Two-Wheeler Insurance Add-on Covers

A two-wheeler insurance plan is a great tool if you want to financially cover your bike/ scooter/ moped from an accident. As per the Motor Vehicle Act, 1988, it is only mandatory to have a third-party insurance cover for your two-wheeler but going for comprehensive two-wheeler insurance will provide you extensive coverage. 

Another major benefit of having a comprehensive two-wheeler insurance policy is that you can boost your vanilla policy and cover your two-wheeler against various contingencies. This is possible as there is an option of Add-Ons. Let us read what add-ons are, and how can they benefit you:

What are the Two-Wheeler Insurance Add-on Covers?

Almost all two-wheeler insurance companies offer add-ons, also called riders. These add-ons supplement by adding to the coverage and make the policy more useful for you. By paying a little extra you can add a lot of value to your existing plan.

Why are Add-on Covers Important?

Hearing about road accidents has become almost like a routine activity, under such circumstances do you think regular two-wheeler insurance would be enough?

Third-party two-wheeler insurance might be mandatory, but it doesn’t provide adequate protection to your two-wheeler. It would only cover accidental damage to a third-party person or property, not yours.

Getting your two-wheeler repaired can be a costly business, especially when it is your primary medium to commute to your workplace. Your bike being off-road will also prove costly you as you would have to spend on public transport or cab service.

List of Add-on Covers in Two Wheeler Insurance 

If you are a two-wheeler owner and planning to add extra features to your base policy, here is a list of add-on covers that you can opt for:

1. Zero-Depreciation Cover
   It is well-known that because of depreciation, the value of your two-wheeler will gradually decrease. And when the time to claim comes, you will have to bear the depreciation cost. When you add a zero depreciation cover in bike insurance to your plan, the insurance company will pay for the depreciated parts.
2. Roadside Assistance
   If your two-wheeler breaks down in the middle of nowhere, the roadside assistance in bike insurance will help you in taking it to a garage and dropping you at a suitable place.
3. Consumable Cover
   Under a basic comprehensive insurance plan, the cost of consumables like nuts, lubricants, engine oil, tyres etc are not covered. With a consumable cover in bike Insurance, these expenses will be taken care of.
4. Return to Invoice Cover
   When a bike is damaged beyond repair or is stolen it is said to be a total loss. In such a scenario the return to invoice cover in bike insurance will pay you with the invoice value.
5. Cover for Accessories
   If you have added fancy accessories to your two-wheeler, you can opt for an Accessory Cover and keep a financial loss at bay. However, keep it in mind that when purchasing this add-on you must provide the value of these accessories to your insurer.
6. Medical Cover
   The cost of healthcare is increasing at an unabated rate. When you add a Medical Cover to your plan, your medical treatment will be covered by the insurance company.
7. Passenger Cover
   Riding a two-wheeler is much riskier than driving a car, it can often be fatal. The regular policy will cover the rider, however, with the Passenger Cover, the pillion rider will be covered against partial or full disability.
8. Lost Key Replacement
   In case you lose your two-wheeler’s key, the cost of its replacement will be covered by the insurance company.
9. NCB Protect
   No Claim Bonus is a discount bonus that you receive when you do not make a claim during a policy year. With NCB protect in bike insurance you can safeguard your NCB even if you make a claim.
10. Engine Protection Cover
    While the damages that occur due to an accident are covered, a base policy doesn’t cover the repair cost of the engine. Even if it is consequential damage, the engine protection cover in bike insurance will cover the damages. Even the damages to the engine due to a natural disaster will be covered.

How to Opt for Two-Wheeler Insurance Add-on Covers?

Before you opt for two-wheeler insurance add-on covers, you need to finalise what policy you would be buying. An add-on cover is available only with a comprehensive insurance policy, and there are two ways of adding them to your policy.

1. At the time of Purchase
   When buying a policy online, you can opt for one or more add-ons to your base plan. When buying the policy through an agent or the company office you can tell the executive to add the particular add-ons to your plan.
2. At the time of Renewal,
   You also have the option of buying an add-on when you get a renewal of your policy. It can be done online and offline in the same way mentioned above.

How to Know Which Add-on Would be Apt for You?

An add-on cover can help expand the coverage that your two-wheeler insurance provides you. Before you purchase the policy, spend some time and analyse what kind of add-on covers you would be needing.

For example, 

• If you have bought a new bike, you may want to buy a Zero-Dep cover for it, especially for the first 2-3 years
• Or, if you have accessorised the bike with expensive items, and Accessory Cover may help cover the losses in case of an accident
• Roadside Assistance will be helpful in case you travel on your bike to far-off places
• If you live in a place that often experiences floods, an Engine Protect may help you in the time of such a crisis

Consider different companies before you finalise what two-wheeler insurance policy you are looking for.

Things to Keep in Mind Before Buying Two-Wheeler Insurance Add-on Covers?

Opting for add-ons is a prudent step, however, you must remember the following:

1. Go through all the Details
   When selecting an add-on make sure that you do a detailed study of all its details. Find about the underlying terms and conditions. Do remember to discuss all exclusions with your agent, or speak to the company customer care executives and clarify all your doubts.
2. Customise your Two-Wheeler Insurance
   The biggest benefit of option for add-ons is that your plan can be tailor-made. For example, if you have bought a new expensive bike whose parts are expensive, you can opt for a Zero-Depreciation Cover.
3. Availability of Add-ons
   You have the option of add-ons only when you have opted for comprehensive two-wheeler insurance. There are no add-ons available with a third-party insurance plan.
4. Different Companies=Different Policies
   Though most companies offer similar products, the features may differ a little. Make sure you find out about the same.
5. Don’t Go Overboard
   Add-ons can be very attractive but remember they will cost you extra. When selecting the riders make sure you buy what you need and also stay within your budget, so that you can always pay your premiums comfortably.