Buying a car is one of the most important decisions we take in our lives. There are a lot of ifs and buts that go behind the decision and when we finally seal the deal, the day remains etched in our memories for a long time.
When you own a car, getting it insured is an important step for a secured future. Most of us think that insurance is a recurring expenditure annually.
Car insurance add-ons are for people like us who can optimize on their investment that can provide many different benefits by increasing the coverage for the car and also the owner.
In modern day our needs are varied and growing with each day. These add-ons are increasingly becoming an essential part of our budget. Here are some of the most used add-ons that people are rooting for.
Zero Depreciation in car insurance is one of the most commonly used add-ons in India. It is popular among all segments of cars instead of being applicable for only high end cars.
The zero depreciation add-on policy makes sure that the insured can get full claim of the value of car parts that have been damaged after an accident. Insurance companies usually offer zero depreciation add-on for the first three years of the vehicle only.
The premium for this add-on policy gets higher with the age of the car. When you get a full claim, without depreciation, of all replaced car parts after an accident, it becomes a good deal for you any day.
Engine and Electronic Circuit Cover
As the name suggests, this add-on policy protects the engine and the electronic circuit in instances of flooding. A moist engine fails to perform when one keeps trying to turn it on repeatedly as does the hydrostatic lock.
A usual car insurance policy does not cover such damages. Thus, an add-on dedicated to engine and electronic circuits is a smart way to avoid high costs in damage repairmen on replacement. Electronic circuits tend to cost whopping amounts once damaged.
We know that in India water logging in the streets is a common sight every year and all car owners go through a tough time handling their car once the monsoons hit and much after that too. This add-on helps you immensely if you do not own a high end car.
Note: This add-on is not recommended in case your car company is offering a warranty for your engine.
Quick Assistance of Road
The quick assistance add-on ensures that you are safe anywhere, be it in the city or any remote parts of your country. They offer all basic services during emergency situations when you do not have service centers or assistance nearby.
Technical issues, battery fuel refilling, repairing a flat tire or even an accident in the middle of nowhere will no longer be a headache while you take road trips. When you avail it this add-on you can expect all the above amenities along with fuel assistance, taxi rides and accommodation at remote locations.
Return to Invoice
This car insurance add-on provides users the option of getting entire reimbursement for the car in case it gets damaged completely during an accident or any mishap. The benefit in this case is that the user does not have to pay 5% depreciation.
What you have to keep in mind while buying this add-on is that it is only available on the first year of your buying the car.
No-claim Bonus Protection (NCB)
This add-on is somewhat like a reward that you get from the insurance company if you do not claim any insurance in a certain period of time. A lot of people buy car insurance and keep renewing it every year without even needing to claim it once.
The no-claim bonus protection add-on offers you discount up to 50%. Without this add-on even a single claim can nullify any discounts on your insurance but NCB allows discounted protection even when you avail a claim in the past.
Personal Accident Cover
This add-on includes the owner of the car as well as the driver for claiming the insurance. In case the owner is the driver and has undergone permanent damage or died due to an accident, the person or family is entitled to a 100% claim. The disadvantage of this add-on is that you cannot claim for the money if the company owned by a company or if you do not have a driving license. It is also provided for only one car in case you have multiple cars.