The Motor Vehicles Act, 1988 makes it mandatory for every vehicle registered in the country. An insurance policy is one of the must-have documents when riding or driving your vehicle. Further, not only an insurance policy is mandatory, but also acts as a safety net to prevent any financial loss from unexpected accidents and damages.
In India, bike insurance policies are of two types – third-party and comprehensive. A third-party policy provides coverage for third-party liabilities, whereas a comprehensive policy includes own-damage cover along with third-party coverage. Comprehensive policies can be further enhanced to increase its coverage using add-on riders. Let us look at a few essential add-ons that significantly enhance your insurance coverage.
Zero depreciation cover
A standard motor insurance policy pays the claim after accounting the depreciation of your bike. As time passes, the depreciation increases and the amount that shall be paid as the claim goes on reducing. Instead, opting for a zero depreciation insurance cover, the insurer will not charge depreciation and will pay the full amount of claim. Thus, it is one of the most recommended insurance add-ons to accompany your comprehensive motor policy.
24×7 Roadside assistance cover
Breakdowns occur at most inopportune times. It is not always possible to find a service station within the vicinity. In case you find yourself stranded in the middle of nowhere with no access to help, a 24X7 roadside assistance cover saves you. The insurer arranges for a technician to help you fix your bike or tow it to the nearest service station.
NCB Protection cover
No-claim bonus or is a renewal benefit offered by the insurance company for every claim-free policy year. It ranges between 20% to 50% for consecutive claim-free policy years. However, if you make a claim, this amount is reset, and there are no renewal benefits in the form of NCB. Using an NCB protection add-on, you can be sure that your no-claim benefits remain intact in spite of making a claim. You must note the limit on how many times you can make a claim while using an NCB protector and it differs among individual policies.
These are some of the popular additional coverages offered. A two wheeler insurance premium calculator is a tool that can aid the process of comparison and getting affordable deals on bike insurance premiums. Here’s a set of more add-ons available that can be chosen as per your needs.
Return to invoice cover
In situations of theft or irreplaceable damage, the insurance company pays the insured declared value or IDV as a settlement amount. The IDV is lower than the bike’s invoice value since depreciation is accounted for. When you opt for a return to invoice cover, the claim settlement amount will be the entire invoice value of the car ignoring any deductions. Thus, there will be no loss to you.
Pillion rider cover
It is often regarded that a pillion rider faces greater risk than the rider. To secure the pillion on your bike, pillion rider cover can help to manage the cost of the permanent disability and accidental death of the pillion.
While you opt for the various add-ons, they increase the two wheeler insurance price. Hence, select only the ones that you truly need and are beneficial.These are some essential add-ons that can make your life easier by enhancing the coverage of your base policy.