Comprehensive bike insurance doesn’t cover accessories, but you can get protection for those components with an accessories cover. This add-on protects valuable accessories, such as custom lights, seat kits, and audio systems, from theft and damages due to accidents. It’s especially beneficial for bike owners with high-end accessories or those in accident-prone areas. The cover includes electrical and non-electrical add-ons, and the coverage amount is based on their invoice value minus depreciation.
Introduction
When it comes to basic two-wheeler insurance, accessories are not typically covered. While your policy provides coverage for your bike’s core components, it often excludes additional parts like fancy lights, seat kits, or high-tech gadgets. Fortunately, you can ensure the protection of these components by adding a rider specifically designed to safeguard these valuables from potential damage or theft.
What is an Accessories Cover in Bike Insurance?
An accessories cover is a rider available with comprehensive two-wheeler insurance that specifically protects the add-ons you install on your bike. Regular bike insurance usually covers only the bike’s main body and not the customisations or extra components you may have added. Whether it’s a non-electrical accessory like a seat cover or an electrical one like fancy lights or sound systems, these items are often not included in standard policies.
If you want to insure these valuable add-ons, opt for an accessories cover. This rider allows you to safeguard your bike’s accessories against damages caused by accidents, theft, or any other mishap, giving you the extra protection you need. To include this cover, you may need to inform your insurer about the total cost of your accessories when purchasing the policy.
Why Should You Consider an Accessories Add-On?
Accessories often enhance the appearance and functionality of your bike, but they also come with a significant price tag. Imagine you’ve added a high-end Bluetooth system, alloy wheels, or advanced riding gear. In the unfortunate event of an accident, these accessories are vulnerable and could get damaged. Without the right cover, you’d have to bear the financial burden of repairing or replacing them.
Moreover, if your bike is stolen and it has accessories like fancy lights or a custom seat kit, the insurance payout from a standard policy won’t cover those items. That’s where the accessories cover comes into play—it ensures you don’t face unexpected expenses when the worst happens.
Who Should Opt for the Accessories Cover?
Not all bike owners need the accessories cover, but it’s highly recommended for certain individuals:
- Owners of New Bikes: If you recently bought a bike and added some new accessories, this cover will protect your investments.
- Bike Enthusiasts with High-End Accessories: If you’ve invested in premium accessories like an advanced sound system, custom exhaust, or high-quality seats, these are often costly and would be hard to replace if damaged.
- Riders in Accident-Prone Areas: If you frequently ride in accident-prone areas or places where theft is more likely, there is a higher risk of losing or damaging the accessories. This cover ensures you’re financially protected if something goes wrong.
- Riders Who Modify Their Bikes: If you’ve customised your bike with electrical or non-electrical accessories, you should definitely consider adding an accessories cover to avoid unexpected financial strain.
What Types of Accessories Does the Cover Include?
The accessories cover typically covers two types of add-ons:
- Electrical Accessories: These include gadgets and systems that run on electricity, such as:
- Externally fitted music systems
- Fog lights
- Brake lights
- LED lights
- Air-conditioning units
- Non-Electrical Accessories: These are accessories that don’t rely on electricity, such as:
- Alloy wheels
- Seat covers
- CNG kits
- Custom handlebars
Depending on your bike and the accessories you’ve installed, you can get coverage for these items under the accessories cover.
How Does the Insurance Company Determine the Coverage Amount?
The insurance company calculates the coverage amount for your bike’s accessories based on their invoice value and the applicable depreciation rate. When a claim is made, the insurer will pay the invoice value minus the depreciation amount.
For example, if your Bluetooth speaker system costs ₹10,000 and the depreciation rate is 15%, you would receive ₹8,500 as compensation after depreciation is applied. This helps account for the wear and tear of the accessories over time.
What Happens If You Don’t Opt for Accessories Cover?
If you don’t opt for the accessories cover, your two-wheeler insurance will only cover damages to the main body of the bike. The add-ons you’ve added will not be covered under the policy, leaving you at risk of bearing the full financial loss if something happens to them.
If your bike gets involved in an accident or stolen, and the accessories are damaged, you will have to replace or repair them out of pocket. This is why the accessories cover is a must-have for those who have invested significantly in upgrading their two-wheelers.
How to Add Accessories Cover to Your Policy?
Adding accessories cover to your comprehensive two-wheeler insurance is simple. When purchasing your policy or renewing it, inform the insurer about the add-ons you’ve installed on your bike. You will then be required to pay an additional premium based on the estimated cost of those accessories. The insurer will adjust your coverage accordingly, ensuring your add-ons are fully protected.
Can You Add Multiple Add-Ons?
Yes, you can add multiple covers to your bike insurance policy, including the accessories cover. Insurance providers usually offer several other riders you can combine with the accessories cover for enhanced protection. Some of these may include:
- Consumables Cover: It ensures that consumables like oils, nuts, and bolts are covered in the event of damage.
- Engine Protection: Protects your bike’s engine from damage due to external forces.
- Zero Depreciation Cover: This ensures that the depreciation of the accessories and bike parts is not deducted during a claim.
- Daily Conveyance Benefit: This covers the cost of transportation while your bike is being repaired.
These add-ons can be selected according to your needs, creating a more comprehensive and customised insurance package.
Conclusion
In conclusion, it’s clear that two-wheeler insurance alone doesn’t cover the accessories attached to your bike. For added peace of mind, it’s advisable to opt for the accessories cover as an add-on to your comprehensive bike insurance. This cover ensures that your two-wheeler’s valuable add-ons are protected in case of an accident or theft.
Disclaimer: The above information is for illustrative purposes only. For more details, please refer to the policy wordings and prospectus before concluding the sales.
