A crucial component of proper car ownership is car insurance. In the event of accidents, theft, or damage to your vehicle, it offers safety and financial security. Add-on Covers for Car Insurance, commonly referred to as riders or endorsements, extends a car insurance policy’s basic coverage.
In this article, we shall go a little deep into car insurance and learn the Add-on Covers for Car Insurance. We shall also explore their importance among the many choices available.
What are Add-on Covers for Car Insurance?
A Car Insurance add-on is an additional cover that can be chosen with a comprehensive car insurance policy to increase the protection and coverage offered by the policy for an additional premium.
These add-ons can be particularly valuable because they address specific risks and concerns that may not be adequately covered by a standard policy.
Various insurers provide different add-ons for car insurance. The majority of general insurance firms offer the following extra car insurance coverages:
The most common & available –
Add-on Covers for Car Insurance
Zero Depreciation
The insurer deducts from the claim amount at the time of a claim settlement the amount of depreciation applicable to the car and its components. So he gets new parts & components. A zero depreciation covers for car insurance helps you lessen the financial burden of paying for the depreciation of your car, boosting the amount of your claim.
Engine Protection Cover
Standard Insurance policies often exclude coverage for engine damage because it might be expensive to fix. In the event of damage, engine protection cover guarantees coverage for your engine and its parts.
Return to Invoice (RTI) Cover
If your car is reported stolen or a total loss, RTI Cover fills the difference between the insured declared value (IDV) and the actual purchase price. Therefore, you will be paid what your car was worth at the time of purchase.
Personal Accident Cover
Add-on covers in personal accidents covered passengers in your vehicle. It offers financial protection for the owner/driver and passengers in the event of an unexpected death or disability.
Roadside Assistance Cover
Imagine being trapped on the road because of a dead battery or a flat tire. That’s what roadside assistance coverage is for. You won’t be stuck because of the services that roadside assistance insurance offers, like towing, fuel delivery, flat tire repair, and battery jump-start.
Consumables Cover
After an accident, you might need to restore consumables like engine oil, brake fluid, and coolant. These costs are covered by this insurance, which is typically not the case with standard policies
Key Replacement Cover
Replacing lost or stolen car keys can be time-consuming and expensive. Key replacement insurance makes sure you receive a new key without having to pay the full price.
NCB Protection Cover
NCB is an added reward for maintaining a claim-free record throughout the policy’s duration. You can file a claim with NCB protection without losing your NCB discount.
Loss of Personal Belongings Cover
This add-on offers additional peace of mind by covering the loss or damage to personal items kept within the insured car during an accident or theft.
Hospital Cash Policy
In the unfortunate circumstance that a car accident causes hospitalization, this policy provides a daily cash allowance to assist with medical costs, providing financial assistance while recovering.
Cover for CNG/LPG kits
If your car has a CNG or LPG kit, this cover makes sure that the kit and its parts are covered in the event of damage.
Benefits of Add-on Covers for Car Insurance
- Customization:
Add-on covers for Cars provide you the ability to customize your insurance coverage to meet your individual needs. You can create a customized insurance plan by selecting the add-on covers that are most pertinent to your situation.
- Financial Burden Minimization:
In circumstances, when considerable expenses could emerge, add-ons can offer financial security. For instance, coverages like engine protection and zero depreciation may reduce your out-of-pocket costs in the case of an accident.
- Flexibility:
Depending on changes to your circumstances, car, or insurance requirements, you have the freedom to add or remove particular add-on coverage.
Wrapping up… Add-on Covers for Car Insurance
provides you the freedom to customize your coverage to your requirements and desires. You may strengthen your car insurance coverage with the right combination of add-ons by carefully assessing your needs and priorities.
