Whether you buy a four-wheeler or a two-wheeler, you can easily buy bike insurance or private car insurance in India. All such insurances come with certain add-ons offered by insurers to supplement the comprehensive insurance policy and make it more valuable for the buyer. Some of the Add-ons provided are the basic add-ons while some other add-ons can be purchased by the insured at a higher premium. Each Additional Cover will cost some extra and that cost will be adjusted in the premium. Some of the basic and most common Add-ons that are available for two-wheelers and must be taken while buying insurance are: -
Zero Depreciation Cover - Depreciation occurs due to the reduction in the price of the vehicle over time due to natural wear and tear while using the vehicle. The rate of depreciation depends on the age of the respective parts of the bike. Generally, this depreciation is required to be paid by the customer as deductible during the claim process. However, if you buy a Zero Depreciation Cover, the insurer will not deduct this amount from the claim, and you will receive a comparatively higher percentage of the claim. You should opt for this cover if your bike is new and ideally less than 3 years old. If you have this cover, you will be able to make a maximum of two claims in a policy period but if your vehicle is damaged beyond repair, you won’t be eligible for this cover.
Accessories Cover - If you are someone who likes to have additional accessories attached to your bike and have your bike studded with additional high-end electrical and non-electrical accessories, you should buy an Accessories cover to insure those accessories as well from damages in case of accidents. To get this cover, you need to submit the total cost of these accessories while buying an insurance policy for your bike.
Return to Invoice - With an increased premium, this cover will protect your bike from theft or irreparable damage, and the insurer will compensate you by providing the Insured Declared Value of the vehicle to you. The Insured Declared Value or IDV is less than the invoice value of the bike because it is calculated by taking into account the depreciation rate of the bike, the road tax, registration charges, etc. The IDV of a two-wheeler can reduce to 80% of its value in a span of only 2 years and if you have this cover, you won’t have to spend too much extra money to get a new bike in case of theft or irreparable damage.
Medical Cover - This cover will provide you coverage from medical expenses that can be very high in case your two-wheeler meets an accident because there is no protection for the driver driving the two-wheeler. Taking this Add-on will help you cover the costs related to medical treatments in case you meet an accident.
Pillion Rider Cover - There is no protection for the pillion rider on the bike as well if the vehicle meets an accident. It can be argued that in most cases, the pillion rider is at more risk of getting hurt than the driver of the bike. In most insurance policies, the rider will be covered against death or any resultant disability in case of an accident, but there is no cover for the passenger. This Add-on will provide cover to the pillion rider in case of an accident resulting in the death or disability of the passenger.
NCB Protect - Most of the insurance companies provide a No-claim Bonus to the insured in case they raise no claims during the policy period. But, if a claim is raised the NCB is reset to zero, and to prevent that from happening you can buy the NCB Protect Cover. This will protect the NCB from resetting to zero and your accumulated bonus won’t lapse in case you raise a claim..
These were some of the Add-ons that you must consider while buying a new insurance policy for your two-wheeler as well as private car insurance in India.