Most Useful Add-Ons in a Bike Insurance

If you commute through a bike in India, it is mandatory to have an insurance policy. To be precise, you need to have at least one third-party policy when riding a bike. Not having this policy means you will have to pay heavy fines and face other troubles. For this reason, most bike owners purchase a third-party plan to avoid legal trouble. However, given the dangers of riding a bike, you need more than just liability insurance or even basic comprehensive insurance. This is where add-ons come in.

Even after they buy 2 wheeler insurance online, bike owners cannot buy exactly the coverage they want. This is because they need to purchase a plan with a fixed set of benefits that may or may not be sufficient for them. The difference often becomes visible when they need to make a claim. Right now, it leaves a bad taste for bike insurance if they don’t like their coverage. Add-ons can help them shape their policy the way they need it. However, it is important to know exactly what you are buying before you buy. Here is a brief overview of add-ons in bike insurance:

What are the add-ons in bike insurance?

Add-ons are additional pieces of coverage that can be purchased with a comprehensive bike insurance policy. In addition to the basic coverage of the policy, each of these add-ons offers a different coverage advantage. In return for these extra benefits, the insurance provider charges an extra premium. However, with a minimal increase in premium, these addons offer significantly better overall coverage.

An easy way to understand add-ons is to compare it to the icing on a cake. While they are not the not the cake itself, the icing definitely makes the cake so much better. There is a long list of bike insurance add-ons to choose from in your bike insurance app. Individually, they don’t cost much. However, you may have to pay more for your bike insurance policy if you buy all kinds of add-ons without paying attention to your coverage needs and budget. Therefore, you should carefully choose the add-ons you want to buy.

Here are a few add-ons you might want to purchase:

  • Zero Depreciation Coverage

Depreciation is a concept associated with everything you own. It is best defined as the loss in value of an asset over time. This also applies to your bike. You are buying a bicycle for a certain price, known as the vehicle’s selling price. This is considered the monetary or market value of the bike. This value decreases over time. Therefore, if you decide to sell your bike, it will not bring you the same amount as the price you bought it for. A lower market value also affects the coverage of your insurance policy.

Zero depreciation insurance ensures that depreciation of your bike does not affect your insurance coverage. This means that you can be offered a larger amount guaranteed, meaning you can make a larger request in times of need.

  • Consumables cover

The bike is not just an object you own, it is also a responsibility. To enjoy the benefits of owning a bicycle, you need to maintain your bicycle. This means that all its parts and mechanisms are in good condition. This maintenance includes the regular replacement of your bike’s components. These parts are known as consumables. These include grease, lubricants, bearings, fuel filter, oil filter, brake oil etc. are included. Paying for these can become a huge expense over time, and your standard comprehensive bike insurance will not cover it. You can include this cost in your policy with the consumables guarantee.

  • Roadside assistance cover

You never know when your bike will break down or where you have an accident. At a time like this, your first priority will be to get yourself and your bike to a safe place. But depending on your situation, you may be stuck on the side of a road trying to figure out how to get home or some other safe place. Roadside assistance insurance offers you much-needed assistance in an emergency. When you encounter a situation where you need help, you can contact your insurance provider. Replacing flat tires, refueling, towing vehicles, minor repairs, etc. can assist in obtaining services such as replacing flat tyres, delivering fuel, towing, minor repairs, etc. You can also get your car towed to a cashless garage under this add-on.