How Two-Wheeler Insurance Riders Work?
�Hamara Bajaj�� a quick glance over this tag line and you can immediately feel a sense of d�j� vu. I...
�Hamara Bajaj�� a quick glance over this tag line and you can immediately feel a sense of d�j� vu. It certainly rewinds the time clock and take you back to 80s and 90s when scooters used to be the �chariot� of a middle-class family. Squat, wearing a plain shirt or grey safari suit undistinguished but sober, Mr. Ram Sharan riding his two-scooter in Delhi, with a wife holding two bags and sitting uncomfortably at the back, Pinki squeezed between the two and Raju standing up front � no vehicle could capture the essence of a middle-class family as the scooter does. This was the time, in fact, when the scooters became symbolic and metaphorically found their place in the heart of Indian families�, portraying how we lived our lives.� If I talk about Hindi movies, �chump� characters are always associated with scooters. Take the example of Shahrukh Khan in �Rab ne bana Di Jodi�. And, stylish and powerful heroes drive motorcycles�Dharmendra and Amitabh in Sholay or the entry of Ajey Devgun in Phool aur Kaante. With time, many new luxury cars have hit the Indian automobile sector, but the inclination of people towards two-wheelers has remained intact. Whether it is about enjoying an adventurous road trip, daily commuting to and from office or simply going out to buy groceries, two-wheelers enjoy an upper hand over four-wheelers, which have lots of hurdles to conquer, thanks to the city�s maddening traffic. There would be no exaggeration if I say, �For most Indians, a two-wheeler is still the first vehicle they own in their life before advancing to the car.� With the plethora of options available from high-end motorcycle to the basic moped, there has been a spurt in the use of two-wheelers among people. As a two-wheeler is one of the most �likable� modes of transport, it is necessary to take extra steps to protect it from all types of man-made and natural calamities, like burglary, fire, earthquake, etc. Though a standard insurance cover comes with the benefits like third-party coverage, personal accident cover, etc.; it might be prudent to add a few more riders to your main 2-wheeler insurance for added security. Here are some of the riders:���
- Return to Invoice: Your stylish sports bike is your valuable possession, but it could also become the target of theft. A motorcycle is an asset whose value depreciates with time. It means, a motorcycle bought today will have lower value six months down the line. However, if you have a return to invoice cover, you can get complete reimbursement of the actual value of the motorcycle, equivalent to the market value. Note, this rider works only when the vehicle becomes a total loss due to theft or natural calamities.
- Zero Depreciation Cover: Even a comprehensive bike insurance policy doesn�t settle the full claim amount. The insurer deducts depreciation and pays the remaining amount. However, if you have a zero-depreciation cover, you don�t need to worry about depreciation factor as the insurer will settle the full claim amount without deducting depreciation.
- Engine Cover: This rider proves useful in case, engine of your bike or its ancillary circuit is damaged due waterlogging or flooding. As the cost of repairing an engine can go in lakhs, this rider offers complete peace of mind by covering the expenses.
- Daily Cash Allowance: If your commuting solely depends on your two-wheeler, a daily cash allowance is apt for you. If your motorcycle is severely damaged and is sent to a garage centre for repairing, managing without one can prove difficult. Either you would have to take a public transport or carpool, in both the cases, you would have to shell out extra money on your transportation. However, if you have a daily cash allowance, the insurer will pay a fixed amount/day to meet your transportation expenses.
- Roadside Assistance: Imagine, you are enjoying a bike ride with your partner when suddenly, your vehicle runs out of the fuel. Or a weekend bike trip with your companion could turn into a bad experience if you suddenly have to fix a flat tyre or your vehicle is immobilised due to a technical fault with no help around. By opting for a roadside assistance rider, you can curtail such woes. Make a call to the insurer who will extend services like, on-site repairs, fuel assistance, assistance over phone, flat tyre support, etc.
- Personal Accident Cover for Pillion Rider: This add-on covers the pillion rider or dependents in case of road accident, leading to death or disability of a policyholder.
- No Claim Bonus (NCB) Retention: A policyholder becomes eligible for NCB by not making claims in the previous policy year. However, one claim can bring down the NCB to zero. But NCB Retention rider allows a policyholder to retain its NCB even after making a claim.
- Consumable Cover: Go with this rider if you want to get compensation for money spent on engine oil, nuts, bolts, bearings, and so on. The insurer will make a payout vis-�-vis to these consumables which are usually not covered under a standard policy.
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