If you own a bike, you should know that taking it out on roads without getting it insured is a serious offence under the Indian Motors Act. Riding an uninsured motorcycle can attract hefty penalties and fines from the concerned authorities. To secure yourself against these penalties or fines, you should get your bike insured under a two-wheeler insurance policy. The Indian market offers a range of insurance products, but finding the ideal coverage can be challenging for you.
It is where personalization comes into the picture. You can either use the side with the type of policy that offers the required coverage or upgrade the coverage by
buying add-ons. This guide will cover both options, so you don’t encounter a problem.
Types of Two-Wheeler Insurance Policies
One of the most common and best ways to get the type of coverage you want is by picking the ideal policy type. If you own a two-wheeler in India, you can choose from either of the two options shared below:
- Third-Party Bike Insurance
This policy covers the insured against third-party liabilities arising from a road accident. So whether you’ve accidentally caused damage to a third-party property(s) or hurt a third-party individual(s), your insurer will cover you against the financial damages. The only downside of this policy coverage is it doesn’t include the own damages caused to the policyholder and his bike.
- Comprehensive Bike Insurance
Comprehensive insurance for bike is often touted as the best insurance type available because it covers the policyholder against third-party liabilities and own damages. If you opt for a comprehensive policy over a third-party one, you would have to pay a slightly higher premium. But the coverage alone makes the investment worth it.
Bike owners who want minimal to standard coverage for their bike can decide to choose either comprehensive or third-party insurance. But if they feel the standard coverage is not enough, they can further customize their bike insurance policy by buying additional add-ons.
Personalizing Two-Wheeler Insurance with Add-Ons
You can upgrade your bike insurance policy by simply investing in add-ons offered by different insurers. Not every insurance company offers the same add-ons, so you should visit the respective insurer’s website to check what add-ons are available for a two-wheeler insurance policy. Generally, you can customize the policy by investing in the following add-ons:
Return to Invoice Cover
Suppose your vehicle ever gets damaged beyond repair or gets stolen. In that case, according to the insurer, the insurance company will be liable to pay you a claim amount equivalent to the IDV, which is the current market price. But if you want to receive maximum compensation, you should opt for a return to invoice cover right from the beginning. This add-on will ensure you get the amount equivalent to the invoice value.
- Zero Depreciation Cover
In most cases, a bike owner is responsible for bearing the depreciation and replacement costs of spare parts of his two-wheeler after encountering a road accident. A zero depreciation cover passes the liability of these expenses to the insurance company. If you want to pass this expense to the insurer, you will have to invest in zero dep bike insurance.
- Consumables Cover
When you take your bike for repair at a garage, they might have to use various consumables like oils, nuts, bolts, etc., to repair your bike. The cost of these consumables is often not covered in insurance policies. If you want the insurance company to bear these expenses, buying consumables cover becomes a must.
- Roadside Assistance Cover
Bikers who fear wasting hours at a location due to vehicle breakdown should consider buying this add-on. As the name suggests, roadside assistance cover will make the policyholder eligible for prompt roadside assistance if his vehicle breaks down within the specified radius. Facilities like towing, bike fixing at the spot, and arranging a taxi are included with this cover.
- Engine Protection Cover
A standard two-wheeler insurance policy generally covers the damages caused during the accident. It doesn’t include consequential damages, so the bike owner has to bear this expense from their own pocket. These damages can lead to high repair charges, creating a dent in a biker’s budget. If you want your insurance policy to cover these expenses, you should add the engine protection cover to your standard policy.
Each add-on serves a different purpose, providing specific coverage upgrades to the policy. A biker can buy whichever add-on is relevant according to the needs. As every add-on purchase comes at an additional cost, you should only invest in add-ons that you really need.