Ultimate List of Add-Ons for You to Choose Smartly

Imagine you’re on a road trip, cruising down the highway. Suddenly, a warning light flickers on your dashboard – your bike has broken down, and you’re stranded miles from nowhere. You cannot see any garage nearby. What can you do?

In such a stressful situation, having the right bike Insurance add-ons like roadside assistance could make all the difference. Add-on covers are optional benefits that you can purchase to supplement your base bike insurance policy. They provide additional financial protection for various situations, from roadside breakdowns to key replacements.

By understanding the advantages of bike Insurance add-ons, you can make informed decisions to optimize your insurance plan and achieve a more comprehensive level of protection.

Best Bike Insurance Add-Ons to Choose From

When selecting two-wheeler insurance add-on covers, you must understand your needs and riding habits. This will help determine which add-on is right for you. Below is the list of add-on covers for bike insurance you can consider:

1. Zero-Depreciation Cover

Zero depreciation insurance for a two-wheeler makes sure that the insurer does not factor in the depreciation of your two-wheeler parts when settling the claim. As soon as you bring your vehicle out     of the showroom, its value depreciates by 5% and gradually keeps on falling with each passing year.^[1] This depreciation amount is generally considered when you buy or claim insurance for your car or bike.

Example: Suppose your bike’s bumper is damaged and costs ₹1,500. In this case, the insurer will pay the entire amount without considering the bike’s depreciation.

Who Should Choose: New bike owners, owners of high-end bikes, and those who frequently make claims.

2. Roadside Assistance

Roadside assistance can help if your bike breaks down on the road. It includes services like emergency repairs, towing, refueling, and resolving technical glitches.

Example: If your bike gets a flat tyre on the road, the insurer will send a mechanic or tow it to the nearest garage for repair.

Who Should Choose: Roadside assistance is valuable for all riders. It’s a smart choice if you take long rides or ride in areas with limited access to repair services.

3. Personal Accident Cover

Around 75,000 bike riders lost their lives in 2022.^[2] Personal accident cover can sort of compensate for their lives. It is an insurance policy that protects against accidental death, bodily harm, or disability.

Example: Imagine Rahul earns ₹10,000 per month and is the family’s sole breadwinner.  Recently, he had an accident that led to his demise. He owned a personal accident cover of ₹10,00,000 with his wife as a nominee. In that case, his wife will get the covered money.

Who should choose: It’s crucial for individuals who are the main income earners in their family to have a personal accident cover.

4. Passenger Cover

Definition: Extends personal coverage to other passengers riding the bike’s back seat.

Example: If a passenger is injured or dies in a bike accident, his or her family will receive the insurance amount.

Who should choose: Riders who frequently carry passengers.

5. Return to Invoice Cover

Definition: This bike insurance add-on offers you the total invoice amount of your two-wheeler in case of theft or total loss.

Example: If your bike is stolen, you get the invoice amount instead of the depreciated price.

Who should choose: Owners of new and high-end bikes.

6. Engine Protect Cover

Definition: Covers damages to the bike’s engine or its internal parts.

Example: In case of engine damage due to flooding or oil leakage, this cover will cover the costs.

Who should choose: Riders living in flood-prone areas.

7. Tyre Damage Cover

Definition: Coverage for damaged tyres due to punctures, cuts, or bursts.

Example: Suppose you ran your bike over a nail on the road, damaging the tyre. In that case, this add-on will cover the labour and repair costs.

Who should choose: Recommended for those who frequently travel on rough terrain.

8. Protection of NCB

Definition: Prevents your no-claim bonus (NCM) amount from being reset to zero even if you claim during the policy period.

Example: NCB amount is reset to zero even if you make a single claim. However, this cover prevents it and maintains the NCB amount.

Who should choose: For those who have accumulated.

9. Daily Allowance

Definition: When your bike is not usable after an accident, this gives you a daily allowance for the commute.

Example: Suppose your bike needs to be repaired in the garage for three days after an accident. This cover will give you a daily allowance. 

Who should choose: For the riders heavily dependent on bikes for travel.

10. Loss of Personal Belongings

Definition: Covers damages for loss of belongings stored in the bike’s storage compartment.

Example: If you keep valuables like a watch in your bike’s storage box and they get stolen, you get insurance.

Who should choose: Bikers who carry valuable items on their bike.

11. Key Loss Cover

Definition: Coverage for stolen bike keys and bike’s lock system.

Example: Suppose you lose your bike keys. In that case, this add-on will cover the cost of remaking the keys, including labour charges.

Who should choose: Recommended for those with a habit of losing the keys.

12. Consumables Cover

Definition: Provides consumable coverage, such as nuts, engine oil, bolts, etc.

Example: Suppose your bike’s engine is down. The repair would also require the use of engine oil and lubricants. This add-on will cover the costs of these consumables.

Who should choose: Those who want a comprehensive damage cover for repair works should take this.

Add Ons: Risks vs Rewards

Add-ons can offer you both risks and rewards. Put simply, the reward is the supplemental coverage discussed above. Therefore, you must not miss out on adding critical bike insurance add-on covers to your policy.

For instance, if you like to ride on hill stations, tyre damage cover becomes vital. That’s because your bike’s tyres become more vulnerable to damage due to the terrain.

However, add-ons also have some risks. They might sound very tempting, and you might want to add all of them. If you sign up for add-ons that are not quite valuable to you, they will simply increase the premium amount of your policy.

Impact of Add-Ons on Your Bike Insurance Premium

Bike insurance add-ons can increase your bike premium. These covers offer additional insurance value for engines, consumable parts, etc. So, the insurer will increase the premium to cover the higher value.

However, when used appropriately, they can also help maintain your premium while leveraging the policy’s benefits. For example, when you claim damages, the NCB becomes null. However, with the NCB cover protection, you can still use the bonus to reduce renewal costs.

Key Takeaways

Choosing the right add-ons for your bike insurance ensures comprehensive protection for your two-wheeler. It’s about increasing your policy coverage and enhancing your peace of mind while on the road.

Remember that your needs determine the best bike insurance add-ons for you. Be mindful of these aspects to make an informed decision. Additionally, consider platforms like PhonePe for a seamless and hassle-free insurance purchase experience.