Motor Insurance Add-Ons: Enhancing Your Coverage for Extra Protection
Mini Balakrishnan
When it comes to motor insurance, having a basic policy is essential to meet the legal requirements and protect your vehicle from unforeseen circumstances. However, the standard coverage may not always be enough to address specific risks or provide comprehensive protection. That’s where motor insurance add-ons come into play. These add-ons offer additional coverage options that can enhance your policy and provide extra peace of mind.
Let’s explore some popular motor insurance add-ons and their benefits.
- Zero Depreciation Cover
- Roadside Assistance
- Engine Protector
- Consumables Cover
- Personal Accident Cover
- Return to Invoice (RTI) Cover
Zero Depreciation Cover
One of the most sought-after add-ons is the Zero Depreciation Cover. In the event of a claim, the insurer usually takes into account the depreciation of vehicle parts, which reduces the claim payout. However, with a zero-depreciation add-on, the policyholder can enjoy a higher claim amount as the depreciation is waived off. This add-on is especially valuable for new vehicles or those with expensive spare parts, ensuring that you receive a higher claim settlement.
Roadside Assistance
Another add-on that can be a real lifesaver is Roadside Assistance. Breakdowns happen unexpectedly and may leave you stranded somewhere on the roadside. With roadside assistance coverage, you have access to services such as towing, flat tire assistance, battery jump-start, and fuel delivery. This add-on ensures that help is just a phone call away, providing convenience and peace of mind during emergencies.
Engine Protector
Engine Protector is another valuable add-on that covers damage to the vehicle’s engine. Engine repairs can be costly, especially in cases of water ingress or hydrostatic lock. With an engine protector add-on, the insurer will cover the repair or replacement costs of damaged engine parts. This add-on is particularly relevant for those residing in flood-prone areas or owning vehicles with advanced engine technologies.
Consumables Cover
For those who want comprehensive coverage, the Consumables Cover add-on is worth considering. In the event of an accident or repair, several consumable items such as engine oil, coolant, and nuts and bolts need replacement. With this add-on, the insurer reimburses the expenses incurred for these consumables, saving you from bearing the financial burden yourself.
Personal Accident Cover
Personal Accident Cover is an essential add-on that provides coverage for the vehicle owner/driver in case of an accident resulting in death or disability. This add-on ensures that you and your loved ones are financially protected in the unfortunate event of an accident. Some insurers also offer the option to extend the coverage to passengers, providing additional protection.
Return to Invoice (RTI) Cover
For those who have recently purchased a vehicle, the Return to Invoice (RTI) Cover can be beneficial. In the unfortunate event of a total loss or theft of the insured vehicle, the RTI cover bridges the gap between the insured declared value (IDV) and the actual invoice value of the vehicle. This means that you can receive the original purchase price of your vehicle rather than settling for the depreciated IDV.
Conclusion
In conclusion, motor insurance add-ons offer policyholders the opportunity to customize their coverage and address specific risks beyond the standard policy. Zero Depreciation Cover, Roadside Assistance, Engine Protector, Consumables Cover, Personal Accident Cover, and RTI Cover are just a few examples of the add-ons available in the market. Before selecting any add-ons, assess your needs, consider the cost-benefit analysis, and choose the ones that provide the most value for your unique circumstances. Remember, these add-ons can provide that extra layer of protection and peace of mind, ensuring you have comprehensive coverage for your beloved vehicle.
