In India, it is mandatory to have an insurance plan for your vehicle. The absence of the same can lead to heavy monetary penalties. Choosing a policy that best satisfies your requirements and provides complete protection can be a challenging feat to achieve. To help you get the best experience and assistance, add-on covers over and above the insurance policy are made available. They provide extra layers of protection for your bike and even yourself by boosting the basic policy cover by offering an extension in the coverage. This additional benefit would mean a little extra pay for the policy’s premium but ultimately would go a long way in helping during the time of need and claim process.
Types of add-on covers
Zero Depreciation Cover: As is well-known, depreciation is a reduction in an asset’s value that occurs over time. Bearing the burden of the cost of depreciation can be stressful for the owner of any bike. A zero depreciation cover enables relieving you of this stress. It ensures compensation of the depreciation amount of fibre, plastic, or rubber components of your two-wheeler by your insurance providers.
Consumables Cover: Consumables include two-wheeler parts such as buts, bolts, clips, bearings, distilled water, oil filters, engine oil, screws, etc. A standard insurance policy doesn’t cover the cost of repair/replacement of these consumables, which can be pretty expensive. An add-on cover for these in your insurance plan can be quite a useful support.
Roadside Assistance Cover: This cover is convenient and comes to your rescue in case of a roadside emergency. It protects you from unwanted situations such as breakdown, empty fuel tank, flat tyre, etc., in the middle of the road.
Personal Belongings/Accessories Cover: To avail benefits of recovering any monetary loss suffered or in case of any damage/theft to the accessories of your two-wheeler such as a helmet, the personal belongings cover, and the accessories cover will provide suitable assistance.
Return to Invoice: In case of total loss or theft of your two-wheeler, the return to invoice covers allows you to get the total invoice price of the vehicle from the insurance provider.
Key Protect Cover: This cover will help you replace the key of your two-wheeler in the event of any damage/theft. It will even provide you with a spare in the minimum possible time.
Benefits of Add-on Covers
Personalised Bike Insurance: Add-on covers help enable the freedom of choice to pick the add-ons as per your requirements and personalise your bike insurance policy with enhanced coverage and peace of mind.
Higher Claim Amount: The multiple add-ons lead to increased coverage in your bike insurance policy, which further equips you in claiming for a higher amount at the time of claim settlement.
Enhanced Protection: As compared to a bike insurance policy without add-ons, policies with add-on coverage
Keeping in mind these types and benefits will help you make the most suitable, profitable and personalised decision for shielding your bike as well as your well-being. At Chola MS, to ensure that our customers and their bikes are safeguarded to the fullest extent at all times, unique additional add-ons are offered with the two-wheeler insurance policy.
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