A motorbike is an efficient companion in your day to day life. It is a preferred choice of many, be it to discover new destinations for long trips or to cut through the bustling traffic on the roads.There are many reasons why people buy a bike;affordability, passion for riding or a dream of owning a superbike!
The importance of bike in your life is imminent but do you have a perfect protection for your prized possession in case of a mishap? Indian roads are prone to accidents;everyday more than 400 accidents occur on Indian roads. Therefore, it is imperative that you get motorcycle insurance to secure yourself from any financial implications after your bike meets an accident.
Although, third-party motorcycle insurance is mandatory in India, having a comprehensive policy with essential add-ons can provide the right type of coverage.
What Are Add-Ons for Motorcycle Insurance?
Many unforeseen events can create problems in your bike-riding journey. Further, they may lead to unfortunate legal, financial and emotional setbacks in your life. Add-ons play a vital role in ensuring that your journey with your bike is smooth till you use it. Moreover, these add-ons are the extra coverage options that insurers provide you to secure your finances and your bike.
Types of Add-Ons
Some of the add-on covers that are essential in bike insurance are:
- Roadside Assistance Cover
Imagine your bike suddenly breaking down in the middle of nowhere,makingit difficult for you to get any help. If you have roadside assistance cover, you can call the insurance company and inform them about your problem. The insurer will comply with this issue by sending a towing van or a mechanic to take your vehicle to the nearest garage for repair.
- Medical Cover
Amongst all the other add-ons and assistance, the medical cover is of utmost importance if you meet an accident. Majority of the times the medical costs after an accident put a hole in your pocket. Therefore, it becomes mandatory to buy a medical cover with your motorcycle insurance as it helps to cover the expenses related to your medical treatment caused byaccident.
- Passenger Cover
In two-wheelers, accidents can be fatal to the lives of both the rider and the passenger/pillion. In standard policies, riders are covered against disability and death, but it is not the same for their passengers. Therefore, it is crucial that you purchase an additional cover for passengerswhich will provide compensation for their injuries as well. Compensation for the passengeris provided in case of any disability or death. The cost of the premiumis a bit high if you include this cover, but it is significantly beneficial.
- Accessories Cover
If your two-wheeler has fancy electrical and non-electrical equipment which are costly and have high reparation cost if damaged, you need not worry. The accessories cover provided by insurers can provide your finances with a valuable shield if your expensive accessories get damaged in an accident. All you have to do is to provide the value of those accessories in the document while buying the policy and your bike’s accessories are secured (and of course pay the premium regularly).
- Return to Invoice Cover
This add-on is essential as there is no predictability of future. In any standard policy, the amount of compensation that you claim in case of theft or total loss depends on the IDV (Insured Declared Value) of the bike. The return to invoice cover helps in covering the gaps that occur in the invoice value (the on-road price of the bike) and the IDV value. This add-on is mostly offered in the first year of purchasing the bike. If you wish to buy this in the later years, there is a change in the amount of cover provided depending on the depreciation value of your bike.
Keeping in mind the unforeseen threats that you and your bike might face on roads, purchasing add-ons become necessary. They are beneficial in covering the expenses that you least expect. So, hurry up and buy these add-ons for riding your bike without any hassles.