To financially secure yourself as well as your two-wheeler from any damages, it is best to buy a two-wheeler insurance policy. You can either choose a third-party policy that secures you from any damages caused to the third-party’s person or property or you can go for a comprehensive policy which not only offers third-party protection but also covers own damage. However, even a comprehensive policy might not cover you completely at times. Therefore, to have full financial security, you can opt from the various add-ons available.
Why are add-ons important?
Accidents cannot be predicted. In case you get involved in one, the out-of-pocket expenses would be way too much. But, if you have already purchased the right add-ons, you need not worry about anything. Additional coverage does not come free-of-cost. You need to pay extra premium for the same but it is worth it. You can’t buy add-on covers if you have third party insurance for bike; it is only available with a comprehensive cover policy.
Also, note that the price of the add-ons offered with two-wheeler insurance plans differs. It completely depends on the insurance company you’ve selected and the scope of the coverage offered. If you select many add-on covers, you will be liable to pay a higher premium.
Here’s a list of add-ons you can opt from:
- Engine Protector
This particular cover helps protect your vehicle’s engine from water ingression, oil leakage, etc. If you reside in a flood-prone area, you must purchase this cover.
- 24×7 Roadside Assistance
In case you get stuck somewhere or there is a vehicle breakdown and you can’t find a garage nearby, you can easily contact your insurer and ask for assistance with this cover.
- Accident Shield
This cover lets you insure the pillion rider. If you’re someone who goes out for bike rides often with friends, you must have this cover. You will be covered in case of bodily injuries or even death of the insured passenger.
- Zero Depreciation/Depreciation Shield
You don’t get 100% of the expenses for repairing the damages caused to glass, tyre, and plastic components, etc., under your two wheeler insurance because these are prone to regular wear and tear. The expenses will be depreciated by a certain percentage depending on the vehicle’s age. But if you buy the Zero Depreciation add-on cover, depreciation will not be applied while calculating the sum payable for items like these.
- Consumables Expense
The expenses that are incurred for replacing consumables such as coolant, brake fluid, oil, etc. are not covered under the basic car insurance policy. This particular add-on cover ensures that these expenses are covered.
- Key & Lock Replacement
In case you lose your vehicle keys, the bike insurance cover will pay a fixed amount or actuals incurred as a cost for replacing the key or the lock. It is a must-have if you’re someone who loses your keys often.
Make sure you go through the policy document carefully so you understand its terms and conditions along with the exclusions and inclusions. This will help you during an insurance claim. Compare multiple policies online and don’t forget to check the claim settlement ratio of each company. Along with that, do check the add-ons your insurance provider is providing and choose the ones that you require or it will affect your premium amount significantly.