All bike owners need to have insurance coverage for their bikes compulsorily. It is a legal mandate, as the law of 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 damage. Moreover, comprehensive strategies can further enhance coverage using additional riders. These are called add-on covers.
Various scenarios can be insured without worrying about the financial loss you might face by not providing an adequate bike insurance policy. Adding an extra protection layer becomes affordable and easy using these add-on covers. Further, they are available at a fraction of the cost and offer benefits more than their value. Let us look at the different add-on covers and how they help increase your two-wheeler insurance policy’s scope.
#1 Accessories cover
You often end up adding a few essential accessories for your bike. Having an insurance policy that provides coverage for these add-ons is impossible in comprehensive policies. Here’s when an accessories add-on cover helps to protect against the financial cost of damages. You must 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 the 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 delivered the entire value of your claim without any deductions for depreciation. This is one of the most recommended add-on covers you can buy with a comprehensive bike insurance policy.
#3 Pillion rider cover
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 damages 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, which differ among individuals. Thus, selecting 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 range and significantly improve the benefits of your insurance policy. Now that you know the benefits of having add-ons, why wait? Get the right add-ons to enhance your policy’s coverage at an affordable price.
