You surely understand the need of auto insurance as a car owner. According to the Motor Vehicle Act, third-party auto insurance is a Car Insurance for all drivers, yet it is never adequate.
A third-party auto insurance policy shields you from the monetary and legal responsibilities linked to a third party. Damage to your own vehicle is not covered by it. It also does not offer medical coverage in the event that you are hurt in an accident, therefore it is preferable to purchase a comprehensive auto insurance policy.
However, it is important to understand that even comprehensive auto insurance is not a foolproof way to protect your automobile from all potential hazards and losses. A thorough exclusion list is also included with the complete plans.
To supplement your auto insurance coverage, you can purchase add-on covers, also known as riders, based on your driving style and frequency of use. By paying a small additional price, you may add several add-ons to your auto insurance plans to make them more specialized. Following are some of the most popular add-on covers:
cover for roadside assistance
If your car breaks down suddenly, especially in the middle of the road, the auto insurance company will provide you prompt help under the roadside Car Insurance add-on cover by delivering services like on-the-spot repair, flat tyre, spare key recovery, restart battery, fuel support, car towing, etc. This help is offered around-the-clock, including towing services.
Depreciation-free coverage
Depreciation is the decline in an automobile’s value brought on by normal wear and tear. When you file a claim with your comprehensive auto insurance, a portion of the covered reimbursement amount is subtracted as depreciation fees. The insurance won’t deduct any depreciation costs from the reimbursement bill if there is a depreciation cover.
engine cover for a car
The expense of engine repairs other than those suffered as a result of an accident is covered by the engine protection policy, commonly known as the machinery breakdown cover. The benefit of purchasing this auto insurance add-on is that it covers pricey engine repairs.
Additionally, it is useful for locals who live in flooded areas. Engine damage is a prevalent problem in regions that experience heavy rains or violent monsoons. It should be noted that this additional insurance does not cover damages caused by owner error or regular wear and tear.
NCB insurance coverage
Your vehicle insurance company will give you a No Claim Bonus (NCB) if you do not file any claims under your coverage. At the time of renewal, the NCB is often given as a discount on the premium cost for the next year. The prize may occasionally be awarded in addition to the insured amount.
This premium discount may be up to 50%. However, you forfeit your NCB each time a claim is raised. You may modify your auto insurance coverage so that you can file a claim and have it resolved without losing your accrued NCB by adding an NCB protection plan.
Back to the invoice cover
In order to protect yourself against vehicle theft, you may include this coverage in your comprehensive auto insurance policy. The original value of the automobile, which includes registration fees and road tax, may be recoverable from a policyholder who is protected by this add-on plan.
Without this extra, you would only receive the vehicle’s insured stated value (IDV), which is its current market value—typically a depreciated market value—at the time of purchase. The fact that the insurer will factor the purchase price into the claim payment is a benefit of adding this coverage.
Consumables include
Consumable expenditures are excluded from coverage under a typical comprehensive auto insurance policy. You will, however, need consumables to complete one. You may occasionally need to spend money on consumables like screen washers, engine oil, lubrication oil, AC refrigerants, ball bearings, nuts, and bolts for correct maintenance and smooth operation of the automobile.
You would realize the cumulative yearly expenditure on these consumables is pretty substantial if you were to calculate and take into account the whole cost. By adding a small extra premium for a consumables cover, you may maintain your protection against these ongoing costs.
replacement key cover
One, you’ll have to come up with cash out of your pocket if your car keys are lost or stolen. In the event that the key is technologically sophisticated, replacing it may prove to be expensive.
Two, you could not be aware of the proper locations to get your key made over and changed. If you’ve just moved to a new location, this may be a big problem. You may effortlessly replace your lost or stolen Car Insurance keys with a key replacement cover without any trouble.
Cover to protect tires
The cost of any such loss or damage to tires resulting from a cause other than an accident is often not covered by a comprehensive auto insurance policy. If the tire has to be repaired or replaced, you will be responsible for paying for it out of pocket, which may be extremely expensive. With a tire protection plan, the auto insurance company will pay for any costs associated with tire repair or replacement.
cover for passenger accidents
If you have comprehensive auto insurance, the cost of your care will be covered in the event of an accident or other unforeseen incident. What if some of your loved ones also get hurt? You can rely on the medical care you need with a passenger accident insurance.
Therefore, you should increase the coverage of your car insurance policy depending on your usage and other factors, such as how frequently your family travels with you, whether you live in an area that is prone to flooding, how severe the monsoons are where you live, and so forth. By adding extras, you may personalize your auto insurance and get all-around protection.
Disclaimer
The information shown here is just meant to be illustrative. Before finalizing the sales, please see the policy wordings and prospectus for further information.