Introduction
People often take motor or car insurance because they want to be covered in case of an accident. However, when the actual incident happens and unfortunately when they meet with an accident, after all, the insurance company settles only part of the cost of damage. Some cost is to be borne by them. So why it happens? It happens because a comprehensive insurance policy does not cover all the costs. To get all the costs covered, insurance companies give an option of add-on covers. So let us now understand what types of add-on covers are available and their benefits.
1. Nil depreciation cover: An essential add-on cover amongst add-on covers is nil depreciation cover. As you may know, the value of any product or thing depreciates with time. The same thing happens with your cars. Whenever the insurance companies do insurance of your car till the time when, unfortunately, your car meets with an accident, at the time of the repair, the insurance companies calculate the depreciation cost and make you pay for it. It is thirty or forty percent in certain things. In plastic and glass items, this cost is up to fifty percent that you have to pay. However, you need not pay anything if you take nil depreciation cover as an add-on cover with your insurance policy. Myriskcover helps you get personal accident insurance.
2. Roadside assistance cover: A Roadside Assistance is a 24*7 emergency service that basically assists vehicle owners in case of a vehicle breakdown. Furthermore, the service caters to a number of emergency scenarios like towing, jumpstart, flat tyre, minor repairs, and on-road key lockout, among many others.
3. Engine protection cover: Engine protection cover is an add-on benefit on car insurance that can be a part of the comprehensive motor car insurance policy. It is used to cover the insured vehicle’s engine towards any damage or loss of the parts or the engine as a whole ie. engine damage due to water/ floods, fuel leak causes the engine to cease.
4. NCB (No claim bonus) protection cover: NCB Protect is a smart way to ensure that your hard earned bonuses stay protected even if you report a claim.
5. Key loss add-on cover: If you lose the keys of your car, then through the key loss add-on cover, even this is covered.
6. Consumable cover: As comprehensive car insurance does not cover consumables, you are required to bear their costs. A consumable cover can help cover these in case of an accident.
7. Return to Invoice Cover: This insurance compensates the Invoice value of your car ie the original cost of the car when you purchased. Claim applies when car is stolen or damaged beyond repair.
8. Tyre Cover:
The insurance that cover ‘Tyre Cover’ that will indemnify you for damage to your Car
Tyre(s)/Tube(s) without your Car getting involved in any accident, due to the reasons specified below. Insurance company will compensate for cost of repair/ replacement of tyre/ tube and/or part(s) as applicable,
a. Due to impact cuts, bursts.
b. Due to impact bulging of side wall excluding manufacturing defect, chemical or atmospheric damages c. Flattening of Tyre due to hard braking.
9. Personnel belongings Cover: Policy that covers your personal belongings in your car when parked in a parking area which is authorised or not comes under this plan.
10. Emergency Transport & Hotel expenses: In the event of any small accident in midst of a journey, the insurance company pays for travel back home or to the nearest city or pays for your overnight stay in a hotel; all with the sole aim of not leaving you stranded.
Conclusion
A lot of things are not covered by comprehensive insurance. It has to be covered by the add-on cover while you take the insurance of the car. However, add-on covers come at an additional premium. Myriskcover helps you get the above add-on covers.
