Need For Add-on Covers With Two Wheeler Insurance

Written by Sharad Bajaj

Updated On Nov 09, 20202 min read

A standard comprehensive insurance policy would not offer coverage for every possible scenario of damages or liability when it comes to insuring your two wheeler. This is where add-ons come in. Read all about how to strengthen your comprehensive insurance coverage.

Bike Insurance Add-Ons Bike Insurance Add-Ons are additional coverage that you can purchase by paying an extra premium with standalone own-damage and comprehensive bike insurance plans. They are used to strengthen the coverage of your original policy and to give you a more robust safety net when it comes to protecting you in varied scenarios. They are intended to give you a financial safety net and coverage in situations that may not be covered by your original policy and thus increase the coverage available to you. You can use add-ons to tailor your policy to your specific needs and purchase the ones that you feel would be most beneficial to you according to your personal situation and lifestyle.

Why Should I Get a Bike Insurance Add-On?

An own-damage two wheeler cover, although extremely beneficial, does not cover every imaginable scenario possible when it comes to protecting you in case of damages or liabilities arising from your bike or two wheeler. Let’s read about some of the popular bike insurance add-ons and why they are beneficial to purchase.

1. Zero Depreciation Cover

Zero Depreciation Cover is an add-on that would protect you from paying for the depreciation in case of replacement of spare parts in your bike. This means that since the value of parts depreciates over time, without this add-on, your insurance company would only compensate you for the depreciated value, and you would have to pay the difference. If you purchase this add-on then you would be protected from this particular liability.

2. Return to Invoice Cover

Similarly, in case of theft or total damage of your two wheeler, your insurance company would normally pay only for the depreciated value of your vehicle. With return to invoice cover, you would be entitled to be compensated with the entire invoice value of your two wheeler which would strengthen your financial protection greatly, and thus is very advisable to purchase.

3. Engine Protection Cover

Under a standard comprehensive policy, damage to your engine would likely not be covered and thus it is extremely advisable to purchase this add-on, especially, for example, if you live in an area that is flooding-prone and can lead to damage to your engine. With this add-on you would be able to avail of replacement for your engine unlike in a standard comprehensive policy.

Takeaway

Everybody’s needs are different and it is advisable to do everything we can to tailor our insurance policy to our own needs and requirements. A standard comprehensive policy would not offer coverage for every possible scenario and thus it is advisable to browse the different add-ons available to you and to purchase the ones that you would need.

Disclaimer: This article is issued in the 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.

Written by Sharad Bajaj

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Sharad is an insurance industry veteran who has managed motor insurance products for over a decade. He helped set up and scale the motor insurance vertical for a leading insurance company in his previous stint. In his spare time, Sharad likes to read and be in tune with nature.