Insurance

5 Add-On Covers That Will Boost Your Car Insurance Coverage

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People generally don’t like to spend a lot of time shopping around for an auto insurance policy. They believe that there are only two options available in the market, namely third party liability, which is compulsory under the Motor Vehicle Act, and the second is comprehensive insurance. But the reality is that there are so many additional coverages that can increase your auto insurance coverage by spending a minimal amount when you purchase or renew your auto insurance policy.
In order to choose the ideal supplemental coverages to enhance the coverage of your car insurance policy, it is very important that you understand the vital role of supplemental coverages.

Zero amortization – Nobody likes to be in a situation where they are shocked to learn that they have to lose their pocket to fix their damaged car, even if they have a car insurance policy. But, the fact is that no insurance policy provides full coverage for your car in case of loss or damage in an accident. To avoid such a situation, you should opt for the No Dep or Zero Dep add-on, which gives you a full claim on the value, repaired or replaced parts after an accident. Ideally designed for new cars only, companies usually don’t offer this type of add-on for cars over 5 years old.

No Claim Bonus (NCB) Retainer – Going by the name NCB Retainer, this add-on works as a protective cover for your NCB. The PNE is a reward for not making any claim against the insurance policy during the previous year. Typically, people do not profit from any claims but renew their insurance every year. The insurance company gives a reward in the form of a discount of up to 50% on the cost of the premium which will be withdrawn by the company if the claim is taken once. So there is a retention provision of the PNE even if you make claims.

Roadside Assistance: Imagine you get home and your car gets stuck somewhere in the middle of the night for some reason, like a lack of fuel, a technical problem, or a dead battery, now what? As the name suggests, this plugin will help you get home in an emergency and take care of your car. If you have opted for this add-on with your standard car insurance policy, you don’t have to worry about assistance when driving in a remote location or at night.

Personal Accident Coverage: With this additional coverage, the insurance company provides protection for both the owner and the paid driver if there is one. You can opt for individual accident cover by combining it with multi-risk car insurance. This supplement allows you to benefit from a flat-rate benefit in the event of permanent disability or accidental death following an accident.

Daily Cash Allowance: In case of a serious accident, the procedure to repair your car is too long and your car has to stay in the garage for days or weeks or even more than a month depending on the condition of the car. In this situation, you have to travel by public transport or hire a taxi, which is an expensive option, especially if you have budget restrictions. Therefore, under this option, the insurance company will bear the cost of this daily change fee.

Besides, there are many other add-ons available in the market including return to invoice, engine cover, key replacement, which you can combine with your standard insurance policy. So choose wisely based on your needs to enhance your policy coverage.

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