Traveling independently without having to travel in the crowded public transport from one place to another, is a convenience everyone would want. This can be achieved with a personal vehicle like two-wheeler which is easy to maneuver through traffic and convenient to drive on Indian roads. Buying a new two-wheeler is a joy everyone cherishes, especially if it is bought with our own hard earned money. Therefore it is important to keep the vehicle safe and sound at all times with a two wheeler insurance.
A mere third-party insurance policy is never enough to cover any uncertainties that may cause damage to the vehicle. Having a third-party liability cover is the minimum requirement for every vehicle as per the Motor Vehicles Act. A third-party insurance policy provides protection only for the damages caused to the third-party and does not provide any protection to the bike. However, a comprehensive two wheeler insurance policy provides protection against a number of situations like theft, total loss, own damage, third-party, natural disasters, man-made disasters, etc. To enhance the coverage, you can purchase add-on covers for extra premium along with a comprehensive two wheeler insurance policy.
One of the add-on covers you can purchase to ensure the security of the bike is invoice protection cover. This cover is specially designed to compensate for total loss of the bike, if the bike is stolen or is damaged beyond repair.
Invoice protection or return to invoice cover helps you to merge the difference between the invoice price of the bike and insured declared value. This cover is particularly helpful when the bike/scooter is stolen and cannot be traced back or when the bike cannot be repaired any further because of the damage caused due to an accident. By having this optional cover, the policyholder can claim the total amount of loss which is the on-road price of the vehicle.
Under a normal comprehensive policy, the insurer will pay only the insured declared value of the bike for total loss or damage. On the other hand, in case of invoice protection cover, the insurer will pay the on-road price which is almost the entire cost of the bike.
You may like to read: Insured Declared Value For Two Wheeler
|Insured Declared Value||Age of the bike|
|95% of ex-showroom value||Between 0 to 6 months|
|85% of ex-showroom value||Between 6 months to 1 year|
|80% of ex-showroom value||Between 1 to 2 years|
|70% of ex-showroom value||Between 2 to 3 years|
|60% of ex-showroom value||Between 3 to 4 years|
|50% of ex-showroom value||Between 4 to 5 years|
IDV is calculated on the current market value of the vehicle after deducting the depreciation. Under a comprehensive policy, if the bike is stolen between any of the periods mentioned in the table, you can claim the IDV percentage applicable as per the age of the bike. But with this additional cover, you can claim the entire amount without having to consider the IDV value.
Considering the number thefts and police complaints being registered, invoice protection cover should be purchased for your two-wheeler. So, contact your two wheeler insurance provider today and ensure your bike’s safety with invoice protection cover.