To offer the best possible financial protection in an emergency, bike insurance is a need. A two-wheeler insurance coverage protects the insured vehicle from harm brought on by calamities both natural and inflicted by humans. Additionally, the Motor Vehicles Act of 1988 makes purchasing at least the fundamental Third Party Insurance required. 

Despite the fact that a two-wheeler insurance third party is required in India, it cannot adequately protect the insured vehicle and only covers third-party responsibility resulting from unintentional property damage, bodily injury, or passing away of a third party. At times, even a complete policy with regular cover seems insufficient given the escalating expense of healthcare. There aren’t always affordable plans available with many perks. 

Add-on coverings are available to meet your needs. Here are some essential add-ons that can go with your standard bike insurance. 

  • For personal accident coverage 

Personal accident coverage is one of the extremely frequent add-ons that most bike insurance plans provide. Personal accident insurance typically comes in two different forms. One covers the motorcycle’s owner or driver, and the other covers the passenger. Most insurance contracts already include the first kind of coverage; it’s the second kind for which add-ons are necessary. Additionally, the insured won’t need to get separate personal accident coverage for each vehicle they possess. *

  • Get the invoice price of your vehicle

The insurance provider will pay up to the Insured Declared Value (IDV) of your bike in the event of total loss or theft. The IDV is the fair market value of your bike less any depreciation that has been applied. However, an add-on called “Return to Invoice” works best if you want the actual rate listed on the invoice of your vehicle, including the road tax and registration fees. * #

  • To cover the depreciation & get full value

Your two-wheeler insurance company takes into account the depreciation value of the bike’s damaged components when you file a claim. It neither reimburses nor pays for the real cost of replacing a depreciated part that you incurred. The depreciation factor will not be considered at all if you choose zero depreciation coverage; instead, you will receive the full cost of all broken parts. You might want to think about getting this cover when you renew your two-wheeler. *

  • To get roadside assistance 

Roadside help add-on is required to safeguard you from the unpleasant situation of having your two-wheeler break down in the midst of the road. If you have an add-on for it, you can easily use the roadside help service that your insurance company offers. *

  • To cover consumables

Nuts and bolts, sealants, lubricants, engine oil, and other consumables are not covered by insurance companies for repair or replacement charges. In order to pay for those extra costs, a consumables add-on is useful. *

The basic policy coverage can be increased with add-on covers, which also provide substantial coverage in case of an emergency. Paying a small premium will assure comprehensive coverage. As you can see, the majority of the advantages are favourable for everyone in one way or another. However, two of the most common add-ons that you can think about are personal accident insurance and zero depreciation. *

Additionally, both variations should have personal accident coverage, given the rising number of accident cases. Well, it is usually advised to weigh your needs against those of other customers before selecting a package. Make sure you comprehend the process of how to claim two-wheeler insurance thoroughly. You can choose the add-ons based on your specific requirements and budget. It is advisable to go through the terms and conditions of the add-ons before making a decision to ensure that you are making an informed choice.

* Standard T&C Apply

# Visit the official website of IRDAI for further details.

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.