Did you, like the majority of other automobile owners, get motor insurance just to comply with the law? Then you are aware that in the event of a natural disaster or an accident, your comprehensive motor insurance will cover any third-party damage, car repairs, and hospitalisation costs for you (owner-driver).
What you may not realise is that you may boost your insurance coverage by adding some optional policies. Consider the following add-on covers:
automobile insurance
Zero Depreciation: Over the years, you may need to repair various components of your automobile as they wear out due to normal use. However, a standard comprehensive automobile insurance policy does not often cover these costs, and you will be responsible for them. The Zero Depreciation add-on, on the other hand, incorporates the depreciation component of the insurance, providing complete coverage. This option is typically good for five years from the date of vehicle purchase. Additionally, you can recover the complete cost of replacement components in the event of an accident with this add-on.
No Claim Bonus Protection: If you do not make a claim throughout the life of your policy, you are entitled to a No Claim Bonus (NCB). This implies that when you renew your policy the following year, your premium will be reduced. However, if you file a claim, you forfeit this advantage. However, the No Claim Bonus Protection add-on guarantees that you will receive your NCB regardless of whether you make a claim, resulting in a reduced premium. Certain insurance firms, however, may deny you the NCB Protection benefit if you make more than two or three claims within the policy's term. As a result, verify with your insurer before to purchasing the add-on policy.
Roadside Assistance: Even the best-maintained car might have mechanical problems and breakdown, leaving you stranded in a distant spot. This is when an add-on for Roadside Assistance comes in handy. It assures that your insurance will give services such as a technician, towing, and assistance with battery-related issues, among others. This is a great add-on if you are a frequent automobile user who travels large distances. Many car insurance policies now include this optional coverage as part of the standard comprehensive policy.
Engine Secure/Protection Coverage: The standard comprehensive automobile insurance policy does not cover damage to the engine of your car. However, the add-on Engine Protect cover does. If you reside in a region prone to floods, this add-on cover is necessary to protect your engine from damage caused by waterlogging. This is also a great add-on if you own a high-end luxury vehicle, as servicing such engines may be extremely costly.
Return to Invoice Coverage: This optional coverage assures that in the event that your vehicle is stolen or damaged beyond repair, your insurer will compensate you for the vehicle's original invoice value, including road taxes and registration fees. It is normally offered for automobiles with a maximum age of three years. It is possible that it will not be accessible for imported vehicles.
Consumables Coverage: When repairing a vehicle, you are responsible for small-ticket consumables such as nuts and bolts, oil, and screws. Even these small-ticket things might put a dent in your pocketbook if you drive an expensive automobile. It would be beneficial if you purchased this add-on so that your insurance would pay for them.
Passenger Accident Coverage: This is often a one-time payment of Rs. 1 lakh in the event of a passenger's death, injury, or disability as a result of an accident.
Key Replacement Cover: Do you frequently misplace your keys? Then this add-on cover is a must-have for you. This coverage kicks in if you misplace or lose your keys. If you recover your car after it has been stolen, this coverage will replace your lock and key system.
Accidental coverage for the driver: If you have a driver, this add-on makes sense. It will cover your driver's medical expenses in the event of an accident.
Bear in mind that these optional coverages will increase your rate. Additionally, some of them may not be compatible with older automobiles. Ensure that you examine these conditions prior to purchasing the one that matches your requirements.
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