Car insurance add-ons are essentially, options for extra coverage that you can take by paying an extra premium. These enhance the protection and are usually exclusions in a standard policy. These riders give an extra edge on the benefits offered in the plan. By choosing your add-n covers wisely, you can ensure peace of mind and ensure the financial loss is less in case of a claim.
Must have car insurance add-ons to protect your vehicle
Add-on insurance covers can enhance your car insurance policy, and they come with a lot of additional benefits. Here are some of the essential add-ons offered by insurers for comprehensive car insurance.
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Zero depreciation cover
In a regular claim, the insurance company will always deduct depreciation and then settle the claim on the remaining value based on other terms and conditions and coverage. The zero-depreciation cover add-on ensures that no depreciation value of the car’s components in the event of an accident is considered. This is the main reason that this add-on is one of the most sought by car insurance policyholders. As the insurer settles the claim on a non-depreciated value, the entire cost of repairs or replacement is taken care of and is subject to coverage.
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Roadside assistance cover
In cases of roadside emergencies like breakdowns, flat tyres, fuel shortages, and lockouts, a roadside assistance cover comes as a rescue. With this, you have access to round-the-clock assistance and can avail of services like towing, mechanic assistance, and even emergency fuel delivery. Without this cover, being stuck on the road, arranging for help, and waiting for it is a challenging task. Some of the things covered in this cover are:
- Battery jump start
- Minor repair on site
- Tyre change
- Lost or locked keys
- Emptying fuel tank
- Delivery of fuel
- Car towing
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Engine and gearbox protection cover
The engine and gearbox are the main parts of a car, and these are usually not covered by a standard comprehensive car insurance policy. The engine and gearbox add-on cover covers the cost of repair in case of any damage to the engine and gearbox and their parts. Any damage to the engine and gearbox of a car could result in costly repairs. With an engine protection cover, you can safeguard yourself against engine-related issues due to waterlogging, hydrostatic locks, or any mechanical or electrical failures.
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No-Claim Bonus (NCB) protection cover
A no-claim bonus is the discount the insurance company offers for every claim-free year. The insured can accumulate the bonus and avail a discount of up to 50%. With a no-claim bonus protection cover, you can ensure you retain your NCB discount even after making a claim. This add-on is useful to protect the discount that you have earned over the years and not lose it for a claim in a policy year. This cover is helpful if you have accumulated a bonus.
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Personal accident cover
In case of accidental death or disability to the insured or their family members, a personal accident cover provides financial assistance for medical expenses, hospitalisation, and even loss of income due to the accident. This is not a part of a standard policy, and one needs to take a separate policy. You can get this coverage in your car insurance policy with this add-on cover.
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Consumables cover
This add-on provides reimbursement for the cost of consumables like engine oil, coolant, nuts, and bolts, which are typically not covered under a standard comprehensive car insurance policy. With this add-on, you don’t have to bear these expenses out of pocket, which is usually the case. This helps save money when making a claim.
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Return to Invoice
This add-on ensures that in case of total loss or theft, the insurance company will reimburse the original invoice price of the car. This is not the insured declared value but also includes the registration cost and taxes. The add-on ensures that at the time of a claim, the insured gets the difference between the claim amount approved by the company and the purchase price of the car. This add-on cover is an excellent choice for people who stay in areas that are prone to theft and also who commute on highways for a long stretch.
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Daily allowance
In case of an accident or damage, the car is sent for repairs, and this can take a few days. During this time, the insured is without a vehicle, and this means spending means spending money on commuting. A daily allowance cover provides a daily allowance to the insured for the days the car is in the workshop. This is financially extremely helpful.
Is there a limit to the number of add-ons that one can have on their car insurance policy, or can they add as many as they want?
The number of add-ons that can be added to a car insurance policy may vary depending on the insurance provider. While there is typically no limit on the number of add-ons you can choose, it is important to note that adding too many add-ons can significantly increase the premium amount.
It is advisable to carefully evaluate the benefits and costs of each add-on and choose the ones that align with your specific requirements and budget. Some of the factors that you can keep in mind while choosing the cover are:
- Budget
- Age of car
- Driving conditions
- Climate and location
Conclusion
When it comes to essential add-ons for your car insurance policy, comprehensive car insurance is a must-have. It provides financial protection against damages caused by accidents, theft, natural disasters, and more. With additional add-on covers like zero depreciation, roadside assistance, and engine protection, you can enhance your coverage for added peace of mind on the road.
Disclaimer: The above information is for illustrative purposes only. For more details, please refer to policy wordings and prospectus before concluding the sales.
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