All bike owners need to have insurance cover for their bikes compulsorily. It is a legal mandate, as the law the Motor Vehicles Act of 1988 specifies. It further mentions that third-party bike insurance is the minimum requirement. However, it can be upgraded to a comprehensive bike insurance policy.
While a third-party policy only covers legal liabilities for damage to property and injuries to third parties, a comprehensive plan increases its coverage to include its own damage. Moreover, comprehensive plans can further be used to enhance coverage using additional riders. These are called add-on covers.
Adding an extra protection layer becomes affordable and easy using these add-on covers. Further, they are available at a fraction of a cost and offer benefits more than their value. Various scenarios can be insured without worrying about the financial loss you might face by not providing an adequate insurance policy for bikes. Let us look at the different add-on covers and how they help increase your two-wheeler insurance policy’s scope.
#1 Accessories cover
At most times, you end up adding a few essential accessories for your bike. Having an insurance policy that provides coverage for these add-ons is not possible in comprehensive policies. Here’s when an accessories add-on cover helps to protect against the financial cost of damages. This is when you have to inform your insurance company when two-wheeler insurance renewals or purchases the list of accessories and their value.
#2 Zero depreciation cover
Your insurance company compensates for any claim that requires repairs or replacement after accounting for depreciation of those parts. The insurer does not pay the actual price of those spares. When you purchase a zero depreciation add-on, you can be paid the entire value of your claim without any deductions for depreciation. This is one of the most recommended add-ons covers you can buy with a comprehensive bike insurance policy.
#3 Pillion rider cover
Having a pillion rider cover ensures any injury to the rider, and the insurance plan covers the pillion. The coverage of your comprehensive plan is no longer limited to the injuries faced by the rider and the pillion. As exposed is the rider. Likewise, it is for the pillion in the case of a two-wheeler.
How to determine which add-on adds value to your insurance policy?
It is not always that all add-ons can be beneficial for your use case. Sometimes, it depends on the requirements, and they differ among each individual. Thus, the selection of the right add-on is based on your coverage requirements. While it may be a perplexing choice, the bike insurance calculator is a tool that can help you decide what should form part of your policy coverage along with its impact on the premium.
This way, add-on coverage can enhance the coverage and significantly improve the benefits from your insurance policy. Now that you know the benefits of having add-ons, why wait? Get the right set of add-ons to improve your policy’s coverage at an affordable price.