A Guide To Two-Wheeler Insurance Add-Ons

Are you the proud owner of a two-wheeler? Whether it’s a scooter or a motorcycle, you undoubtedly know how much freedom and convenience it offers. You can zoom past traffic, navigate narrow lanes, and reach your destination quickly. However, with great power comes great responsibility, and that includes taking care of your vehicle’s safety. That’s where bike insurance comes in.

While the standard bike insurance policy covers the basic damages, many insurers offer add-ons for more extensive coverage. There is a growing popularity of add-ons like engine covers or zero depreciation in a bike. But do you really need them? Let us explore the different add-ons offered by insurance companies and help you decide if they are worth the extra cost.

Why Do You Need Two-wheeler Insurance?

Before we dive into whether you need to buy add-ons for your two-wheeler insurance policy, let’s first understand why you need bike insurance in the first place. Here are some compelling reasons:

Protects against financial losses: Two-wheeler insurance offers financial protection in case of an accident, theft, or any other damages. Without insurance, you will have to bear the entire cost of repairs or replacement, which can be quite hefty.

Mandatory by law: As per the Motor Vehicle Act, it is mandatory to have at least third-party liability insurance for your two-wheeler. Failure to comply can lead to legal consequences.

Provides peace of mind: Knowing that you have insurance coverage can give you peace of mind while riding your two-wheeler. You can focus on enjoying the ride without worrying about the financial implications of any mishaps.

Covers natural calamities: Two-wheeler insurance policies also cover damages caused by natural calamities such as floods, earthquakes, and cyclones. This coverage can be particularly useful if you live in an area prone to such disasters.

Why Do You Need To Buy Bike Insurance Add-ons?

While having basic third-party bike insurance is essential for the safety of your bike, it may not provide comprehensive coverage. Here are some scenarios where add-ons can come in handy:

• Zero depreciation cover: When you buy a new two-wheeler, it starts to depreciate immediately. If you have a zero-depreciation bike insurance add-on, your insurer will cover the entire cost of repairs or replacement without taking depreciation into account. The coverage extended by zero depreciation in bike insurance can be particularly beneficial for expensive bikes or if you plan to sell your bike in the future.
  
  
• Personal accident cover: If you get into an accident while riding your two-wheeler, you may sustain injuries that can result in medical expenses and loss of income. With a personal accident add-on, you can get coverage for accidental death or disability, as well as hospitalisation expenses.
  
  
• Engine protection cover: If you live in an area prone to floods or water logging, your two-wheeler’s engine can get damaged. An engine protection add-on can cover the cost of repairs or replacement in such cases.
  
  
• Roadside assistance: Roadside assistance add-ons provide services such as towing, fuel delivery, and battery jump-start in case your two-wheeler breaks down. This add-on can be beneficial if you frequently travel long distances on your bike.
  
  
• No-claim bonus protection: No-claim bonus (NCB) is a discount offered by insurance companies for every claim-free year. With an NCB protection add-on, you can retain your NCB even if you make a claim during the policy period.

Should You Be Buying Add-ons? Factors You Need To Consider

Now that you know what add-ons are available let’s explore whether you need them. Here are some factors to consider:

• Age and condition of your two-wheeler: If you have an old or inexpensive two-wheeler, it may not be worth investing in add-ons. On the other hand, if you have a new or expensive bike, add-ons can provide valuable protection.
  
  
• Your riding habits: If you ride your two-wheeler regularly, especially in busy areas, the chances of accidents or damages are higher. In such cases, add-ons like zero depreciation in bike insurance can be beneficial.
  
  
• Budget: Add-ons come at an additional cost, so you need to evaluate whether the extra protection is worth the money. Consider the potential risks and the cost of repairs or replacement without insurance to make an informed decision.
  
  
• Value of the two-wheeler: If you have a high-end bike, it may be worthwhile to invest in add-ons such as zero depreciation cover or engine protection cover to safeguard against expensive repairs or replacements.
  
  
• Type of usage: If you use your two-wheeler for commercial purposes, it is advisable to opt for add-ons such as passenger cover or pillion rider cover to protect your passengers.

How To Choose The Right Add-ons?

If you have decided to buy add-ons for your bike insurance policy, here are some tips to choose the right ones:

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  Assess your needs: Consider your riding habits, your bike’s value, and the risks involved. For instance, if you live in a flood-prone area, an engine protection cover may be a good option for you.
  
  
• Compare policies: Shop around and compare policies from different insurers. Look for add-ons that offer comprehensive coverage and affordable premiums.
  
  
• Read the fine print: Don’t forget to read the policy documents carefully to understand the terms and conditions, exclusions, and claim settlement process.
  
  
• Cost vs. benefits: Evaluate the cost of the add-ons against the potential benefits. Make sure the add-ons are worth the extra cost and offer adequate protection.

While buying two-wheeler insurance add-ons may not be mandatory, they can offer valuable protection and tranquillity. If you have a new or expensive two-wheeler, add-ons such as zero depreciation bike insurance cover, personal accident cover, and engine protection cover can be worth considering. 

Before making a decision, it’s essential to evaluate your needs, budget, and riding habits actively. Keep in mind that basic two-wheeler insurance is mandatory, but it may not offer the comprehensive coverage your bike needs. Therefore, assessing your requirements and selecting the right bike insurance policy and add-ons is crucial.

Disclaimer – The above information is for illustrative purposes only. For more details, please refer to the policy wordings and prospectus before concluding the sales.

Also, Read – How to Maximize your Motor Insurance Cover?