It is mandatory to have car insurance in India. Insurance companies offer various add-ons over and above the existing insurance policy. Unless you have knowledge about the features of the add-ons, it might get confusing to choose the right one for your car. When comparing different insurance policies, the cheapest ones will be those without any additional benefits. However, to get the right level of cover at the right place, it is advisable not to overlook the add-ons without considering the benefits. You may think that your policy covers various things. However, this may not be the case. Hence, it is necessary to check what the policy covers before you decide to buy it.
Discussed below are a few essential car insurance add-ons that could prove beneficial for you.
1. Zero depreciation
Zero depreciation car insurance is one of the most recommended add-ons. The cover will entitle you to claim the entire cost of replacing the car parts without having to pay from your pocket. According to standard motor insurance policies, the insurer only reimburses the depreciated value of the car parts and does not pay for the replacement value. Insurance companies deduct the value from your claim before making a payout as they consider the standard depreciation. With this cover, you can avail of a full claim without any deductions for depreciation.
2. Engine protect
If you own a premium car, which is up to three years old, the engine protect add-on is an ideal one for you. The add-on compensates for the engine-related repairs, which are not related to accidents. It is worth purchasing the cover because the cost of repairs in case of engine damage can be very high. This cover ensures that any damage to the engine does not hamper your finances.
3. Roadside assistance
This add-on cover provides round-the-clock assistance for services like towing, refueling, change of tire, and arranging for a mechanic in case of a car breakdown. Some insurers companies offer this cover as an add-on while others offer it is as a built-in component of the base plan.
4. Accident coverage for passengers
This add-on is similar to a personal accident cover. It offers a lump sum to the insured passengers in the case of death or any total disabilities suffered during accidents.
5. No-Claim Bonus (NCB) protect
You will earn a No Claim Bonus when you do not make any claim in a year. The highest bonus that you can avail of is 50%. A higher NCB will lead to a low premium for the coming year. The NCB protect is an add-on, which allows you to retain the accumulated NCB even if you make a claim.
Consider these five add-ons for your car insurance policy and enhance the base cover. You might have to pay an additional amount for the add-on but it will be worth the money in the long run.
To know more on car insurance in depth, you can check out these blogs:
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