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According to the GIC (General Insurance Council), about 1.32 lakh people lost their lives in 2020 due to road accidents. These numbers only reaffirm the importance of buying a robust bike insurance policy to get financial protection during an emergency. It helps you get compensation for damages caused to your health and vehicle due to an accident.
As per the Indian Motor Vehicles Act, 1988, all bike owners in India must have at least a basic third-party liability coverage. Driving without a valid insurance cover is a punishable offence and if you are caught, you may have to pay a hefty penalty.
When you buy a third-party liability bike insurance policy, you may comply with the law, but you must know that such policies have limited coverage scope. It covers only the damages caused to the third-party’s vehicle or assets. It does not cover damages to your vehicle or physical injuries. Hence, insurance experts recommend buying a comprehensive policy.
With a comprehensive policy, you can buy add-ons or riders by paying additional premium and enhance the coverage.
As the name suggests, add-ons in two wheeler insurance are additional coverage options that you can voluntarily buy by paying an additional premium. It helps you get additional coverage against specific risks that may not be covered under the original policy. Different insurance companies offer different types of add-ons, and you can choose any rider you want to suit your needs. Also, there are no restrictions on the number of add-ons you can buy.
• Zero depreciation cover
Like any other vehicle, your bike is subject to depreciation over a period. When you raise a claim for repair or replacement of a part of an old bike, the insurer will consider the depreciation, and approve the claim after deducting the depreciation amount. This means, you may have to bear the remaining cost from your pocket.
However, if you have a zero depreciation add-on, the insurer will pay the full amount. Some insurance companies restrict the policyholder to make a maximum of two zero depreciation claims. So, make sure that you read the terms and conditions before filing a claim.
• Roadside assistance cover
Getting stuck in the middle of the road due to mechanical breakdown of your bike or flat tyre can be really frustrating, especially at night. But, if you have roadside assistance cover, you can call your insurance company for necessary assistance like repairing or replacing a flat tyre, refuelling, fixing mechanical glitch, towing, change of battery, key loss cover, etc.
• NCB protection cover
As the name suggests, this add-on cover helps you keep the accrued NCB (no-claim bonus) intact even if you raise a claim during the policy year.
Add-on covers are vital to boost your bike insurancebike insurance policy’s coverage and help you get additional financial protection during an emergency. However, you must choose the add-ons prudently so that you avoid paying a hefty premium unnecessarily. Assess your specific needs and choose the right add-on accordingly.
If you have purchased a bike insurance policy with Kotak General Insurance, and need assistance with buying an add-on, you can contact our customer care representative and we would be happy to assist you. To know about our two-wheeler insurance, visit the Kotak General Insurance website.
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