There are various featured covers that one can add to their comprehensive car insurance policy. Under car insurance or motor insurance, an add on cover is referred to as an additional cover that can be purchased by a car owner to strengthen the coverage level of his/her car. These features can range from zero depreciation, personal baggage insurance, engine protector insurance and many others. They give you more flexibility and advantage as compared to your basic car policy.
Additional car cover add on come with additional cost and are only available if you take a comprehensive care insurance or stand alone own damage (OD) insurance plans. Such add-ons are generally not available in third party insurance policy.
Zero Depreciation or Return to Invoice Cover
Also known as bumper to bumper cover, zero depreciation is an add-on you could add to your comprehensive car insurance policy. To understand what zero depreciation is, let’s first look at depreciation.
Cars are depreciating assets and are highly valuable until you purchase. Right from the time you purchase, your car is subjected to depreciation, which means that it is losing its value in the market as it gets older. Not just the car but the spare parts powering your car as well. That is why older cars have a low pricing in the market than their recently-purchased counterparts. You can click here and check the factors that affect the current market price and what is the approximate market price of a vehicle
With the zero depreciation add-on, what you are basically doing is nullifying the depreciation associated with your car. This means that your car, technically, does not lose value in the market as the depreciation of your car is not considered by your insurer.
So, when you claim your insurance, you receive full value for your car and all of its spare parts. Bumper to bumper cover incurs the most expensive premium and is worth every penny shelled. We highly recommend this add-on especially if your car is less than 5 years old.
Features
- Depreciation shield for the car
- Depreciation shield for the spare parts
Most of the insurers only give you a zero depp add on if your car is less than 5 years old.
Engine Protector
Engine is one of the most crucial parts of a car. Unfortunately, however, the expenses you incur on the damages to your car’s engine is not covered under standard car insurance policies. Being one of the most expensive parts for servicing, you end up spending more to recover your car’s engine from a malfunction or an accident.
That’s why the engine protector add-on is the most ideal solution to feature in your insurance policy. It covers expenses arising due to water ingression, oil leakage, hydrostatic lock and more. This helps you save up to 40% of the amount you would spend on getting your car’s engine fixed.
Features
- Protection against damages to engine and engine parts
- Protection against damages to differential parts
- Protection against damages to gear box and gear box parts
Road Side Assistance
A car is a mechanical products and can stop working anytime without a prior warning. This may happen in the middle of the road leaving you stranded. and if this happens in the middle of no where then, finding a mechanic nearby could be a task and any repair work may get quite expensive. In such situations, a ‘Roadside Assistance’ add-on cover can be useful. A Roadside Assistance cover provides the car owner with any on-road assistance services like tow in service, dropping you and your family to a safe destination and other relevant facility, in case the insured car breaks down in the middle of the road. Just a call to the insurance company and a mechanic is arranged to take a look at the vehicle and help out. Some of the assistance services available under this add-on cover are changing a flat tyre, minor on-site repair, car towing, fuel delivery, the arrangement of replacement car keys, battery jumpstart, etc.
Passenger Cover
Car accidents can happen anytime no matter how many people are travelling in the vehicle. A major accident can not only cause damage to the vehicle and injuries to the driver but also the passengers. But, unfortunately, the personal accident-cover available under a regular car insurance policy does not cover the treatment expenses of the passenger. This is where ‘Passenger Cover’ comes into the picture. The Passenger cover is an add-on cover that provides coverage for any medical expenses incurred by the passengers of the insured car in case of an accident. It covers the cost of hospitalization expenses, treatment expenses as well as ambulance fees. Moreover, it also provides compensation in case the accident results in the disability or death of a passenger.
Key Replacement Cover
A car cannot operate without its keys and car keys are some of the most misplaced items in the world. From forgetting them at a restaurant to losing them at your own home, car keys are easily overlooked. It is an extremely important tool but extremely easy to lose. Moreover, if the insured car has an electronic key, obtaining a new key or getting it replaced can get expensive. Still, a regular car insurance policy does not pay for the replacement of car keys. But that’s not the case with a ‘Key Replacement’ cover. A Key Replacement cover is an add-on cover that provides coverage for any expenses arising out of replacing the keys of the insured car. It also covers the cost of repair the lock-set of the car in case the keys have been lost, stolen or damaged.
Personal Belonging
A car is your personal and private safe where you leave your belongings inside until your work outside is done. From laptops and expensive gadgets to money or money’s worth of valuables, you keep materials inside your car very frequently. Everyone carries personal belongings in their car. But a few unlucky ones lose the items from the vehicle when they leave the car unattended or when the car is stolen. In either situation, no compensation is offered by the insurance company for the loss of personal items. The car owner has to bear its loss unless he/ she owns a ‘Loss of Personal Belongings’ add-on cover. The Loss of Personal Belongings cover is an add-on cover that compensates for the loss of any personal items stolen from the car or with the car. It also pays for any damages caused to the personal belongings inside the car. It covers various kinds of personal items, including electronic equipment.
Daily Allowance Cover
When a car is sent for repair at a garage, it may take more than a couple of days. In case the car owner does not have another car, he/she may have to hire a vehicle or use public transport for the daily commute. This may result in unnecessary travel expenses. The ‘Daily Allowance’ add-on cover can be of help here. The Daily Allowance Cover is an add-on cover that provides travel allowance to cover day-to-day travel expenses in case the insured car is getting repaired at a garage. It compensates the car owner for any travel expenses incurred while the car was at the garage. However, this add-on cover applies only if the insured car is getting repaired at the network garage of the motor insurance company.
24x7 Spot Assistance
One of the most helpful add-ons for your car insurance, this ensures you are never stranded on the road due to any concern associated with your car. Our team is just a call or a click away to assist you or get to you to help you deal with a car situation regardless of where you are stuck in India.
So, no matter if you have to get a tire changed, or have an expert look into your car’s engine or need assistance in settling an accident, you can reach out to us at any time and we will be there by your side in a very short duration.
Features
- Pan India Coverage
- Spot Assistance for diverse car situations
Conclusion
Car insurance is a great way for a car owner to protect himself or herself from a financial loss resulting from the insured car. But the financial protection available under the policy can be further enhanced by purchasing add-on covers. Thus, all car owners should buy those add-on covers that are really required for the financial security of their car.