A two-wheeler insurance is a mandatory requirement that you need to comply with as a bike owner. It is an agreement between you and the insurance company that safeguards you not only from legal liabilities, but also provides protection for damages to your bike. The coverage of your policy depends on the type of policy you buy, i.e., a third-party plan or a comprehensive plan.
Third-party coverage is the minimum requirement by the Motor Vehicles Act and that’s exactly what is covered by a third-party policy. It only protects the policyholder in case of liabilities that may become payable in case of damages or injuries to a third person. No other expenses are covered by a third-party plan. Hence, it is also known as a liability-only cover. *
An alternative to third-party plans is comprehensive two wheeler insurance policies that provide a broader coverage by including the damages to your bike within its scope. In addition to that, comprehensive plans also provide a personal accident cover. So, as a policyholder, any injuries to you are also covered by the policy. In addition to these features that provide an all-round coverage, comprehensive plans are also customisable using add-on covers. *
What are add-ons?
Add-ons are optional features that can be purchased with a comprehensive policy to increase its scope. Since they are optional, buying them will cost you over and above the premium you pay for your comprehensive coverage. However, the coverage they offer for a marginal increase in bike insurance price is noteworthy. *
Nifty add-ons that can enhance your two-wheeler insurance coverage
- Zero-depreciation add-on
Zero-depreciation, also known as bumper to bumper cover or nil depreciation cover is one of the most commonly recommended add-on for the benefits it offers. A standard policy which otherwise accounts for the impact of depreciation in your insurance claim and ends up lowering it. But when you buy a zero-depreciation add-on, depreciation is not considered when making the payment of your claim. With this cover, you need to pay only for any deductibles in your policy and the rest is compensated by the insurance company. *
- 24X7 Roadside assistance cover
Roadside assistance cover is another popular add-on that you shouldn’t miss when buying a comprehensive policy. Imagine a situation where your bike stalls and refuses to restart, all of it in a remote place with no access for help. At such times, a 24×7 roadside assistance add-ons in your insurance plan helps by enabling you to seek towing service or even technician assistance in case the repair is minimal. Using this add-on, help is a call away for any repairs or breakdowns. In some cases, temporary accommodation facilities are also provided by the insurance company. *
- Engine protection cover
Damages to the engine are specifically excluded from a comprehensive insurance plan. Using an engine protection cover, these damages to the engine, that otherwise can be expensive, are covered in the insurance coverage. For someone that resides in a flood-prone region, the engine protection cover can be a nifty feature to load in the insurance plan. *
While there are several add-ons to choose from, make sure you avoid buying those add-ons that do not add value to your bike insurance coverage. To determine the impact of these add-ons, you can make use of a two wheeler insurance premium calculator. *
* Standard T&C Apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.