Why Add-on Covers Are Required In Two-Wheeler Insurance?

Two-wheeler insurance is designed to give protection to your bike or scooter against damages or losses sustained by them in an accident or a mishap. The standard bike insurance plans promise to shield you with a specified level of coverage, but you can find them insufficient in a few scenarios. Therefore, there are some add-on covers that you can opt to meet your expectations. There are some add-on covers that you should club to your basic bike insurance for optimum utilisation of the policy.

Why Add-on Covers Are Required In Two-Wheeler Insurance?

Here are some common reasons why you should opt for add-on covers to your bike insurance:

1. To Cover Personal Accidents

It is one of the most common add-on covers owned by two-wheeler owners. The personal accident cover comes in two variants where one part covers the owner or driver of the bike while the other gives coverage to passengers. The first cover is generally inbuilt in insurance plans, while the other one comes with an add-on cover. This add-on gives minimum coverage to Rs. 15 Lakh. Also, the insured individual will not be required to purchase any separate PA cover for his other vehicles.

2. To Get the Invoice Price

If your bike gets stolen or suffers a total loss, the insurance company becomes liable to pay the Insured Declared Value (IDV) of your bike. The IDV stands for the current market value minus the cost of depreciation applicable on the insured bike. However, if you wish to receive the actual rate as the claim amount that is mentioned on the bike invoice including the registration charges and road tax, then you should add Return to Invoice add-on cover to your bike insurance. 

You may also like to read:- Bharti AXA Two Wheeler Insurance: Claim & Renewal Process 

3. To Cover the Depreciation Cost

When you raise a claim for your bike’s damage or loss, your insurer provides you with an amount after considering the depreciation cost on your bike’s damaged parts. With this process, you could not get the actual cost that you paid in getting a depreciated part replaced. With a zero depreciation add-on cover, you can get the actual amount of your damaged parts as it does not allow the depreciation factor during the settlement of the claim. You can also opt for this cover during the policy renewal.

4. To Seek Roadside Assistance

To get yourself protected from unwanted situations, where the breakdown of your bike or scooter in the middle of a road can get you into trouble, a roadside assistance add-on cover is needed. If you want to get assistance in such situations, then you should opt for this add-on cover to get help in the form of car towing to the garage, fuel delivery, minor repairs and so on.

5. To Cover the Consumables 

No insurance company offers coverage for the cost of consumables that are used to repair or replacement of bike or scooter parts.  The consumables include coolant, nuts and bolts, lubricants, engine oil, oil filter, and so on. The inclusion of consumables add-on cover to compensate the cost of consumables during repair and replacements of bike parts will save your additional expenses.

Also Read:

How To Renew Bike Insurance Online? 

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.