There are a lot
of companies providing insurance policies for our motor vehicles. Thus, it has
become an arduous task to compare and choose the best policy provider in the
market. Although, choosing the best car insurance company is subjective;
however, there are a few criteria on the basis of which you can choose the
better insurance companies. The add-ons provided by the insurance companies are
one of these major criterions.
However,
before everything else, what is an add-on?
There are
two major types of insurance policies provided by insurance companies, namely-
third-party cover and comprehensive cover. The third-party policy covers all
the damage caused by you to the third-party and the comprehensive insurance
covers third-party as well as own-damage. However, there are a few things
excluded from the comprehensive cover. To make up for that deficit- you can opt
for an add-on.
Some of the more common 10 add-ons provided by
the insurance companies in India are:
·
Engine
protection cover: Engine is the heart of your motor vehicle- most expensive
part of your car. However, even your own-damage car insurance policy doesn’t
cover the costs of repair. But if you opt for an engine protection cover, all
of your damage will be covered under your insurance policy.
·
Quick
assistance on road: This add-on covers you in your hour of crises by providing
you access to basic services such as fuel, transportation and accommodation
benefits when you are stranded in the middle of the road.
·
NCB
protection: This protection cover will safeguard the NCB (no-claim bonuses)
that you have accumulated over the years. As, even a single claim can nullify
your NCB to zero. However, by opting for this add-on, your NCB will be intact,
even after making a claim.
·
Personal
accident cover: An owner who is driving receives complete claim, if he or she
is involved in an accident and if there is severe irreparable damage to the
limbs or death. Thus, this car insurance add-on covers not only the owner but
also the paid driver.
·
Zero
depreciation add-on: This add-on will help you receive complete settlement for
the value of the motor parts that are replaced after an accident.
·
Return
to invoice: This add-on will let you receive full value of your vehicle without
the 5% depreciation in the case of an accident.
·
Loss
of personal belongings: Your basic car insurance policy doesn’t cover the damages
caused due to theft or loss because of electronics and other valuables inside
from your motor vehicle. However, by making use of the loss of personal
belongings add-on, you can report these claims.
·
Key
replacement add-on: This add-on will cover the entire expense of replacing your
ignition key to your vehicle.
·
Daily
cash allowance: This cover will take care of your transportation costs, as long
as your car stays in the garage- after the accident. However, it is valid only
if your vehicle stays in the garage for more than 3 days (in the case of a few
insurance companies).
·
Network
garage add-on: This add-on allows you to make cashless claims in the network
garages.
