Picking A Motor Insurance? Do Not Miss To “Add” These “On”

Animesh Das May 31, 2023

Picking a motor insurance is usually considered a mandatory requirement from the Government, to drive on the Indian roads. With steadily growing awareness, individuals are not only paying more attention towards picking the right policy to protect their vehicles against loss or damage, but they are also looking at strengthening the cover by opting for add-ons on the comprehensive insurance plan at an additional cost. Add-ons such as zero depreciation insurance, engine protection, and roadside assistance cover come in quite handy in times of need.

An adequate insurance plan ensures that one does not suffer financial losses because of accidents-led damage to the vehicle. Adding a rider to the policy provides additional coverage and alleviates the financial burden caused by the incidents. Here are some of the common covers which can be added on to the existing plan depending on the specific requirements:

1. Personal Accident Cover provides compensation in case the policyholder or any passenger in the car suffers from injuries or death in an accident. This cover typically includes medical expenses, hospitalisation costs, and loss of income due to disability.

2. Zero Depreciation Cover comes in handy for individuals who have recently bought a new car. This helps the individual claim the full cost of repairing or replacing damaged parts of the vehicle without taking depreciation into account. It is especially important for new cars as the value depreciates rapidly in the first few years.

3. Roadside Assistance Cover provides 24x7 assistance in case of vehicle breakdowns or accidents, including towing services, fuel delivery, and flat tire assistance. Individuals who are passionate travellers and frequently travel on highways and do off-roading, buying an RSA is an unmissable add-on.

4. Engine Protection Cover provides coverage for damage caused to the engine due to water ingression, oil leakage, or any other mechanical or electrical breakdown. This is particularly important for those who live in flood-prone areas or geographies with harsh weather conditions. Those who reside in flood or heavy rains prone cities like Mumbai, Bangalore, Chennai must opt for an engine protection cover to ease the out-of-pocket expense.

5. No-Claim Bonus (NCB) Protection Cover is a reward for not making any claims during the policy period. This add-on protects the NCB even if a claim is made during the policy period. Individuals must opt for this add-on if they have NCB of over 45-50 per cent, to save from further losing the saved money.

6. Consumables Cover provides coverage for the cost of consumable items such as engine oil, brake oil, nuts and bolts, and other similar items that may need replacement after an accident. Purchasing this add-on is ideal especially for SUV owners since consumables for SUVs cost higher than a hatchback or sedan.

7. Return to Invoice Cover provides coverage for the difference between the invoice value of the vehicle and the IDV (Insured Declared Value) in case of total loss or theft. This add-on should be purchased by drivers who stay in theft prone areas or travel to areas that are susceptible to damages to the car.

It is crucial to know which add-on cover should be opted for, depending on the car, its condition and usage. It is important to note that each add-on comes with an additional premium cost and individuals must evaluate the needs and budget before deciding which ones to include in their policy. Carefully consider add-ons while choosing a motor insurance policy to ensure that you are adequately protected in the event of an accident or unexpected event.