Buying a bike is a big expense and is akin to investing in any other asset. So, once you make the purchase, you must take steps to protect your bike from harm in any form. Fortunately, bike insurance helps you do just this. Motorcycle insurance policies are of different kinds, and come with various terms and conditions regarding whether or not you can claim the cost of repair, as and when damages occur.
Typically, a bike insurance policy includes the following benefits.
You can enjoy cashless repair services as long as you visit a service center or garage that is part of your insurer’s network.
Your bike is protected from accidents as well as natural and man-made calamities such as fire, explosion, riots, storm, criminal activity, strikes, inundation, cyclone, hurricane, hailstorm, landslide, rockslide, earthquake and animal attacks.
You can avail discounts on your premium and bonuses on your policy when you choose a long-term policy, pay the premium amount in one go or don’t make a claim in a year (in the form of a no claim bonus).
Personal accident cover for the rider.
You can pay the cost of damages incurred by a third party using your insurance.
While these are the basic benefits offered by a comprehensive bike insurance policy, there may slight variations from one provider to another. On the other hand, a third-party policy only protects the interests of the other party, and not you or your vehicle. It is mandatory by law and covers the expenses related to damage to the other party’s vehicle and/or health.
But, when you choose comprehensive motorcycle insurance policy, you have the option to customize your insurance using add-ons. These go above and beyond the inclusions of the policy and offer extra protection. You can choose them as per your needs for an increased cost.
Here is a look at the basic add-on covers that you can add to your motorcycle insurance policy.
Zero depreciation cover
Generally, when you make a claim the amount given to you is after the insurance company deducts the value of depreciation of your bike. This means that the claim amount that you get is lower than what you had anticipated. When you take a zero depreciation cover, this doesn’t happen. You get the total amount without depreciation being factored in.
Engine protection cover
A typical comprehensive policy doesn’t cover any damage to the engine or its parts. So, you can add the engine protection cover to your motorcycle insurance policy, especially if you own a high-end bike. With it, you can make a claim for engine repairs. Since the engine is the most expensive part of the bike and one that can be easily damaged during a monsoon or flood situation, having this cover truly helps.
Return to invoice cover
Usually, if your car is stolen or damaged beyond repair, the insurance company will only reimburse you as per the Insured Declared Value of the vehicle, which is usually less than its price. When you opt for the return to invoice cover, you can ensure that in such a scenario, you get reimbursed for the full price, in other words, the amount of the invoice.
Accident cover for the pillion rider:
Adding this extra cover to your motorcycle insurance policy is a must, especially if you travel with a co-passenger. Paying for this cover will ensure that the pillion rider’s wellbeing is taken care of in case he/she is harmed during an accident.
As a bike enthusiast, you may have invested in extra accessories for your bike. Unfortunately, neither does comprehensive bike insurance policy cover any damage to such accessories, nor does it cover theft. So, to protect them you can opt for an accessories cover. This will help you take care of repairs and replacement costs.
With sound knowledge about a motorcycle insurance policy’s inclusions and the add-on covers available, you will be able to customise a bike insurance policy to suit you perfectly.