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If you are riding a bike on the streets of India, owning a Third-party Insurance plan is mandatory. Not owning this basic policy can invite heavy monetary penalties. Most often, bike riders buy insurance only to adhere to this legal requirement. However, bike riders often fail to buy a suitable insurance policy that meets their requirements. The importance of buying a plan that offers wider coverage is often understood only at the time of claims. Sometimes, buying a plan that doesn't offer exhaustive coverage can lead to a financial burden. This can make your financial plans go for a toss. That's where the role of Add-on Covers comes into the picture. Here, we will understand the role of add-on covers while buying a bike insurance policy and their benefits.
They are additional coverages that can be bought with a Comprehensive Two-wheeler Insurance Policy. They increase the scope of coverage and help you to get the maximum claim amount in case of damage.
Add-ons also increase the premium of the policy, however, this extra premium is a negligible amount when compared to the benefit add-ons can provide during claims.
Add-ons provide additional coverage, so you can get more claim amount and peace of mind in an unforeseen situation. Let us take a look at the add-on covers that you can buy online on ACKO.
With this add-on cover, ACKO will compensate you with a higher claim amount. This is because the depreciation on bike parts is not taken into account while paying for the damage. The only catch: only those claims where there is depreciation for the bike parts will be considered. This add-on cannot be claimed against the entire cost of replacement on tyres and tubes, and in case of Total Loss/Constructive Total Loss.
Consumable items include nuts & bolts, clips, bearings, gearbox oil, distilled water, screws, oil filters, engine oil, etc. During damage, consumables require a good chunk of money to repair or replace. Under a standard policy, ACKO does not compensate for its repair or replacement cost. Such costs can be covered under an insurance policy by purchasing the Consumables Cover.
The Bike Engine Protection add-on will provide financial protection in case of damage to the engine of your bike. Usually, the engine cost is not included in a standard comprehensive bike insurance policy. Repairing or replacing a bike engine can amount to a huge sum of money. Without the Engine Protect add-on, the cost of repairing/replacing this important part of the bike needs to be borne by you.
Personal Belongings - Damage/Theft add-on saves you against damages/theft of your personal belongings such as a helmet. Helmets are very critical while riding a bike. With this add-on, ACKO will compensate you for damage/theft of your helmet. Depreciation i.e. reduction in the value of an item will be considered while calculating the final claim amount. Also, the claim against theft of your personal belonging should be supported by an FIR.
The Outstation Emergency Cover add-on can be of great help in an event where you land in an emergency while traveling. As the name suggests, this cover will be helpful in case you suffer issues with the vehicle like sudden breakdown while traveling outside a 100-kilometer radius from where you reside. In this case, ACKO will compensate you as specified in the add-on cover.
The Roadside Assistance add-on cover is highly beneficial when you get stuck on the road due to various reasons like breakdown, empty fuel tanks, flat tyre, dead battery, etc. Roadside Assistance cover comes to your rescue by offering services such as pick-up of the vehicle, emergency towing, fuel support, battery jumpstart, on-spot repair, hotel search assistance, etc. In cases where ACKO is unable to provide roadside assistance to you, it will reimburse the costs of applicable services.
The Key Protect Cover Add-on will help you replace the key of your bike in case of damage, theft, or if lost. However, an FIR is required if the bike key is stolen or burglarized. Also, ACKO will compensate you for the repair/replacement of the lock-set, if required. Do remember: don't forget to raise claims against Key Protect add-on cover within 30 days of damage/theft for swift claim settlement.
There are various types of bike insurance add-on covers. However, each one would not be suitable for your needs. You need to make an informed decision while buying an insurance policy for your bike. Here are the benefits of buying bike insurance add-on covers.
Bike insurance add-on increases the extent of coverage of the policy. With add-ons, you can get wider coverage as compared to buying an insurance policy without any add-ons. This allows you to further secure your bike from damages or unforeseen situations.
For example: ACKO provides a wide range of add-on covers. This includes Zero Depreciation Cover, Key Protect Cover, Personal Belongings - Damage/Theft, Roadside Assistance Cover, Bike Engine Protect, Outstation Emergency Cover and Consumables Cover. Each add-on has its own benefits. Select only those add-ons that add value to your bike insurance plan.
You can choose to buy add-ons based on your requirements. Selecting the right add-on cover will help you to personalize your bike insurance policy.
For example: Consider you and your friend both buy bike insurance policies from ACKO. If you have a history of losing your bike keys more often, you can choose the Key Protect Cover. However, if your friend likes to travel more often, he can choose the Outstation Emergency Cover. Thus, both of you bought the same bike insurance policy but chose different add-ons and thus personalized the standard policies.
Since you receive more coverage by including add-ons in your bike insurance policy, you can claim for a higher amount at the time of claim settlement.
For example: Consider you bought the Zero Depreciation add-on for your 2,5 years old bike. Your bike met with an accident and the damage amounted to Rs. 20,000. Without the Zero Depreciation Add-on, the claim amount would come to approx. Rs. 17,000 after considering the depreciation of 15%. However, with the Zero Depreciation add-on cover, you can claim the full amount. Thus, you received a higher claim amount because of the add-on cover.
While calculating the claim amount or the IDV of the bike, depreciation rates need to be considered. Here is the table that mentions the depreciation rate for calculation purposes.
|Age Of Vehicle||Depreciation|
|Less than 6 months||Nil|
|Between 6 months to 1 year||5%|
|Between 1 to 2 years||10%|
|Between 2 to 3 years||15%|
|Between 3 to 4 years||25%|
|Between 4 to 5 years||35%|
|Between 5 to 10 years||40%|
|Exceeding 10 years||50%|
|Age of the Personal Belonging||Depreciation % (on Invoice Value)|
|Less than 1 year||20%|
|Between 1 and 2 years||40%|
|Between 2 and 3 years||50%|
|Between 3 and 4 years||60%|
|Exceeding 4 years||80%|
Commonly asked questions related to add-on covers while buying a two-wheeler insurance policy
Yes, it is possible to endorse a policy with more add-ons, however, the insurance company (in this case ACKO) may need to inspect your bike before you can purchase the additional coverage.What is IDV and why does it affect my bike insurance premium?
IDV stands for Insured Declared Value. It is the approximate current market value of your bike. You need to declare the IDV while purchasing your bike insurance policy because it directly determines the premium of your policy. The higher the IDV, the higher will be the premium. This is also the amount that ACKO will compensate in case of bike theft or if the bike suffers complete damage i.e. total loss.Is it mandatory by law to purchase Add-ons?
No, buying an add-on with a bike insurance policy is a personal choice. They enhance the scope of your standard bike insurance policy and help you get a higher claim amount. Thus, we recommend you buy suitable add-ons to enhance your Comprehensive Bike Insurance policy coverage.How can I get the maximum No Claim Bonus discount?
The only way to get the highest No Claim Bonus Discount on your bike insurance policy is to drive safely. When you ride safely, the chances of an accident reduce, and in turn, the chances of claims also decrease. When you do not file a claim against the own damage component of your bike insurance policy for 5 consecutive years, you can get a whopping 50% discount on the premium amount while renewing the policy. This is how you can get the maximum No Claim Bonus discount on your bike insurance policy.Is depreciation calculated based on various parts of the bike?
Yes, since different bike parts depreciate at a different rate, the calculation is based on each part. The depreciation for rubber, nylon, plastic parts, tyres and tubes, and batteries is 50%. The depreciation on fiberglass components is 30%. You can get in touch with our customer support team to know more about how depreciation is calculated at the time of claim settlement.
ACKO General Insurance Limited
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