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What Is a Two-wheeler Insurance Add-on Covers?
Two-wheeler insurance add-on covers are additional coverages which can be availed with comprehensive as well as standalone own-damage two-wheeler insurance plans. The bike insurance add-on covers are available for an additional premium but are worth the cost as they significantly enhance the coverage of a basic plan. Two-wheeler insurance add-ons are just like an icing on the cake which strengthens the coverage of your two-wheeler. There are a variety of bike add-on covers which can be opted along with the two-wheeler insurance plans. Some of them are zero depreciation, passenger assistance cover etc.
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Types of Add-On Covers in Two Wheeler Insurance
Find below a list of add-on covers in bike insurance to buy online:
The availability of two-wheeler insurance add-ons varies from one 2 wheeler insurer to another. The following are some add-on covers in two-wheeler insurance that a general insurance company provides to its customers:
1. Zero Depreciation Cover
Depreciation is a natural phenomenon that occurs with the passage of time. By default, the burden of bearing the cost of depreciation incurred by a two-wheeler rests with the vehicle’s owner. A zero depreciation cover helps you reduce the stress of bearing the depreciation expenses of your vehicle so that you can claim a bigger amount. Most of the insurers allow the policyholder to make a maximum of 2 zero depreciation claims, however, some insurers such as IFFCO Tokio General Insurance, Royal Sundaram General Insurance Company and New India Assurance Company allow unlimited zero depreciation claims during the policy tenure.
2. Consumables Cover
Consumables Add On Cover in two wheeler Insurance provides coverage for all the consumable items of a bike such as a grease, lubricants clip, bearings, fuel filter, oil filter, brake oil, nut and bolt, screw, etc, which are not usually covered in a standard own-damage insurance policy.
3. Roadside Assistance Cover
Roadside assistance cover in bike insurance provides you the most required assistance when you get stuck in the middle of a road or highway in case of a mechanical breakdown of glitch in your two-wheeler. The add-on cover protects you in case of flat tyre, fuel delivery, towing vehicle, battery drain, on-site minor repairs, etc.
4. Key Loss Cover
Key Replacement Add-On in two wheeler insurance compensates the policyholder for the loss of key(s). It also provides a spare key in the minimum possible time.
5. Passenger Assistance Cover
Passenger Cover add-on provides protection to the pillion rider as well, which regular health insurance plans do not always offer. it provides compensation to the co-passenger in case the pillion rider gets disabled or dies in an accident.
6. Engine Safe Cover
Engine Protection cover keeps the policyholder financially protected in case of damaged engine/parts that require repairing. If staying in a flood-prone area, this add-on cover is a must-buy.
7. Loss of Personal Belongings
With this add-on, the policyholder can avail benefit if monetary loss is suffered by him/her.
8. Return To Invoice
Return to Invoice cover allows the policyholder to get full invoice price of your vehicle in case the insured’s vehicle suffers Total Loss, Constructive Total Loss (CTL) or theft.
9. Daily Allowance
By opting for this add-on the policyholder gets a daily allowance from the insurance company when the two-wheeler is lost or is out for repairs.
10. Protection of NCB
This add-on helps the policyholder to protect the No Claim Bonus even if he/she raises a claim during the policy year. generally, the NCB is not affected in the first two claims.
11. Tyre Damage Cover
Tyre Protection Add-On in two wheeler insurance provides cover for damages such as puncture or bursting of tyres, in-tyre bulge, cut on a tyre because of an accident, etc.
Benefits of Two-Wheeler Add-on Covers
Here are the various benefits of buying bike insurance add-on covers:
1. Additional Protection
Two-wheeler add-ons provide extra benefits to your vehicle in addition to your existing basic bike insurance policy.
2. Peace of Mind
Add-ons provide wider coverage and a better amount of compensation to the bike owners. Thereby providing peace of mind and stress-free driving.
3. Helps in Customization
Bike insurance add-ons help in customisation of the insurance policy as per the requirements of the policyholder.
Read more: Use Bike Insurance Calculator to calculate the bike insurance premium along with these add-ons.