Jerry Watson 
Comprehensive bike insurance in India offers protection against damages or losses arising from accidents, mishaps, theft, and natural and man-made disasters like earthquakes, floods, lightning, burglary, vandalism, etc. While buying an insurance policy is needed for financial protection, you must also know that it is a punishable offence if you ride a bike without an insurance policy.
Bike Insurance in India
As per the Motor Vehicle Act, 1988, it is mandatory to buy at least a third-party insurance policy for all motor vehicles, wherein the insurer pays for the damages caused to the third-party. Alternatively, a comprehensive two-wheeler insurance policy protects you from the damages caused by an accident to your vehicle as well as to the third-party.
Buying insurance policies online is now very convenient, and it requires minimal documentation. You can visit the insurer’s website, provide the required details, pay the premium, and receive a soft copy of the policy at your registered email address in no time.
Why Should You Buy Add-ons with Your Bike Insurance?
As mentioned earlier, third-party liability insurance is mandatory in India. It does not provide any cover to the insured vehicle and covers only third-party liability, arising out of damage due to road accidents, collision, property damage, or death of the third party. With inflation and a continuous rise in the cost of healthcare expenditure, there could be times even a basic comprehensive policy might not seem sufficient.
Listed out below, are some of the major add-ons available with bike insurance and the reasons why you could consider them while buying bike insurance. Also, since each add-on comes at an additional cost, you can use a bike insurance calculator to determine the impact on the premium.
1. Protecting the Invoice
The invoice protection cover is called Return to Invoice. If there is theft or total damage to the vehicle, the insurer pays up the Insured Declared Value (IDV). The IDV is calculated as the current market value minus the depreciation. This cover will help you claim Ex-showroom + Registration charges + taxes (road taxes, octroi)
This cover will benefit if:
- You have bought a brand-new bike.
- If you do not have a safe parking area, where there are chances of theft taking place.
2. Zero Depreciation Cover
Depreciation in simple terms means the reduction in the value of the bike. When you buy this add-on, the insurance company is responsible for covering all the expenses, including spare parts and the depreciated value. The Zero Depreciation policy covers the cost such replacement of plastic, fibre, rubber components of the bike.
3. Roadside assistance
If your bike breaks down in the middle of nowhere and dragging it to a garage is not possible, then this add-on can be a blessing. Most insurers offer a roadside assistance rider that includes services like flat tyre service, battery jump-start service, on-the-spot repair, lost key replacement service, emergency fuel delivery, emergency towing assistance, concierge service, etc.
4. Bike Accessories Cover
If your bike has high-end and expensive electrical and non-electrical accessories, it might be a good idea to insure them. This will give protection against damage or theft of the accessories.
5. Emergency Medical Expenses Cover
This add-on will provide medical assistance at the time of an accident. In this day and age, medical expenses can be a costly affair. Hence, this cover can be considered as one of the most important add-ons. Under this add-on, the insurer pays emergency expenses incurred due to physical injuries that you or any person in contact with your vehicle sustains by an accident or a mishap. It includes reasonable ambulance charges and other incidental emergency charges.
6. Engine Protection Cover
This is an add-on cover which protects your bike’s engine from any damage caused in an accident. This could be useful when there is a case of waterlogging, which increases the chances of damaging the bike engine. The purpose of this cover is to ensure that the replacement of an engine due to an accident does not burn a hole in your pocket.
7. Consumables Cover
Your bike’s nuts, bolts, sealants, engine oils, lubricants, etc. might need to be replaced or replenished if your vehicle meets with an accident. While individually these might seem like minor costs, they can together add up to a sizable sum. Buying a consumables cover ensures that the insurance company pays for the cost of replacing/replenishing them.
Summing Up
Add-ons are a great way to make your two-wheeler insurance work a lot better. Depending on your bike type, each add-on can help you save your money in the event of an accident. Unlike some years back, when insurance providers offered standard bike insurance, today there is a range of optional covers for additional premium each suitable based on the client’s needs.
In this day and age, buying insurance online has become so easy and convenient. Hence, if you are looking to buy a bike insurance policy, ensure that you go through the add-ons available in detail and choose the ones that help you customize the policy as per your requirements. Also, you can use the bike insurance premium calculator to get an estimate of the premium rates based on your selection of policy and add-ons. Good Luck!
