Make the insurance work a lot better for you with the Add-On Cover for Car Insurance. People who think that by taking up the mandatory Third-Party Insurance and Comprehensive Cover as a part of automobile insurance have made full proof choice need to look into the Add-on which are provided by the automobile insurance companies to protect the motorist from the scenarios which are normally excluded. Each rider presents the automobile owner with unique advantages. Let us discuss most popular Add-On Covers that are available
Ten Car Insurance Add-On Covers
1.Zero Depreciation Cover
While Comprehensive Insurance provides cover for both individual and third party damages. A claim is paid only after deducting the depreciation from the insured value. By taking this add-on you can be insulated from insurance and be sure to recover the market value.
Starting a stalled vehicle which has been submerged in water could result in the engine of the car being damaged. Loss arising from this is referred to as consequential loss which can be termed as a loss arising from events outside of direct loss like accidents. With an Engine Cover/ Hydrostatic cover, damages caused due to a consequential loss are covered.
This Add-on helps the motorists whose vehicles have broken down because of mechanical failure which has left the motorist stranded. One can expect assistance for minor repairs, battery restart, spare key arrangement, phone assistance, emergency fuel, minor repairing as a part of assistance to be covered.
4.Ambulance & Medical Expenses:
This Add-on covers the motorist for the cost of expenses which are incurred towards the ambulance services.
The cover provides the motorist the expense that had to be bored for transporting the motorist from the place of accident to his destination. By taking this Add-on the motorist is free from any of the cost incurred for transportation as the insurance company would pay for this event.
6.Personal Accident Cover:
The advantages of having this Add-on are that the benefits under this plan are payable if the person dies in the mishap and in case of motorist suffering from partial or permanent disability and if motorist loses his hand or leg in the incident he would be eligible for the claim under dismemberment and the hospitalization expenses are also covered in this Add-on.
7.Return to Invoice cover:
With this Add-On cover, the motorist can get back the original invoice value including the registration value and the road tax paid and not just the Insured Declared Value which is the market value of cover that depreciates with time. The Return to Invoice Cover is suitable for drivers plying on the theft prone areas or drivers who undertake long distance journeys. The cover is not available for imported vehicles and is applicable for vehicles which are less than three years old.
8.Accident Coverage for Car Passengers:
This Add-On provides Lumpsum payments for the insured passengers in event of their death or permanent total or partial disability suffered during accidents. The maximum sum insured varies from insurer to insurer but typically the sum insured is around 1 lakh.
This Car Insurance Add-On cover compensates the person for hiring an alternative vehicle in event of the car getting stolen or being under repair. The allowance varies from 500 to 1000 depending on the car model. The allowance is given for a period of 10 to 15 days, however motorists have to be careful about exclusions. One has to get the car repaired at a authorized garage to avail the benefit of this cover.
Under this Add-On the insurance company would compensate the car owner for the nuts and bears and bearings and screen washers and engine oils and so on in event of the car getting damaged in an accident. This Add-on are normally excluded under the standard motor insurance policies.
Points to Consider before taking Car Insurance Add-On:
Premium outgo for any car depends on the car make, model and engine take etc. For a car which is already few years old it would make more sense to go for Roadside Assistance Add-On rather than going for Zero Depreciation Cover.
It is preferred for motorists residing in coastal areas like Mumbai or Chennai to go for Engine coverage than motorists who reside in the interiors.
Personal Accident Add-On would be required in the event the person does not have a separate Accidental Insurance Policy else it would result in duplication of which at best should be avoided.
It is preferable for a person who has to travel extensively and is using his own vehicle for the travel.
Also if the stretch of travel is accident prone it would be good to take Add-On Cover.
They are also more relevant for beginners who are at more risk of getting into accidents, the add-on would provide the motorists the much needed assurance about encountering any unfortunate event.
Car Insurance Add-On covers is a serious requirement which have been underestimated. Motorists have been ignorant of the advantages of these Car Insurance Add-On covers for far too long. The advantages far outweigh the costs and they provide the solutions to many of the unforeseen situations which could prove to be highly stressful for the motorists. Again the motorists need to evaluate their options which would apply to their individual case.