What Are The Add-Ons In A Car Insurance Policy?

When you buy a car, it is a sign of progress and achievement. You feel proud to buy one for your family with your savings and satisfy their needs. You have many responsibilities to fulfil while you stay with them. You ensure they have a peaceful and comfortable ride in the vehicle whenever they roam together.

While you care for them, it is also essential to consider their safety. With the rise in road accidents every year, a reputed insurer’s car insurance policy is necessary. By choosing a reliable insurance company, you get several benefits like a guaranteed cover, assistance, and reminders to renew or pay your insurance premium.

The insurance policy provides monetary benefits to survivors in an accident and support in medical treatment expenses. Nominees and family members get death benefits. It covers you for lawsuits and legal fees arising out of the accident. The repair bills of the damage caused due to the accident also get covered by the insurance provider.

The insurance company will also cover you for the loss or damage to the car in fire, natural calamities, theft, and other human-made incidents. In case you do not make any claim for a year, the company rewards you with a No Claim Bonus (NCB). Here are the add-ons offered to the policyholders by the insurance company:

  1. No Claim Bonus: The insurance company provides a discount on the policy’s renewal premium for every claim-free year. This bonus is cumulative and increases every year. You can retain the cover even after making a claim. 
  2. Return to Invoice: It is an add-on option covering the gap between the invoice value of your car and the insured declared value, along with the registration and other applicable taxes. RTI helps you fetch the car’s purchase value (on-road price) in case of theft or total loss. 
  3. Depreciation reimbursement: Depreciation reimbursement cover reimburses or compensates you the amount of claim that gets deducted due to depreciation. You can use this cover for the first two claims in the policy period.
  4. Engine guard: If you purchase an engine guard cover with your car insurance policy, it will protect you from any expenses related to the damage to the car engine, gearbox, water ingression, leakage of lubricant oil, cost of consumables, etc. 
  5. Roadside assistance: You can get roadside assistance by paying a minimal amount and insure yourself against car breakdowns midway and other expenses. The premium amount is minimal, which takes care of the affordability. 
  6. Consumables cover: It covers expenses for consumables, including a fuel filter, engine oil, nuts and bolts, screws, brake oil, lubricants, grease, and air conditioner gas. 

Remember to pay the car insurance policy premium on time and renew it before the expiry date. You can choose to switch your provider or plan, whichever is affordable and suitable to your budget.

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