How Useful Are Add-On Car Insurance Covers?

A car insurance policy is mandatory for every car commercial or personal car that is on the road. In India, there are primarily two categories of car insurance policy – third party liability policy and comprehensive insurance policy.

A third- party liability gives basic coverage against any damage or loss done to any third-party property or person. A comprehensive car insurance policy ensures that you get third party liability protection and protection against damages to your own car. Additionally, you can purchase add-on covers to your comprehensive car insurance policy at a nominal fee and get more extensive coverage. It is advised that you include some add-on cover in car insurance to get coverage against casualties that are not covered under the car insurance policy. 

While purchasing a car insurance policy, we tend to neglect the car insurance add-ons. We think that buying a comprehensive car insurance policy will suffice, but that is not the case always. Every car is unique and its requirements too. The add-on covers you choose must be unique to your car, and it should meet your specific needs. However, there are a few essential add-ons that every car owner must consider buying. 

  1. NCB (No Claim Bonus) Retention -

    NCB is a bonus that is offered to an individual when they do not raise any claim during a policy year. The bonus is offered in the form of a discount during the policy renewal. However, if you raise any claim request, even a minor one, you will lose the NCB benefit. To prevent this, if you get an NCB retention cover, then you may make any claim up to a certain amount, and your NCB won't be affected. 

  2. Zero Depreciation -

    While raising claims that involve replacing parts of the car, the insurance company pay only a part of replacement and not the entire amount. They calculate the depreciated value of the part and reimburse accordingly. The zero-depreciation cover ensures that you get the full amount for part replacement. It is an excellent add-on cover to have in your car insurance policy that can help you save a significant amount if you need any replacement of the car parts. 

  3. Medical Expenses Cover -

    In case you meet with an unfortunate accident, which causes injuries to fellow travellers, the cover helps you get reimbursement for the money spent on treatment of the damages. This also includes emergency treatment and people who require immediate attention. 

  4. Cash Allowance -

    In case your car is in the garage for a few days, and you need money to travel. Then the money spent in the commute will be reimbursed by the insurer till you get your car back from repair. 

  5. Personal Accident Cover -

    The personal accident cover pays a lump sum amount in case of permanent or partial disability resulting from a car accident. 

  6. Engine Repair/ Roadside Assistance –

    If your car's engine is damaged due to some mishap, then engine protection rider option saves you from spending money from your own pocket. However, in case your car has a flat tyre or mechanical problem, roadside assistance option makes sure that you get paid for the service without any hassle. 

  7. Key replacement –

    Instances of losing or replacing car keys is a common thing. The insurance company will make sure you receive complete assistance for scenarios where you lose your car keys, or it gets replaced, or your car gets burgled. 

  8. Loss of personal belongings -

    This rider helps to provide cover for your personal belongings. If there is theft, even if your car is locked, then this add-on cover will pay for the loss. 

  9. Ambulance & Medical Expenses -

    Insurance companies allows you to choose Ambulance & Medical Assistance as an add-on option. Under this feature, if you meet with an accident and there is a need for an ambulance, then all medical costs are incurred by the company. 

Along with comprehensive car insurance, you may wish to opt for add-ons as per your car needs. With such wide coverage offered by the different add-on covers, you should buy the covers you need and save a significant sum on the car accident-related expenses. 

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