Your comprehensive insurance policy only covers accidental damage and loss emerging from theft. In order to prepare yourself for this season you shall consider opting for some beneficial add-ons to your existing car insurance policy.
Dust storms, heavy rains, flooded streets are posing huge risks to vehicles across the country. Hence, it becomes imperative that every car owner must get their car insurance policy ready for this season. The best way to achieve this is by attaching essential add-on covers to their comprehensive car insurance policies.
Basic comprehensive car insurance includes damage to your car, loss and theft of vehicle as well as third party cover. However, in order to make your vehicle monsoon-ready, here are five add-on cover benefits you should know.
1) Return to Invoice: The fury of nature knows no bound and the same is being witnessed first-hand by the people in the form of dust storms which has led to many accidents and huge damage to the property as well. People are waking up to find their vehicles pancaked under uprooted trees. Hence, it is important to attach this essential add-on at the earliest which reimburses car owners the difference between the ex-showroom price of their vehicle and the IDV (Insured Declared Value) of their car along with the registration fees, road tax, and insurance amount in the event of a total loss or theft. This add-on becomes a complete savior if the vehicle is declared unfit for further repairs and usage. One must note a key point here, that if the same model is available at a lower price than the original price at which the vehicle was purchased then, the former will be taken into consideration for settling the claim.
2) Engine Protection Cover: Flooding and submerging of cars in rain waters is a common scene in cities like New Delhi, Mumbai, Chennai, Hyderabad and Bangalore during the rains. This add-on cover helps car owners overcome the damage to their car’s engine due to water ingression which results into a hydro-static lock. It also provides coverage against events like damage to gearbox and leakage of lubricating oil. The price of this add-on may increase the premium by 7-9% of your base premium but its worth it, specifically if your location has water logging problem.
“One important point to be kept in mind here is that if the vehicle is submerged in rainwater, then one should not attempt to start the vehicle and should inform the insurer about the same. The insurer, in turn, will update you about the proper procedure and protocol to be followed under such a scenario” says Mr Devendra Rane, Chief Technological Officer and founder of Coverfox Insurance.
3) Nil Depreciation: Insurance Company calculates depreciation on certain parts at the time of settlement resulting in loss of claim amount. It is highly recommended for new car owners, as it entitles you to the complete cost of repair of car parts at the time of the claim. Insurers like Reliance General Insurance and Bajaj Allianz General Insurance offers this add-on wherein, you will get the full claim amount. This insurance cover is usually valid only in the event of a partial-loss claim. Even though, it is one of the most expensive add-on covers available for your car; but the coverage it offers is very useful to car owners.
4) Consumable expenses: It covers cost of consumables required to be replaced / replenished arising from an accident to the insured vehicle. Consumable for the purpose of this cover includes engine oil, gear box oil, lubricants, nut & bolt, screw, distilled water, grease, oil filter, bearing, washers, clip, break oil, air conditioner gas and items of similar nature excluding fuel. Insurers like Tata Aig Motor Insurance, Hdfc Ergo General Insurance offer this add-on
5) Roadside assistance cover: It takes care of the emergency towing, when your car is damaged or broken down and cannot move. The insurer arranges for a towing service to take your car to the nearest authorized garage. It also includes repair on the spot, flat tire service, emergency fuel delivery arranging for a mechanic and even cab services now-a-days.
“Also, in case of a dust storm or heavy rains, the visibility goes down or vehicle may face breakdown, in such cases, one may need alternate vehicle & towing of your own vehicle. Roadside assistance cover is handy in during this season. Most Insurers offers it for free so just check it at the time of purchase” says Animesh Das, product-strategy head of Acko General Insurance.