• In a zero depreciation cover, do I have to pay anything at the time of any normal repairs related to denting and painting?
– Rakesh Sharma
If you have opted for an add-on cover such as zero depreciation also known as ‘Nil-Dep cover’, you need not pay for any depreciation charges towards motor repairs which include painting, rubber part replacement, glass or fiber replacement. The unique feature of a zero depreciation cover is to extend complete protection without any co-pay options. Zero depreciation cover is only offered to vehicle with a certain threshold that considers the age and make of the vehicle. Zero depreciation also does not cover damages caused to the engine that requires repairs or replacement. A zero depreciation add-on cover can be availed for brand new vehicles and can also be opted for relatively new (up to 5 years) vehicles at the time of policy renewal along with comprehensive motor insurance plan.
• I am looking for a top-up health insurance cover as I have a floater base cover of Rs 5 lakh for my family?
You have forgotten to mention if you are referring to an individual policy or a family floater. Top-up health policies complement the standard policy for any medical treatment which cost higher than the base amount. Also, top-up health policies are a good option for a family floater policy where a group of family members are part of the policy. With rising cost of medical treatment and lifestyle disease, quality health treatments are becoming dearer and base covers are at times insufficient due to the cost. Therefore, to ensure that there is no compromise on quality medical treatment, a top-up health policy would support you financially for cost over and above the base amount. Hence, it is good option to buy a top-up health insurance cover that can offer you an additional coverage which is beyond the threshold or maximum limit of your existing health insurance policy. These policies are available with various deductible options ranging from Rs 1 lakh to Rs 10 lakh. In your case, you can opt for deductible Rs 5 lakh with sum insured limits up to Rs 20 lakh or even more and also the premium charged is reasonable.
The writer is MD & CEO, Universal Sompo General Insurance.
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