While a comprehensive motor insurance policy provides protection against major risks such as theft, personal accident expenses, property damage etc., there are several other risks which cause substantial losses in the event of an accident or breakdown. Which is why, Add-on Covers are an important part of Motor Insurance in India. However, there are numerous Add-ons available in the market and choosing the right ones can be confusing. To make things easier for you, here’s a list of some of the most important Motor Insurance Add-ons available in India:
The Zero Depreciation Add-on cover helps you recover the full cost of replaced car parts without deducting the depreciation. Otherwise, with a standard vehicle insurance policy, the depreciated value of the car parts is deducted before settling the claim.
The Engine Protect Add-on will cover the cost of any engine-breakdowns and repairs, even if they are not related to an accident. However, this Add-on is only available for vehicles that are up to three years old.
Return to Invoice
This Add-on cover will ensure that you will get the market value of the car plus the registration charges and road tax paid in the event of a total loss to your car due to theft or an accident.
A No Claim Bonus or NCB is the discount given at the time of renewal by an insurance company when you don’t make a claim during the policy term. The NCB protect Add-on lets you retain your NCB even if you have made a claim.
The Roadside Assistance Add-on lets you avail services like towing, change of flat tyre, refuelling, or emergency repairs in the event of an accident or vehicle breakdown.
Accident Coverage for Passengers
This Add-on provides a lump sum compensation for injuries, disabilities or even death for the passengers travelling in the vehicle.
Key Replacement Compensation
This Add-on covers the cost of purchasing new locks or replacement of keys, in case you misplace the keys, or they get stolen.
This Add-on cover offers compensation for the money spent on the replacement of consumables such as nuts bolts, coolant, engine oil, brake oil; bearings, etc. which are not covered under a standard vehicle insurance policy.
Opting for Add-ons or Riders are a great way to make your Motor Insurance plan more wholesome and effective. You can avail all of these Add-ons by getting a motor insurance policy with Finserv MARKETS.
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