What is Invoice Protection Add-On Cover in Bike Insurance?

A bike insurance plan offers many benefits. However, a basic plan may not always suffice, especially if you have an expensive, high-end vehicle. You may need some add-on covers like the invoice protection rider along with your basic policy. In this article, we will discuss the importance of such an add-on cover and why you need it. Read on to know more.

Understanding The Invoice Protection rider

An invoice protection rider offers one major benefit. It protects against depreciation. Your motorbike depreciates in value as it ages. If you happen to lose your vehicle after a few years, either due to some major accident or theft, the insurance provider will not pay the entire value of the bike. Depreciation will be deducted and you will get a part of the bike’s price. This amount will not be enough for you to buy a new bike and you have to strain your own finances. To prevent this, you must get an invoice protection rider. This will enable you to claim the amount equal to the one mentioned on the invoice of your bike. This will be irrespective of the age of your vehicle. You can then get a new bike and a new bike insurance plan for it.

How to get an invoice protection rider?

If you are convinced that an invoice protection rider is a good bike insurance add-on, you must get it. To buy the rider all you have to do is:

• Go online: Buying insurance has become very easy over the internet these days. All you have to do is visit your insurance provider’s official website and opt for the rider, along with your base plan. You can get the rider with a new bike insurance plan. You can also get it at the time of bike insurance online renewal.
• Make the purchase: You can pay the premium and buy the rider instantly. This is why online motor insurance is so helpful – you get to buy the right kind of insurance with ease and simplicity.

Benefits of getting an invoice protection rider

You get many benefits when you opt for an invoice protection rider. Some of them are:

1. Helps you financially: When you have this rider as a part of your bike insurance cover, you end up with many financial gains. You get to make a higher claim when your bike is damaged beyond repair or if stolen. This keeps your own savings in place.
2. Makes it easy to replace your bike: Since you get the complete price of the bike, it becomes very easy for you to replace it. You don’t need to think twice. You can just collect the claim amount and buy a new bike right away.
3. Easy to buy and renew: Whether you want the rider with a new bike insurance plan or when you go for bike insurance online renewal, you can purchase the rider with ease. The online space makes it extremely simple for you to own and use this add-on cover.

These are some of the most impressive benefits of buying an invoice protection add-on cover with your comprehensive bike policy.

The Bottom Line

Keep all the points mentioned above in mind. You will then be able to make a logical conclusion about the need to have an invoice protection rider with your bike insurance policy. Once you have this rider with you, you will be able to ride your bike with a lot of mental peace. Just keep one thing in mind – the add-on cover comes at an added cost. So your premium will be slightly higher. However, given the advantages, it is really a small amount that you have to pay!