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Most Useful Car Insurance Add-on Covers

Wish

Written by Sumit Arora

Updated Oct 16, 2023

Car insurance add-ons offer attractive benefits to policyholders. You can select the right add-on cover based on your requirements and budget.

When it comes to a comprehensive car insurance policy, it comes with policy coverage to compensate for the damage or loss incurred by your car. However, many people may find the policy cover insufficient and could expect wider coverage. It looks impossible, but the addition of add-on covers to your policy could make it possible. The policyholders can expand their policy coverage by adding add-ons to their standard car insurance plan by paying an additional premium. 

Most Useful Car Insurance Add-on Covers

What Are Car Insurance Add-On Covers?

Car insurance add-ons are optional covers that policyholders can add to their plans to enhance their policy coverage. As these covers are optional, hence, they can be included in the policy on paying an additional premium amount. There are different types of add-ons designed to provide different sorts of benefits. Policyholders can opt for one or more add-on covers based on their needs and budgets. These are applicable only with a comprehensive or own-damage car insurance policy. 

Most Beneficial Car Insurance Add-on Covers

Here is a list of highly useful add-on covers which most of the policyholders opt for:

1. Zero Depreciation

Depreciation lessens the value of cars with every passing year. During the time of claim settlement, your insurer considers the depreciated value of your insured car which makes you receive a much lesser amount as a claim than the actual value of the car. If you add zero depreciation add-on cover to your policy, then your insurance company will neglect the depreciation value of your car and consider the existing market value of your car while calculating the claim amount. This will surely increase the amount of claims you will get.

2. Engine Protect

The engine protect add-on cover compensates for the damages sustained by your insured car due to the calamities like water logging, flash floods, clogged drains, etc. If you have added this add-on cover to your car insurance policy, then you can make a claim settlement to your insurer for your car engine damage or other consequential losses sustained by it.

3. Consumables Cover

It is an add-on cover that compensates for consumables used during the repair of the insured car. The consumable elements include nuts, engine oil, bolts, grease, AC gas, ball-bearings, lubricant, coolant, and so on. These small but necessary components are subject to the cost of repairs but not covered under the standard insurance policy. If you own consumables cover add-on, then your insurer will be liable to pay for such expenses incurred during the repair.

4. Return To Invoice

This add-on cover is ideal for situations of theft or where the insured car is damaged beyond repair, which we call total loss. With this add-on, you can make a claim and get an amount equal to the present market value of your car which is also termed on-road price. The on-road price includes ex-showroom price, road tax, and registration costs.

5. Tyre Protection

Considering the conditions of roads in India, buying a tyre protection add-on cover is imperative and pertinent. Tyres are essential parts of a car and their regular repair costs can be expensive. With this add-on cover, insurance companies pay off the tyre repair and replacement cost along with the labour costs incurred towards removing, refitting and rebalancing the tyre.

Also Read: 

Parameters To Consider While Purchasing Car Insurance In India

What Happens To Acko Car Insurance When The Policyholder Dies?

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard. 

Wish

Written by Sumit Arora

Sumit is an insurance industry veteran with more than 20 years in the industry. Sumit is a frequenRead More

Disclaimer

This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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