In India, as per the Motor Vehicles Act, all the two-wheelers owners must have bike insurance. Purchasing two-wheeler insurance is the most definitive way to cover the damages to your bike resulting from an accident. A basic third-party liability insurance policy, which is a must-have gives you only limited cover; it only pays for the damages and injuries caused to the third-party. But, you must be prepared for all kinds of uncertainties, and you must get more coverage than what the standard bike insurance offers. The best way to increase the scope of your bike insurance coverage is to buy add-on covers or riders.
What is add-on cover?
Road mishaps are never easy to deal with, it not only leaves you disturbed emotionally, but often it also leads to a financial and legal setback. This is where the add-on covers play a crucial role to ensure that you enjoy a smooth ride always. The add-ons are additional coverage options that expand your scope your policy coverage and provides better financial protection during accidents.
There are different types of add-ons available in the market, and you can purchase any add-on you want to suit your specific needs at an additional premium. The more number of add-ons you purchase higher will be your premium, but you also get better protection.
What are the types of add-on cover?
Zero depreciation cover
Accidents can cause serious damage to the bike and its various parts. Generally, the bike insurers compensate for the repair costs, and if you need replacement of parts, the insurers consider the depreciation factor and offer only a partial payment. But, if you have a zero-depreciation cover or nil depreciation cover, the insurance company is liable to pay the full amount for replacement of fibre, rubber and plastic parts.
If you have installed any expensive electrical accessories in your bike, you must have the accessories cover. This add-on cover protects the accessories from theft or damage to these valuable items. When you buy accessories cover, the insurance company may ask you to provide details of the accessories cost to determine the premium amount.
Sudden breakdown of a bike can happen to anyone and at any time. In such a situation, not only do you feel stranded in the middle of nowhere but you may also feel stressed. To avoid such unwanted situation, it is best to have a roadside assistance cover. The facility allows you to get immediate assistance from the insurance provider; you can ask for tow services or request repair services.
Daily cash allowance
With a daily cash allowance add-on cover, you get daily allowance if your bike remains in the garage for more than four days. The add-on cover compensates for your daily commute while your vehicle is not available.
Pillion Accident Cover
Road accidents are as much risky for the pillion riders as they are for the riders; sometimes accidents can have fatal consequences. In a usual bike insurance policy, only the rider is covered against disability and death; any injury occurring to the pillion is not covered. To protect the pillion rider as well, you would need a pillion accident cover; the add-on cover will provide compensation in case of death or disability of the pillion.
In a nutshell, the add-on covers in two-wheeler insurance are useful in the event of a road mishap. When you buy bike insurance online, make sure to check the add-on covers offered by the insurance company and choose the one that suits your specific needs. Yes, these covers increase the premium, but they prove to be beneficial in the long-run.