When you buy a new car, you want to ensure it’s protected in every way possible. That’s why you get car insurance. Just like you might add smart gadgets to your home for extra safety and convenience like a security system, a smart thermostat, or a water leak detector – you can enhance your car insurance with add-ons to provide extra coverage and peace of mind.
These add-ons for your car insurance offer protection against various situations, whether it’s covering specific damages, protecting your personal belongings, or making sure you’re not stranded during a breakdown. They help make your car insurance plan even more robust and tailored to your needs.
In this blog, let’s take a look at some of the add-ons you should consider to ensure your new car is fully protected.
Types of Add-Ons You Can Buy With A Car Insurance Policy
Please note that you can only choose add-ons with a standalone or comprehensive motor insurance policy. Add-ons are not available with third-party insurance policies, as these only cover damages caused to third parties or their property, and do not cover personal damages.
✅Engine Protector Add-on
The engine is the heart of your vehicle and also the most expensive part to fix. If something goes wrong with your engine, it can be really costly. Unfortunately, a comprehensive motor insurance policy doesn’t cover mechanical damage to the engine.
That’s where the engine protector add-on comes in. This add-on covers all sorts of engine-related issues, like damage from water logging, oil spills, electrical or mechanical breakdowns, and more. It even covers the cost of replacing the engine or its parts if needed.
Keep in mind, though, that the engine protector cover is usually available only for vehicles up to 5 years old. It’s a great way to protect yourself from those big repair bills!
✅Zero Depreciation Cover
Vehicles naturally depreciate and lose value over time. Well, when you make a claim under your car insurance policy, the insurance company usually deducts the depreciation value of your vehicle before paying out. But there’s a way around that! If you go for the zero-depreciation add-on, the insurer ignores the depreciation and gives you a higher claim amount.
With this add-on, your out-of-pocket deductions are mostly just the mandatory deductible in your policy. It’s a great option, especially for newer cars, as it’s typically available for vehicles up to 5 years old. Just a heads-up, though: some insurers let you make unlimited claims with this add-on, while others might cap it at two claims per policy period.
✅No Claim Bonus Protection Add-on
Ever heard of the No Claim Bonus (NCB) discount? Insurance companies reward you with a discount on your premium if you don’t make any claims during the previous year. Over time, these discounts can add up, ranging from 20% to 50% over five years if you avoid filing any claims.
However, there’s a downside: if you do make a claim, your NCB resets to 0%, no matter how small the claim is. That’s where the No Claim Bonus protection add-on comes into play. This add-on ensures that your NCB remains intact even after making a claim.
✅Return To Invoice Add-on
Once you buy a car, its value starts to depreciate every year. Insurance companies cover your car based on its current market value, known as the Insured Declared Value (IDV). So, if your car gets severely damaged or stolen, you’ll only get the depreciated value, not the original price you paid. If you want to replace it with a new one of the same model, you’ll have to cover the difference yourself.
This is where the return to invoice cover comes in handy. If your car is damaged, suffers a major loss, or gets stolen, this add-on ensures you receive the invoice value – the price you paid when you first bought the car. This way, you can replace your car with a brand new one without worrying about the depreciation.
Keep in mind, the return to invoice cover is usually available for cars that are 3 to 5 years old.
✅Roadside Assistance Add-on
Ever found yourself stuck on the road with a broken-down vehicle? That’s where roadside assistance cover comes to the rescue. With this add-on, you can get on-road help if your car breaks down. Just call the insurance company’s toll-free number, and they’ll send a mechanic to help you out.
Roadside assistance covers a range of services, such as:
- Changing a flat tyre
- Minor on-site repairs
- Towing your car
- Delivering fuel if you run out
- Arranging a replacement for lost car keys
- Jump-starting a dead battery
It’s a great way to have peace of mind knowing that help is just a phone call away when you need it!
✅Personal Accident Cover
A personal accident insurance cover provides financial protection in case of death, permanent disability, or partial disability caused by an accident.
For example, let’s say Raj has added a personal accident cover to his motor insurance policy. Unfortunately, a few months later, Raj is involved in a major accident and passes away on the spot. In this tragic situation, the insurance company will pay a fixed sum of money to Raj’s nominee, as specified in the policy.
It’s a crucial add-on to ensure that your loved ones are financially supported if the worst happens.
✅Personal Accident Cover For Passengers
This add-on covers medical expenses for passengers in your vehicle in case of an accident. It typically includes hospital costs, medical expenses, and medical transport assistance.
For instance, imagine Priya and her friends are on a road trip when they suddenly get into an accident. Priya is fine, but one of her friends, Ananya, suffers a broken leg. In this case, the passenger add-on cover will take care of all the medical expenses for Ananya’s treatment, including hospital stays and any necessary transportation. The compensation will be paid to Ananya according to the limit specified in the policy.
✅Key Replacement Add-on
The key replacement add-on is super handy if you ever lose or damage your vehicle keys. It covers the cost of getting a new key and even includes expenses for repairing the lock set.
✅Loss Of Personal Belonging Add-on
This add-on is great for covering the cost of personal items that are stolen from or damaged in your vehicle. It provides compensation for:
- Loss of personal items stolen from the vehicle or with the vehicle.
- Damage caused to personal belongings in the vehicle.
For example, imagine Priya’s car is broken into while parked at the mall. The thief steals her backpack, which had her tablet and headphones inside. With the personal belongings add-on cover, the insurance company will compensate Priya for the stolen items.
It’s a useful add-on to protect your valuable belongings wherever you go!
✅Outstation Emergency Cover
This add-on is a lifesaver for unexpected emergencies like accidents or vehicle breakdowns while you’re travelling. If your car breaks down and you’re more than 100 km away from home, this add-on will provide a fixed amount of money as specified in your policy. Plus, if the repair takes longer than 12 hours, you’ll get an extra Rs. 2500 to help cover the costs.
✅Consumables Cover
A comprehensive motor insurance policy usually doesn’t cover the cost of consumables like nuts and bolts, grease, engine oil, brake oil, washers, screws, bearings, oil filters, and so on. But if you add a consumable cover to your basic motor insurance plan, the insurance company will take care of these costs for you.
Keep in mind that this consumable cover is typically available only for cars that are up to 5 years old. It’s a handy add-on to make sure all those small but essential parts are covered!
✅Tyre Protect Cover
Typically, damages to your vehicle’s tyres that aren’t caused by an accident aren’t covered by a comprehensive motor insurance policy. This means you’ll have to pay for tyre repairs or replacements out of your own pocket. But with the tyre protect add-on, the insurance company will cover these costs for you.
Let’s Wrap Up!
Picking the right add-ons for your car insurance policy can really boost your coverage and give you peace of mind. Whether it’s protecting your engine, keeping your no claim bonus intact, covering personal items, or making sure you’re never stranded during a breakdown, these add-ons cater to different needs. By choosing the ones that fit your driving habits and vehicle, you can get comprehensive protection and financial security on the road. And, with CoverSure Motorclub, you can analyze your motor insurance policy and identify the best add-ons tailored to your specific needs, all at no cost to you, ensuring you maximize your coverage.
