One of the chief concerns with regard to car insurance is the amount that you would actually be able to Claim
with your car insurance Policy
in the event of an accident. How much would your insurance cover actually pay you when you stake a claim? Now, with add on covers, you could expect your car insurance to reimburse you an amount that would bring some cheer in a rather gloomy economic scenario.
- Depreciation Reimbursement Cover:
Also called the Depreciation Waiver
cover, this is an insurance cover that protects the value of car parts from depreciation. These are add ons that would get you a full claim amount without any deduction on account of depreciation for an agreed time frame, when you replace the parts in question. This gives value for money invested in car insurance even if the car itself has grown older over the years.
- Return of Invoice or Full Invoice Price Insurance Cover:
With car insurance
, you could only expect depreciating value with every passing day. If your car has been consumed completely in an Accident
or if it has been stolen, your car insurance policy would be worth depending on how long it has been since your car’s purchase. With Return of Invoice add ons, you could expect your car value to defy the laws of gravity and stay put at its face value, or at the value as may have been agreed upon in your car insurance policy. When you buy a car for 6 lakhs, add on covers ensure that the value of the car stays at Rs 5 lakhs, even if normal depreciation would have brought it down to 4 lakhs otherwise.
This is a specific among add ons, where your car insurance would get you a new windshield glass, front or back, in case it gets broken during the tenure of the car insurance policy. The advantage with these add on covers is that your ‘No Claims’ Bonus
associated with your insurance cover would not be affected when you stake a claim for your windshield glass, while your windshield gets repaired or replaced cost-free, subject to the terms of the car insurance policy.
Accidents happen, and car insurance is all about protecting your interests when they do happen. You could enjoy the added advantage of your hospitalisation expenses being taken care of, by opting for hospitalisation cash cover add ons to your insurance cover, where your hospitalisation expenses are paid up to the sum insured, to cover hospitalisation expenses of those who might have travelled in the Insured
- Roadside Assistance Cover:
Incidents that happen on the road need not be just accidents. There are times when you would need someone to stand by and be of service when you are stuck, alone or with vulnerable people, on account of a tyre burst, a flat tyre or plain breakdown. Add ons such as roadside assistance cover ensure that you get mechanics or specialists fix your problem or tow your car to the nearest garage, giving you full value for your car insurance policy.
- Personal Accident Cover for Family or Passengers
Car insurance that you purchase with the add ons of personal accident cover provide compensation to protect your financial health when your personal health or those of your passengers may be at Risk
on account of an accident. Add on covers in this category includes insurance cover for the insured person, his or her family or other passengers in the car at the time of the accident. The car insurance policy covers accidental death, loss of limbs or other disability of a permanent nature arising out of the accident, partial or total.