The Motor Vehicles Act, 1988, makes it mandatory for every vehicle that is registered to have a motor insurance policy. Most times, you end up buying a policy based on your dealer or insurance agent’s recommendation. Full marks for compliance, but have you ever thought whether it meets all your requirements?
Whether you should opt for a liability only or a comprehensive bike insurance depends on your need. While a liability-only policy offers limited coverage for third party liabilities, a comprehensive insurance plan includes own-damage component too. You can also increase your coverage using add-ons that can be coupled with a comprehensive insurance plan. Continue reading to know more about how add-ons can help you expand the coverage for your bike.
What is an add-on cover?
Add-on cover is a form of additional insurance policy that can be paired with a comprehensive two-wheeler insurance plan. These riders can significantly enhance the coverage of your policy at an additional premium. However, when you compare its cost to the benefits, the extra premium is a negligible amount.
What are the benefits of add-on covers?
Selecting an add-on cover, whether for a first-time buyer or at the time of your two wheeler insurance renewal, needs evaluation and analysis of the requirements. While there are different types of add-ons that your insurer may offer, not all are suitable for you. Thus, it is necessary you make an informed decision on which add-on covers can enhance your policy coverage and prevent financial losses.
Let us look at a few benefits of buying add-on plans.
#1 Enhanced coverage
As discussed, add-on covers significantly enhance your policy coverage. You can get coverage for different situations than what your standard comprehensive policy would otherwise offer.
#2 Customised policy
Choosing add-ons is based on your requirements. This way, you can customise the policy depending on your need.
Let us understand this with an example.
Your friend and you, both buy insurance plans from the same insurance company. Both have the option to select the required add-ons. If you reside in a flood-prone region, opting for an engine protection cover will be a wise decision. On the other hand, your friend frequently loses his keys and thus buying a key protect cover is a priority for him. This way, your policies can be customised to meet the different requirements.
#3 Higher claim amounts
Since more coverage can be opted using the available add-ons, you can also claim for more number of events too. In some cases, you can also claim a higher amount.
For instance –
You have a zero depreciation add-on to complement your comprehensive bike insurance plan. In case of damages or repairs, generally, the insurance company reimburses the claim amount after deducting depreciation on the spares. However, in this case, your claim will be reimbursed in full without accounting any depreciation.
Thus, using the right set of add-ons can benefit you. So whether you are a first-time buyer or renewing your policy, it is advisable you select add-ons that significantly enhance your policy coverage. While choosing the various add-ons, make the most of a two wheeler insurance premium calculator. Using this calculator, you can compare the various prices across different insurance companies. It also aids you in the process of selecting a suitable add-on cover as per requirement. So make that smart move and ensure all-round protection using add-ons with a comprehensive two-wheeler insurance policy.
