Add-On Covers in Two Wheeler Insurance Policy: Are They Required?

The two-wheeler maintenance includes protection of the engine, assembly and accessories. The risks involved in the parking and riding should be borne by the insurance policy. The two-wheeler insurance plan can be bought to cover the third party damage and own damage.
As you go for a comprehensive policy, both factors will be covered. You might be tempted to go for third party cover due to low premium. However, you should make a judicious assessment of real risks so that you will buy the best two wheeler insurance policies as per your needs!

What are the add-on covers?

Add-on covers in a two-wheeler policy are nothing but the additional features offered by the insurance policy. These are risks which are beyond the normal coverage.

The add-ons can be selected to make the most of your investment. With the inclusion of add-ons, you can include zero depreciation, pillion rider, accessories, etc. You will want to pay an additional premium towards the add-ons.

The additional premium that you should pay towards add-ons will be based on the type of add-ons. The selection of add-ons should be done based on the overall value of the vehicle, make and model of the vehicle, the age of the vehicle, fuel type, driving conditions, the age of the driver, climatic conditions, traffic issues, parking risks and frequency of journey. 

Prominent add-ons

The following prominent add-ons can be considered to cover most of the risks in maintaining the two-wheeler: 

• Engine protection – If you buy a high-end bike, you should want to include the engine protection in the two-wheeler insurance plan. The engine-related repairs and replacement of parts will be very high for high-end vehicles whose cylinder size will be 500cc and above. If you are riding your vehicle in water-logged locations, the insurance plan will give protection in a very efficient manner. You should understand the fact that the add-on will not cover the wear and tear. The vehicle should be maintained as per the instructions given by the manufacturer.
• Pillion cover – The bike accidents will pose a risk to the rider as well as the pillion. Hence, you should go for an add-on to cover injuries or death. There will be an equal amount of risk for the rider as well as pillion. The death and disability risks should be covered by the insurance policy.
• NCB protection cover – By paying an additional premium, you will ensure that the no claim bonus discount will be retained in spite of small repairs. As a matter of fact, the NCB is applicable when the insurance policy was not claimed in the past year. When you opt for NCB protection rider, the insurance company will set a limit on the claims. If the claim amount is less than the limit, the NCB bonus will be applied on the next renewal of the two-wheeler insurance plan.
• Daily allowance – If your two-wheeler is stolen or undergoes repairs, you will want to depend upon the public transport system or alternate travel arrangements. The cost of hiring an alternate vehicle will be covered by the insurance policy by including the daily allowance rider. The amount that the insurance company may pay will be in between Rs. 100 and Rs. 500 as per the premium. You can choose the number of days in the rider.
• Key replacement rider – If your bike keys are lost, you will not be able to use the vehicle. The key replacement rider will bear the costs involved in repair and restoration of the keys. |
• Nil depreciation cover – With the subscription of the nil depreciation cover, the bike owner will not want to incur out of pocket expenses towards the repair and replacement of accessories. Along with the basic insurance plan, you can include the zero depreciation cover so that you can make the most of your vehicle insurance plan. The mechanical components and electrical components will be covered by the nil depreciation add-on.
• Health cover – You should get immediate assistance at the time of the accident. If there is a delay, there will be a great loss of health and it leads to irreparable damages. As the healthcare costs are very expensive, you should be diligent enough to include the best rider to cover medical costs. The hospitalization and medical treatment cost will be borne by the two-wheeler insurance in a very efficient manner. Hence, you are advised to subscribe to the medical cover. 

Conclusion

The perils of bike riding are many. Even though you take utmost care on the road, you cannot rule out the risks completely while riding the bike. Hence, you should go for a comprehensive insurance policy by including certain add-ons that are specific to your vehicle and driving conditions. The additional premium in the form of add-ons will deliver additional protection of the vehicle and passengers.