Car insurance add-ons: Check these 9 covers

All of us know the importance of having car insurance. It protects us from unnecessary expenses that can arise from uncertainties. If you have a car you must have your vehicle insured with at least a third-party vehicle insurance. According to Indian law, it is mandatory for every car owner. But if you want extra coverage, you have to buy add-on covers with a basic plan. These are available for an additional premium. Take a look at 9 most important add-on covers one can opt for.

1) Zero depreciation cover

Depreciation is the reduction in value of your car and its parts due to wear and tear. In case of a claim, the insurance company will provide compensation based on the depreciated value of the vehicle and its parts. But if you buy a zero depreciation cover it will ensure that this depreciation factor does not affect the claim amount. That’s why you will get a maximum reimbursement during the time of claim.

However, most insurance companies allow the policyholder to make a maximum of two zero depreciation claims in a policy period.

2) Consumables cover

Consumable items of a car such as a grease, lubricants clip, bearings, fuel filter, oil filter, brake oil etc are not usually covered in a standard policy. If you buy this cover the cost of these consumables would also be met by the insurer.

3) Engine protection cover

This is also one of the most important add-on covers. Engine protection cover allows the policyholder to get protection against expenses for mechanical or electrical breakdown of the engine due to an oil spill or water ingression.

4) Return to invoice cover

When a car suffers total loss, constructive total loss (CTL) or theft, return to invoice cover allows the policyholder to get the full invoice price of that insured vehicle.

5) Roadside assistance cover

The roadside assistance add-on can provide you the most required assistance when you get stuck on the road due to various reasons such as breakdowns, empty fuel tanks, flat tyre or battery problem, etc. This feature would ensure that your insurer would provide you with day-night services whenever demanded.

6) No claim bonus protection cover

A no claim bonus protection cover protects the NCB of a car owner despite raising a claim. It keeps the NCB intact even if the car owner raises a claim in the previous policy year.

7) Passenger cover cover

This rider provides coverage for any medical expenses incurred by the passengers of the insured car in case of an accident.

8) Key replacement cover

If a policyholder buys this rider by paying extra premium, in case the keys of the car have been lost, stolen or damaged, the insurer is liable to compensate.

9) Daily allowance cover

This rider provides travel allowance to cover day-to-day travel expenses in case the insured car is getting repaired at a garage.