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.
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.
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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.
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.
Read more: Use Car Insurance Calculator to calculate the premium for your car insurance policy along with these add-ons.
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Add-ons For Your Car Insurance Policy
A car's value depreciates constantly with time. Thus, at the time of a claim settlement, the depreciated value of a car is deducted from the claim amount. However, by opting for a zero depreciation add-on you can shift the liability of the depreciation cost to the insurer and get the entire claim amount without any deduction of the depreciation sum. This add-on is generally available till the age of 5 years of car, however, the car age limit varies from insurer to insurer.
A No Claim Bonus (NCB) is a discount given by the insurer in the premium amount to a car insurance policy holder for not making a claim in the entire tenure of the four wheeler insurance policy. This discount is not available if the policy holder has made even a single claim. However, with the NCB cover, a policyholder will be entitled to receive an NCB discount despite having made a claim subject terms and conditions of insurance company. The NCB discount keeps on increasing with every claim-free year until it reaches 50%.
A car's engine is by default not covered under either a comprehensive or a standalone own-damage car insurance policy. And therefore, if it gets damaged due water-logging or oil leakage, your insurance company is not liable to pay for its damages. But, if you opt for the add-on known as Engine Cover, you can get your car's engine insured by the insurer for damages incurred due to water ingression as well as leakage of lubricants. Engine Cover is one of the most popular car insurance add-ons and is available against the payment of a nominal premium.
If you have a return to invoice cover added on to your comprehensive car insurance policy, you can claim the total ex-showroom price of your four wheeler, taxes and registration charges, in case of total loss. In case of total constructive loss (more than 70% of damage) or theft of your car, an insurance company pays the Insured Declared Value (IDV) of your car as compensation. However, this IDV is lesser than the actual amount paid by you at the time of purchasing your car. When you opt for the add-on called Return To Invoice Cover with your car insurance policy, the insurance company pays the total ex-showroom price of your car plus the taxes and registration charges incurred at the time of purchase, as the claim amount in case of total loss.
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