Two Wheeler Bike Insurance 455 views March 14, 2019

Top 6+ Add-on Covers That Can Add Value to Your Two Wheeler Insurance Policy in India

If you own a vehicle, you have to buy motor insurance to secure its cover. This is compulsory under the Motor Vehicle Act 1988 that requires every kind of vehicle including the two-wheelers to be insured against possible damage stemming from any unfortunate incident. The provisions of the Act mandate the need to buy third-party liability cover, which means that any damage caused to the vehicle of the third party involved in the accident or associated financial loss will be covered under vehicle insurance.

However, in addition to the third-party insurance cover that one buys, there is a need to ensure further security which involves opting for other add-on covers too. These may include:-

Nil or Zero Depreciation Cover

While settling the claim, the insurance company pays the Insured Declared Value (IDV) of the vehicle. This is equal to the current market value of the vehicle minus the depreciation on its parts. This means that the amount of depreciation deducted by the company will have to be borne by the policyholder. However, if the policyholder opts for the zero depreciation cover, then the entire value inclusive of depreciation will be paid by the insurer. The difference between paying for a depreciation cover and not having it is that in the latter case, the insurer will deduct the amount of depreciation from the claim before crediting the same to your account. However, having this cover ensures that the insurer compensates in full for the damage along with the amount of depreciation on the vehicle.

Return to Invoice Cover

Even if you bought a comprehensive Two Wheeler Bike Insurance, you might not receive the entire amount claimed on the damage of your vehicle as the amount of claim depends on its IDV. Paying for this cover ensures that the insurer hands over the invoice value of the 2 wheeler vehicle as opposed to a lower IDV amount.

Pillion-Rider Add-On Cover or Passenger Cover

This add-on cover is more about ensuring security to the pillion rider as opposed to most other add-ons bought to cover against possible damage to the 2 wheeler vehicle or the policyholder. In the event of any unfortunate incident in which the pillion rider may get hurt, the insurer will have to pay for treatment of the pillion rider as per the benefits of this cover. Having this add-on cover ensures added protection to the pillion rider in addition to the policyholder concerned.

Roadside Assistance Cover

It is common for 2 wheeler vehicles to break down in the middle of the journey or suffer damage due to some unforeseen incident. For those travelling long distances on their 2 wheeler vehicles, having this cover helps in securing help in case the vehicle breaks down at a place with no garage in sight. Opting for this additional cover and paying for it lends the policyholder the added advantage of calling the insurance company requesting for roadside assistance. The insurer is liable to send a mechanic or a send a van to tow your vehicle to the nearest garage in its network.

Medical Cover

Life is uncertain. This explains the need for bike or scooter owners to buy two wheeler insurance which is best suited to their needs and budget. In the event of an unfortunate accident which may be grievous, there is an ardent need for immediate medical help. Since hospitalization expenses and costs of treatment are slowly rising, there are times when the policyholder might find it difficult to afford necessary treatment. Paying extra in addition to the basic premium amount towards this cover ensures that the insurer covers the medical expenses for treatment of injuries caused due to damage. Deemed as an essential add-on cover to the 2 wheeler insurance policy, having this cover relieves the policyholder from paying the cost of treatment as the burden of expenses falls on the insurer. 

Accessories Cover

There are many who like to add fancy equipment to their 2 wheeler vehicles. While the factory fitted accessories are already covered under the basic 2 wheeler insurance plan, opting for an additional add-on accessories cover ensures that you are covered against any loss caused to the valuable accessories fitted to your vehicle. However, it is important that you inform the insurer of the value of the accessories added while buying the policy.