Top 5 Add-on Covers for Bike Insurance
Updated On Sep 29, 2021
This article talks about the add-on benefits one might get for their bike insurance.
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Every motorbike has delicate parts and almost all the bikes are used in bad and rough road conditions. The bike goes on from rocky to muddy roads, hence just the insurance does not always cover the costs of damages caused due to natural calamities or unforsaken events. Add-on covers for the bike insurance is a smart move as it helps cover expenses of damage of property.
Although third-party insurance is mandatory in India, it does not cover or bear all costs of damages of the insured vehicle and it only covers liabilities arising due to the death of a third party, accidents or injury. Sometimes even the Comprehensive policy is insufficient to cover all the damages due to loopholes in the contract. Hence, in these unreliable, dangerous times, merging your basic insurance with add-ons is the smartest and safest move.
Top 5 Add-on Covers For Bike Insurance
Given below are Top 5 useful add-on covers for your bike insurance -
Return To Invoice Cover
The IDV or the Insured Declared Value is the deducted value of your bike after subtracting the Current Market Value to that of the depreciation value of your bike. This Insured Declared Value of the vehicle is paid by the company upon the arisal of situations such as theft or total damage or loss of your bike. Another alternative method is through adding on ‘Return to invoice’. Under this add-on, the company covers the actual rate mentioned on the invoice of your vehicle including the charges of registration and road tax.
Zero Depreciation Cover
In most cases, when the owner claims their insurance, the insurer or the insurance provider considers the depreciation value of the damaged parts of the bike and the insurance does not cover or repay the actual cost of the depreciation part once it is replaced. Hence, under the Zero depreciation cover, while claiming insurance for the damaged parts, the insurer will repay the amount of the damaged parts and will not consider deprecation.
Roadside Assistance Cover
If you love to travel and explore different places in your city or country on your bike then this add-on is a must. This add-on facility provides roadside assistance to you at any given point. If your two-wheeler breaks down in the middle of the road, you could claim this insurance and your insurer will provide you with the best of facilities and assistance.
Personal Accident Cover
This is one of the most common add-ons taken by two-wheeler owners. This add-on cover is available in two alternative forms: The first variant covers the passenger and the second variant covers the driver or the owner of the motorbike. The majority of the basic insurance policies come with the coverage of the owner or driver of the bike, whereas the add-on is mainly for the passengers. If you are on a road trip with your partner or friends, this add-on is the perfect cover. The added benefit of this add-on is that it not only covers one by all the vehicles they own and the insured will not have to buy separate personal accident covers.
The small or minor parts such as nuts and bolts, engine oils, lubricants, sealants, tyres and many more are often ignored by motorbike owners when they consider getting add-ons. No insurance covers the expenses or repairs of consumables and many insurers often ignore the expense cost of the following. If you are a frequent traveller, this add-on may be very helpful and handy.
The above-mentioned add-ons are perfect for avid travellers who frequently go on solo or group trips. Add-ons are important and significant for insurers as their basic mandatory third-party insurance or even comprehensive insurance does not cover all the damages caused by personal accidents or when you are stranded in the middle of the road. Add-ons help you cover against incidents like natural calamities, theft or even court cases due to the death or injury of a third party.
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.