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Insurance Article

Are You Paying for an Add-On You May Never Use? Important Car Insurance Add-Ons

August 18 2016
Car Insurance Add Ons

Fundamental riders for every car owner

You may be the most reliable driver on earth, but that does not mean you don’t require a motor insurance. Various unpredictable factors such as calamities, road quality, behaviour of other drivers, crimes, etc. can affect the safety of your vehicle. In such cases, your comprehensive car insurance may fall short. Hence, car insurance riders or add-ons are needed to extend coverage and protection for your car.

With so many riders, it is important to understand that not all of them are necessary, especially if it won’t be used. Why pay premium for cover you didn’t need in the first place?

The following types of add-on covers should be ideally bought by responsible car owners. It effectively protects you and your car, and minimizes the risk of liability.

Add-On Covers That Are Important

  • Personal accident rider
  • If a personal accident cover is not already attached to your base plan, it is highly recommended that you purchase this add-on.

    According to a World Road Statistics 2015 released by International Road Federation, Geneva, India has the second highest number of road accident fatalities per 1,00,000 population. Another report ‘Roads Accidents in India – 2015’ released in June by the Ministry discloses that, number of accidents recorded by car/taxis/vans/light and medium vehicles is 17.2%, coming in second after two wheelers.

    Hence, such a rider is necessary to navigate the complex and unregulated roads of India. It offers coverage for accidental death, temporary partial disability, and permanent partial/total disability.

  • Ambulance and medical expenses rider
  • This add-on covers the cost of medical care and ambulance charges in case you or your passengers or other involved party meet with an accident. It compensates you for these expenses up to a certain limit.

  • Engine hydrostatic cover
  • This add-on is best suited for Indian car owners and is vital part of motor insurance. Indian monsoons can create havoc on car engines. Such hydrostatic cover offers coverage for damages to your engine due to leakage of oil, water stalling, etc. The insurer will pay the engine repair costs under this rider.

  • Road assistance and towing rider
  • RSA rider is saviour in event of an accident or vehicle breakdown in middle of the road. Insurers offer this assistance 24x7 for fuel refuelling, flat tyre change, battery jumpstart, etc. All you need to do is call your insurer for the assistance to be dispatched.

  • Zero depreciation cover
  • When you claim insurance on your car, you will get a depreciated value of the vehicle. Hence, the claim you receive will never be the full amount. With zero depreciation rider, you can claim the full amount excluding the depreciation, thus saving at least 30-40% of losses. However, this cover recommended only for new cars.

  • Vehicle Replacement
  • Vehicle Replacement add-on is crucial if your car is damaged beyond repairs due to an accident or theft. In such cases, usually insurer will declare it as total loss and the claim you receive will be less than market value, which is insufficient. This rider offers coverage for an equivalent car replacement and protects you against such losses.

Rather than cancelling ‘junk portions’ of your insurance or buying fancy riders – that won’t be utilised – these add-ons will give you a healthy coverage that enhances the utility of your car insurance. They are fundamental and offer better coverage. Check your policy wordings before signing, to find the perfect companion for your car insurance.

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