What Is a Two-wheeler Insurance Add-on Cover?
A two-wheeler insurance add-on is an additional cover that policyholders can take to strengthen the coverage of the insurance plan to ensure better financial protection. Two-wheeler insurance add-ons can only be opted with a comprehensive two-wheeler insurance policy and standalone own-damage two-wheeler insurance policy.
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Types of Two-wheeler Insurance Add-ons Cover
The availability of two-wheeler insurance add-ons varies from one insurer to another. The following are some two-wheeler insurance add-on covers that a general insurance company provides to its customers:
Zero Depreciation Cover
Depreciation is a natural phenomenon that occurs with the passage of time. By default, the burden of bearing the cost of depreciation incurred by a two-wheeler rests with the vehicle’s owner. A zero depreciation cover helps you mitigate this burden of bearing the depreciation cost of your vehicle so that you can claim a bigger amount. Most of the insurers allow the policyholder to make a maximum of 2 zero depreciation claims, however, some insurers such as IFFCO Tokio General Insurance, Royal Sundaram General Insurance Company and New India Assurance Company allow unlimited zero depreciation claims during the policy tenure.
This add-on provides coverage for all the consumable items of a bike such as a grease, lubricants clip, bearings, fuel filter, oil filter, brake oil, nut and bolt, screw, etc, which are not usually covered in a standard own-damage insurance policy.
Roadside Assistance Cover
This add-on cover provides assistance services to the insured in the event of the breakdown of his/her vehicle. The services include towing service to the nearest garage, on-site repair services, assistance in case of loss of keys, changing flat tyres, fuel delivery, etc.
Key Loss Cover
This add-on cover makes the insurance company liable to compensate the policyholder for the loss of key(s). It also provides a spare key in the minimum possible time.
Passenger Assistance Cover
It is a bundled cover which includes Hospital Allowance, Medical Expenses and Medical Transport Assistance to the policyholder in the event of an accident.
Engine Safe Cover
This cover allows the policyholder to get coverage for expenses incurred due to mechanical/electrical breakdown of the engine due to an oil spill or water ingression.
Loss of Personal Belongings
With this add-on, the insurer compensates the policyholder for the loss of personal belongings such as the articles or other items of a personal nature which are likely to be used, carried or worn.
Return To Invoice
This add-on cover allows the policyholder to get full invoice price of your vehicle in case the insured’s vehicle suffers Total Loss, Constructive Total Loss (CTL) or theft.
By opting for this add-on the policyholder gets a daily allowance from the insurer when the two-wheeler is lost or is out for repairs.
Protection Of NCB
This add-on helps the policyholder retain the No Claim Bonus (NCB) discount even if he/she had filed a claim in the last policy tenure. NCB is the discount which a policyholder gets on the own-damage premium for every claim-free year.
Tyre Damage Cover
This add-on provides cover for damages such as puncture or bursting of tyres, in-tyre bulge, cut on a tyre due to an accident, etc.
Read more: Use Bike Insurance Calculator to calculate the premium for your bike insurance policy along with these add-ons.
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Add-ons For Your Bike Insurance Policy
Like other assets, the value of your bike also depreciates constantly with time and the liability of this expense by default rests with the policyholder. A zero depreciation add-on protects you against the depreciation expenses incurred by your bike. Thus, if you opt for a zero depreciation cover, depreciation expense of your bike is not deducted from your claim amount at the time of a claim settlement. This add-on is available with comprehensive bike insurance plans as well as standalone bike insurance plans. This is one of the most popular and recommended bike insurance add-on covers.
In case of total loss (more than 70% damage) or theft of your bike, the insurance company pays you the Insured Declared Value of your bike as compensation. However, this Insured Declared Value (IDV) is less than the invoice price which you pay at the time of purchasing your bike. The Invoice Protection add-on cover helps you claim the Invoice Price, i.e. total ex-showroom price of your bike plus taxes plus registration charges, of your bike in case of total loss or theft of your bike.
No Claim Bonus is the reward which is given to the policyholder for not making any claim during the policy period. This reward is offered by the insurer in the form of a discount on the own-damage premium of the bike insurance policy at the time of policy renewal. The NCB ranges from 20% to 50% of the own-damage premium depending on the number of claim-free years. However, if you make even a single claim during the policy period this NCB gets lost. But, with the NCB Cover, you can keep your NCB intact even after making a claim during the policy period.
The damages incurred by the engine of the bike are by default not covered under a bike insurance policy. However, if you opt for an Engine Protection Cover, the insurer will be liable to compensate you for damages incurred by the engine of your bike such as damage due to leakage of lubricants, water ingress, hydrostatic lock, damaged gearbox, broken crankshafts or pistons and cylinders. The repair cost of the internal engine parts is often high and can sum up to thousands of rupees or more. Thus, addition of this add-on to your comprehensive or standalone bike insurance policy can save you from these expenses.
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Two Wheeler Insurance Add-ons FAQs
What is an add-on in a two-wheeler insurance policy?
In two-wheeler insurance, add-on covers refer to additional coverage which can be purchased to extend the coverage of a standard plan against the payment of an additional premium. These add-ons can be purchased with comprehensive bike insurance plans as well as standalone own-damage bike insurance plans. Some popular bike insurance add-ons include zero depreciation cover, road side assistance cover, engine protect, etc.
Is there a limit on the number of add-ons I can purchase?
No, there is no limit on the number of add-ons which can be purchased with a bike insurance plan. You can add as many add-ons as you like with your policy.
What are the documents required for two wheeler Add-ons?
No additional documentation is required for the purchase of add-ons. You can add them to your bike insurance policy at the time of purchasing the plan by paying an additional nominal premium.
What are the different types of two-wheeler insurance Add-ons available in the market?
There are a number of bike insurance add-ons available in the market. The most popular bike insurance add-ons include:
- Zero Depreciation
- Consumable Expenses
- Road Side Assistance
- New Vehicle for Old Vehicle
- Engine Protect
- Accidental Hospitalisation
- Hospital Cash
- EMI Protector
- Outstanding Loan Protector
- NCB (No Claim Bonus) Secure
- Owner Personal Accident (PA)
- Pillion Rider Personal Accident (PA)
What do I need to know before buying a bike insurance add-on?
Before buying a bike insurance add-on, you must know its coverage, features and premium amount.
How do add-on covers enhance bike insurance?
Bike insurance add-ons extend the coverage of a standard bike insurance plan and thus enhance a bike insurance policy.
Why should I buy a Bike insurance add-on cover?
You should buy a bike insurance add-on cover to extend the coverage of your bike insurance plan.
Is it necessary to have two wheeler add cover on every year?
Bike insurance add-ons are not a mandatory requirement but they are recommended for purchase as they increase the coverage of your standard bike insurance policy.