Are Two-Wheeler Add-Ons Really Worth Buying
The increasing number of bike accidents on Indian roads makes it imperative to have at least comprehensive bike insurance for your bike. As per Indian Motor Vehicle Act, having third-party two-wheeler insurance is mandatory for all vehicles in India. Alone third-party insurance will not suffice if your bike suffers any damages as third-party insurance solely covers damages to third-party property and person, which makes having a comprehensive bike insurance necessary.
Besides offering third-party liability, comprehensive bike insurance also offers coverage for damages to your own bike, personal accident cover and enables you to choose add-ons to increase your bike coverage. Now the question is – if you should raise your two-wheeler insurance policy coverage by buying Add-ons. Read on!
Two-wheeler insurance add-ons help you handle situations you may confront when driving your bike through long miles or isolated places. However, having only comprehensive bike insurance may not cover problems such as assistance on road if your engine breaks down or if you need to refuel your bike at isolated places.
What are bike insurance add-ons?
Bike insurance Add-ons are extra coverage that you buy with your two-wheeler insurance to help you receive compensation for damages which are not mentioned in your two-wheeler insurance policy. Having a two -wheeler insurance has a lot of benefits, let’s check with a few of them.
Benefits of buying two-wheeler add-ons:
Roadside assistance: Minor breakdowns can happen anytime you are riding in a bike. It becomes even difficult when your bike breaks down in an isolated place. In such case if you have a roadside assistance cover offers assistance at just a quick call.
Cashless garages: Most of the insurance providers have tie-ups with several garages across the countries. Getting your bike repaired at any of the network garages would mean that you do not have to worry about the cost as it will be settled directly with the insurer.
Depreciation of bike: If you have a high-end bike, you may be willing to get the same compensation for replacing any of the damaged parts as you had paid when buying the bike. This is possible if you have a depreciation cover for your bike.
Retain NCB discount: If you have made any claims for the bike damage or feel the chances may happen, it is wise to have NCB discount cover, as this helps you retain your NCB up to a certain number of claims.
Disability and death cover: The personal accident cover offers the family of the policyholder Rs.15 lakhs in case the owner or the driver dies or suffers permanent disability.
Engine and accessory protection: A basic comprehensive insurance doesn’t provide for the expenses incurred in a change in engine oil, lubricants, gearbox etc. having a consumables cover helps you get the compensation for replacing these parts.
Add-ons that you must buy with your two wheeler insurance:
Roadside assistance cover: The roadside assistance cover provides emergency support to your vehicle in a situation where your bike has suffered a breakdown or malfunctioned on the road. Assistance will be given in the form of fuel delivery, fixing flattened tyres, towing facilities, replacing lost keys and many more. This is a must if you are a frequent traveller and go for long distance rides in your bike.
Zero depreciation cover: Every vehicle has a depreciation value which is deducted by the insurer while replacing the parts or compensating for the bike insurance claim. Zero depreciation cover assures that the policyholder doesn’t pay for the depreciating cost and the claim settlement is done in the original price.
Pillion cover: This cover provides compensation to the passenger in case of death, permanent or partial disability caused to the passenger due to any accident. This is a beneficial add-on if you regularly ride a bike with a passenger behind you.
Engine protection cover: An engine is the most crucial part of the vehicle and is not covered under your bike insurance policy. So having an add-on for your engine protection ensures that you get the complete compensation in case your engine suffers any damage.
Return to Invoice cover: In case if your vehicle suffers complete damage, your insurer will provide you compensation basis the IDV value which is calculated by subtracting the depreciation. If you have return to invoice cover, you will get the entire cost of the vehicle that you paid other than the taxes.
Including add-ons to your insurance policy enhances the coverage and you will likely receive compensation when raising a bike insurance claim. Although you need to be very selective while choosing your add-ons, too many add-ons unnecessarily increase the product’s price and having the few required provides you with financial support.