Does the Bike Insurance Policy Cover Fiber Parts- Parts covered under bike insurance

When you are buying a new bike, you are not just paying for the engine and other mechanical parts but also several rubber, glass, silicon, or fiber parts that depreciate faster. In the majority of the cases, these parts also do not come under bike insurance coverage. In a standard two-wheeler insurance policy, the repairing cost or replacement expenses of the depreciable parts are not covered fully.

This won’t be the case, if you have a zero depreciation add-on, as the cost of the depreciable parts is covered. Therefore, you will not be required to pay for any damage that has been caused to your bike. To get full insurance coverage for your bike repair costs, you should opt for a comprehensive bike insurance policy, and along with it; you should also get a zero-depreciation add-on cover. As you do this, all parts and fittings of your bike, whether it is made out of fiber, rubber, glass, or metal will get full coverage from the insurance provider.

Depreciation in Bike Insurance

Depreciation means the reduced value of your vehicle, which happens over the period. This is one of the reasons why the depreciated cost of the parts of a bike or any vehicle is not covered under a typical insurance policy. According to the IRDAI, a partial amount for the repair or replacement cost of such parts during a mishap is borne by the insurance company. The owner of the vehicle has to bear the rest of the amount. Some of the depreciable bike parts include tyres, tubes, vizor, nylon wires, headlight, tail light, etc. You also need to know that the deducted depreciable value of such parts differs from one another.

Percentage of Deducted Depreciation of Bike Parts

There is a high chance that the deducted depreciation value of your bike parts will vary. Here is a table that shows the borne percentage.

Depreciable bike parts	Depreciable cost in %
Rubber, Nylon, Plastic	50%
Tyre(s) and Tube(s)	50%
Fiber-glass	30%
Glass	0%

You must also know that the depreciation rate depends much on the age of the parts of your bike. Here is another table for your better understanding.

Age of the vehicle	Depreciated percentage
Below 6 months	Nil
Between 6 months and 1 year	5%
Between 1 year and 2 years	10%
Between 2 years and 3 years	15%
Between 3 years and 4 years	25%
Between 4 years and 5 years	35%
Between 5 years and 10 years	40%
Above  10 years	50%

Difference between zero depreciation insurance for the bike and a standard comprehensive policy

Differentiating points	Comprehensive policy with zero depreciation cover	Comprehensive policy without zero depreciation cover
Claim amount	Full payment of garage bills	Deduction as per the depreciation
Cost of depreciable parts	Total payment	Partially paid as per depreciation factor that is applicable
Premiums cost	Comparatively higher	Comparatively lower as compared to zero depreciation add-on cover
Savings during claims	Saving on all the repair or even replacement costs of depreciable parts	Have to pay a depreciable cost; however, it depends on the type of depreciable material
Claim amount	Total payment of garage bills	Deduction as per the depreciation

Why Should You Have a Zero Depreciation Add-on Cover?

One of the biggest reasons why you should have a zero depreciation add-on cover is because the depreciable parts are completely covered under this. You will not have to pay the percentage deductibles. Also, when you have this add-on cover, you can have peace of mind since you will be able to avail of full payment of garage bill repairs during your claim.

What is Excluded in a Zero-Depreciation Add-on Cover?

Even the best bike insurance policy comes with exclusions. Here are some of the exclusions in this add-on cover.

When Should You Purchase a Zero-Dep Add-on Cover?

A zero-depreciation add-on cover should be bought when

These points should make it easier for you to decide whether you want to go for a traditional bike insurance policy or a policy with a zero depreciation cover. You can also find many bike insurance policies online that offer zero-depreciation add-on cover and give your bike total protection against any damages.