If you own a car, you must get car insurance - says the law of the country. Though car insurance is considered by many as an additional annual expenditure, yet it has its own importance. In today's world, different external factors may affect you and your car directly or indirectly and it is in these situations that you require insurance to come for financial aid. Car insurance is not a product that can be bought blindly. It's important and utter care should be taken while purchasing so that your necessities are made and your investment does not goes for a waste.
Sometimes just having a standard or basic coverage is not enough and various add-on coverages are becoming an intricate part of car insurance. These additional covers can be purchased with some extra payment as per your requirements. Below given is a list of common Add-On Covers provided by various car insurance companies.
a) Zero Depreciation Cover:Depreciation is levied on your vehicle at a very high rate of 30 - 50% on Plastic, Rubber and Glass parts. However Zero- depreciation coverage saves you from these expenditures. As per this benefit, no depreciation is to be deducted or to be paid by the car-owner. However, this is only applicable on cars that are upto 5 years old.
b) Windshield Glass Cover:The insurer bears the repairing or replacing charge of the front or rear windscreen glasses in case they get damaged accidentally.
c) Full Invoice Price Cover:Covers the complete 100% cost of the vehicle in case of vehicle theft or complete loss. This coverage also includes the payment of Road Tax.
d) Engine Protector Cover:If the car is driven with oil leakage due to accident or it is driven through a water-logged area or if it gets submerged due to flooding, this coverage takes care of the extremely high cost of engine replacement.
e) Spare Car Clause Cover:This is applicable if you use your car on a regular basis for a certain traverse. If the car needs to be kept in the garage for more than a day for repair, the insurance company will provide you a daily conveyance allowance ranging from INR 150 to INR 750 depending on the distance travelled every day.
f) Key Replacement:This covers the money paid to the locksmith for producing a new key or the cost of replacing the car-lock if the car has been broken into.
g) Emergency Transport and Hotel Expenses:In case your car gets broken down or meets with an accident in the middle of your journey, this coverage will bear the cost of overnight stay at a distance of 50kms or will bear the taxi fares for returning.
h) RoadSide Assistance Coverage:This covers the repair costs of minor breakdowns like Towing Cost, Changing flat tyres or Emergency 5 Litre Fuel during the course of a journey.
i) NCB Protection Cover:This Add-on acts like an award given to a car owner for not making any claims in the past few years. It should be kept in mind that even a small claim can bring down this discount to zero. However, certain claims for certain discounted protections such as Windshield Replacement, Key Replacement, Roadside Assistance Claim, etc. does not Impact the NCB Add-on coverage.
Building a complete car insurance policy is necessary and add-on coverages can greatly increase its value provided they are chosen as per your requirements. The easiest way to make a perfect choice of car insurance is to compare it online and check out the various added benefits that might be useful to you.