Do you think your bike insurance policy is right? Is it exactly what you were looking for, or would you like to customise it? In this blog post, we will discuss how you can customise your bike insurance policy to ensure you get the best coverage possible.
Let’s get started.
Different types of insurance plans
Here are the two main types of insurance plans-
1. Third-party Insurance
This is the most basic level of cover and can provide financial protection against third-party liabilities. However, own damage will not be covered under this type of policy.
2. Comprehensive Insurance
A comprehensive policy will cover you, your bike, and any third-party liabilities. It usually comes with a higher premium but provides greater coverage.
Additional riders help in enhancing the financial protection provided by a policy. These are additional benefits that can be purchased by paying an extra premium. Here are some additional riders you should consider-
a) Engine Protection
This rider will reimburse the cost of repairing or replacing your engine up to the stated limit of your policy.
b) Consumable Expenses
This rider will reimburse the cost of replacing the consumable items up to the specified limit mentioned in the policy.
c) Cover for Pillion Rider
Most insurance companies offer cover for pillion riders as an optional extra. If you frequently ride with a passenger, then it’s worth considering this cover. This cover is generally not too expensive and could save you a lot of money if your pillion rider gets injured in an accident.
d) EMI Protection
EMI protection is an important rider that you should consider purchasing. This add-on will reimburse the remaining balance of your loan if your bike is stolen. This can help you avoid defaulting on your loan, which can ruin your credit score.
e) Zero Depreciation Cover
Typically, insurance companies consider the depreciated value of your bike when settling a claim. However, if you have zero depreciation cover, then the insurer will not consider the depreciated value of your vehicle when you file a claim. Hence, you can get a higher claim amount.
To add this cover to your policy, talk to your insurer and ask about zero depreciation cover. You may have to pay a slightly higher premium for this coverage, but it could be well worth it if you ever need to make a claim.
With so many riders available, it’s easy to customise your bike insurance policy as per your needs.