Purchasing bike insurance in India is one of the easiest ways of covering your vehicle from any kind of damage. Under the Motor Vehicles Act, 1988, it is obligatory for every vehicle owner to own at least a third-party insurance. However, given the number of uncertainties caused on a daily basis on the roads of India, you require more coverage than what a standard two-wheeler insurance can offer. Thus, this article takes a look at improving the scope of bike insurance policy with the help of add-ons.
Five Essential Add-ons for Your Two-wheeler Insurance
- Roadside Assistance Add-on
With the roadside assistance add-on, the insurance company will offer the policyholder emergency assistance service in case his/her bike faces a breakdown on the road. For example, if you are riding your bike in the dead of night and it stops suddenly on the highway due to a technical issue, you can call your insurance provider, and they will arrange help for you.
You can purchase roadside assistance add-on when you buy online two-wheeler vehicle insurance for your bike. When you need assistance and call the insurance provider, they send a mechanic or arrange your bike to be towed to the nearest garage. Roadside assistance offers coverage such as tyre issue, battery problem, technical snags, key-related concerns, emergency fuel and much more. This add-on provides instant help and is considered to be value-for-money for vehicle owners.
- Engine Protection Add-on
The engine of a vehicle is regarded as the heart of the machine, and damage to the engine can be very expensive to the vehicle owner. It can happen due to water ingression or oil leakage, which can wreak havoc in the functioning of the engine. This is where the Engine Protection Add-on can come to your rescue.
With an Engine Protection Add-on, you can stay rest assured that in case of damages to the engine of the insured bike, you are financially covered. This add-on provides you coverage for both repair and replacement of engine as well as gearbox parts caused due to leakage of lubricant or oil, water ingression or hydrostatic lock.
- Passenger Assistance / Pillion Rider Protection Add-on
If you are a bike owner who frequently travels on your two-wheeler with a pillion rider, then this add-on is for you. With Passenger Assistance add-on, you can provide protection to the pillion rider as well. It offers compensation to the co-passenger in case the pillion rider gets disabled or dies in the accident.
Road accidents are fatal for both rider and co-passengers, and the degree of danger increases when it comes to accidents involving bikes. To safeguard and offer coverage to the life of the pillion-rider, you can purchase the Passenger Assistance add-on.
- Zero Depreciation Add-on
Let us first understand the meaning of depreciation. Depreciation is the decrease in the value of your bike with the passing time. Because of depreciation, the cost of repairs of bike parts such as nylon, plastic, metal, rubber, etc. is not fully covered. Your insurance company shall partially pay for the repair or replacement of such parts. The rest of the expense is borne by the policyholder.
However, if you purchase a Zero Depreciation add-on, your insurance company shall bear 100% cost for repair or replacement of bike parts. But a Zero Depreciation add-on is available for a maximum of 2 years. Also, you are allowed to make a maximum of 2 claims during the policy period. Zero Depreciation Add-on is highly recommended to individuals owning new or expensive bikes.
- Downtime Allowance Add-on
Downtime Allowance Add-on provides a fixed sum of money when your bike is under repair for a long duration of time. To understand the benefits of this add-on in a much clear sense, let us consider the below example:
Ramesh travels daily to work on his bike. One day, unfortunately, he meets with an accident. He manages to get off the bike and sustain minor injuries, but his bike gets badly damaged. He learns that his bike would take 10 days to repair.
Now, if Ramesh has a Downtime Allowance add-on, the insurance company will not only take care of the bike repair cost but will also offer Ramesh a lump-sum amount as travel allowance which he can use until his bike is fixed and ready to use.
The amount paid in Downtime Allowance Add-on depends upon the terms and conditions of the insurance company. This add-on is useful to claim daily travel cost and ideal for someone who would suffer huge monetary loss without their bike.
Add-ons in a two-wheeler insurance policy prove to be highly beneficial in case the policyholder meets with an accident. Moreover, it also enhances the coverage of your bike insurance plan. Enhancing your bike policy with add-ons can increase the two-wheeler insurance premium amount, but that should not discourage you from buying an add-on which is necessary for you. Also, always ensure that you renew bike insurance on time to continue enjoying the benefits of your bike insurance policy.