APN News

  • Friday, January, 2022| Today's Market | Current Time: 04:18:54
  • Nifty Add-Ons For Your Two Wheeler Insurance

    Published on December 10, 2020

    If you have a two-wheeler, you must be aware that riding your bike without a valid copy of insurance is a violation of the law. Apart from insurance, a pollution certificate is also mandatory. An insurance policy helps to provide a financial cover in times of an accident or damages. It comes handy to insure the rider as well as any repairs for your bike.

    There are two types of two wheeler insurance that you can buy- third-party and comprehensive. As the name suggests, a third-party policy provides coverage for injuries or damages to third parties, i.e. the person outside the contract of insurance. On the contrary, comprehensive policies are more inclusive. They include coverage for damages or injuries to you, i.e. the insured. It has third-party coverage included along with the added benefit of own-damage cover. Using add-ons with comprehensive plans, you can significantly enhance the scope of your policy cover. Let us look at some nifty add-ons that are handy. 

    Zero Depreciation Cover

    It is one of the add-ons that you shouldn’t miss when you purchase a comprehensive policy. The insurance company deducts a specified percentage of the amount when it settles a claim. This specified percentage is towards depreciation for your vehicle. However, when you purchase a zero depreciation cover, there is no deduction made from the claim amount towards depreciation. Also, depreciation is one of the major deductions that happens from your claim and a zero depreciation cover is an absolute no-brainer to get maximum reimbursement for the damages. 

    Return to Invoice Cover

    Accidents and damages happen at most unexpected times. For a standard comprehensive policy, the insurer pays the insured declared value (IDV) in case of total loss or theft. This IDV is lower than your bike’s invoice value. A return to invoice or RTI cover helps to cover the gap between the IDV and the invoice value of your two-wheeler. So if your bike is totalled or stolen, you can be rest assured knowing that your insurance policy has your back. 

    Pillion Rider Add-on

    A standard comprehensive policy does not insure any injuries faced by the pillion rider. Pillion rider add-on helps you extend insurance benefits to the pillion rider too. Any injury sustained by the pillion in case of an accident is covered by the insurer. 

    Roadside Assistance Cover

    A roadside assistance cover or RSA is specifically handy for those individuals who travel for long distances. Travelling through an unknown region in a secluded place with low to no accessibility for service garages is concerning. Thus, at such times, an RSA cover offers the peace of mind knowing your insurance plan can aid you. Your insurance company will comply by sending a mechanic at your location or even tow your vehicle to the nearest service station. 

    Although the two wheeler insurance price increases due to the added coverage, it comes handy to buy them. Further, they only marginally increase the price when compared to a standard comprehensive policy. Since there are many add-ons that you can purchase, a two wheeler insurance premium calculator is a nifty tool that can help you in selecting these add-ons while balancing the premium too. Make the best use of these optional features and have a safe ride.