How to Choose the Right Add-Ons for Bike Insurance Policy?
If you own a two-wheeler, it is essential to have a comprehensive bike insurance policy that covers you against various risks such as theft, damage, third-party liability, and more. While a basic insurance policy provides adequate coverage, you can enhance your protection by choosing add-ons or riders. These add-ons come at an additional premium but offer more comprehensive coverage to suit your specific needs. Here’s how to choose the right add-ons for your bike insurance policy.
Understand, what you are looking for.
Before selecting any add-ons, you need to understand your requirements. You need to assess the risks that you are most likely to face and evaluate the possible damages that could occur in case of an accident or mishap. Based on this analysis, you can choose the add-ons that offer coverage for the risks that concern you the most.
Personal Accident Cover
A personal accident cover is a must-have add-on for every bike owner. It provides coverage against accidental death or permanent disability caused by a road accident. The cover amount depends on the sum insured chosen by the policyholder.
Third-Party Liability Cover
Third-party liability cover is a mandatory requirement under the Motor Vehicles Act. However, the cover amount is limited and may not be sufficient to cover the damages in case of a severe accident. Hence, you can opt for add-ons that enhance the coverage under this section.
Zero Depreciation Cover
Zero depreciation cover is a popular add-on that offers full coverage for the replacement of damaged parts of your bike without considering the depreciation value. This add-on is particularly useful for bikes that are less than three years old.
Roadside Assistance Cover
If you frequently travel long distances on your bike, you can opt for the roadside assistance add-on. This add-on offers services such as towing, battery jump-start, fuel delivery, and flat tire replacement, among others, in case of a breakdown.
Engine Protection Cover
The engine is the heart of your bike, and damage to the engine can be costly to repair. The engine protection add-on provides coverage for damages to the engine due to waterlogging or oil leakage, among other causes.
If you have installed accessories on your bike, such as GPS navigation, music system, or mobile charger, you can opt for the accessories cover add-on. This add-on provides coverage for damages or theft of these accessories.
Check the Premium
While add-ons enhance the coverage of your policy, they come at an additional premium cost. Therefore, it is crucial to evaluate the premium of each add-on and select the ones that offer the best value for money. You should also compare the premium costs of different insurers and choose the one that offers the most affordable premium rates.
Check the Claim Settlement Ratio
The claim settlement ratio is an essential factor to consider while choosing an insurer for your bike insurance policy. The claim settlement ratio indicates the percentage of claims settled by the insurer against the total number of claims received. You should choose an insurer with a high claim settlement ratio to ensure that your claims are settled promptly and efficiently.
Choosing the right add-ons for your bike insurance policy online can be a daunting task. However, by understanding your requirements, evaluating the premium costs, and checking the claim settlement ratio, you can make an informed decision. Always ensure that you read the policy documents carefully and understand the terms and conditions of the add-ons before making a final decision.
Right Add-Ons for Bike Insurance Policy – FAQs
Questions – What is a personal accident cover add-on?
Answer – A personal accident cover add-on provides coverage against accidental death or permanent disability caused by a road accident.
Questions – Do I need to buy add-ons for my bike insurance policy?
Answer – Add-ons are optional, but they enhance the coverage of your policy, depending