We spend a lot of time searching for the perfect car that would suit all our requirements and be affordable on the pocket too. However, do not forget that the car is made up of several parts that carry individual lifespans and have maintenance requirements too.
This article will help you understand some of the critical spare parts of a car and how you can maintain and keep them protected with car insurance.
Your vehicle comes with several accessories that integrate and make it a car. Such accessories are classified into 2 types:
Having a basic acumen of the most common and crucial car parts will help you go a long way as it will keep you aware of individual maintenance requirements as well as the expiry dates so that you can stay away from expensive repairs as much as possible. Following is a basic list of car parts and their life expectancy you should know:
Now that you have understood that your car’s spare parts also come with an expiry tag, it is important to note that a comprehensive car insurance policy will not cover these spare parts’ expiry and pay for their replacement.
Under comprehensive insurance, when a car accident occurs, the insurer will provide for the cost of ‘reasonable repairs’ only. The spare parts are excluded and would need to be paid for by the insured, in case they need replacement.
If you go ahead and replace original spare parts from your pocket, they will become extremely expensive. The more valuable the car will be, the more expensive will the parts be. This is where car spare parts insurance comes to the rescue for you. This type of add-on requires an additional premium to be paid, however, covers your car's spares parts and will pay for their replacement when required, hence saving you from an unplanned expensive burden.
Comprehensive car insurance only covers the replacement of the expensive spare of your car in the following 2 situations:
1. When the car is damaged due to an accident
2. When the car is damaged due to a natural disaster
Any other situation involving damage to your car and your insurer will simply deny giving you financial protection even if you have a comprehensive car insurance policy in hand. However, in case you have an add-on cover in hand, you would be protected against damage/theft leading to the replacement of spare parts required.
Following are a handful of add-on covers highly advisable to be bought in addition to your comprehensive car insurance policy:
The rates go as much as 50% for the nylon/plastic/airbags and 30% for fiberglass components. A zero-depreciation or bumper-to-bumper insurance absorbs this deducted amount enabling you to claim a higher amount at the time of settlement.
It is now very much evident that not only are various spare parts critical for the smooth operation and functioning of a car but are also expensive to be replaced. Typical comprehensive car insurance would not keep these covered and make you prone to an expensive liability in an accident despite having valid insurance.
Having said that, maintenance is always cheaper than repairs, hence, you should make sure that you regularly service your car as well as its various spare parts so that they are well-maintained, thereby prolonging their life. Meanwhile, car spare part add-on covers in your car insurance policy will keep you protected against damage caused by situations that are not under your control.
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