5 Popular Add-On Benefits To Enhance Your Motor Insurance Policy
by Bhargav Baweja CMO Marketing
The most important thing while
deciding on a car insurance policy is to understand and get proper clarity on
the features of the policy. Many-a-times, the policy you choose doesn’t provide
adequate coverage. So, in order to enhance your plan, you should consider
buying some add-ons offered by your insurance provider.
Some important and popular add-ons
- Depreciation Reimbursement Cover
This is the most common and recommended add-on offered
by insurance companies. This add-on feature entitles you to receive the full
cost coverage of replacing or fixing any car part. Therefore, in case of any
accident, you will not have to pay anything out of your pocket. Also known as
Zero Depreciation, this add-on feature is usually valid for eight years from
the date of purchase of the vehicle. It mostly offers a maximum of two claims
throughout the life of the policy (one year).
- Medical Expense Cover
In case of a misfortune, it is quite likely that the
people sitting in the car suffer injuries requiring immediate medical
treatment. While the driver of the car is usually covered with a self-cover,
other passengers of the car are not. To cover such medical expenses, you can
buy a medical expense add-on with your car
insurance policy and get
reimbursed for all the expenditure incurred.
- No Claim Bonus (NCB) Retention Cover
No Claim Bonus can be availed when you do not opt for
a single claim throughout the duration of your insurance plan. You can
accumulate NCB for years and get handsome discounts ranging from 20-50% on your own-damage premiums. However, you do not get any discount in the next year even
if you file for a claim during the tenure.
To avoid this, you can go for NCB retention, which is
nothing but an enhanced version of NCB. Under this add-on, if you file for a
claim below a fixed amount, you are still eligible for a given percentage of
NCB in the next year.
- Roadside Assistance Cover
This add-on cover proves to be beneficial in case of
emergencies like fuel shortage, or sudden car breakdown. It provides certain
round-the-clock services like refuelling, change of flat tyre, battery
charging, mechanic service arrangements, etc. In such a situation, the company
will be obligated to send immediate help to you wherever you are. Some of these
also come with free towing assistance to the nearest garage in case the car is
irreparable by the technician.
- Consumables Cover
The consumables of your vehicle are not covered in
insurance policy. The
consumable parts like nuts and bolts may sound unimportant, but collectively,
they form a significant amount, while filing a claim. By opting for this add-on, you can avoid the
payments for replacing the consumables.
While there are many more add-ons
to choose from, these are some of the most popular ones. However, add-ons you
opt for should depend on your insurance needs. Hence, understanding your
insurance needs and researching and comparing the various options available is
essential to choose the best-suited policy.
Created on Jan 30th 2020 00:11. Viewed 455 times.