Engine Protection Cover
Having an engine protection add-on helps in getting your claim settled if only the engine of the car is damaged. Engine protection add-on covers the loss or damage to the engine, gearbox, and other engine parts due to water ingression or oil leakage. These covers are offered by many insurance companies up to 7 years of age on paying an extra premium.
Zero Depreciation Cover
Zero dep car insurance cover or Bumper to Bumper insurance or nil depreciation is the add-on available on payment of extra premium under the own damage section. Bumper to bumper car insurance or nil depreciation provides full coverage for all rubber, fibre, and metal parts of your car without deducting the depreciation.
The insurance companies provide the add-on coverage up to a maximum of 5 years of vehicle age, providing nil depreciation or Bumper to bumper cover or Zero depreciation after 5 years age of the car and zero depreciation car insurance after 10 years is not available in most of the companies.
Consumables in car insurance policy means the parts that cannot be repaired after damage or loss such as the Nuts, Bolts, Air filter, Oils, etc. which need to be replaced at the time of repair. These consumables are charged separately by the garages and are not included in the deprecation cover as there is no depreciation factored for these items. Consumables cost is settled under the add-on at the time of claim settlement of insurance policy.
Daily Allowance Benefit
In case of loss or damage to your car it is taken to the nearby garage where the repairs are carried out which takes at least 2-3 days depending on the type of loss and availability of spare parts. In such scenario the insured customer may have to car rental to drive to his workplace. The daily cash allowance plan provides a daily amount to the customer in case the vehicle is laid up in the legal garage for more than 3 days. This add-on can be taken by any insured customer to get the daily allowance from the insurance company in case of a claim.
Key Protection Cover
Key replacement cover in car insurance is the loss or damage to the Key and Lock of the car due to unauthorized entry at the time of Burglary and Robbery or other malicious acts. High end and premium car’s Lock and Key would be much costly and any damage or loss to them cannot be replaced by a local mechanic or local key maker. The keys of those cars need to come from the Manufacturer and are a costly affair.
No Claim Bonus is the discount offered on the Own damage premium by the insurance companies on renewal for not having a claim in the previous year. This is a method of rewarding the customer with an extra discount for not making a claim under the car insurance policy. NCB starts from Zero and goes up to a maximum of 50% in the span of 5 claim free years. If a claim is made at any point in time the NCB will become Zero and the cycle continues for every claim free year.
Return to Invoice Cover
Having a return to invoice cover pays the invoice cost of the car in case if the car is stolen or beyond repair. Since the chance of your car getting stolen is highest in metropolitan cities it is highly advisable to have the Return to Invoice cover added in your car insurance policy at the time of purchase. Return to invoice cover also settles the claim in case if your car is damaged beyond repair.
If your vehicle is premium and opts for the fancy accessories to your vehicle, you should prefer the accessories cover. While buying accessories coverage you should be genuine to provide the exact value of the parts to get you a hassle-free claim. Don’t undervalue the accessories, this impacts you at the time of claim.
Metro cities have the highest number of potholes thereby damaging the tires and shock absorbers of the vehicles due to frequent collisions with the potholes. The potholes can cause serious issues such as a sudden blast of tires, damage to tubes, etc. Some of the car insurance policy should also include the Tyre cover for the cars at least up to 5 years age of the car.