Motor insurance has evolved significantly over the years. Consumers today can look forward to a host of additional covers as well as assistance services thus deriving maximum value from their motor insurance policy.
Even as a comprehensive policy covers the cost of repair to a damaged vehicle, it does not provide reimbursement for other expenses that one may incur during vehicle repair. It also does not provide essential services in an emergency. Some of the expenses include depreciation, vehicle towing expenses beyond permissible limits, consequential losses, hydrostatic losses etc. Having an insurance cover which covers maximum liability is extremely essential given the increasing propensity of accidents.
There are several new add-on covers offered by insurance companies today. Given below are some of the important add-ons that every motor insurance customer should avail of.
During monsoon, water logging is the primary reason for cars getting stalled in the middle of the road. Water entering or ingressing the engine can lead to engine ceasure. Normally, drivers tend to run the engine faster in such a situation, further aggravating the problem. A normal comprehensive motor insurance policy does not cover engine ceasure due to water ingress. One needs to avail of a Hydrostatic Cover or Engine Protect, to ensure that the motor insurance policy not only covers external damages to the vehicle but also reimburses for engine breakdown losses to water ingression or leakage of lubricants.
Road side Assistance:
It is not uncommon to experience a vehicle breakdown in the middle of the road these days. This leaves the driver and other passengers stranded due to non availability of help at a garage or from road side mechanics. A motor insurance policy can come handy here if one were to opt for Roadside Assistance cover. In this case, the insurance company provides on the spot assistance to fix the vehicle problem or arranges for towing the vehicle to the nearest workshop or garage. Apart from towing and minor repair on spot, this cover also helps avail other essential services such as fuel arrangement, flat tyre replacement, battery arrangement. Today, insurance companies even provide hotel accommodation and alternate vehicle to customers as enhanced benefits.
Return to invoice:
In general in case of a total loss or theft of vehicle, the insured is paid the insured declared value (IDV) of the vehicle by the insurance company. However, one still ends up losing road tax and difference between the IDV and ex-show room price of the vehicle. By opting for this add-on, one can get reimbursed with the road tax and differential amount between the IDV and ex-show room price, thus taking away the extra burden if one were to purchase a new vehicle.
Today an insurance company can also help in terms of ensuring the quality of repair at an authorised workshop in the event of claim. This is extremely beneficial since the customer is assured of quality repair work on the vehicle. In addition, one can benefit from services such as free pick and drop, free car wash and faster repairs. It is advisable to call the insurance company so that one can obtain details of benefits and services before proceeding for repairs.
Repair in case of an accident. It can infact ensure peace of mind for the customer by taking over the responsibility of ensuring quality repair as well as offering timely help to the insured at the time and place of emergency.