Buying bike insurance is mandatory by law. All vehicle owners are compulsorily required to have an insurance policy to ensure compliance with the law as well as receive other benefits offered by the insurance provider. The Motor Vehicles Act of 1988 lays down this regulation. There are two types of policies that you choose for your bike – third-party and comprehensive plans. A third-party cover is the one that safeguards you from liabilities that might arise in the event of an accident resulting in injury or damages to a third party. Since this policy does not offer coverage for its own damages, many prefer buying comprehensive bike insurance. With a comprehensive insurance policy, you get protection from damages to your vehicle due to natural and man-made calamities. Further, events like theft are also covered under its scope.
But buying a comprehensive insurance policy also has other benefits which include customising your insurance coverage. How do you make ask? Add-ons are an effective options that can help to fine-tune a comprehensive bike insurance policy just the way you want. This article elaborates on a few add-ons that often add value to your insurance policy. Let’s have a look –
One of the most recommended add-ons to purchase is the zero-depreciation cover or as popularly know as a zero-dep policy. Without this add-on, you would otherwise be required to bear depreciation of spare that are repaired or replaced. This depreciation element reduces your claim amount and increasing the burden on you, the policyholder, at the time of claim. With a zero-depreciation policy, all you need to pay for is the compulsory deductible and the rest everything else is covered under your insurance plan.
24×7 Roadside assistance cover
Another handy add-on to a comprehensive insurance plan is the 24×7 roadside assistance cover. If you frequently take your bike on long trips through long, winding roads then this cover is a must have add-on in your bike insurance arsenal. Having to fix a broken bike with no proper technicians available can be taxing. With a 24×7 roadside assistance plan, you can ensure a worry-free travel knowing your insurer beckons a call away for any repair related concerns. This add-on can also come handy during monsoons when the pouring rains make it more difficult to seek help for a broken bike. Since these add-ons are additional features, remember they impact your two wheeler insurance price.
Engine protection cover
It is a popular add-on often advised for individuals residing in flood-prone areas. Water ingression in your engine can damage the internal components beyond repair and the engine being the heart of any vehicle will result in sky-high repair costs. Moreover, in metro cities like Mumbai and Chennai where there are common incidences of flooding, it is definitely one of the recommended add-ons.
NCB Protection cover
It is not always you get past without raising any claims. An NCB protection cover as an additional feature allows you to make claims with your insurer and yet avail the benefit of a no-claim bonus. This add-on is generally advisable for new riders where there are high chances of repairs being required for your bike.
These are some add-ons that are commonly recommended to be added to your insurance policy. They are not only recommended at the initial purchase but also can be further added at the time of two-wheeler insurance renewal. Make sure to select suitable add-ons to enhance your policy coverage while keeping the premiums within your budget. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
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