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The one mode of transport that is a rage on Indian streets is two wheelers. This vehicle is the choice of millions every day and for various reasons. Maneuvering through traffic becomes twice as easy thanks to the size of two wheelers. Two wheelers include both motorcycles and scooters that people use to commute faster. It is therefore important to maintain your two-wheeler through regular servicing and get a two wheeler insurance policy.
Two wheeler insurance policy will safeguard your two wheeler from a number of problems such as theft, damage due to man-made or natural calamities like fire and also in the event of an accident. Many two wheeler insurance policies also cover you for third party liability. What this essentially means is that if you meet with an accident on your two wheeler and you are at fault, then the insurer will compensate the affected person on your behalf. The reasons to get a two wheeler insurance are plenty and there are many kinds of them as well. One of them is a Zero Depreciation Cover Add-On.
Two-wheelers, unlike property, depreciate over time. With the normal wear and tear as well as passing of time, this becomes unavoidable. A Zero depreciation cover assures you comprehensive coverage without factoring in depreciation. For instance, if your bike is damaged in an accident, the insurer will bear the entire cost. In your regular policy, during claim, you have to bear depreciation on repair/replacement expenses of plastic, fibre, rubber and glass parts. However, with this add-on, you profit by not having to pay depreciation on expenses of repaired/replaced parts.
To give you a better picture, imagine a bike costs INR 1,00,000. Here in the case of an accident, your insurer will reimburse you with the entire amount.
However, if you take a two wheeler insurance without this add-on, the insurer might give you the amount after deducting 30% in terms of depreciation.
Ask your insurer for the additional Zero Depreciation Cover. In the case of an accident, it becomes extremely useful. Also note, this is applicable for two wheelers with a maximum age of up to two years and is valid for just two claims during the policy cover period. Ideally, the policy is for up to one year and as the insured, you have to renew the two wheeler insurance policy at the end of the period.
The breakdown of your two wheeler due to a mechanical problem are not covered under the policy. If the damage occurs due to a component that is not insured (say like a gas kit you have installed and not disclosed to the insurer) then your insurance company is not liable to pay for the damages that occur because of it. If the two wheeler is completely broken or worse, if it is stolen, then the insurer isn’t liable to pay the whole cover, unless it is specifically mentioned in your policy document.
Depending on a number of factors, your two wheeler insurance dealer will suggest the best way forward. This add-on will help you get peace of mind while you ride your bike with pride. You may research the available plans in the market before finally choosing the right bike insurance, based on your needs. It may not always be an easy decision, hence always consult a financial advisor who specializes in two wheeler insurance policies!
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Disclaimer :The information published on this website is for the public's reference only. Content of this information is to provide an overview of your Insurance needs and should not be relied upon for personal, medical, legal or financial decisions and you should consult an appropriate professional for specific advice for Travel/Health/Motor. Bharti AXA General Insurance Company Limited makes no representations about the suitability, reliability, timeliness, and accuracy of the information, travel, services, or any other items mentioned on this subject for any purpose whatsoever.
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