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3 Main Bike Insurance Adds-on Covers to Get from SBI General Insurance

By Juhi Walia
13 October 2022, 6:09 PM

SBI General Insurance has some of the most effective plans you can consider for bike protection. The company has customized pricing for bike insurance plans to suit the needs of every customer. Besides the third-party liability, two-wheeler insurance from SBI covers damage or loss caused by accident.

Application for SBI bike insurance and renewal is hassle-free. You can access the company's services through their online portal. If you're 25-55, you get a special discount when you insure your two-wheeler with SBI insurance.

Bike insurance add-on cover is another great benefit you enjoy when you choose SBI General Insurance plans. An add-on cover gives your bike protection above the standard policy. You can select add-on benefits along the compressive cover plan or with a standalone own-damage insurance policy. Below are some of the best add-on covers from SBI General Insurance.

Best Bike Insurance Add-Ons Offered by SBI General

Zero Deprecation Cover

Your bike's value will depreciate with time due to tear and wear. Even the value of the bike's components depreciates. When you take your motorbike for repair or maintenance, your insurance company subtracts the depreciation value before settling repair claims. That means you need out-of-the-pocket cash to pay for depreciation value that your two-wheeler insurance doesn't cover.

SBI General Insurance offers you a zero depreciation bike insurance add-on. When taking a bike for repair or component replacement, zero depreciation cover caters to the depreciation cost. After buying the zero deprecation bike insurance cover, you will not have to get extra money from your pocket for the bike's parts replacement.

But remember, you will use SBI bike insurance add-on cover to claim depreciation cover for two times only with the insurance policy period. In addition, the depreciation cover is only available for bikes 5 years old and below.

Return-to-Invoice Cover

Return-to-invoice bike insurance cover is an excellent add-on to invest in when you have a bike. You can claim the actual bike's buying price from the insurer in case of total loss. Natural calamity, vandalism, or accident can damage your bike beyond repair. Your bike insurance cover may pay claims based on agreed terms and conditions in such a situation. That means you may receive a lower amount from the insurer than the bike's purchase price.

Do you have a return-to-invoice bike insurance cover from SBI General Insurance? Nothing to worry about. Your bike will be secure from damage, theft, or total loss. The return-to- invoice cover ensures that you get a refund based on the bike's price. That means the original value of your bike is brought back in case of total loss.

If you live in areas with a high theft case, you can buy a return-to-invoice two-wheeler bike insurance add-on. That way, you won't suffer any financial loss in case of bike theft. But remember, you won't buy the return-to-invoice add-on without a comprehensive bike insurance policy. You can negotiate for friendly premiums with your insurer.

NCB Protection Add-on

Tear and wear are common with bikes. However, if you don't use your bike regularly, chances are that you won't have to replace your bike's components. You can go for the entire policy cover period without making any claims. All bike insurance companies offer no-claim benefits when you don't claim within the policy period.

When you subscribe to SBI's NCB add-on cover, your discount will be protected even when you claim during a policy period. You will get a no-claim bonus discount during bike insurance renewal. Your NCB add-on cover will be availed only once within a policy period. In addition, the company allows you to transfer your no-claim bonus when you switch to another bike insurance cover provider.

Can you imagine getting up to a 50% no-claim bonus? SBI bike insurance company pays up to that range. You only make a call, and the claim manager initiates the process to award you the claim when you need it.

Reasons Why You Should Get Two-wheeler Insurance?

You should get a secure bike insurance policy to protect yourself and the bike in case of an accident. Riding a two-wheeler without insurance violates Indian laws. Here are the benefits you enjoy by insuring your motorbike.

1.  Reduces Financial Strain

When an accident occurs, your bike may suffer big destruction. Or maybe, you can lose your bike through theft. Can you imagine such tragedies happening when you have no bike insurance? That means you look for cash to buy or repair your bike.

You can strain to raise money for repair or buy a new bike if you have little savings. A bike insurance policy covers you and the bike, which reduces financial strain. You can subscribe for a comprehensive cover that offers a financial shield from third-party as well as own damage expenses.

2.  Bike Insurance Secures You Legally

It's a legal requirement to have a bike insurance cover. Always carry a copy of the insurance policy when riding a bike. Failure to insure your bike can lead to a fine, which is costly. Avoid waiting until the government fines you to insure your motorcycle. You can save the fine and use the money for other purposes like a business by buying two-wheeler bike insurance in advance.

Final Words

Bike insurance add-on covers are essential, though they are not mandatory. You will be more secure getting an extra financial shield above the comprehensive cover. Add-ons can cover the value of depreciation not taken care of by your policy. A return-to-invoice cover enables you to secure the total amount of the bike purchase price in case of total loss. And, whereas an NCB protection cover keeps your no claim bonus intact even if you raise a bike insurance claim

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1. What is SBI General bike insurance add-on cover?

An add-on cover offers an extra financial shield on top of your comprehensive bike insurance cover. For example, the insurance company may deduct depreciation value before settling your claim, meaning you don't get a 100% refund on the bike buying price. So, zero depreciation cover helps to bring back the whole amount spent on buying spare parts or repairs. 

2. Do I have to pay extra premiums for SBI General bike insurance add-ons?

Yes. You will incur extra costs for the bike insurance add-ons. However, add-ons are not much expensive, and you can negotiate for lower fees with the insurer.

3. Can I get zero depreciation bike insurance cover as a standalone from SBI General Insurance?

Yes, if you already own a comprehensive bike insurance policy, you can buy a zero depreciation from SBI.

4. Can I get no claim discount from SBI General Insurance even after claiming with the policy period?

Yes, you can make a claim once within the policy period and still get a no-claim discount. However, you need to buy an NCB cover to enjoy that benefit.

5. Does SBI General Insurance add-on claim follow a different process?

No, the process to claim the add-on cover is the same as the standard bike insurance claim process.

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