Top 5 Add-On Covers for Bike Insurance
Bike insurance is an essential safeguard that protects you as a bike owner and your two-wheeler from several unforeseen risks, such as accident, theft, fire, or any other damages. While your standard or comprehensive bike insurance policy offers basic protection, it may fall short of covering specific bike parts or your riding habits & lifestyle. So, to bridge this gap, insurance companies provide a range of add-on covers on an additional premium to enhance the policy coverage. In this article, you will explore the popular 5 bike insurance add-ons offering you the right comprehensive coverage during crucial times.
Why Do You Need Bike Insurance Add-on Covers?
An add-on cover will help you customize your bike insurance policy in a better way. Some of the reasons why choosing an add on cover is important with your two wheeler insurance policy are listed below.
- Enhanced Coverage: Add-ons offer additional coverage and extra protection for the policyholder. This allows you to avoid being caught up with unplanned financial liabilities due to any unforeseen situation.
- Personalised Customisation: You can choose the add-ons based on your riding habits and other requirements or location. Add-ons help you to tailor your bike insurance policy as per needs and get the best coverage at the best price.
- Peace of Mind: Since the enhanced coverage provides an extended layer of protection for your bike, you not only remain well secured but can also ride your vehicle with sheer peace of mind.
Underrated Add-Ons To Choose With Your Bike Insurance Policy
In India, having a third-party bike insurance policy is compulsory. However, for better coverage, you can always opt for an own damage (OD) or a comprehensive bike policy. If you choose an OD or comprehensive bike insurance you can also include several add-ons that will enhance the policy coverage at an additional premium.
The following section highlights some add-ons that will help you in enhancing your policy coverage. They extend the policy coverage, making your existing bike insurance plan more valuable at a reasonable premium cost. Choose your add-on covers wisely, and enjoy the ride.
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Mandatory Personal Accident Cover
As per the Motor Vehicle Act 1988, it is mandatory for all bike owners to have a mandatory personal accident cover. Whether you have a TP bike insurance or a comprehensive bike insurance, it is mandatory for you to add the compulsory personal accident cover that will provide a coverage of up to ₹15 lakh in case of death, injury, or disability of a third party person.
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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 avoid the same, you can opt for the Zero Depreciation(Bumper to Bumper or Nil Depreciation) add-on cover. With this add-on, the insurer will not deduct depreciation while settling your accidental claims.
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Roadside Assistance Cover
A 24x7-Roadside Assistance Cover (RSA) is an add-on to avail help in case your bike faces a mechanical or technical breakdown in the middle of the road anytime. 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 if you daily ride for a long-distance. 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.
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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, having a valid comprehensive bike insurance with the return-to-invoice add-on cover will help you claim the invoice amount you paid while purchasing the bike. In case your bike is declared as 'non traceable' by the police after a theft or if your bike is damaged beyond repair (damaged beyond 75% of its value), the insurer will refund the complete amount mentioned in the vehicle's invoice.
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Engine Protection Cover
The engine protection cover is another add-on cover that can save you quite a few bucks in case of a mishap. The engine is one of the most important mechanical parts of any vehicle. 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. -
Consumables Cover
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.
FAQs
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Q1. What is the benefit of add-ons in a bike insurance policy?
Ans Bike insurance add-ons work as extensive coverage for those damages or losses not covered in a basic plan. -
Q2. Can I raise a claim in Return to Invoice Cover for minor damages?
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. -
Q3. Can I buy roadside assistance cover with third-party insurance?
Ans No. You can only purchase a 24x7-RSA cover with a comprehensive or own damage bike insurance policy. -
Q4. What are the must have add ons in bike insurance?
Ans Some of the most popular add-on covers for your bike insurance include zero depreciation add on cover, roadside assistance, consumables cover, NCB protection, etc -
Q5. What is TP cover in bike insurance? Can I include add-ons?
Ans A TP bike insurance is the mandatory third party bike insurance policy that will only protect you against third party liabilities. You cannot include any add-on, except the mandatory PA cover with this policy.
^The renewal of insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for a transaction may vary subject to additional data requirements and operational processes.
^The buying of Insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for transaction may vary subject to additional data requirements and operational processes.
#Savings are based on the comparison between highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.
*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.
*Rs 538/- per annum is the price for third party motor insurance for two wheelers of not more than 75cc (non-commercial and non-electric)
#Savings are based on the comparison between the highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.
*₹ 1.5 is the Comprehensive premium for a 2015 TVS XL Super 70cc, MH02(Mumbai) RTO with an IDV of ₹5,895 and NCB at 50%.
*Rs 457/- per annum is the price for the third-party motor insurance for private electric two-wheelers of not more than 3KW (non-commercial).The list of insurers mentioned are arranged according to the alphabetical order of the names of insurers respectively.Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. The list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in