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CAR INSURANCE

Boost-up Insurance Cover For Your Luxury Car With Essential Add-ons

Meeta Sabnis Meeta Sabnis 04 August 2016

When that swanky pair of wheels has cost you an arm and a leg, why not discover ways to assure its absolute protection? After all, most disasters strike without any warning.

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Buying a luxury car is not a marvel anymore—thanks to numerous finance schemes and corporate discounts. In times past, just a mere sight of a luxury car zooming past melted the ground beneath us. As the world has awfully changed, things that were once out of reach have become more accessible and affordable.

While owning such a beauty today is within the reach of many, maintaining it could be taxing. Even a small repair could burn bigger holes in your pocket. A tiny dent could cost you a bomb, leave aside the extensive repairs. Is there a way to manage these costs not bargained for? Well, of course! Investing in a smart car insurance policy loaded with suitable add-on covers can take off the financial load from your shoulders instantly. Let's explore!

A Comprehensive Car Insurance Policy

A basic third-party liability insurance is mandatory by law. As per the Motor Vehicles Act (1988), it’s compulsory to have your vehicle insured with at least third-party liability cover before getting on the road. It includes any losses or damages caused to any third party or property due to your vehicle. That's great—isn’t it? Well, think again. While we agree that it covers your back for any financial liability caused to a third party, what about your own car? What about its damages and following repairs? Will it cover the losses or damages caused to your own car? NO.

That’s when a comprehensive car insurance policy comes to your relief. It not only covers for any third-party liability but also provides complete protection to your vehicle as well. It covers for damages caused to your car due to any accident, natural calamities, etc. What more—it even turns out to be your savior in case your car is stolen. That means, with this kind of comprehensive protection, you can enjoy your sound sleep at night.

Add-on Covers for Added Assurance

Now that you know which insurance plan is just right for your high-end car, let’s see if we can ensure some added protection to your prized possession. Before doing so, you need to understand few basics of the car insurance.

When you raise a claim, replacement costs of certain damaged parts are covered on depreciated value. Parts made of plastic, glass, fiber, etc. depreciate faster, and any repairs to them are calculated on depreciated basis. Hence, if any of such parts need to be replaced or fixed tomorrow, then imagine the kind of money you would be shelling from your pocket.

Thankfully, there's a way out here. An extremely beneficial add-on called Zero Depreciation Cover which overrides the depreciation factor completely and adequately compensates for such parts. This cover comes at an extra cost but totally worth it. Since it is available for cars less than five years old, it’s an excellent choice to secure your car entirely. Likewise, there's another useful add-on called Consumable Cover. It offers to compensate for any consumables used during repairs such as lubricants, nuts & bolts, washers, etc. that are otherwise not covered by the insurance plan.

If you think this is exactly what you’re looking for—wait till you read further!

Do you live in one of those areas that are prone to heavy rains and water logging or flooding? Well, in that case, your luxury car is at the highest risk. Remember, a basic vanilla car insurance policy will not serve if your car’s engine gets damaged due to floods or waterlogging.

To get such a failure covered, you need something more—an add-on called Engine Protection Cover. It is offered by most insurance companies for typically the first three years of your car and covers for any damages caused to the car’s engine due to flood. An engine is the heart of your car and imagine having to replace it by paying from your pocket. Hence, do buy this add-on cover for total safety against any financial losses that could arise in future. It’s worth the investment.

A high-end car without those long road trips? Naahh. Imagine, you are enjoying a long drive with your family cruising through the free roads like there’s no tomorrow. Your kids are busy watching their favorite cartoons on the car’s LCD monitors, and you choose to sink into the magical melodies of Kishore Kumar.

And suddenly --- Oh! Wait! What’s that? Your super luxury car has just frozen out of nowhere. You’ve tried cranking up the engine, but in vain. We know that this is the last thing you wanted to deal with and you start worrying. Really? Well— don’t. All you need to do is get yourself decked up with a solution to handle such dreadful situations.

Well, we have that solution for you! The Roadside Assistance Cover—offered along with the comprehensive car insurance at an extra premium. This cover is a godsend if you are stranded in the middle of nowhere. Just at a phone call, it not only provides services like towing and battery jump-start but also offers first aid medical assistance and helps in the arrangement of accommodation in an emergency. A little extra money spent can make those chilling situations sail through smoothly.

While buying these useful add-ons, what you are actually getting is a complete peace of mind. When you have spent an enormous amount of your hard-earned savings in acquiring that prized possession, why not invest a few extra bucks in ensuring its complete well-being? After all, all you’re doing is securing your own peace of mind.

Meeta Sabnis
Written by Meeta Sabnis
Her mantra in life is to dream, and dream until you turn them into reality. A neurotic Kajol fan, Meeta loves spending time with her gorgeous twins, ensuring a childhood they’ll be proud of. Bargain hunting, crazy dancing and romancing alphabets are some of her other cravings. She’s currently a Content Writer at Coverfox.