Losing out on your personal belongings like phone, wallet, etc. can be a sad experience. Especially, when you are traveling, knowingly or unknowingly you might lose out on your personal belongings which can be a big blow on you financially. While a comprehensive insurance policy does offer you coverage in case of an accident or third party damages, it does not provide coverage in case of loss of personal belonging. However, opting for a personal belonging bike insurance add-on cover can help as it compensates you for the loss of the items you keep in the bike.
Personal belongings add on cover provides you additional protection along with your base comprehensive insurance policy. In the event of an accident, the insurance company will reimburse the amount for the replacement or repair of the belongings inside the insured bike. This type of two wheeler insurance add on also provides coverage in case of the theft of the personal belongings.
The coverage amount is given after deducting the value of depreciation. Personal belongings add on cover can be purchased at the time of buying insurance cover or at the time of renewal.
A regular bike insurance policy provides you coverage in case of damages caused to the bike due to man-made, natural calamities or even in case of theft or third party person or property damages. However, it does not provide cover in case of loss of personal belongings i.e. items like mobile, wallet, charger, laptop, etc. that you may store inside your bike or carry with you when traveling. Considering that the belongings are expensive in nature, having a personal belongings add on cover helps as it provides coverage against the loss. While this type of coverage is not available under standard bike insurance policy, the insurance company provides you with an option to purchase the same coverage by paying additional premium.
Given below are exclusions of personal belonging bike insurance add on cover
You can purchase personal belongings add on cover at the time of buying comprehensive insurance for your bike or at the time of policy renewal. At the time of insuring the bike, you get several add on options and from the list of add ons available with the insurer, you can choose a personal belonging add on.
You will need to submit the below documents when purchasing personal belongings add on cover.
The process of registering claims for personal belongings may vary from insurer to insurer. However, the basic documentation requirements may be similar.
The deduction on depreciation on invoice value is calculated as per the below
| Age of Personal Belongings | Depreciation (%) |
|---|---|
| Less than 1 year | 20 |
| More than 1 year and less than 2 years | 40 |
| More than 2 years and less than 3 years | 50 |
| More than 3 years and less than 4 years | 60 |
| More than 4 years | 80 |
No, it is not mandatory to purchase personal belongings bike insurance add-on cover. However, it is ideal to purchase the same if you are frequently traveling with your belongings
No, all insurance companies may not offer personal belongings add on cover
Yes, filing FIR is mandatory to get personal belongings add on cover
