Bike insurance add-ons are optional covers which provide you with extra financial protection which may not be covered in a standard policy. If you choose add-ons, they can help you cover repair costs, engine damage, roadside emergencies, etc.
But the right choice depends on how you use your bike and the risks you face. India accounts for a significant number of road accidents each year, and it shows us why it is important to have suitable protection for riders.
What are the Different Types of Bike Insurance Add-ons?
The best bike insurance add-ons depend on several factors. It depends on your bike’s age, value and daily usage. For example, if you choose a reputed insurance provider like Bajaj General Insurance, you can expect these add-ons. Here is a detailed understanding of which types of bike insurance riders are available.
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24×7 Roadside Assistance
If you choose this add-on cover, it can provide you with help if your bike breaks down on the road. For example, you can get services such as towing, emergency fuel delivery and assistance with flat tyres.
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Consumable Expenses
If you go for a bike repair, it often involves small items such as engine oil, lubricants, nuts and bolts. These expenses may not be covered in standard policies. But if you have this add-on, it can cover your eligible consumables after an insured accident.
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Zero Depreciation Cover
If you choose zero depreciation cover, it reduces your depreciation deductions on eligible replaced parts when you claim. This add-on reduces your repair expenses after an accident. It is more useful for new or expensive bikes.
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No Claim Bonus Protector
No Claim Bonus (NCB) feature provides you rewards if you do not claim in any policy year. Your insurer will provide you a discount on your own-damage premium. But if you have an NCB protector, it can help you retain this benefit after an eligible claim. But keep in mind that this benefit is subject to policy conditions.
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Tyre Safeguard
If you choose tyre safeguard, it can cover your eligible tyre or tube damage under specified circumstances. This cover may be useful for riders who travel on roads which have potholes or uneven surfaces. But make sure you read the policy wording carefully. Ordinary wear and tear may not qualify for a claim.
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Engine Protector
Engine repairs can be expensive, most importantly after water enters the engine or an oil leak causes damage to the engine. If you choose the engine protector add-on from Bajaj General Insurance, it covers specified engine-related losses under the policy terms. This cover can be valuable for you during heavy monsoons or in flood-prone areas.
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Return to Invoice
Return to Invoice (RTI) cover can help bridge the gap between the insured declared value and the original invoice value if your bike suffers a covered total loss or theft. You can also consider this cover for a new or high-value bike.
What are the Factors to Consider Before Choosing Bike Insurance Add Ons?
If you want to choose a suitable bike insurance add-on, you need to consider factors such as your requirements, age and value of the bike, etc. Consider the following factors before you make a decision.
1. Assess Your Needs
Think about your riding habits. If you commute daily then you can benefit from roadside assistance. On the other hand, frequent long-distance riders may prefer engine protection.
2. Understand the Add Ons
You need to always read the policy wording before you purchase a policy. It will make you understand coverage limits, exclusions and claim conditions.
3. Age and Value of the Bike
If you purchased your bike recently, then you may choose zero depreciation and RTI. On the other hand, older vehicles can benefit more from affordable roadside assistance.
5. Cost and Benefits
You should compare the additional premium with the potential savings. Also, you need to avoid paying for add-ons which you are unlikely to use.
Final Words
The best third party bike insurance add-ons for you are those that protect you from actual risks. You can select add-ons such as zero depreciation, roadside assistance, engine protection, etc., for useful benefits.
But before you choose any add-on, you need to compare the additional premium with the protection you will get. Also, make sure you always check the insurer’s terms, exclusions and claim limits before you purchase any add-on.