Basic car
insurance or the 3rd party liability insurance type pays only for
the Depreciated Car value for losses done due to accident or theft. Add on
covers in car insurance offer
additional protection and benefits towards your vehicle insurance. These extra
covers can be purchased for better financial car protection during damages or
loss.
Best Add
On Covers
There are
different types of add ons that can enhance your car insurance. Some of them are as follows -
·
Understand No Claim Bonus
and NCB Retention Add on Cover
No claim bonus
or NCB in car insurance is a discount (ranging between 20% and 50% on own
damage (OD) premium or own premium amount). This bonus is given by an insurer
to a policyholder as a reward for their supportive driving behavior and making
no claims during the policy term. NCB
Retention Add on Cover valid only on annual policies, this add on
cover safeguards insured person’s NCB even on their own damage during policy
term. This add on cover is provided if a policy renewal is performed with a
company within 3 months of policy NCB expiry date. NCB of the insured is
protected in case of one own damage during the policy term. Keep in mind that
claim amount should not go higher than 25% of IDV.
·
Zero Depreciation
A new car
owner highly benefits using this add on cover as insurance providing company is
responsible to accept the total cost of repair without considering the
depreciation factor while making a claim. The standard car
insurance plan reduces the depreciation value of vehicle components
such as wood, metal, fibreglass, etc.
·
Consumable Cover
Minor items
such as nuts & bolts, lubricants, etc refilled or replaced during car
repair are called consumables. Consumable cover pays for the cost of
consumables refilled or replaced due to accident. All consumables such as gear
oil, engine oil, lubricants, nuts & bolts, and others are included in this
cover.
·
Roadside Assistance
Whenever you
get in a trouble on the road, you can simply call your insurance company. Under
this add on cover, you’ll get a certified mechanic to repair the car on the
particular place. In case, the damage is not handled by a mechanic, insurer
will bring a towing car for you and take the full care of your own car.
·
Engine Protection Cover
This cover
will pay only for engine repairs no matter if the damage is caused due to any
natural calamity such as flood, etc.
·
Total Cover
The total
amount invested on the Octroi, registration fee, or other charges by any
government authority is paid by this add on cover. This cover also pays for
insurance premium.
·
Loss Of Personal Belongings
To cover the
loss of personal belongings you lost in an accident, you must choose this type
of cover. Please note that terms and conditions of this cover differs from one
insurer to another.
The cost of
every add on differs based on the age and make-model of the car. Higher the
number of add ons, higher will be your premium.
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