To improve the bike insurance policy, the help of add-ons or riders can be taken. However, for this the bike owner will have to pay a separate premium.
How to Make Best Two Wheeler Insurance with Add-Ons: It is advisable to get insurance for two wheeler i.e. two wheeler bike to meet legal requirements and to protect against financial loss in case of an accident. But two-wheeler owners remain confused whether to choose third party insurance or comprehensive insurance policy or standalone policy according to their needs.
Third party insurance is the main insurance policy which should be bought by the bike owner before the vehicle hits the road. Under the Motor Vehicle Act, it is necessary for all two wheeler owners to buy this insurance policy for the safety of their bike. Standalone policy covers ‘own damage’. On the other hand, Comprehensive Insurance Policy is a combination of both standalone and third party insurance policies.
Sumit Chhajed, co-founder and CEO of two wheeler financing start-up company OTO, said that insurance customization is possible only with a standalone or comprehensive policy. He told that to improve the bike insurance policy, the help of add-ons or riders can be taken. However, an additional premium will have to be paid for this add-on separately. And it can be bought by any bike owner.
The add-ons that come with bike insurance may differ from insurance company to insurance company. Here are some easy ways to improve bike insurance.
Zero Depreciation Insurance Cover
With the passage of time the same value keeps on decreasing with the use of the bike. Depreciation over time affects the policyholder ie the owner, in this case, apart from the main insurance policy, the add-on ‘Zero Depreciation Insurance’ bought by the insurance company will cover the rest of your bike except battery, tubes and tires Will cover 100% damage to all parts.
Let us tell you that this add-on will cover only 50 percent in case of damage to the battery, tubes and tires of the vehicle. Zero depreciation insurance cover for the bike can be opted for with a standalone or comprehensive policy. At present, most insurance companies allow a maximum of 2 zero depreciation insurance covers in a tenure, there are some insurance companies that allow unlimited cover during a tenure.
Roadside Assistance
Bike breakdown while traveling is one such thing that can crop up anytime and can land you in trouble. However, if your bike has roadside assistance coverage, you can call on the number provided by the insurance company and seek help from the concerned motor mechanic within the time limit.
Whether there is a defect in the tire of the bike or any other defect in the vehicle, the insurance company helps in getting it rectified. In addition to this, puncture assistance, emergency fuel delivery, spot repairs, cab service, accommodation, vehicle key lock-out assistance, spares shipment, route guidance and tele-assistant facilities are provided by the insurance company.
Passenger Assistance Cover
As the name suggests, Passenger Assistance covers the person who was sitting behind the driver of the bike during the journey in case of an accident. The life of the passenger sitting on the back seat of the bike is as important as that of the rider. Passenger Assistance Cover provides coverage for fatal injuries to the passenger sitting behind the bike rider in a sudden road accident during the journey.
Return to invoice
Basic bike insurance like standalone own damage policy or comprehensive policy covers the damages caused to the bike in case of an accident. But in case of bike theft or 70 per cent repair failure, the insurance company provides the Insured Declared Value (IDV) in which the depreciation is less than the market price of the bike.
The IDV value is comparatively lower than the invoice value generated at the time of purchase as it includes both registration charges and road tax. However, the return to invoice cover for the bike taken as an add-on works to bridge the gap between the IDV and the invoice value, and the return to invoice also ensures that the bike owner gets the invoice instead of the IDV. Get value.
Protection of No Claim Bonus
No claim bonus is a reward or discount offered by the insurance company. If the policyholder has not made any claim for loss during the tenure of the insurance, then the benefit is given on the next policy renewal.
