Top 5 bicycle insurance supplements to consider
A comprehensive bicycle insurance policy will provide you with adequate coverage to deal with difficult events and damage. However, it will not provide you with comprehensive coverage for specific situations, resulting in a financial burden if certain parts of your bike, such as the engine, are damaged. Or if you’re stuck in the middle of nowhere and need quick roadside assistance. This is where the supplements for your insurance policy come in handy.
What are bicycle insurance supplements?
The bicycle insurance supplements provide additional coverage that can be taken out with a comprehensive bicycle insurance policy. These add-ons increase or improve coverage and help the insured get the required claim amount without spending out of their own pockets.
Including add-ons to a plan will cause the premium amount on the policy to increase, and the premium increase will depend on the add-on you choose. But if you choose it carefully, you can save yourself from spending a considerable amount of money for damage.
Leading insurers like Tata AIG offer a multitude of interesting additions to your bicycle insurance policy. Here are some of the essential add-ons you might consider including in your policy.
Top 5 bicycle insurance supplements to take into account for your bicycle:
1. Roadside assistance coverage
If your bike is damaged due to an unforeseen event or faces a breakdown on the road, the Roadside Assistance Coverage Add-on (RSA) will help you get the assistance you need. This is an emergency assistance service provided by insurance companies to owners of bicycles whose vehicles have malfunctioned on the road. Roadside assistance for the bicycle will provide services such as fuel delivery, towing facilities, taxi service, flat tire repair, engine starting, replacement of lost keys and many more. Including this supplement in your insurance can be very beneficial if you travel frequently, especially in unfamiliar areas.
2. Zero amortization cover
Insurance companies typically deduct the amount of depreciation from the price of a vehicle component when settling a repair or replacement claim. This is because every bike, including every part of the bike, experiences depreciation once it’s used.
So when the claim is filed, the insurance company will deduct the standard depreciation charge and only pay the amount of the difference. This often results in policyholders paying a certain amount out of their own pockets.
However, with zero depreciation in bicycle insurance, the insurance company covers the depreciation costs incurred by your two-wheeler. Zero depreciation or ZERO depreciation ensures that the insurer ignores the depreciated value and you get a settlement of the claim for the actual price of the part (s).
3. Motor protection cover
Even if the motor is one of the most expensive parts of your bike, any damage will not be covered by your bike insurance policy. The Motor Protection add-on in your bicycle insurance policy will compensate you for any damage suffered by the motor of your two-wheeler. Some of the instances covered by this add-on include:
– Damage to the engine as a result of water infiltration.
– Damage to engine parts due to a lubricating oil leak.
– Engine failure caused by an attempt to start a wet engine.
– Physical damage to the gearbox or to the differential parts.
If you live in an area prone to flooding or near streets that are easily waterlogged, this add-on can be very helpful. The Motor Protection add-on is also beneficial for you if you own a high-end bike with an expensive motor.
4. Passenger assistance coverage
Passenger assistance is an additional module specially designed to cover the passenger in the event of injury or death due to an unforeseen event. The Passenger Assistance add-on module provides insurance cover in the event of accidental death, partial disability or permanent disability of the passenger. If you regularly ride your two-wheeler with someone sitting behind you, getting this add-on can be of great benefit to you in the long run.
5. Back to invoice cover
If your two-wheeler is completely damaged, an all-risk insurance policy will provide you with the IDV (declared insured value) of your bike, which may be affected due to depreciation. Thus, if you file a claim after a few years of purchasing a bicycle, you will receive the amortized amount.
With the Back to Invoice add-on, the difference between the IDV and the invoice value of your bike with registration and other taxes is covered. This add-on is applicable when your bike suffers a total loss, that is, if it is damaged beyond repair or is stolen. Therefore, the Back to Invoice add-on will help you bridge the gap between your bike’s road price and the IDV you stated when purchasing the policy (which is subject to depreciation).
When you add add-ons to your insurance policy, you improve the coverage of your two-wheeler insurance plan. While choosing too many unnecessary add-ons for your policy can become an expensive affair, the right mix of add-ons can save you from spending too much on damages.
Disclaimer: This is a company press release. No HT journalist is involved in the creation of this content.