According to statistics, more than 1lakh people die in road accidents in one year all across India. A large share of those deaths consists of bike riders. Considering the number of deaths, it is important to have a bike insurance plan to ensure the necessary financial security in the event of an emergency. To improve the coverage of a standard two-wheeler insurance plan, the policyholder can opt for add-on covers by paying a small additional premium amount.
Two-wheeler insurance add-on covers are additional coverages available with comprehensive as well as independent own-damage two-wheeler insurance plans. Bike insurance add-on covers are available for an additional premium, but they are affordable and well worth the cost as they significantly increase the coverage of the basic plan. Two-wheeler insurance add-ons are like icing that enhance the coverage of your two-wheeler when you buy two-wheeler insurance online. There are many types of bike add-on covers to choose from with a two-wheeler insurance plan.
Types of add-oncovers in two-wheeler insurance
The availability of two-wheeler insurance add-ons varies from one two-wheeler insurance provider to another. The following are some of the add-on covers in the two-wheeler insurance add-ons offered by nearly all general insurance companies:
- Zero depreciation cover
Depreciation is a decrease in the vehicle’s market value that occurs over time. After your bike has depreciated, the coverage for it will also reduce. If you want to keep the same amount of coverage for the two-wheeler, you will have to spend more money on it. Either way, you end up spending more money on repairs and maintenance than you would want to. Zero depreciation cover will help you reduce the stress of bearing the depreciation costs of your vehicle so that you can claim a higher amount when the need arises. Most insurance companies allow the policyholder to make a maximum of two zero depreciation claims. However, there are companies that also allow unlimited zero depreciation claims during the term of the policy.
- Consumables cover
A consumables cover is an add-on that offers coverage for items that need to be replenished or replaced once they experience malfunction or breakage. These items can include grease, lubricant clips, bearings, fuel filter, oil filter, brake oil, nuts & bolts, etc. Since there is no question of repairing these items, they need to be replaced. While they individually might not cost much, they can be collectively a huge expense. Since the replacement of these items is not covered under the basic coverage of a two-wheeler insurance policy, you would have to cover the cost yourself. You can avoid this expense by getting a consumable cover.
- Roadside Assistance Cover
Riding a bike on the road is full of uncertainties. Apart from the regular issues like poor roads, harsh weather conditions, etc., there is always something that can go wrong with your bike itself. Depending on where and when exactly you face troubles with your bike, you may not always be able to manage the situation yourself. Even then, there is no guarantee that you will receive any assistance when you need it.
The roadside assistance cover in bike insurance provides the assistance you need when your two-wheeler accidentally breaks down in the middle of the road or highway. The add-on cover protects you in case of flat tires, fuel delivery, towing vehicles, battery drain, minor on-site repairs, etc. All you have to do is contact your insurance provider through calls, email, or your bike insurance app.
- Key replacement cover
The key to your bike is an extremely important item. The feeling you have when you cannot find your bike keys is one of panic. However, it is not always that you might find your two-wheeler keys stuck under the couch or forgotten inside your laundry. The key replacement add-on in two-wheeler insurance compensates the policyholder for the loss of their keys. It helps you get a spare key in as little time as possible and provides any other assistance that is relevant to the issue and falls within the scope of coverage.
These covers are an ingenious way of expanding and enhancing your bike insurance coverage. However, many people have the notion that they would have to go through the same hassle they went through when they had to buy a policy. However, that is not true. You can simply log on to your insurance provider’s website or use the bike insurance app. You can include as many add-ons as you need to in your coverage at the time of your online bike insurance renewal.