A car insurance add-on is an additional cover that can be added to a comprehensive car insurance policy to enhance the coverage and protection given by the policy. With comprehensive auto insurance coverage, you can choose from a variety of add-ons.
List of the Top Car Insurance Add-On Coverages:
Car insurance add-ons are available from different insurers. The following are some add-on covers for your car insurance policy that are available from the majority of general insurance companies:
- Return to Invoice Cover
This add-on policy entitles you to the entire invoice value of your vehicle in the event of Total Loss, Constructive Total Loss (CTL), or theft.
- No Claim Bonus Protection
This add-on allows you to keep your No Claim Bonus (NCB) discount even if you filed a claim during the previous policy term. The NCB is a decrease in your own-damage premium for each claim-free year.
- Zero depreciation
At the time of claim settlement, the insurer deducts the amount of depreciation applicable to your car and its parts from the claim amount. A zero depreciation policy relieves you of the stress of carrying the depreciation cost of your vehicle, consequently boosting the amount of your claim. Most insurers allow a limitation of two zero depreciation claims per policy period.
- Engine Protection Cover
This coverage protects the policyholder against expenses incurred as a result of a mechanical or electrical breakdown of the engine caused by an oil leak or water ingression.
- Loss of Personal Belongings
The insurer covers the policyholder for the loss of personal property like articles or other objects of a personal nature that are likely to be used, carried, or worn under this add-on.
- Roadside Assistance
This add-on coverage provides help services if the insured vehicle breaks down. Towing to the nearest garage, on-site repair services, support in the event of a key loss, changing flat tyres, fuel delivery, and other services are available.
- Medical Expenses Cover
In the event of an accident, it is quite likely that the passengers in your vehicle will sustain injuries and casualties that necessitate rapid medical attention. An insurer provides medical expenses coverage, which reimburses passengers for medical expenses incurred during their treatment.
- Daily Cash Allowance
When you choose this add-on, you will receive a daily allowance from the insurer if your automobile is stolen or needs repairs.
Car insurance add-ons offer enticing benefits to policyholders. However, you must first evaluate which add-on will be most beneficial to you. You can select the appropriate add-on based on parameters such as automobile age, geographical location, tyre quality, and so on. Before purchasing automobile insurance in India, you should conduct extensive web research.
Author Bio: Smriti Gala works as a Digital Marketing Manager with Coverfox. As her life turned upside down when COVID severely afflicted her family members, Smriti decided to dedicate her expertise towards informing and educating the masses about the importance of health insurance. When she is not actively writing enlightening content, our ‘monk marketer’ likes to meditate, meet new people and explore less travelled territories.