Are Add-on Covers Important for Your Two-Wheeler Insurance?
Owning a two-wheeler has become more of a necessity these days rather than a luxury. With the increase in the traffic, bikes unanimously win over a car for being the most preferred mode of transport for simple reasons like easier to navigate, cheaper when compared to the car, and easy to maintain. So, have a bike insurance is also important.
If you are planning to purchase a two-wheeler or already have one, you must be aware that as per the Motor Vehicles act of 1988 it is mandatory to have at least third party bike insurance which is the most basic two wheeler insurance. But the question remains is that enough to protect your bike?
The answer to this is – No. Third-party bike insurance only covers any damages caused to the third person, their property, or their bike when there is a collision with your bike. Any damage to your bike remains uncovered. Hence, it becomes important that you add extra coverage to your existing insurance plan for full-proof protection.
There are several add-ons covers that you can opt for by paying an extra premium. A lot of people remain averse to this idea because they often question the importance of add-ons, and if there is a need for them. Let us first take a look at all the add-ons available for a two-wheeler and then evaluate whether or not these are important.
1. Personal Accident Coverage:
This is the most common among the add-ons, well most of the two wheeler insurance policies have the insurer covered for accidents, what comes as an add-on is the extension of the accidental coverage for the passenger.
2. Return To Invoice:
If ever your bike is stolen or damaged beyond repair, then this add-on allows you to claim for the original invoice amount of the bike, without having to worry about any depreciation deductions. Usually, comprehensive insurance only pays up to the IDV (Insured Declared Value) which is nothing but the current market value of your vehicle minus the depreciation, this means you don’t get paid for the actual purchase price of the vehicle.
3. Roadside Assistance:
It’s a total nightmare when your two-wheeler breaks down in the middle of nowhere. At such times if you have this add-on you will be given complete assistance with towing your bike to the nearest service center or even having your bike repaired right on the spot.
4. Zero Depreciation Cover:
With time not just does the value of the bike overall depreciate, even the value of certain spare parts made of plastic, rubber, glass, nylon also depreciates. And in most events, the cost of repair or replacements of these spare parts either only partially covered by the insurance company or sometimes born by the bike owner. But if you want the complete cost covered by your insurance company then this add-on is a must.
5. Consumables Cover:
Insurance companies do not cover the cost of replacement or repair of consumables like lubricants, nuts, bolts, engine oil, sealants, etc. when you file your claim. This add-on will help you get your consumables covered too when those are damaged due to a motorbike accident.
6. Engine Protection Cover: Your
comprehensive vehicle insurance plan doesn’t cover the repair or replacement of internal parts like gearbox and engine which have been damaged due to water ingression or oil leakage and trust us. It can be a costly affair as the engine is the heart of your bike. This add-on provides enhanced coverage and better engine protection.
Now that you are familiar with the different add-ons and their purpose. Let’s come to the most important question – Does your bike need these added covers? If you would have read the above points carefully, all of these add-ons point out at events. That can cost you more if you have to pay for it from your pocket individually!
So, with a very minor increase in the premium, you can enjoy the benefits of all or at least a few of these add-ons during a contingency. You should compare bike insurance plans before you make up your mind on finalizing one. For personal safety wear appropriate motorbike safety gear and apparel each time you ride your bike. If you are looking out to buy an insurance policy. A health insurance broker will assist you in choosing the best policy according to your requirements.