The increasing awareness among car buyers has seen more and more individuals opting for car insurance covers. There are two primary reasons why one purchases an insurance policy – to comply with regulations and for absolute safety for their motor vehicle.
The former class of people rarely look for enhancing the coverage, but the latter set is keen on doing this more. Here we bring to you the suitable add-ons that can enhance the coverage for your four wheeler insurance plans and its consequent impact on the premiums.
Like additional covers under health and life insurance can be purchased for broad coverage, four wheeler insurance plans can be loaded with add-ons that significantly have extensive protection for your car.
Zero Depreciation Add-On
Zero Depreciation add-on is popularly referred to as ‘zero dep’ cover and is recommended for new car owners. Using a zero depreciation cover, you can claim the total cost of repairs at the time of claim.
In a scenario where your vehicle meets with an accident, the repairs covered under a standard motor insurance policy are compensated only after deducting depreciation. When you have a zero dep cover, the depreciation is not considered, and the insurer pays for the full cost of repairs.
Engine Protector Add-On
The engine is the heart of your vehicle, and any damage or repairs to it can burn a hole in your pocket. An ordinary comprehensive policy will not cover damages to the engine. But buying an engine protective cover will ensure your engine is repaired and serviced in time to avoid any hassles. For example, when you reside in a flood-prone area, your engine is susceptible to high risk due to water ingression. Engine cover will ensure your vehicle is safe from such perils.
Tip: Always compare car insurance policies to understand their scope of coverage and then evaluate & choose add-ons that would be most relevant to your daily use of your vehicle.
Breakdown Protection Add-On
The most useful add-on is a breakdown protector cover. One can find themselves in unfavourable situations stranded on the streets. At such time, searching for a technician becomes an arduous task and when a simple call to your insurance company will arrange the repair or towing facility for your car.
Consumables Cover
An insurance policy add-on that covers the consumable spares is handy. This helps to keep the repair bills under check for a nominal price.
No Claim Bonus (NCB) Protector Add-On
Motor insurance has no claim bonus facility that offers a concession in premiums for every claim-free year. While the bonus starts at 20% and goes up to 50% of your policy premium, any repairs that require filing an insurance claim can make the policyholder forego the benefits of NCB. So to ensure you receive a concession in your premium even after filing for claims, you can opt for a No Claim Bonus (NCB) Protector add-on.
Impact of add-ons on your premium
While premium is the cost you pay for availing an insurance cover, any additional facility will increase the cost of your premium. But a rise in premium should not be a deterrent to avoid taking additional covers. One must equate the benefits that are received, which are available at a nominal price. Different risks require different insurance add-ons, and a smart selection must be made when you compare car insurance policies.
While you compare different insurance add-ons, make sure you use a car insurance calculator to get affordable deals from the insurer of your choice. Stay insured, stay secured!
