The importance of getting bike insurance can never be stressed enough. Of course, you are legally obliged to get the policy. But it also makes sense because of all the financial loss it can protect you from. However, do you really need the add-ons to go with a basic auto insurance plan? What are the add-ons that can help you? Given below are the details regarding the add-ons.
Why do you need add-ons for bike insurance?
Before getting into details about the add-ons you can buy, let’s try to understand whether you need them or not. Now, as per the Motor Vehicles Act, 1988, it is mandatory to get third-party insurance. However, such an insurance policy only protects the third party involved in the accident and pays nothing for the damages to your bike. So, you will have to get a comprehensive policy that covers your and third-party damages.
Given the ever-increasing cost of repairs, getting a simple, comprehensive policy will not solve your woes in case of an accident. Thus, you need the add-ons as an extra bit of financial help to let you cover all the losses incurred.
Different add-on covers available with bike insurance online
Here are some of the popular add-on covers that are available with bike insurance:
Zero depreciation coverage
As the owner of the bike, you pay for all the depreciation and timely replacement of the spare parts in case of an accident. But if you want the insurance company to cover this expenditure, then you will have to get the zero depreciation add-on with your current insurance plan. Whether you are allowed limited or unlimited depreciation claims depend on the insurer.
Return to invoice
In case of a total loss of your car due to theft or accident, you can get compensated with the insured declared value (IDV) of the car with the help of the Return to Invoice add-on. This add-on cover is not applicable for transfer of ownership cases.
Consumables coverage
Consumables coverage refers to the add-on offered for all the consumables, such as nuts and bolts, oil, etc., which are typically exempted from a bike insurance policy. The cost of consumables might seem small, but they tend to add up consistently. So, if you take this cover, then you can save up on the consumables that are covered. It will prove even more beneficial when the consumables are damaged in an accident.
Engine protection coverage
Typically, in two wheeler insurance, you only get coverage for accidental damages. But a bike can have other reasons for engine damage that go beyond an accident. For instance, your engine can stop working as water enters it during heavy rains and waterlogging. You need engine safety coverage for all those times.
So, if you are planning to buy insurance for your bike, then you now know which add-ons you need to purchase. Discuss with your insurer the impact add-ons will have on your premium.
