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Insurance Article

Drive your car without any worries with these car insurance add-on covers

June 19 2019

These add-on covers or motor insurance riders can ensure 360-degree protection of your car against all contingencies

carprotectioncover

A car is an important asset in your life. Accident-prone roads can turn the pleasure of driving into misery. According to a Hindu newspaper article, in 2018 alone, 1.47 lakh people have lost their lives due to road accidents. Globally, India accounts for over 11% of the total global road accident fatalities.

The third-party car insurance, which is mandatory by the law, is no longer considered ‘sufficient’ to compensate for the losses arising due to accidents. Thus, many motor insurance companies recommend having add-ons with a comprehensive insurance policy to ensure a complete 360-degree protection of your car against all types of contingencies.

In all respects, these add-ons will enhance the coverage of your car to keep it better protected.

Engine protection cover

Engines are one of the most important components of a car. However, surprisingly, ordinary comprehensive car insurance policies generally do not offer any coverage for damages to the engine. Thus, adding an engine protection cover becomes crucial to safeguard this vital part of your car from the prospective damages. This insurance cover is especially helpful in case of costly luxurious cars for which the the cost of engine repairs can be very expensive.

Zero depreciation cover

TA car’s value begins to depreciate once it exits the showroom. A zero-depreciation cover helps to protect your car against all kinds of physical damages without taking into consideration the depreciation factor. It is highly recommended for new and premium cars since it helps to decrease the expenditures involving losses. Most insurance companies offer this rider to cars less than 5 years old.

Roadside assistance cover

Many insurance companies nowadays offer 24X7 emergency assistance services like refuelling, tyre change, towing, arranging for a mechanic etc. in case of sudden breakdowns. This particular add-on cover can be very helpful during emergencies when your car suddenly breaks down in the middle of a road and you require professional assistance.

NCB retention cover

Insurance companies provide a No Claim Bonus (NCB) for consecutive years for which the policyholder does not make any claim. However, even a single claim, no matter how small it is may reduce your NCB to zero. But, by opting for a NCB retention cover with your car insurance policy, you can continue to retain the benefits for a longer period of time.

Return to invoice

Engines are one of the most important components of a car. However, surprisingly, ordinary comprehensive car insurance policies generally do not offer any coverage for damages to the engine. Thus, adding an engine protection cover becomes crucial to safeguard this vital part of your car from the prospective damages. This insurance cover is especially helpful in case of costly luxurious cars for which the the cost of engine repairs can be very expensive.

Return to invoice

This add-on is particularly helpful to recover financial losses when your car is damaged beyond repair. With this additional rider, you can get the original invoice value of your car including road tax and registration fees which you paid while purchasing the insurance policy in case of a total loss. It allows you to bridge the gap between the declared insurance value and the actual invoice value of the car.

Accessory cover

Most standard car insurance plans exclude coverage for accessories attached to the car such as extra fog lights, defoggers, fancy bumpers etc. Also, by modifying the mechanical set-up of your car, you could lose out on the insurance benefits offered by the policy. However, if you opt for an accessory cover, you can ensure that the modifications made to your car do not invalidate the original insurance cover.

Personal accident cover

Sometimes, freak accidents can partially or permanently disable a person which can prevent him or her from carrying out the daily activities of life. During such a scenario, you may not only be concerned about your treatment but also the survival of your family members who are dependent on you. A personal accident cover enables you to protect yourself financially against such dreadful situations.

In case of a partial or permanent disability due to an accident, the insurer is bound to provide a lump-sum to you or your nominee which will help you to cover the loss of income to an extent. As per the latest motor vehicle rules, it is compulsory for all the vehicle owners in India to have a minimum personal accident cover of Rs. 15 lakh in order to drive on road.

Personal belongings cover

Many people travel in a car with expensive laptops, smartphones, tablets, jewellery etc. During an accident, these expensive gadgets can be destroyed beyond repairs and, generally, such damages are excluded by standard insurance policies. However, by opting for personal belongings cover through an additional premium amount, you can protect all your costly belongings from damages or theft.

Just like the above-mentioned add-on riders, many car insurance companies also offer some more value-added features to improve the basic coverage. It is replete with benefits that can actually create a big difference to your finances. Therefore, it’s prudent to check and include some of these add-ons to your main car insurance plan to keep driving worry-free.

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