We all know the importance of having our vehicles covered under a standard car insurance policy, but is the standard insurance enough to provide 360-degree coverage? While most standard car insurance policies are created to cover the basic requirements, there is always scope to enhance the same. It is why insurance companies offer a wide range of add-ons for car owners to choose from.
The term add-ons define to prove that there is always extra. Your car is bound to have double extra protection with the add-on beneficiaries available. Therefore add-ons are always opted by car owners for an extra layer of protection, even despite having a car insurance policy.
Add-ons work depending on your precise requirements, you can add one or more add-ons to the standard car insurance policy for extra coverage for your vehicle. Each car insurance add-on serves a different purpose, so always read its related terms & conditions before adding them. While the number of add-ons can vary from one insurance company to another, you can find five add-ons that are pretty common yet are the most important ones.
Check out the list of five add-ons shared below that you or no other car owner should ignore.
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Engine Protection Cover
A standard car insurance policy will cover the basic damages caused to the owner's car and third-party individuals and properties that occurred during a road accident. But many times, due to the severity of an accident, the car’s engine can have consequential damages. The effects of these damages are often seen after a period of time, and those are not covered in a standard policy.
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So if you've purchased a standard car insurance policy without any add-ons, you’ll have to bear the costs associated with the engine’s consequential damages. But if you want your insurance company to bear these costs, you’ll have to purchase the engine protection cover. With this cover added to the standard insurance policy, you can claim the amount lost due to consequential damages occurring due to water entering the engine during a natural calamity, leakage of lubricating oil, etc.
Passenger Cover
If there is one add-on that every car owner should purchase, it’s the passenger cover. Unfortunate events like road accidents can happen to anyone and anywhere, irrespective of the driver’s driving skills. In such cases, if there are other people in the car, their entire treatment expenses will have to be paid from their own pocket. But if you add the passenger cover to the standalone car insurance policy, your insurer will look after the treatment expenses.
As no one can accurately estimate the magnitude of road mishaps and the probability of the number of people getting injured, it is best to create a security fund in the form of insurance. Having a passenger cover added to your car insurance policy will ensure you don’t get under a heavy financial strain, and all the affected members can get good treatment without any hassle and worry.
Zero Depreciation Cover
Every asset is subjected to depreciation, i.e., natural wear and tear, and your vehicle is no exception to it. With every passing year, your vehicle’s value decreases due to depreciation, and insurance companies calculate the final claim amount taking into account the depreciated vehicle value and not the actual value. It can bring a jolt to those who aren’t aware of this during claim settlement.
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If you don’t want your claim settlement amount to be affected due to depreciation, you will have to purchase zero depreciation car insurance. This cover ensures the insurer calculates the claim amount considering the vehicle’s actual value and not the depreciated value. And when depreciation is not taken into account, it naturally translates to a high claim amount. If you wish to receive a higher claim amount that is calculated on your car’s original value, don’t forget to add the zero depreciation cover to the standard car insurance policy.
Return to Invoice Cover
This add-on is for new car owners who want to cover their vehicle’s cost in case it gets stolen or damaged beyond repair. No matter where you live or how safely you drive, natural calamities and incidents of theft can happen anywhere, leaving your vehicle entirely damaged or stolen. In general car insurance policies, the insurer agrees to pay the Insured Declared Value (IDV) in such cases.
But the IDV can be way less than the actual vehicle cost, which will eventually leave you on the losing side. If you want the insurer to cover the actual invoice value of the vehicle, you should purchase the Return to Invoice cover. This cover basically ensures that the insured-owner gets an amount equivalent to the last invoice value of the car if it gets stolen from where you last parked it or damaged beyond repair instead of the IDV.
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Roadside Assistance
Ever seen a person trying to get help on the roads as his vehicle broke down abruptly? Well, it can happen with anyone, including you. The roadside assistance cover is for you if you don’t want to stand asking for help and receive quick roadside assistance with just a phone call. This add-on is particularly helpful for every car owner who takes out his vehicle almost every day and travels great distances.
With the roadside assistance cover add-on, you’ll be eligible to receive assistance 24*7 without even having to count such assistance as claims. Top insurers usually cover the insured car owners for assistance within 500 km from your city. They can help you with getting the flat tyres fixed, towing, or even help you get the taxi service so you reach your destination on time while your car gets fixed by the insurer’s authorised mechanics.
Conclusion
These add-ons enable car owners to enhance their vehicle’s coverage at a reasonable cost. If you compare the benefits you get by purchasing the add-ons you need, you’ll see the additional amount being charged for these add-ons is pretty affordable. While there is no such official cap on the number of add-ons you can purchase and include to your standard comprehensive car insurance, make sure to only add the ones that are needed. Else you will easily end up with too many unnecessary add-ons that are only costing you money.
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