If you are driving a car in India, you must have an insurance policy. To be precise, you must have at least a third-party policy while driving the car. Failure to comply with this rule will result in heavy penalties and other problems. For this reason, most car owners only buy a third-party plan to avoid legal hassles. However, in view of the dangers of driving, you need more than just liability coverage or basic comprehensive coverage. This is where the add-ons come in.
Even when purchasing a comprehensive plan, car owners fail to purchase the exact coverage they want. This is because they have to buy car insurance online with a specific list of benefits. These benefits may not be enough for them. The difference often appears when they have to make a claim. At this point, if they do not like their coverage, it can lead them to have a bad impression of car insurance. Add-ons help them to tailor their policies to their needs. However, it is important to know what you are buying before making a purchase. Here is a brief overview of add-ons for Car insurance:
What are the add-ons for car insurance?
Add-ons are additional coverages that can be purchased with a comprehensive car insurance policy. These add-ons offer different types of coverage benefits in addition to the base coverage of each policy. In lieu of these additional benefits, the insurance provider will charge an additional premium. However, in exchange of a minimal increase in premium, these add-ons offer better overall coverage. You can find the add-ons available to you in your car insurance app.
The easiest way to understand the add-on is to compare it to the icing on the cake. Although it is not the primary part of the cake, the icing definitely makes the cake look and taste better. There is a long list of car insurance add-ons to choose from. Individually, they do not cost much. But, if you buy all kinds of add-ons regardless of your coverage requirements and your budget, you may have to pay more for your car insurance policy. So, you have to carefully choose the add-ons you want to buy.
Here are some add-ons you may want to purchase:
• Zero depreciation cover
Depreciation is a concept that is related to anything and everything you own. This is best described as the loss of property value over time. This also applies to your car. You buy a car for a certain price, which is called the selling price of the vehicle. It is considered the monetary or market value of the car. Over time, this value decreases. So, if you decide to sell your car, you will not get the amount you bought it for. Low market value also affects your insurance policy coverage.
Zero Depreciation Cover ensures that the depreciation on your car does not affect your 4-wheeler insurance coverage. This means that you can have the larger amount given to you as sum insured. This, in turn, means you can claim a bigger amount when you need it.
• Consumables cover
A car is not only your asset, but also a responsibility. To enjoy the benefits that your car offers, you need to maintain it in the best shape possible. This means ensuring that all its components and mechanisms are in good shape. This maintenance also includes changing parts of your bike regularly. These parts are called consumables. These include greases, lubricants, bearings, fuel filters, oil filters, brake oil, etc. Paying for these can be a huge expense over time and your standard comprehensive bike insurance policy will not cover this cost. With the consumables cover, you can also include this cost in your policy.
• Roadside assistance cover
You never know when your car will break down or where you will be in an accident. In such a situation, taking yourself and your car to a safe location should be your first priority. But depending on your situation, you may be stuck on the side of the road trying to figure out how to get to your home or any other safe place. Roadside Assistance Cover provides you with the assistance you need in case of an emergency. You can contact your insurance provider as soon as you find yourself in a situation where you need help. Car insurance apps can come handy in these situations. They help in getting services like flat tire replacement, fuel delivery, towing, minor repairs etc.