Several aspects are not covered even under a comprehensive vehicle insurance plan. This is why the insurance market offers add-ons or riders. For instance, the decline in the value of a bike due to regular wear and tear is duly taken into consideration while repairing a bike. Consequently, a depreciation percentage value is deducted from the coverage. However, with a cover for zero depreciation on the bike, you can stay guarded against this expense. There are a variety of add-ons available in the market that you can choose and pick from to make your comprehensive policy more – comprehensive.
What is bike insurance add-ons cover?
Add-ons are additional coverage that can be purchased with comprehensive bike insurance or standalone own-damage bike insurance. These are available at an additional premium cost but are beneficial for you as it gives you extensive coverage.
Having a bike insurance add-on has several benefits. Some of them are –
- An add-on purchased along with a comprehensive two-wheeler insurance policy can reduce your financial burden. This is because it helps you cover several small and big damages not covered under a comprehensive policy. Though the premium would go a little bit high, the benefits are worth it.
- The add-ons available help you cover your bike engine from wear and tear. Thus, increasing your engine life.
- Because you have added a rider to your insurance policy, the engine stays in good condition along with other bike parts. This is because the riders cover all the repairs done to the consumable parts, thus increasing the sale value.
What are the top bike insurance add-ons you should consider buying?
There are several two-wheeler insurances available that vary from insurer to insurer. The following are the top 5 bike insurance add-ons that you must buy –
Zero depreciation cover: Depreciation is a reduction in the bike’s value with time. It affects the repair price of depreciable bike parts such as nylon, plastic, rubber, and many more. This means the cost of these materials is not fully covered. The insurance company will partially cover the repair cost of such parts. However, the rest of the deductible depreciable cost is to be borne by you.
A zero depreciation in bike insurance add-on is extra coverage you can buy with a comprehensive two-wheeler insurance policy, as depreciation value is reduced by the insurance provider while settling a claim. However, an add-on of zero depreciation on the bike eliminates the need to deduct the bike’s depreciation value as it is not considered while settling a claim. Many insurance companies allow two zero depreciation in bike insurance claims, while some enable unlimited zero depreciation claims during the policy tenure.
Consumable cover: Consumable is part of the bike that is completely consumed when used. Hence, these are not usable and cannot be replenished again. Consumable parts can be – nuts, bolts, lubricants, brake oil, screws, fuel filter, grease, etc. As a comprehensive two-wheeler insurance policy does not offer coverage of consumable parts, it is important to buy a consumable add-on cover. It helps you save on all the consumable parts of the bike, no matter how small. You can purchase this add-on cover at the time of buying the policy.
The add-ons cover all the additional expenses you might have to bear toward the consumables that cannot be used in the future due to damage caused by an accident or natural disaster. Apart from these parts, it also protects you against expenses related to clips, distilled water, bearing oil, radiator coolant, battery, gearbox oil, and washers. Hence, it offers a stress-free ride and is a smart option to ensure a super-secured ride.
Roadside assistance cover: Roadside assistance can be purchased voluntarily along with standalone two-wheeler insurance or a comprehensive bike insurance policy by paying an extra monthly, quarterly, or bi-monthly premium. It offers coverage against flat tyres or bike towing along with on-spot repair, puncture assistance, emergency fuel delivery, cab service, accommodation, vehicle key lock-out assistance, spare shipment, route guidance, teleassistance, and relay of emergency messages.
All you have to do is contact your insurance company, and they will send someone to your assistance. Hence, you will have a stress-free ride without the fear of getting stuck.
Key loss cover: Bikes have evolved and become more sophisticated in terms of keys and locks with technological advancement. The modern bike keys are hard to replace and or replicate. So, to get another key in case of key damage or theft, you must visit the service centre, and they change the entire mechanism.
A key protection add-on will help you if your key gets stolen because a comprehensive insurance policy does not cover the cost involved in repairing or replacing the keyset. However, you can always buy a key protection add-on with the comprehensive bike insurance policy to enhance the benefit and be safe from the hassle. Claiming the key loss add-on is easy and works the same as the comprehensive two-wheeler insurance policy.
Passenger assistance cover: Accidents can be fatal. Thus, a passenger cover is an add-on cover that protects the person sitting in the car along with you in case of any injury or death caused due to any accident or mishap. So, it is highly advisable to buy a passenger assistance cover when buying a comprehensive bike insurance policy.
Among all the add-ons, a zero depreciation in bike insurance gives you greater coverage as it helps you cover the cost of certain parts used daily and cannot be reused again. Add-ons are the boosters to your bike insurance policy and offer extensive coverage during an emergency. All you need to do is pay a little extra premium and easily avail yourself of the benefits.
It is always recommended to compare the plans and analyse them online before finalising one.
Disclaimer – The above information is for illustrative purposes only. For more details, please refer to the policy wordings and prospectus before concluding the sales.
