This add-on is applicable on the owner(if he is driving the car) as well as the paid driver. With this add-on in place, the insurance company will pay a lump sum amount as a compensation to the driver, if they die or suffer a serious injury in a car accident. This is one of the most important add-ons to have on your car policy.
After an accident, some of the car parts need to be changed. Depending on how old the car is, the insurer will pay as per the depreciated value of those spare parts. If you have zero depreciation cover attached to your policy, you get the insurance claim as per the actual value of spare parts, which helps you save a lot of money on car repair.
Engine is the most important part of your car and it is likely to get damaged by incidents like flooding. As your policy does not covers damage caused due to flooding, engine cover add-on helps you to bear the engine repair or replacement expenses through your car insurance policy.
Assistance on Road
This add-on cover ensures that the insurance company arranges for your car to be towed away to a garage and get you help to reach your destination, in case your car gets broken in a secluded place.
If your car is at a garage for repairs, this cover helps you with cash to arrange for an alternative mode of transport till you get your car back. It is normally given for a period of 10-15 days and ranges from Rs. 500-Rs. 1000 depending on the model of the car.
Lock And Key Replacement Benefit
If you lose your key and require getting a new key and lock, this add-on can help you get the actual cost of it rather than just a limited amount that insurance companies normally offer.
If your car is not older than three years, you can buy this add-on to claim for any money spent on nuts & bolts, screen washers, engine oil, bearings and other consumable parts, when your car meets with an accident. This is usually not covered in a car policy. All of the above add-ons are optional but they are very useful in certain situations. Keeping in view your actual requirements, you may opt for some or all of them.
Return to Invoice Cover
Usually your car is valued as per the Insured Declared Value (IDV) or current market value, which is lower than the actual value of the car. If your car gets totally damaged in an accident or gets stolen, the insurance company will pay you the claim as per IDV. But with this add-on in your policy, you can get the actual value of your car without deducting the registration charges, road tax and any depreciation calculated on it.
No Claim Bonus (NCB) Cover
If you do not file for any insurance claim throughout the year of your car insurance policy, you get to enjoy no claim bonus. This comes in form of discounts on premiums for your next policies. For example, you get 20% discount on the premium you pay for your next policy after a claim free year. This can go up to 50% if you do not claim an insurance for 5 continuous years. In case, you are required to file even a single claim in an unforeseen event, your NCB will become zero. But, with NCB cover in your policy, you can keep your bonus intact and claim insurance.