You care about your car and have insurance to protect it from accidents, theft, fires, and other awful happenings. But what about the belongings you keep in your car, like your phone or bag? What if someone takes them, or they get ruined in case of an accident? Will your insurance help with that? Well, that is where personal belonging (PB) cover comes into play. It is a rider you can add to your car insurance to protect the things you keep in your car. Read on to learn more about what is PB in car insurance.
Meaning of Personal Belonging in Car Insurance
- So, what is PB add-on in car insurance? A personal belonging cover is an add-on cover that compensates for the loss or damage of your belongings kept in your car due to theft, fire, or accident.
- Personal belongings include smartphones, laptops, cameras, wallets, bags, and clothes you carry around with you in your car.
- The coverage limit of a personal belonging cover depends on the insurer and the insured declared value (IDV) of your car.
- To avail of the benefits of personal belonging cover, you need to pay an additional premium over and above your comprehensive car insurance premium.
- You must also follow certain conditions and exclusions while claiming a personal belonging cover. For example, you need to report the incident to the police within 24 hours and provide proof of ownership of the items. However, you cannot claim for items not mentioned in the police report.
Conclusion
A personal belonging cover is a valuable add-on cover that can save you from the financial loss of losing or damaging your belongings kept in your car. It can also give you peace of mind and security while travelling with your valuables in your vehicle. However, compare insurers and their coverage limits before buying a personal belonging cover. You should also read the policy wording carefully and understand the terms and conditions of the cover. Comprehensive car insurance with personal belonging cover can reduce the financial burden in case of theft, ensuring that losses incurred from stolen valuables are compensated.
Disclaimer: The information provided in this blog is for educational and informational purposes only. It may contain outdated data and information regarding the relevant industry. It is advised to verify the relevance of the data and information before taking any major steps. ICICI Lombard is not liable for any inaccuracies or consequences resulting from the use of this outdated information