Two Wheeler insurance policy is a must for people who commute daily using their bikes. The policy insures you in case of personal accident (death or permanent total disability of the owner/driver), loss, damage, theft of your vehicle, and also covers you for third party liability. But the policy has more to offer with additional covers.
The standard two wheeler policy can be purchased for up to 1 year, while the Long term two wheeler insurance policy can be availed for up to 3 years. The additional covers can be availed when you either buy or renew your bike insurance policy, but not during the term of the policy. These extensions give maximum coverage for your bike.
Following are some of the common additional covers available that you must get for your two wheeler and which can add more value to your two wheeler insurance policy.
1. Zero or Nil depreciation cover
Depreciation is the reduction in the price of the assets over a period of time due to wear and tear. A zero depreciation cover adds more protection to your existing policy by covering depreciation value along with the entire claim for your loss, damage and theft. It also covers the repair or replacement cost of spare parts i.e. plastic, rubber and fiber components of your bike.
2. Personal accident cover for pillion riders
The standard bike insurance policy covers the owner/driver of the vehicle while driving. But the accident that involved your bike might be severe and may injure the co-passenger causing him /her slight or critical impairment. This add-on cover can cover for the loss of your pillion rider. Thus selecting this cover with your typical insurance policy will be beneficial for someone who is injured while riding on your bike as a commuter.
3. Loss of accessories
People nowadays adorn their bikes with many accessories like Bluetooth devices, set of grills, fancy lights, seat kit etc. and you may be one of them. These adornments can get damaged or lost during an accident. This add-on cover can reimburse you for the ruined electric and non-electric accessories of your bike.
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