Does a comprehensive two-wheeler insurance policy sufficient to policyholders? Does a comprehensive policy cover everything? Ideally, basic comprehensive insurance policy is not sufficient and you can enhance its coverage by opting some add on cover in a two-wheeler insurance policy.
Many add on covers are available for two-wheeler insurance which you can add by paying some additional premium.
List of Important Add On Covers
There are various add on coverage options available for two-wheeler insurance in India. The following are some important additional cover which you should include as per your requirement.
1- Zero Depreciation Cover
Every two-wheeler has its depreciated value over a time period because of its significant wear and tear. Basically, depreciation is a reduction in the value of assets after a time period.
When you file any claim under comprehensive insurance policy then the insurance company pays the claim after the deduction of depreciation amount.
If you want that company does not deduct any depreciation amount then in that case zero depreciation add on cover can help you.
At the time of buying two-wheeler insurance You can add zero depreciation cover by paying an additional premium for it. If you have this cover then the company will not deduct depreciation.
Usually insurance companies provide zero depreciation cover in two-wheeler up to 3 years only. In some cases, it is available up to only 5 years also.
2- Personal Accident Cover for Owner Driver
This is a very important add on which you must-have in your two-wheeler insurance. However, with recent updates it mandatory to have 15 lac personal accident cover in two-wheeler insurance.
Insurance companies provide it as an inclusive cover in insurance. If you have multiple vehicles and you have already taken a personal accident cover of Rs.15 lac then you have the option to avoid it.
3- Personal Accident Cover for Pillion Driver
When you ride a bike with your co-passenger then the risk of an accident is always associated with him also. In case of an accident your, you may get injured and a pillion rider may also be injured.
Injury can be severe also. So, the selection of coverage of co-passenger at the time of policy inception may be beneficial.
You should opt this add on cover to secure your pillion rider. However, it also depends on how frequently you ride the bike with co-passenger.
If you ride with co-passenger frequently, then you should take this add on cover in your two-wheeler insurance.
4- Roadside Assistance Cover in Two Wheeler Insurance
Insurance companies provide you this cover to provide emergency services while riding. Any type of emergency can be anytime and anywhere. What if suddenly there is an electrical or mechanical breakdown?
What if suddenly you notice in midway that there is no petrol in your bike?
Roadside assistance is design to provide you these kinds of emergency services. A list of services and terms & conditions of roadside assistance may vary in different companies.
5- Two Wheeler Accessories Cover
If you add some accessories to make your bike more valuable and fancier then you should take add on cover for these additional accessories. You have to pay an extra premium for that.
In your basic comprehensive policy only, factory fitted accessories are covered. That why you need to take additional cover for other things which added extra.
6- No Claim Bonus Protection In Two Wheeler Insurance
Insurance companies provide you no claim bonus discount at the time of renewal for every claim-free year. You can accumulate up to 50% bonus but if you take any claim then your NCB becomes zero.
No claim bonus protection is an add on cover which protects your no claim bonus even in case of claim also. If you want to have an intact no claim bonus after making a claim also then you can add this cover while buying a two-wheeler insurance policy.
7- Return to Invoice Cover
In basic comprehensive insurance policy, you get the claim according to the current IDV of your vehicle. If you file any theft or total constructive loss claim then you get the claim as per your Insured Declared Value.
But if you have return to invoice (RTI) cover in your policy then you get the invoice value of your two-wheeler. RTI is applicable only in case of theft and total loss only. This is not for small damage.
8- Consumable Cover in Two Wheeler Insurance
Insurance companies do not cover consumable items in your basic comprehensive policy. Consumable items may be like nuts, bolts, engine oil, grease, lubricants, etc.
If you want that insurer also pay the claim of these items also then you should add consumable cover in your two-wheeler insurance.
To cover these items, you have pay to extra premium to your insurer at the time of buying a policy.
Why Should You Buy Add On Cover in Two Wheeler Insurance?
Adding some add on cover in the policy will increase the protection of your bike. You don’t get many things covered in your basic comprehensive insurance. So, you should some extra coverage as per your needs.
Ideally this is a beneficial decision for you because in this case you will be able to get the maximum claim from the company. If your bike is new or below three years old then you must add some important add on cover.
You should always read your policy wording to know the details of the coverage. By doing this you will be able to process the claim smoothly.