Why are add-on covers essential for a two-wheeler insurance policy?
With road accidents rising, a comprehensive two-wheeler insurance policy acts as your safety net, offering protection against unexpected situations. But wait—does a basic policy fully safeguard your bike? Not really. This article explains the importance of valuable add-ons that boost your comprehensive bike insurance plan coverage.
Top Add-ons for a Bike Insurance Policy
- Return to Invoice Cover: Imagine the worst-case scenario—your bike gets stolen or suffers total damage exceeding 70%. In such situations, general insurance companies provide compensation based on your bike’s Insured Declared Value (IDV), which is always lower than its invoice price.
In such cases, the Return-to-Invoice (RTI) add-on cover proves invaluable. Unlike standard policies that factor in depreciation, the RTI cover ensures you receive the full purchase price of your bike, including road tax and registration charges. - Zero Depreciation Cover: Like any other asset, your two-wheeler loses value over time due to regular wear and tear. This is where zero depreciation coverage in bike insurance becomes essential.
To avoid a reduction in your claim settlement amount, you should choose zero depreciation bike insurance. This add-on covers the full replacement cost during claim settlement, reducing out-of-pocket expenses and helping you save money. - Personal Accident Cover: According to the Motor Vehicles Act 1988, Personal Accident (PA) cover is a mandatory add-on for all two-wheeler owners. Bike owners or policyholders with valid driving licenses, aged between 18 and 65 years, can benefit from this coverage. You can purchase PA cover with either a third-party bike insurance policy or a comprehensive bike insurance policy. Following the latest IRDA guidelines, all bike insurance companies now offer PA coverage of ₹15 lakhs.
- No Claim Bonus (NCB) Protection Cover: Before learning about this add-on, it’s important to understand the No Claim Bonus (NCB) in bike insurance. The NCB is a discount reward for safe driving and for not making any claims during the policy year.
NCB protection in bike insurance is a valuable add-on that preserves your accumulated bonus, even if you file a claim. This cover provides additional protection, allowing you to claim without worrying about losing your bonus during the policy period. - Consumables Cover: Nuts, bolts, lubricants, screws, engine oil, grease, and other small but vital components keep your ride running smoothly. These are referred to as consumables for your two-wheeler.
The consumables cover in bike insurance is a valuable add-on that enhances your policy. It provides extra protection by covering the cost of replacing consumables damaged in an accident, theft, or other insured events listed in the bike insurance policy documents. - Roadside Assistance Cover: Imagine you’re on a road trip and experience a mechanical breakdown. Don’t worry— a 24/7 roadside assistance add-on has you covered. The RSA cover in bike insurance acts as a lifeline, ensuring help reaches you within a set time. This cover offers valuable services such as flat tire changes, battery issues, mechanical or technical support, key-related problems, towing assistance, emergency fuel delivery, taxi arrangements, accommodation, and pick-and-drop services.
Conclusion
Add-on covers enhance the coverage of a comprehensive bike insurance policy, providing extensive protection against unforeseen risks for a slightly higher premium. Be sure to compare two-wheeler insurance plans before making your purchase decision.
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