Types of Add on Covers in Bike Insurance
Amrit Pal Singh 14-04-2023 Bike Insurance Bike Insurance, Two Wheeler InsuranceBike insurance is essential to protect your bike from unforeseen events such as accidents, theft, and natural disasters. However, the basic insurance coverage may not always be enough to cover all the expenses associated with such events. This is where add-on covers come in handy. Add-on covers are additional coverage options that you can purchase with your bike insurance policy to enhance the protection it offers. In this article, we will discuss the different types of add-on covers available in bike insurance.
Personal Accident Cover
A personal accident cover is an add-on cover that provides financial protection to the policyholder in case of accidental death or permanent disability. This cover provides compensation to the policyholder or their nominee in case of death or permanent disability due to an accident involving the insured bike. The amount of compensation provided depends on the sum assured chosen by the policyholder.
Zero Depreciation Cover
A zero depreciation cover is an add-on cover that covers the entire cost of repair or replacement of damaged parts without factoring in the depreciation value. In case of an accident, the insurer deducts the depreciation value of the damaged parts from the claim amount. With a zero depreciation cover, the policyholder can claim the entire cost of repairs or replacement without any deduction for depreciation.
Roadside Assistance Cover
A roadside assistance cover is an add-on cover that provides assistance to the policyholder in case of a breakdown or accident on the road. The insurer provides services such as towing, fuel delivery, and on-site repairs to get the bike back on the road. This cover is especially useful for those who frequently travel long distances on their bikes.
Engine Protection Cover
An engine protection cover is an add-on cover that covers the cost of repairs or replacement of the bike's engine in case of damage due to accidents, floods, or other natural disasters. This cover is useful for those who live in areas prone to floods or other natural disasters that can cause damage to the bike's engine.
Consumable Cover
A consumable cover is an add-on cover that covers the cost of consumables such as engine oil, nuts and bolts, brake oil, and other similar items that are usually not covered by the basic insurance policy. This cover is useful in case of an accident or breakdown where such consumables need to be replaced.
Return to Invoice Cover
A return to invoice cover is an add-on cover that provides financial protection to the policyholder in case of total loss or theft of the insured bike. This cover provides compensation equal to the invoice value of the bike at the time of purchase, rather than the current market value. This cover is useful for those who have recently purchased a new bike and want to ensure that they get the full value of their investment in case of total loss or theft.
NCB Protect Cover
NCB stands for No Claim Bonus, which is a discount on the bike insurance premium offered to policyholders who do not make any claims during the policy period. An NCB protect cover is an add-on cover that allows policyholders to retain their NCB even if they make a claim during the policy period. This cover is useful for those who want to retain their NCB discount and avoid paying a higher premium in case of a claim.
In conclusion, add-on covers are a great way to enhance the protection offered by your bike insurance policy. You can choose the add-on covers that best suit your needs and budget to ensure that you have comprehensive coverage in case of unforeseen events. When purchasing bike insurance, it is important to carefully evaluate the available add-on covers and choose the ones that offer the most value for your money.