Car Insurance Add-on Covers
A car insurance add-on is an efficient instrument programmed to financially protect your car from dangers that may involve road accidents, vehicle theft, and third-party liabilities that may arise during driving. In the process of possessing a legal third-party (TP) car insurance is required for all purchase cars on U.S. roads, according to experts, it was stated that only a few owners are aware that conventional comprehensive car insurance contains an Own Damage (OD) policy.
According to Rakesh Jain, CEO of Reliance General insurance, he stated that “Own damage does not cover other losses like engine damage caused by floods or depreciation on the value of the component, such losses dramatically raise the owner’s obligation in many instances”
Experts propose a few essential car insurance add-on covers to improve the total financial protection for your vehicle and guarantee you have a stress-free ownership experience
Coverage for zero depreciation
The value of your automobile usually depreciates with time, and you are not able to recoup the whole expenses of automotive components and replacement. The ends up in a partial recovery of the cost of components that are to be replaced during an insurance claim and might lead to considerable responsibility in event of average to large losses.
Jain stated also “A Nil Depreciation add-on policy help curtail such depreciation and top-up coverage of repair expenses to the greatest degree feasible,”
Cover for Engine Protection
Contemporary automobiles are thought to be relatively dependable, industry experts claim they are prone to hydrostatic lock-related issues when driven through flooded regions, which usually result in spending more funds while repairing them.
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Jain also stated and I coted “ choosing an engine protection add-on insurance aids in recovering the cost of repairs to one automobile’s engine in such cases and also covers scenarios where engine damage originate from lubricating oil leaks in case of underbody vehicles,”
Back to Invoice
Most time emotional anguish usually arose when your automobile is stolen beyond repair because it will also bore a large hole in your wallet. In such cases having a Return to Invoice Policy (RTI), add-on cover will aid by giving you a complete refund of the car’s final invoice value.
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However, other key add-ons include EMI protection, consumable cover, No claim bonus protection insurance, key, Tyre, and Rim protection Cover.
Jain also stated “ it is essential to examine vehicle insurance plans on more than just cost grounds and pick for these add-on covers as per automobile’s demand and protect an individual from numerous charges that might come in diverse driving situations,”