Best Add On in Two Wheeler Insurance This Diwali

Posted on: Oct 28, 2024 | 3 mins | Written by: HDFC ERGO Team

Best Add On in Two Wheeler Insurance This Diwali

Festivals like Diwali often bring extra travel for shopping and late-night rides. While your bike is your trusted companion, it faces increased risks while on the busy roads. Two wheeler insurance comes as a safety net in such cases. Depending on the policy type, third-party liability cover or a comprehensive plan, it ensures coverage for injuries caused to others or damage to their property, and for own bike. However, sometimes even comprehensive insurance may not be enough to cover certain damages. This is where add-ons play an important role.

What are Two-Wheeler Insurance Add-On Covers?

Add-ons are additional benefits that you can purchase with your comprehensive bike insurance or standalone own damage two-wheeler insurance by paying a slightly higher premium. These optional covers expand your protection and provide financial relief in scenarios not covered under the standard policy.

Crucial Add-ons that You Must Have this Diwali

Here are some beneficial add-ons in two-wheeler insurance that you can consider while buying or renewing your policy.

1. Zero Depreciation Cover

Bikes depreciate over time, which means their value decreases every year. Normally, this devaluation isn’t covered by your insurer, and you end up paying a portion of repair costs from your pocket.

However, a zero depreciation bike insurance cover ensures that your bike's full value is protected in case of damage. This add-on eliminates the depreciation factor from your claim settlement, ensuring you receive a higher claim amount. While some insurers offer limited claims under this cover, others provide unlimited zero-depreciation claims during the policy term.

2. Roadside Assistance Cover

Have you ever had a breakdown far from home? Roadside assistance cover is your backup plan in this situation. It provides immediate help if you’re stranded on the road due to mechanical issues, a flat tyre, or even a dead battery.

This emergency assistance bike insurance add-on is a must-have for frequent travellers and is particularly helpful during long journeys. It covers towing services, minor on-the-spot repairs, and even fuel delivery, making it one of the most practical riders for bike owners.

3. Engine Protection Cover

If you live in a region prone to flooding, the engine protection cover is something you cannot overlook. Engine repairs are often expensive, and a standard policy doesn’t typically cover damages caused by water ingress, lubricant leakage, etc.

With the engine protection bike insurance add-on, you’re financially covered for any damage to the engine and its parts, ensuring you won’t have to bear high repair costs out of pocket.

4. Consumables Cover

Many parts of your bike, such as screws, nuts, bolts, engine oil, and brake fluid, are considered consumables and are not covered by standard insurance. The consumables cover includes the expense of repairing or replacing these minor components. Without the rider, the maintenance cost of consumables over time can add up to a substantial amount.

5. Return to Invoice Cover

If your bike is stolen or suffers total damage beyond repair, your regular insurance might not compensate you for the full cost of a new vehicle. This is where the return to invoice cover becomes essential. It covers the gap between your bike's insured declared value (IDV) and the actual invoice value, ensuring you can purchase a new two-wheeler without suffering a financial loss. This add-on is highly recommended for those with new bikes or for anyone who doesn’t want to compromise on replacing their lost vehicle.

6. Passenger Assistance Cover

A regular insurance policy typically covers only the rider, but accidents don’t just affect the person behind the handlebars. The passenger assistance cover provides financial compensation for the pillion rider in case of accidental injury, disability, or even death. This add-on ensures your loved ones are also protected while riding with you, offering peace of mind on every journey.

7. Key Loss Cover

Ever misplaced your bike keys? It can be a stressful situation, but the key loss cover takes away that worry. This add-on compensates you for the cost of replacing your lost or stolen keys. Some policies even offer a spare key service, which can be a lifesaver when you're in a hurry.

8. Daily Allowance Cover

When your bike is being repaired after an accident, getting around can be a challenge. The daily allowance cover provides you with a fixed sum of money each day for your transportation while your bike is out of service. This can be particularly helpful if you rely on your two-wheeler for your daily commute or work.

9. Loss of Personal Belongings Cover

If you carry valuable items on your bike, such as a helmet, phone, or even documents, the loss of personal belongings cover is worth considering. This add-on compensates you for any personal items lost or damaged during an accident. It's a small but useful cover that adds an extra layer of security to your bike insurance policy.

10. Tyre Protection Cover

Tyres are one of a bike's parts that most frequently get damaged, yet they aren’t typically covered under standard insurance. The tyre protector rider covers issues like punctures, bulges, and cuts resulting from accidents. By including this add-on, you can save on the costly repair or replacement of tyres, which is often an unexpected expense.

11. No Claim Bonus (NCB) Protection

Maintaining a claim-free record earns you a No Claim Bonus (NCB) that reduces your renewal premium. However, filing even one claim can cause you to lose this bonus. The NCB protection cover safeguards your bonus, allowing you to claim without affecting your NCB. This add-on is particularly valuable for those who have built up a significant discount over the years and don’t want to lose it for a minor claim.

Why Choose Add-On Covers This Diwali?

As festival travel increases, so does the risk of accidents, breakdowns, or thefts. Getting add-ons with your comprehensive bike insurance is a smart choice for the following reasons:

Extra Protection

Add-ons provide extensive coverage that goes beyond the basics, safeguarding both you and your bike in various scenarios.

Cost-Effective

The additional premium for add-ons is relatively low compared to the benefits they offer, making them a value-for-money choice.

Peace of Mind

Knowing you’re financially covered in unexpected situations allows you to enjoy the festivities without stress.

Conclusion

This Diwali, while you light up your home with joy and celebrations, don’t overlook your bike’s protection. Add-ons enhance your two-wheeler insurance by covering scenarios that a basic policy may not. Whether you choose zero depreciation, engine protection, or roadside assistance, these covers give you greater financial security and peace of mind. So, when renewing or purchasing standalone own damage cover or comprehensive insurance, consider opting for relevant add-ons. Remember, while third-party bike insurance is mandatory, the option for riders is not available with it.

FAQs

1. Can I buy engine protection cover for an old bike?

Engine protection is usually available for newer bikes. Many insurers restrict this cover to bikes up to five years old.

2. Is it necessary to buy add-ons with two-wheeler insurance?

No, add-ons are optional. However, they provide better coverage and can be extremely useful.

3. What is the most important add-on in bike insurance?

It depends on your needs. Zero depreciation and roadside assistance are among the most popular choices.

4. Can I add these covers after purchasing my bike insurance?

Yes, you can usually add them at the time of renewal or even mid-term, depending on your insurer’s rules.

5. Do add-on covers increase premiums a lot?

No, the premium increase is marginal compared to the additional protection you receive.

6. Is zero depreciation cover available for old bikes?

Most insurers restrict it to bikes less than five years old. Always check with your insurer before opting for it.

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

Top 10 Electric Scooter Add-Ons In Two-Wheeler Insurance

Top Up Your Bike Insurance with these Add-on Covers this Diwali

NCB Protection Add on Cover for Your Two-Wheeler

Engine Protection Cover: The Best Add-On

Enhance your bike insurance with add-on covers