What Is a Two-wheeler Insurance Add-on?

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.

Types of Two-wheeler Insurance Add-ons

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.

Consumables Cover - 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.

Daily Allowance - 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.

Disclaimer: This article is issued in general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.