What Is A Car Insurance Add-on?
A car insurance add-on is an additional cover which can be opted with a comprehensive car insurance policy to strengthen the coverage and protection provided by a car insurance policy. There are multiple of add-ons which can be opted with a comprehensive car insurance policy.
Types of Car Insurance Add-ons
The availability of car insurance add-ons vary from insurer to insure. The following are some car insurance add-on covers which are offered by most of the general insurance companies:
Zero Depreciation Cover: The amount of depreciation applicable on your car and its parts is deducted by the insurer from the claim amount at the time of a claim settlement. A zero depreciation cover helps you mitigate this burden of bearing the depreciation cost of your vehicle thereby increasing your claim amount. Most of the insurers allow a maximum of 2 zero depreciation claims, however, some insurers including IFFCO Tokio allow unlimited zero depreciation claims during the policy tenure.
Consumables Cover: This add-on provides coverage for consumable elements such as grease, air conditioner’s gas, lubricants clip, bearings, fuel filter, engine oil, oil filter, break
oil, nut and bolt, screw, washers, etc, which are not covered in the standard policy.
GAP Value Cover: This add-on helps you get complete invoice price of the vehicle in the event of theft, total loss or constructive total loss. It also covers the Road Tax and first time registration charges against an additional premium.
Roadside Assistance Cover: This add-on cover secures assistance services in the event of the breakdown of the insured vehicle. The services include towing to the nearest garage, on-site repair services, assistance in case of loss of keys, changing flat tyres, fuel delivery, etc.
Key Loss Cover: This add-on cover makes the insurance company liable to compensate the policyholder for the loss of key(s).
Passenger Assistance Cover: It is a bundled cover which includes Hospital Allowance, Medical Expenses and Medical Transport Assistance to the policyholder in the event of an accident.
Engine Safe Cover: This cover allows the policyholder to get indemnifies against expenses for mechanical/electrical breakdown of the engine due to an oil spill or water ingression.
Loss of Personal Belongings: With this add-on, the insurer compensates the policyholder for the loss of personal belongings such as the articles or other items of a personal nature which are likely to be used, carried or worn.
Return To Invoice: This add-on cover allows you to get full invoice price of your vehicle when it suffers Total Loss, Constructive Total Loss (CTL) or theft.
Daily Allowance: By opting for this add-on you get a daily allowance from the insurer when the car is lost or is out for repairs.
Protection Of NCB: This add-on helps you retain your No Claim Bonus (NCB) discount even if you had filed a claim in the last policy tenure. NCB is the discount which you get on own-damage premium for every claim-free year.
Personal Laptop and Mobile Cover: This add-on allows you to get compensation for the loss of personal laptop and mobile kept in the vehicle.
Tyre Damage Cover: This add-on provides cover for damages such as in-tyre bulge, puncture or bursting of tyres, cut on a tyre due to an accident, etc.
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