You might be a safe driver, but can you guarantee that the others on the road are? Statistics prove that in Metro cities in India, two-wheelers accidents accounted for the majority of accidents. Another alarming statistic is the that the majority of these accidents involves people between the ages of 20 and 25. Why take a chance? Did you know your two wheeler insurance policy may not cover all the risks on road? It is critical to be aware of the two wheeler insurance policies and the add-on covers that come with them. Let’s start with the basics.
In fact, a two wheeler insurance policy is mandatory. You can’t hit the road without at least having a third-party cover. A third-party two wheeler insurance covers individuals, vehicles or properties who have been injured or damaged by the policy holder’s vehicle. But this only covers the person or object that you crash into, it does not cover you or your vehicle.
Since the risks of accidents are higher on a two-wheeler, every motorist should have a comprehensive two-wheeler insurance policy that covers not only your vehicle but also the owner and other third parties.
You now have the option to buy two wheeler insurance for one year or two and even three years! Getting a two wheeler insurance policy for a longer term reduces the hassles renewing every year plus it gives you a cost advantage.
So down to the reality, does a comprehensive two wheeler insurance policy cover all the damages to the vehicles and persons involved in the accident? Unfortunately, the answer is NO. You need some add-on covers to cater to the shortfall. Let us look at some of the add-on covers available that can be beneficial to you.
Some accidents cause extensive damage to your vehicle and repairs could include extensive replacement of body parts. Burn a hole in your pocket. Usually, people believe that the two wheeler insurance company would reimburse a significant portion of the damage. But what people do not account for is the depreciation which is as high a 50% on some parts! A zero-dep add-on takes care of the depreciation and you can save a lot more on repairs with this cover. So that means—you’ll get coverage without deduction of any depreciation on parts replaced.
Did you know that things like screws, engine oil, nuts and bolts, fuel filter, lubricants, brake oil, and grease are not usually covered? And accidents can cause leakage of lubricants, coolants, and destruction of spares-like bearings. With a consumables expenses add-on cover in place, the two wheeler insurance policy can help to reimburse (in case of a claim) the cost of these consumable spares as well. If you like your claims to cover even the smallest bits of damage—this cover makes sense for you!
Now what happens if you have a new vehicle and it’s completely damaged (Total Loss) or stolen? If your two wheeler insurance policy gives you the option of this additional cover ‘New Vehicle for Old Vehicle’, you should grab it. The premium you pay for this is low, but the benefits are high. This cover ensures that the insurer pays you an amount equal to the invoice value of the new vehicle of same model and make. Point to note though, this cover is available in the case of an admissible total loss/constructive total loss (when more than 75% of the vehicle needs replacement) to the vehicle. It is also available in the case of theft.
Not many people think they need a cover for their engines. But you will be surprised to know that engines get ruined too! Sometime with an ingress of water (when water enters your engine in floods) or due to leakage of oils. And repairing the engine is not cheap! This damage isn’t covered unless you’ve got an engine protector add on.
If you have met with an accident, no one can adequately compensate you for the pain you suffer. Nevertheless, the two wheeler insurance policy can reduce your financial burden. If your injuries require outpatient treatment or hospitalization, two wheeler insurance companies cover the cost of the treatment through various kinds of add-on covers. The Accidental Hospitalisation add-on cover includes the cost of medical expenses including ambulance charges incurred by you, driver, and the pillion rider for treatment of bodily injury caused by an accident to the insured vehicle.
And if your injuries require hospitalization for more than three days, the Hospi Cash add-on cover saves the day! This cover compensates you by paying the hospitalization charges for each person up to a maximum of 5 days. However, you won’t receive this benefit if the period of hospitalization is less than 3 days.
Let’s face it. Accidents cause a lot of damage – physical and emotional. Now what if the pillion ride or you need accident cover? The “Enhanced Owner Personal Accident add-on cover” and the “Enhanced Pillion Rider Personal Accident add-on cover” provides compensation to the owner/driver of the vehicle as well as the pillion rider on a well-defined scale in case of death, permanent total disability or loss of limbs.
Yes! There are covers for that too. An EMI protector add-on cover protects three EMI payments if you endure hospitalization for more than seven days. While an outstanding Loan protector will help if in an unfortunate accident of the two-wheeler results in the death or permanent disability of the owner. The insurer will repay the outstanding loan amount to the financer.
We realise accidents happen anywhere. The Road Side Assistance Add-on Cover can be helpful if you are stuck on the road. This cover offers a host of benefits including towing service, battery jump start, spare key arrangement, breakdown phone assistance, alternate transport and even accommodation if stuck outside your city of abode.
The best part about add-on covers is that you can pick and choose what you need. If you don’t ride with a pillion, you may not need a cover for a pillion rider or if you don’t live in a city that floods, you may not need an engine protector. Simple. Always be on the lookout for a policy that best suits your need.
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