Understanding Various Add-on Insurance Covers for your Car
Nowadays we take our car insurance for granted. We simply go ahead and subscribe to it without giving it a second thought. Additionally, various add-on covers are noteworthy simply for the specific problems they address; but still, we do not use these and lose out on several benefits that come in handy at the right time.
Keep reading the blog post to improve your awareness about the different add-on covers, and how you can benefit from them:
- Roadside Assistance – The danger of your car breaking down in the middle of nowhere is a scary thought. Opting for roadside assistance will alleviate this pain considerably. You get the option to have the car towed away to a nearby garage, or can have a mechanic arrive with the assistance to repair your car on the spot.
- No Depreciation Cover – We are all aware of the concept of depreciation. With time, the parts of the car are subjected to wear and tear and so their cost depreciates. For example, if your car meets with an accident, a claim of 0 to 50% is offered on the different parts like plastic, rubber and fibre. An insurer needs to opt for a zero depreciation car insurance cover to get adequate coverage.
- Personal Accident Cover – With road related mishaps extremely high in India, it makes total sense to opt for this add-on with your insurance. Most policies honour 100% claims against total damage to the car or grave injury/death of owner-driver in an accident. However, there are quite a few exclusions that you must know. For instance, if the driver is found under the influence of liquor or drugs then the claim won’t be paid out. Another example is if the accident happens during a contract period between the driver and another entity like a cab aggregator business, then too the claim might be rejected.
- Engine Damage or Repair Policy – Engine is the main component on which your car performance resides. If you are running a moist engine, the chances of encountering engine failure increases. Having an engine and electronic circuit insurance protection add-on helps because replacement of electronic circuits is a costly affair.
- Key insurance add on cover – The standard insurance cover doesn’t key-guard your car when it is stolen, lost or misplaced. If you have a key insurance add-on cover, you need not worry about the high cost of key replacement.
- Loss of Personal Belongings– It allows you to claim any loss of personal belongings including any electronic equipment like a laptop, charger, etc. from a locked vehicle. Though the claim amount differs from company to company, yet the price can go as high as Rs 50,000.
Having car insurance is a mandate as per Indian Motor Vehicles Act, 1988. However, buying an add-on cover provides additional security both in terms of finance and keeps one safe from any mishappening. You just need to be sure of your requirements before you finalise any particular add-on coverage.