Covering your two-wheelers for basic insurance (package policy or comprehensive policy) is a must, but if you truly want to get benefit from your two wheeler insurance policy, you should definitely consider the add-on covers offered by various insurers. Add on covers are covers that provide additional coverage to your two-wheeler from the perils that are not covered by a basic insurance but can be covered with the payment of an extra amount of premium. The additional premium amount depends upon the type of covers chosen. Different add-on covers come at different costs. Below are some of the add-on covers that are offered by the insurers along with the basic insurance for your two-wheeler:
- Zero Depreciation Cover
A two-wheeler is an asset whose value keeps on decreasing with time. Insurers depreciate the value of the vehicle before compensating you for the loss and with this, you end up getting a lower amount of compensation as compared to the actual amount of damage to the vehicle. The advantage with a zero-depreciation cover is that it offers full coverage for the concerned automobile part without any deduction for depreciation. Following is the rate of depreciation applicable according to the age if the vehicle.
|Age of the Vehicle||Rate of Depreciation Applicable|
|Less than 6 months||No Depreciation|
|Above 6 months but less than 1 year||5%|
|Above 1 year but less than 2 years||10%|
|Above 2 years but less than 3 years||15%|
|Above 3 years but less than 4 years||25%|
|Above 4 years but less than 5 years||35%|
|Above 5 years but less than 10 year||40%|
|More than 10 years||50%|
Zero depreciation cover extends from 0-40% depending on the age of the two-wheeler and other factors.
This add-on cover provided by most of the insurance companies offers coverage on plastic, rubber, nylon and fibre glass parts.
This can be availed for brand new vehicles and also can be opted at the time of renewal.
This zero-depreciation add-on cover is designed for a two-wheeler with a maximum age of up to 2 years and is valid for up to 2 claims during the period of the policy.
In case the two-wheeler is stolen or is completely damaged then zero depreciation cover would not be applicable.
The following conditions are excluded from the zero depreciation policy.
- Damage due to an uninsured peril.
- Damage to items that are uninsured like bi-fuel kit, tyres and gas kits.
- Normal wear and tear.
- Damage due to mechanical breakdown.
Availing the zero depreciation cover with your two wheeler insurance will widen the scope of your cover, provide you extra security and minimise your own expenses on the vehicle considerably in case of any damage to the vehicle.
- Personal Accident Cover for Pillion
While one gets a personal accident cover in a comprehensive policy, it is also important to protect the pillion from injuries or death as two-wheeler accidents can be fatal for both the rider as well as for the pillion. This cover provides for insurance in the event of the pillion rider’s partial or permanent disability or death while riding the insured vehicle. The amount that can be claimed would depend on the type of injury suffered by the pillion rider at the time.
- Accessories cover
The accessories cover provides coverage for any electrical or non-electrical accessories added to your two-wheeler. A basic policy doesn’t cover the accessories added to your vehicle. If you want them to be covered then you must opt for this rider, so that the insurance company covers the cost of replacing/repairing them. All you have to do is give the value of the accessories to the insurer at the time of purchasing the policy.
- 24/7 roadside assistance
This add-on cover will provide you with 24/7 assistance by the insurance company in the event of a breakdown or a mechanical failure. Among the services offered are towing facility in the event of a breakdown, accommodation benefit due to the vehicle being unfit to ride, emergency assistance, minor repairs at the site of the accident/breakdown etc.
- Medical cover
This rider is very important at the time of the accident to provide medical assistance, as sometimes the medical treatment becomes unaffordable. This is an add-on cover that helps to cover the costs related to a medical treatment caused by the accident.