Saturday, November 26, 2022

A Guide on Choosing Add-ons for Your Comprehensive Car Insurance

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As per the recent report published by the Ministry of Road Transport and Highways, Government of India, the total number of road accidents posted was 3,66,138 in 2020. Such high instances of accidents make it all the more important to stay covered with comprehensive insurance for your vehicle. Along with comprehensive insurance, you can also buy add-ons with specific features and purposes to ensure that none of your car-related needs is left unattended.

In this case, you need to understand what comprehensive insurance is, what add-ons are and why you need it. A comprehensive insurance plan is one that provides protection against third-party liabilities as well as damage to one’s own vehicle. Add-ons which are also called riders are additional and optional coverage that one can choose on and above their base motor insurance plan.  Additional insurance cover could include roadside assistance, return on the invoice, etc.

On that note, let us first understand what add-on insurance coverage is, its benefits, and a few top add-on covers. You can avail yourself of the comprehensive insurance policy strengthening the coverage and protection of your car.

What are the Benefits of Add-on Insurance Coverage?

To purchase the additional car insurance cover, you should first understand the benefits of the add-on insurance coverage.

  • Emergency Assistance: To help you fast-track an emergency like a car breakdown, you should ideally purchase an add-on or comprehensive car insurance policy. These add-ons provide assistance like fuel arrangement, on-the-spot repair, and fixing a flat tire. It helps you when you are in a stranded situation.
  • Protecting your Car Engine: Your car’s engine is the most important and costliest item when you plan to repair and modify your vehicle. A comprehensive insurance plan covers and insures your car engine, which a normal insurance plan does not cover. Moreover, a few important parts, like nuts and bolts, lubricants, gearbox oil, engine oil, etc., are a part of this insurance plan.
  • Avoid depreciation costs: In a standard insurance plan, the depreciation costs do not form a part. It becomes very important when settling your car insurance claim which you have to bear. However, purchasing a zero depreciation plan helps you avoid the depreciation cost.

What are the Types of Add-Ons for Comprehensive Car Insurance?

Indian roads are vulnerable and are prone to severe road accidents in the form of bike, car, and bus accidents. It is widely prevalent during the monsoon across the length and breadth of the country, and hence you need to be aware of the types of add-ons available in comprehensive car insurance.

  • Coverage for a personal accident: Car or vehicle accidents per se can be detrimental and scary for you and your loved ones. In case of any accident, you must get adequate and necessary protection covering disability or any physical loss. It is advisable to buy a comprehensive insurance plan.
  • Additional Ridder Cover: In the case of a two-wheeler, rider coverage becomes very important. If you own a bike, along with your safety, the safety of the rider seated behind you is equally important. The riddler cover plan compensates for medical expenses to cater to the injured pillion. However, if you own a car, you can buy a passenger cover add-on.
  • Coverage for personal belongings: You might have only considered buying additional insurance cover for your vehicle. However, there is additional insurance coverage for your high-end and expensive gadgets like smartphones, laptops, tablets, etc. You should be aware that a normal insurance plan does not insure these gadgets. You can buy an insurance cover for your gadgets.
  • Multi-Year Policy: It is interesting to note that the multi-year policy mostly insures two-wheelers for 3 years. Under this add-on feature, you can expect insurance coverage against legal liability in case of death, owner-driver, damage done to a third person, injury, etc.
  • Coverage for tyre damages: You will be surprised to know that under the normal insurance plan you bought, the damages caused due to tyre puncture, bursting of the tyre, and bulging out of the tyre do not form a part of the traditional insurance plan. The more you run your vehicle on roads, the higher the chances of tyres getting damaged. To cater to this need, purchasing an add-on cover is advisable.
  • Coverage for roadside assistance: It is always advisable that you never think of accidents in any manner actively. However, planning and preparing for unforeseen emergencies or contingencies is a good practice. You can purchase add-on cover for roadside assistance which provides medical transport assistance, medical expense, hospital allowance, etc.
  • Coverage for consumables:  A standard normal insurance policy does not essentially reimburse or insure coverage for consumable items like nut and bolt, brake oil, engine oil, fuel filter etc. You can opt for add-on coverage in your standard car insurance policy.

It is essential to purchase insurance for your vehicle, but not all benefits are a part of a single insurance plan. A comprehensive insurance plan to a large extent provides full insurance coverage to varying degrees of damages. Still, as an informed investor, you should look at the additional cost but the additional risk exposure.

 Disclaimer -The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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