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Car Insurance Policy Add-Ons
May 14, 2023

Add-Ons and Your Car Insurance Policy: Everything You Must Know About

In India, buying a car is considered a luxury due the price and the cost of maintenance. Safeguarding your new purchase will always be a priority which can be done with the assistance of car insurance. New car insurance is essential to protect your car and yourself from any financial loss or liability in case of an accident. However, many car insurance policies offer add-on covers to enhance the protection provided by the standard policy. In this article, we will discuss different add-ons in car insurance and their benefits.

Types of Add-ons for Your Car Insurance Policy

If you are planning to purchase a new comprehensive car insurance, these are the add-ons you can include in your policy to enhance its coverage:
  1. Zero Depreciation Cover

A standard car insurance policy provides coverage for damages caused to the car, but it deducts depreciation from the claim amount. This significantly impacts the claim amount that the insurer will disburse to pay for the damages. However, with a zero-depreciation cover, the insurance company will not deduct any depreciation, and you can get the full value of the car parts replaced. This add-on is particularly useful for new cars, as the depreciation value is higher in the initial years.*
  1. Engine Protection Cover

The engine is the heart of the car, and any damage to it can result in significant expenses. This, at times, can be severe that it may deter you from using your car for a brief period. An engine protection cover provides coverage for damages caused to the engine due to water ingression or oil leakage. This add-on can be particularly useful during monsoon seasons when waterlogging on roads can damage car engines.*
  1. Roadside Assistance Cover

A roadside assistance cover provides assistance in case of a car breakdown on the road. The insurance company provides services like towing, battery jump-start, fuel delivery, and other minor repairs. This add-on can be particularly useful for those who frequently travel on long road trips or in remote areas.*
  1. No Claim Bonus Protection Cover

A no claim bonus (NCB) is a discount provided by the insurance company for not making any claims during the policy period. With a no claim bonus protection cover, you can retain the NCB even if you make a claim during the policy period. This add-on is useful for those who want to protect their NCB, which can result in a significant reduction in premium during policy renewal.*
  1. Consumables Cover

A standard car insurance policy does not provide coverage for consumables like engine oil, brake oil, coolant, and other fluids. However, with a consumables cover, the insurance company provides coverage for these consumables. This add-on can be particularly useful for those who want comprehensive coverage for their car.*
  1. Return to Invoice Cover

A standard car insurance policy provides coverage for the current market value of the car. However, with a return to invoice cover, the insurance company provides coverage for the invoice value of the car. In case of total loss or theft of the car, this add-on ensures that you receive the full value of the car as per the invoice price.
  1. Personal Baggage

Often times, you might keep valuable items in your car. These items include phone, laptop, accessories, or jewellery. Under some unfortunate circumstance, if there was an attempted theft where valuables are stolen from the car, the personal baggage cover in your car insurance online provides financial coverage for the valuables which might get stolen from your car. This add-on can be beneficial for those who wish to insure valuable items they may carry in their car.* *T&C apply How to Choose Add-ons? While you may feel like including all the available add-ons to your policy, it is important to remember that when you purchase , including too many add-ons increase the cost of the policy. Many of the add-ons are unutilised, which ends up becoming waste of your money. Before purchasing the policy, make a list of add-ons which would meet your requirements. NCB cover, Zero depreciation cover and engine protection cover are some add-ons which you should consider including in your policy as they are beneficial.

The Bottom Line

Car insurance add-ons can provide additional protection to your car and yourself. It's important to carefully review and compare different add-ons and choose the ones that suit your needs and budget. This can be done with the help of car insurance premium calculator. With the right add-ons, you can enhance the coverage of your car insurance policy and ensure that you are financially protected in case of any unforeseen events.   *Standard T&C apply Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.  

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