As a bike owner, you might know of the mandatory requirement to purchase a two-wheeler insurance plan. It is required in conjunction with the Motor Vehicles Act and all vehicle owners are required to buy one. However, a third-party cover is the minimum required insurance coverage. This insurance plan ensures protection only against legal liabilities payable to a third person but lacks any further coverage. Hence, a comprehensive plan is advisable for all types of buyers. Offering protection not just against legal liabilities but also for the damages to your bike, you can ensure all-round financial coverage.
But a comprehensive policy also has certain limitations. For instance, depreciation on your vehicle is calculated before paying the compensation for repairs. Such a depreciation substantially lowers the pay-out thereby requiring higher out-of-pocket expenses. While there are certain limitations in terms of additional features, add-ons in a comprehensive policy can be handy to enhance the policy’s scope. Let’s look what are add-ons and how do they enhance the policy coverage.
Meaning of add-ons in two-wheeler insurance
Add-ons are optional policy features that can be bought when buying a comprehensive twowheeler insurance policy. These covers in addition to the standard comprehensive plan provide additional coverage thereby, covering the shortcomings of a comprehensive insurance cover. Hence, it is a smart way to enhance the scope of your insurance cover on a voluntary basis.
One important thing to remember when choosing add-ons is that they are optional purchases and hence priced separately. So, when you select an add-on, they increase the bike insurance price. Atsuch a time, you can make use of an insurance calculator to estimate its impact on your premium amount. * Standard T&C Apply
Here are some of the useful add-ons to choose in your bike insurance policy and how they enhance its scope:
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Zero-depreciation cover
The most sought-after add-on is a zero-depreciation cover that eliminates the primary limitation of a standard comprehensive plan. While a standard policy accounts for the depreciation when computing the claim amount, this add-on eliminates such impact thereby offering a higher pay-out. With a zero-depreciation add-on, you can ensure a higher compensation for any repairs that may be required. Often known by many different names like bumper-to-bumper cover, nil depreciation add-on, zero-dep policy, it is the most useful add-on that all types of insurance buyers must consider. *
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Engine protection cover
In a standard comprehensive plan, the repairs to the engine are not covered. A major accident may damage the engine and its other components. Further, during rains, water ingression is a common scenario which otherwise is not covered in a comprehensive insurance policy. With an engine protection cover, you can ensure these problems to engine are dealt without having to worry about the finances. *
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24X7 Roadside assistance cover
Another popular add-on to consider is the 24X7 roadside assistance (RSA) cover. With this add-on, you can be worry-free knowing any unexpected breakdowns can be assisted using a towing service or even fuel and technician support. Such RSA cover is useful especially in situations when you are travelling on a road trip and are stuck with a stalled vehicle. *
* Standard T&C Apply
The above list of add-ons isn’t exhaustive and there are various add-ons to choose from like key replacement cover, pillion rider cover, and more. Since they are additional policy features, make sure to use a twowheeler insurance premium calculator to evaluate its impact on the overall bike insurance premiums.Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.