The adequacy of a car insurance plan is felt most when your car meets an accident and gets damaged or when you rush for the police station to file a FIR against the theft of your vehicle. In both situations, a standard motor insurance will ensure monetary assistance to help you financially. Though a maximum amount of your loss is being reimbursed by the insurer, your pocket still feels the pinch. There are always some expenses, which you need to pay by own or comprehensive car insurance plans don’t cover. Here, come the add-on car covers in the scene!
Unlike the past years, where general insurance companies in India offered standard motor insurance, a plethora of additional coverage is served to meet the extra expenses, along with your main insurance policy. In addition to own damage or third-party liability, these add-on plans offer several other benefits. These add-ons are very useful and the best part is that they don’t cost much. Nevertheless, before coming to a conclusion, one you should look under the hood of each of these add-on cover to get a hands on it.
You will find no insurance fine print copy, which includes damages that caused to car engine due to negligence or wear and tear. You are smart enough to estimate the hefty repair cost incurred as the engine is the most expensive part of the car. In the events like car engine breaking down due to running without engine oil, waterlogged or negligence, your insurer wouldn’t provide any assistance. However, this is a rare case, but safety matters and here an additional cover may save you from being insolvent.
This has been proven as a useful feature for women or elderly persons. This assistance is designed to provide roadside help in the event of your car running out of fuel, tire puncture, collapse due to any reason. With this add-on you can avail help from the insurance company in arranging for fuel, repair the flat tyre or towering facility to the garage if required.
With a normal car insurance plan, you will get only the depreciated value of the car parts damaged in the accident. This is okay with the low priced cars. However, highly priced car owners have to suffer if damages occur which need to be replaced. With a zero depreciation add-on, you can avail the full value of the part. However, this is not applicable to the older cars, mainly the cars older than 5 years. Also, the safe drivers can ignore this.
No Claim Bonus is offered for every claim free year where the policyholder gets a discount on premium. However, even a single claim is made, the NCB turns to 0% with no time. By purchasing an NCB retention add-on, you can protect your earned NCB. With this NCB, if you make a claim, your NCB will be protected to some extent, instead of becoming ZERO percent.
Daily Garage Grant
This add-on is very useful for those who are highly dependable on their cars. Daily garage allowance cover comes handy when your car has gone for repairs. You will be given a daily allowance of INR 500 for 14 days if the car is in the garage for more than two days. However, the amount and number of days may vary from insurer to insurer.
Adding an additional cover with your main car insurance policy, you may require paying some amount from your pocket but would guarantee a financial security towards any damage or loss of your car.