There is a growing popularity for two-wheelers in India. The start of 2024 saw a hike in bike sales. When you buy a two-wheeler, it is necessary to obtain vehicle insurance for it. It covers any loss or damage caused to the vehicle. To enhance the protection of your bike, you can include add-on covers to the comprehensive vehicle insurance. Riders provide insurance protection for losses beyond the scope of a standard bike insurance policy. You can get add-ons by paying a little extra premium.
Affordability and convenience make two-wheelers one of the most popular modes of transportation in India. There is an exponential hike in the number of vehicles plying on the road. The likelihood of accidents on busy roadways also rises with such traffic. As a result, you need to purchase bike insurance to protect yourself financially against any bike-related expenses.
Third-party insurance will only cover third-party liabilities, not the damages of the insured vehicle. Whereas comprehensive bike insurance clubs the benefits of third party and own damage cover. The bonus point is that this policy type also provides add-ons. These are additional coverage options that you can add to your comprehensive insurance to enhance its scope of protection. Although the add-on covers come with an extra premium, they are worth the money.
Several riders can be opted for along with the bike insurance plans. Let’s explore the top 5 two-wheeler add-ons you can consider for your bike.
Add-ons, also known as riders in two-wheeler insurance, are additional features that provide added coverage to the insured vehicle. They are available at an extra cost.
The riders are optional. You can choose the add-ons that you need to increase your bike’s protection. You should carefully review every rider your insurer offers to ensure you select the right ones, as each one offers a different set of benefits.
The following are some of the benefits you get when adding riders to your bike insurance.
Enhanced Protection: Add-on cover provides extra protection over and abovе rеgular insurance policies, against a wider category of risks.
Customised Coverage: You can customise your comprehensive bike insurance, align it with specific needs, and get protection against situational risks that are often excluded in the ordinary policy.
Complete Security: Add-ons assure full coverage for your bike, extending the protection for bike accessories, personal goods, and more.
Financial Protection: Add-ons protect against financial liabilities by compensating for damage repair expenses or loss of vehicle.
Peace of Mind: With add-ons, you can enjoy your ride without being burdened by the thoughts of possible eventualities.
The availability of add-ons for two-wheeler insurance differs amongst insurers. A general insurance business offers its clients the following riders:
Depreciation is a natural phenomenon that happens over time. Insurance companies usually deduct the depreciation amount while settling a claim for repairs or replacement. This often results in policyholders paying some amount from their pockets.
A zero-depreciation cover nullifies the impact of depreciation on your bike insurance. It covers the whole amount of your bike’s depreciation. Hence, during claim settlement, you will get the whole claim amount without any depreciation deduction.
Most insurance companies allow policyholders to submit only up to two zero depreciation claims. However, some insurers permit an unlimited number of zero depreciation claims throughout the policy's term.
The roadside assistance add-on will enable you to receive on-ground support in case your bike breaks down in the middle of the road. It offers services like fuel delivery, towing, taxi services, repair for flattened tyres, engine jumpstarting, replacement of lost keys, and much more. It will be very beneficial to include this add-on to your comprehensive bike insurance policy if you travel a lot, especially to remote places or areas that are new to you.
If your bike gets completely damaged, a comprehensive insurance plan will only provide you with the bike's IDV (Insured Declared Value). This can further be reduced due to depreciation cost. So, the claim amount you get will be much lower.
Return to invoice cover allows policyholders to get the full invoice price of their bikes in case the vehicle suffers total loss, constructive total loss (CTL), or theft. The difference between the invoice value of your bike after registration and other taxes and the IDV is compensated by the return to invoice add-on. Consequently, this rider will assist you in bridging the gap between the on-road price of your bike and the IDV that you disclosed when you purchased the insurance.
Your bike's engine is one of its most expensive components, but your general vehicle insurance policy won't cover any damage to it. However, an engine protection add-on that can be purchased along with comprehensive bike insurance will cover any damages to your two-wheeler's engine. Some of the instances covered under this rider include:
Lubricating oil leaks that affect engine components, leading to
damage.
Damages incurred by the engine from water ingression.
Failure of engine caused by trying to start a wet engine.
Physical damage caused to the gearbox or differential parts.
The engine protection add-on can be quite useful if you live near or in flood-prone locations. This is also beneficial if you own a premium bike with an expensive engine.
The passenger assistance add-on financially protects the pillion rider and those travelling in that if an unanticipated incident causes injuries or partial or permanent disabilities. If the accident results in the death of the owner-driver, then the nominee will receive the compensation amount.
In today's world full of uncertainties, a comprehensive bike insurance cover is a must-have for your vehicle. By adding essential riders to your policy, you can enhance its coverage. Each add-on serves a different purpose, so you should choose one according to your needs and preferences. A comprehensive bike insurance supplemented with riders ensures your financial security to a greater extent.
Disclaimer: The above information is for illustrative purposes only. For more details, please refer to the policy wordings and prospectus before concluding the sales.