All bike owners need to compulsorily have an insurance cover for their bikes. 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.
Whilst 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 own-damage too. 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 having to worry about the financial loss you might face by not availing an adequate insurance policy for bike. Let us look at the different add-on covers and how they help to increase the scope of your two-wheeler insurance policy.
#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 the case of 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 intimate your insurance company at the time of two wheeler insurance renewal or purchase the list of accessories and their value.
#2 Zero depreciation cover
Any claim that requires repairs or replacement is compensated by your insurance company 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-on covers that you can buy with a comprehensive bike insurance policy.
#3 Pillion rider cover
Having a pillion rider cover ensures any injury to not only the rider, but also the pillion is covered by the insurance plan. The coverage of your comprehensive plan is no longer limited to the injuries faced by the rider, but also the pillion. As exposed is the rider, likewise, it is for the pillion in 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 not only enhance the coverage, but also 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.