You may realize the importance of car insurance with an add-on cover in case of theft of your four-wheeler or an accidental damage repair. Even if you have regular comprehensive motor insurance for your car, you will have to pay for the expenses, which your regular insurance does not cover. However, if you have bought an add-on cover with your base policy, it will strengthen the coverage and provide full protection in crucial situations.
You do not have to worry about customization in your already purchased policy. If you haven't purchased any add-on cover to your base plan at first, you can buy one at the time of renewal. There is no hard and fast rule for this; you just need to pay a little extra premium to add a rider to your plan.
There are several add-on covers that almost every Car Insurance Company provides with their comprehensive vehicle insurance plan. But it is imperative for you to choose the best suitable rider for your four-wheeler.
You can save up a lot of money by factoring in your needs and then choosing the right car insurance add-on for your car. Every rider comes with unique features and benefits. Let us discuss them all to determine the best-suited add on cover:
1. Zero Depreciation Cover: It is a widely popular rider among Indian four-wheeler owners. The main feature of this cover is it allows your insurer to pay for the full claim amount without deducting any depreciation of your car or its parts.
For example, if you meet an accident while driving in your car, during the claim settlement for the damaged parts of your car, the insurance company is liable to pay your full claim amount.
This is only possible with the zero depreciation cover. Without it, the insurer will pay the claim amount minus depreciation of the car parts damaged. The coverage benefit is offered for newly bought vehicles or till the vehicle is 3 years old.
2. NCB Protection: A comprehensive car insurance plan comes with an in-built feature of No-claim-bonus. When you don't make a claim in an entire policy year, your insurer offers you a discount which you can use at the time of renewal.
With the help of this add-on cover, you can enjoy the NCB benefit even if you will make a claim during the policy tenure. If your car is not older than 3 years then you're eligible to buy this cover for your car.
3. Personal Accident Cover: This motor insurance add-on cover is very essential and plays a vital role in safeguarding you along with the passenger. God forbid if you meet an accident that causes damage to your vehicle and the co-passenger also got injured along with you, the loss will be too much for anyone to bear.
A regular car insurance plan can cover up some damages but not for the injury of the co-passenger. This rider ensures financial support during such uncertain times.
4. Roadside Assistance Cover: With the rising number of vehicles on roads the possibility of accidents is also on the rise. As the name suggests this cover will help you in case you get stuck on the road due to an accident or car breakdown. If you have this rider added to your motor insurance plan, you can call your insurer for immediate assistance to help you on the road.
Roadside assistance offers round-the-clock services like change of flat tire, battery-related issues, refuelling, and even arranging mechanic's services. In an odd event, if needed, you are also entitled to get taxi/accommodation service by your insurer.
5. Consumables Cover: We tend to think that during the damage repair of the car, the screws, nuts, and bolts will not cost much. However, that is not true. They can sometimes cost hefty in an event of total damage repair. Also, a regular car insurance plan does not provide coverage for consumables. This is a very important add-on and can be very helpful for you when you'll require full reimbursement for your car repair.
6. Engine Cover: If you own a high-end fancy car then this rider is essential for you. In times of need with the help of this rider, you can take compensation from your insurer even for those damage repairs in the engine that are not caused by accident. Also, it will be suitable for you if you live in an area that is prone to frequent flood or waterlogging. Because in these locations, the chances of engine damage are high and this add-on cover can act as a saviour in such crucial times.
7. Return to Invoice: Imagine someone stole your car or in an uncertain event your car got damaged and is beyond repair. How much your regular insurance plan will cover you? Usually, in such cases, your insurer will only pay your insured declared value minus depreciation (if any) in the name of the claim.
However, if you have 'returned to invoice' cover added to your base plan, you can claim for the price which was mentioned in your purchase invoice. This feature makes it the most essential car insurance plan add-on.
A comprehensive motor insurance plan's benefits expand with each add-on cover. However, the benefit depends on your needs and requirements. It is advisable to choose the right add-on cover by factoring in your geographical location, car condition, engine quality, and more. You can avail of rider benefits by paying only a little extra amount. You can check and compare car insurance plans online and along with the add-on covers.
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