Add-on Covers in Car Insurance

• Zero Depreciation Cover

Zero depreciation cover in car insurance is a must-have add-on cover to save up on money! Your car undergoes depreciation and loses some of its value over time. Under normal circumstances, the insurer will factor in the depreciation rate of your car and deduct it from the claim amount. However, with a zero depreciation cover, the insurer does not account for the depreciation rate of your vehicle while processing the insurance claim, leading to a higher claim amount. A point to note is that zero depreciation cover is only available for cars less than 3 years old with a limited number of claims per policy year.

• Engine Protection Cover

As a car owner, you must be aware of how crucial a car engine is and the high repair expenses that come with it. Unfortunately, your car insurance policy does not cover any replacement or repair expenses resulting from non-accidental loss to the engine. With an engine protection cover in car insurance, you can get coverage for damages caused due to water ingression, leakage of lubricant or damage to the gearbox.  Moreover, this add-on also secures repair or replacement costs of vital engine parts like cylinder heads, pistons, crankshafts, the gearbox, etc.

• NCB Protection Cover

No Claim Bonus (NCB) is the most sought-after reward in motor insurance as it enables you to get a reduction on your renewal premium. But what if you had no choice but to make a claim? With the NCB protection add-on cover, you can be worry-free about losing your hard-earned reward as it allows you to make a fixed number of insurance claims throughout the policy term without losing the bonus. So, in the event of a major mishap, you can file a car insurance claim and retain the No Claim Bonus easily! However, it is recommended to understand the terms of the car insurance add-on cover and the number of admissible claims in your policy document.

• Personal Accident Cover

When it comes to Personal Accident (PA) cover in motor insurance, every owner-driver is mandated to opt for one. Mishaps on the road cannot be predicted and thus, it stresses the importance of having the right backup against such perils. In the event of an unfortunate accident, this add-on coverage will financially secure any bodily injuries, disablement, or even death of the driver. The owner-driver personal accident cover ensures monetary compensation for accidental injury and permanent or partial disability endured by the insured.

• Conveyance Benefit Cover

You can imagine how much of your daily commute to work may get affected in case your car incurs accidental damage! A conveyance benefit covers your daily travel expenses until your prized possession is ready to ply on the road. With this add-on cover, you will receive a travel allowance to ease the unnecessary expenses borne by you while your vehicle gets repaired. To ensure you can make the most of such add-ons in motor insurance, read the fine print thoroughly.

• Personal Baggage Cover

Misplacing or losing your baggage while travelling is quite common and equally worrisome. Not only does it result in extra time spent to locate your bags but also leads to out-of-pocket expenses to make up for the lost items. This is where a personal baggage cover comes into the picture and compensates for the total loss caused due to the loss or theft of your bags.
You can avail reimbursement of the lost or stolen items from the luggage along with any damages resulting from riots, fires, etc. It is recommended to understand the scope of coverage under the personal baggage cover as it can vary from insurer to insurer.

• Passenger Cover

As you have read already, PA cover is compulsory for the owner-driver of the vehicle. But what about the paid driver or the passengers in the car in case of an accident? This is where the passenger cover in car insurance comes to your rescue. It financially safeguards any accidental injuries incurred by the paid driver or the passengers inside the vehicle. So, you can protect your loved ones by purchasing this add-on coverage in car insurance for maximum safety.

• Consumables Cover

Another aspect that isn’t covered under your car insurance plan is consumables that undergo the most wear and tear. These include nuts, bolts, ball bearings, gearbox oil, grease, distilled water, etc. So, every time you need to get the consumables replaced or repaired, it would be an out-of-pocket expense. However small the cost, the consumables cover in car insurance includes such expenses under the insurance policy at a cost-effective rate.

• Accident Shield

Similar to personal accident cover, the accident shield in car insurance financially protects the co-passengers during a mishap. Right from permanent disability, loss of limbs and eyesight to death of the passenger, an accident shield compensates for such accidental injuries. Hence, you can safeguard your family with the accident shield cover in car insurance at a nominal amount.

• Lock & Key Replacement Cover

Sometimes we can be forgetful and end up misplacing our car keys only to never locate them again! But this further results in added expenses to obtain an extra pair of keys and have your car locks changed. The lock and key replacement cover reimburses the value of your lost keys and the locks, in case they need to be replaced. Moreover, you shall find insurance providers offering additional features such as coverage to get your car to the nearest network garage.