In the world of insurance, the competition has surged, offering myriad options to supplement your comprehensive insurance policy. These additional covers, available at extra premiums, seamlessly integrate with your standard insurance, providing optimal coverage and financial protection.
Add-ons extend coverage beyond the comprehensive motor insurance. Tailored to your car’s make, each add-on can potentially save you significant money that would otherwise be spent during claims.
Types of Online Vehicle Insurance Policies
Insurance shields your vehicle from financial losses caused by accidents, theft, or damages from natural or man-made disasters.
The two main types of insurance are third party insurance and comprehensive insurance.
Third-party insurance protects against legal liabilities resulting from your vehicle damaging others’ property or causing injuries.
Comprehensive motor insurance goes further, covering losses to your vehicle, along with third-party liabilities. Another added advantage of this policy is the flexibility to enhance the scope of coverage by opting for optional add-on covers.
Important Add-ons to Upgrade Your Comprehensive Insurance Plan
- Engine Protect Cover: Ideal for owners of luxury cars less than three years old, this cover, also known as Machinery Breakdown cover, handles engine repairs not caused by accidents. It’s particularly valuable in areas prone to waterlogging, covering high repair costs. Note that it doesn’t include wear and tear or owner negligence damages.
- Zero Depreciation Cover: Highly recommended, this cover allows you to claim the entire repair cost after an accident without deductions for standard depreciation. Typically available for the first three years, it ensures full compensation without reductions.
- NCB Protect: Preserve your No Claim Bonus (NCB) even after filing a claim with this add-on. While accumulating NCB guarantees lower premiums, filing a claim usually results in losing this benefit. NCB Protect helps retain the discount.
- Daily Allowance: Compensating for hiring an alternative vehicle if yours is stolen, this cover reimburses between Rs. 500 and Rs. 1000 per day for 10-15 days, depending on your car model. Exclusions may apply, such as unauthorised garage repairs or vehicles under repair for less than three days.
- Roadside Assistance Cover: Providing emergency services like towing and refuelling, this cover is offered at a minimal fee by some insurers or included in the basic cover. Some providers extend it for renewed policies, excluding it for new insurance policies.
- Return to Invoice Cover: Added protection against car theft, this cover ensures you receive the original value of the car, including registration charges and road tax, rather than the depreciated market value. Especially useful for those in theft-prone areas or regular night highway commuters. Not available for vehicles over three years old or imported vehicles.
- Accident Coverage for Passengers: Most insurers offer this cover, providing a lump-sum amount to insured passengers for permanent disabilities or loss of life. The sum assured usually amounts to Rs. 1 lakh per person, but this varies between insurers.
- Consumables Cover: Compensating for expenses on consumables like nuts and bolts after an accident, this cover is not included in standard policies. Generally, it is not provided for vehicles older than three years.
- Key Replacement Compensation: Protecting against stolen or misplaced car keys, this cover compensates for lock and key replacement charges.
- Personal Accident (PA) Cover: Covering both the vehicle owner and paid driver, this protects against critical injuries or death.
- Loss of Personal Belongings: Beneficial if personal items are stolen from a locked car, covering electronic equipment, laptops, etc.
- Hospital Cash: If the insured is hospitalised following an accident, this cover provides a lump sum daily amount for hospitalisation charges.
Note: The PA cover does not come bundled with any vehicle insurance policy. This must be bought separately as mandated by the Motor Vehicles Act 1988. The maximum coverage you will get under this cover is Rs.15 lakhs.
Conclusion
When selecting add-ons, focus on your requirements to make a prudent decision.
Enhancing your comprehensive insurance with these add-on covers ensures complete protection. For hassle-free customisation and pocket-friendly options, consider exploring ACKO’s offerings for motor insurance. With ACKO, tailor your insurance to your needs and embark on a worry-free journey on the roads of India.
Disclaimer: Vehicle insurance is a mandatory requirement as per The Motor Vehicles Act 1988. Non-compliance can lead to monetary penalties and legal issues. Thus, make sure to buy vehicle insurance and keep the policy active by renewing it before its expiry date. You can buy/renew vehicle insurance easily, quickly, and conveniently via the ACKO website/app for a hassle-free insurance experience.
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