Ever wished to modify your car insurance policy in a way that gives you comprehensive benefit? Here is your chance to crack a good deal by picking the right add-on covers.
Earlier, the only thing that could be tailored as per our preferences and measurements were clothes. Think about it! Right from personalizing your Subway sandwich to getting your thoughts or pictures printed on mobile covers, coffee mugs, t-shirts, etc.—customization it is all the way! Even telecom operators like Vodafone and Airtel are racing it out with the option of ‘My Plans’. In this quest of modification and personalization, how can insurance be left behind? If cars and bikes can be customized, then why not car insurance? Let’s dig deeper!
One size does not fit all. It really doesn’t.
We are blessed to exist in a modern world where we can explore our choices.
Brands understand that every individual has a unique taste. They give us the freedom and opportunity to modify products/services to meet our convenience.
Your car defines who you are and your interests in life.
So, an avid traveler won’t stop raving about their SUV because it battles tough road conditions. A working professional would look for a simple and compact hatchback that can drive him smoothly to work and allow him hassle-free parking. A successful entrepreneur would rely on his classy sedan to take his clients for meetings and crack business deals. And a family man would opt for a spacious MUV that accommodates his large kin to picnics and family gatherings.
If the car matches the owner’s needs, so should the car insurance policy, isn’t it? Discounts would surely help you lower the price. But, what about the coverage? Are you receiving full coverage for the car insurance premiums you pay? More importantly, is your car being covered to its optimum? You need to figure that out!
Choose Add-on Covers to Top-Up Your Coverage
Think of car insurance as your pizza –
You opt for a regular one with basic ingredients offered at a standard price.
Now, perhaps you are someone who has an insane craving to make your pizza spicier with jalapenos. So, you get it at a slightly extra price.
It would be super delicious cause you got the exact extra toppings you wanted along with the standard ones. Your comprehensive car insurance policy is just like that. It offers you an IDV based on the car model/make and manufacturing year.
But, you can choose the add-on covers you WANT and you NEED at a little extra price.
A standard insurance policy may not provide adequate coverage and financial protection. That’s why insurance companies offer a range of add-on covers.
The Right Measures to Get Suitable Add-On Covers
What add-on cover may work for you, may not work for someone else. For the sake of customizing your car insurance policy, don’t just pick any random add-ons that you find fancy but doesn’t protect your car like it should.
The key lies in choosing the ones that will serve YOUR purpose.
So before you make a choice with your favorite toppings… Umm… I mean popular add-on covers, here is what you need to know to get it right–
Zero-Depreciation Cover for Those Bumper-To-Bumper Rides (#MostRecommended)
Raging and endlessly sickening traffic issues… I guess that’s how it works in large Indian cities. You end up driving bumper-to-bumper most of the times.
This increases the chances of collisions and damages.
Most times, your car insurance policy would only cover up to 50-100% expenses for replacing damaged parts such as fiber, plastic, and other metal parts. Paying for each and every minor dent and replacement can turn out to be a mighty expensive ordeal. Even parts that aren’t fiber or plastic are depreciated.
Ultimately, the amount you receive is actually lower than the repair expense. Having a Zero-Depreciation Cover allows you to receive a holistic expense coverage of depreciation amount deducted on the value of parts replaced.
No-Claim Bonus Cover for Protecting Your NCB
Talking about me, I know I am a careful driver and haven’t filed a claim since 2 years. My NCB is bound to be large enough to secure me a huge discount.
However, I can never imagine losing this NCB due to a damage caused by my relative or teenage cousin who borrowed my car and wrecked it. Having a NCB Protector Cover with my car insurance policy is super handy as it allows me to protect my NCB percentage for up to 2 claims made during the policy period.
In my opinion, it is valid if you are confident of your driving skills and if you have accumulated an NCB of up to 25% or more. With this add-on, even if you file a claim twice, you won’t lose the NCB.
Consumable Cover Protection for the Little Essentials
Did you know that there are certain materials in your car that are called as consumables? These consumables consist of bolts, nuts, brake fluid, etc. Your regular car insurance policy may not cover expenses related to consumables.
That’s where you can customize your policy to gift yourself better protection with a consumable cover. If at all your car faces damages due to natural or man-made disasters, these petty items of specific use (that would be later be considered unfit for further consumption) would also be covered.
Roadside Assistance Cover in Times of Emergency
If you are stuck in the middle of the road and your car breaks down, what should you do? Be it minor breakdowns, changing flat tires, towing cost, or emergency fuel, the expenses are covered under this add-on.
This is very handy if you travel on long journeys frequently or if your care is already old enough.
Engine Protector Cover for Stalled Engine
Just imagine if your engine oil leaks during an accident or while driving in water logged areas if it gets submerged under flood, your car engine can actually get stalled.
That’s going to cost you a bomb!
Having an Engine Protector Cover would protect you against very high replacement cost of engine in lakhs.
Return to Invoice Cover for High Risk of Damage or Theft
This add-on bridges the gap between Insured Declared Value and Invoice Value of Car. So, you get the entire amount of loss (for the on-road price that you pay).
If your car is three or more than three-years-old, the cover won’t be applicable to you. Even if your car is secure in the area you reside or frequently visit, then having this add-on cover makes no sense.
You should opt for this cover if you live in a high-risk zone and wish to ensure that an accident or grave situation should help you retrieve financial losses if at all your car is damaged beyond repair or useless.
Co-Passenger Cover for Safeguarding Your Dear Ones.
Now, although this does not fall under add-on covers, you need to understand why it is important to also have this additional cover at an extra price. If you are someone who travels with your family, especially elderly or very young family members, then a passenger cover is a must. In case of accidental injuries, it covers the passengers as well. If you mostly travel alone, you can choose to ignore this additional cover.
Well, this brings us to the end of this post.
Now tell me, are you still game for buying a standard car insurance policy, when you can alter it with suitable add-on covers? No, right!
Stop moving with the crowd. Start evaluating what suits you best!
Go the made-to-measure way with the right add-on covers. Crack an awesome deal on your car insurance policy. :)