When you purchase a comprehensive bike insurance policy, you get coverage for the parts already provided by the manufacturer. However, if you opt for a third-party liability-only two-wheeler insurance policy, then this is not covered. The parts of your bike can be divided into depreciable and non-depreciable categories.
The depreciable category includes parts like plastic, nylon, rubber, and fibre parts. As per the rules set by the Insurance Development Authority of India (IRDAI), the insurer will pair only a partial cost of the repair or replacement of such depreciable parts. The policyholder will have to bear the rest.
Depreciation Percentage of Bike Parts
Different parts of the bike depreciate at different rates. Therefore, the IRDAI has created a fixed percentage that the insurer will pay, and the rest will have to be borne by you. Here is the table:
| Bike Parts | Depreciated Cost as a Percentage of the Total Cost |
| Rubber, Plastic, Nylon | 50% |
| Tyre(s) and Tube(s) | 50% |
| Fiber-glass | 30% |
| Glass | 0% |
So, if your bike meets with an accident and you want to replace the fibre parts, then as per the table above, the insurer will pay only 30% of the cost of replacement. You will have to bear around 70% of the costs. So, if the parts cost Rs. 1000, then the insurer pays Rs.300, and you bear Rs.700 as replacement costs.
You need to remember that the depreciation rate also depends upon the age of your vehicle. Here is a table to help you understand the impact of the age of your bike on the depreciation rate:
| Age of the vehicle | Percentage of Depreciation |
| Less than 6 months | Nil |
| 6 months >Age< 1 year | 5% |
| 1 year >Age< 2 years | 10% |
| 2 years >Age< 3 years | 15% |
| 3 years >Age< 4 years | 25% |
| 4 years >Age< 5 years | 35% |
| 5 years >Age< 10 years | 40% |
| More than 10 years | 50% |
You can avoid paying the depreciation amount by purchasing a Zero Depreciation Add-On Cover.
What is a Zero Depreciation Cover?
When you purchase comprehensive insurance for two-wheelers online, you can choose add-on covers to customise the policy to your needs. One such cover is the Zero Depreciation Cover. This add-on saves you from paying the difference amount on depreciable bike parts. Hence, you can get full reimbursement for the repair or replacement of the fibre parts of your bike. You can include the cover at the time of renewal of two-wheeler insurance.
How Can You Get Coverage for Fibre Parts of Your Bike?
If you want coverage for the fibre parts of your two-wheeler, then you need to buy a comprehensive two-wheeler insurance policy. However, it is important to remember that fiber parts are depreciable, and the insurer will not reimburse the complete cost of repair or replacement of the said costs. If you want the policy to offer complete coverage for these parts, then you need to opt for the Zero Depreciation add-on cover.
Before you buy a bike insurance policy, make sure that you compare bike insurance plans and use the free bike insurance premium calculator to find the most cost-efficient insurance plan for your site. Remember, you need to find an insurance policy that caters to your specific requirements. If you are looking for a comprehensive bike insurance policy, then make sure that you go through the range of add-on covers available so that you can create a customised policy for your needs.
Summing Up
Even if you are a safe rider, when you are out on the roads, there is always a chance of a collision, mishap, or accident. Hence, it is important to have a bike insurance policy that offers coverage against third party damage and damage to your bike. Also, depending on the make and model of your two-wheeler, it is important to choose add-on covers that help you get maximum coverage for all depreciable and non-depreciable parts. You can easily buy two-wheeler insurance and make the bike insurance payment online.
