrying about unforeseen situations involving the bike’s mechanical breakdown.
This add-on cover becomes crucial for riding in remote areas or daily cover long-distance. With little to no mechanical service support during the journey, having a peaceful riding experience becomes significant.
Furthermore, you also get bundled services with the cover, including towing the vehicle to the nearest garage, fuel delivery in case of emergencies, tyre replacement, accommodation arrangements, alternative travel, and repairing any minor damages on the spot.
You may also read 24x7-Roadside Assistance Cover in Two-wheeler Insurance
Return to Invoice Add-on Cover
Your new bike not only carries a high risk of being damaged in an accident or a collision on the road, but it also has a probability of being stolen.
In such a situation, if you possess valid comprehensive bike insurance and the return-to-invoice add-on cover, you will be eligible to claim your bike's current Insured Declared Value (IDV).
If the police cannot find your insured vehicle, they will issue a certificate to be used for claiming monetary compensation for the stolen vehicle.
Moreover, if your bike is caught in an accident and has been damaged beyond repair, or it is a total loss, the insurer will refund the complete amount mentioned in the vehicle's invoice. Remember that a few bike insurance companies also offer this cover as a part of the basic comprehensive coverage. So, check the bike policy inclusions before buying it.
Engine Protection Cover
The engine protection cover is another gem in the hidden treasure of the add-on cover list. The engine is the heart and brain of any vehicle and is practically a bike's most significant mechanical part. While a comprehensive bike insurance plan provides holistic coverage, it does not cover damage to your bike’s engine or gearbox.
Hence, with this add-on cover, you are protected against any damages occurring to your engine or gearbox, irrespective of whether you are caught up in an accident or not.
Whenever your damaged bike goes to a garage, many items known as consumables are used to repair the ascertained damages. Such consumables include screws, nuts, bolts, bearings, clips, engine oil, gearbox oil, oil filter, distilled water, etc.
The consumables can add a significant amount to the bill. Under a basic bike insurance plan, insurance companies do not compensate for this amount. However, you can save on the cost by opting for the consumables add-on cover. With this cover, the insurer bears all the costs of the consumables used in the repairing process without hurting your pocket.
You may also read Consumables Cover in Bike Insurance
Benefits of Bike Insurance Add-on Covers
Following are the benefits you will get if you opt for add-on covers with your bike insurance policy:
- Enhanced Coverage:Additional coverage means extra protection for the policyholder. This allows you to avoid being caught up with unplanned financial liabilities.
- Offers Personalised Customisation:The policyholders can tailor their bike insurance policy to suit their requirements.
- Peace of Mind:Since the enhanced coverage provides extended protection for your bike, you not only remain well secure but can also ride your vehicle with sheer peace of mind.
The add-on covers discussed above are a cherry on the ice cream when enhancing your policy coverage. They extend the policy coverage, making your existing bike insurance plan more comprehensive at a reasonable premium cost. Choose your add-on covers wisely, and enjoy the ride!
Ans: Bike insurance add-ons work as extensive coverage for those damages or losses not covered in a basic plan.
Ans: No, the RTI cover only accepts the claims against the total loss or when the insured bike is damaged beyond repair in the event of a road accident/natural disaster, or it has been stolen.
Ans: No. You can only purchase a 24x7-RSA cover with a comprehensive bike insurance policy.
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