Add-ons are additional coverage benefits which can be chosen voluntarily by paying an additional premium. Add-ons help increase the scope of coverage of the bike insurance policy. Reliance two wheeler insurance plans offer the following types of add-ons with the comprehensive policy:
Since depreciation is not covered under two wheeler insurance plans, in case of a claim, the estimated depreciation is deducted from the costs incurred in repairing or replacing the damaged parts of the bike. As such, the claim amount is reduced considerably. The depreciation which is deducted from the different parts of the bike is as follows
Types of parts of the bike | Rate of depreciation applicable |
---|---|
Rubber, plastic or nylon parts | 50% |
Fibreglass parts | 30% |
Tyres and tubes | 50% |
Metal parts | As per the depreciation of the Insured Declared Value of the bike |
The nil depreciation add-on removes the effect of depreciation from bike insurance claims. If you have chosen the add-on, the company would pay the full claim irrespective of the above-mentioned rates of depreciation.
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