People usually don’t like to spend much time while buying a car insurance policy. They think that there are only two options available in the market and i.e. third-party liability which is mandatory by the Motor Vehicle Act and second one is Comprehensive insurance. But the reality is there are so many add-on covers that can boost your car insurance coverage by spending a minimal amount at the time of buying or renewing policy for your car.
In order to choose the ideal add-on covers to enhance your car insurance policy coverage car, it is very important for you to understand the vital role of add-on covers.
Zero Depreciation: Nobody likes to be in a situation where you get a shock to know that you have to lose your pocket in order to repair your damaged car, even if you have a car insurance policy. But, the fact is that no insurance policy offers a full coverage to your car in case of a loss or damage in an accident. To avoid such situation, one should opt for No Dep. or Zero Dep. add-on, which offers you a full claim on the value, repaired or replaced parts after an accident. Ideally meant for new cars only, companies generally don’t offer this kind of add-on to cars which are older than 5 years.
No-Claim Bonus Retention (NCB): From its name NCB retention, this add-on works as a protection cover to your NCB. NCB is a reward for not making any claims against insurance policy in the preceding year. Normally, people don’t avail any claims but renew their insurance every year. The insurance company gives a reward in the form of discount of up to 50% on the premium cost which will be withdrawn by the company if the claim is taken once. So, there is a provision of NCB retention even if you make any claims.
Road Assistance: Just imagine you are driving back to home and your car gets stuck somewhere in the middle of night for any of the reason like out of fuel, some technical issue or battery dead, now what? As the name suggest, this add-on will assist you to reach home in such emergency and takes care of your car. If you have opted for this add-on along with the standard car insurance policy, you need not worry about assistance while driving in a remote location or in the night.
Personal Accident Cover:
With this add-on cover, the insurance company offers a protection to the owner as well as to the paid driver in case if any. You can opt for personal accident cover combining with the comprehensive car insurance policy. This add-on gives you a benefit of lumpsum amount in case of permanent disability or accidental death caused in an accident.
Daily Cash Allowance: In case of a major accident, the procedure to get your car repaired is too lengthy and your car has to stay in the garage for days or weeks or even more than a month, depending upon the condition of the car. In that situation, you need to commute either in a public transport or hire a cab which is a costly option especially if you have budgetary constraints.
So, under this add-on, the insurance company will bear the cost of such daily commutation expenses.
Also, there are too many other add-ons are available in the market which includes Return to Invoice, Engine cover, Key Replacement that you can combine with your standard insurance policy. So, choose wisely according to your requirements to enhance your policy coverage.