Thanks to the ongoing crisis we now realize the importance of having a good immune system. Likewise, have you thought about immunity for your car? Yes, you read it right! When you buy basic third party insurance, your car is exposed to a greater risk. At times, even comprehensive car insurance cannot guarantee full protection to your car. This is where add-on covers come into the picture. We know you are concerned about the cost to buy these add-ons but what if we tell you it is worth the investment?
Here are some of the add-on covers that will help to save your hard-earned money.
This is one of the most popular add-on covers. It is a well-known fact that your car’s value depreciates over the years. This is due to the wear and tear and ageing of the car. In case your car meets with an accident, the depreciation of your car will be considered during settlement. By adding a zero-depreciation add-on cover, you can claim damages without considering depreciation. This saves you from paying money out of your pocket for repairs.
Hydrostatic Lock Cover
Over the last few years, torrential rains have caused floods in many parts of India. Water may enter and create havoc to your car’s engine, gearbox and differential leading to a hydrostatic lock. A hydrostatic lock cover provides protection against damages caused to the engine and other parts due to waterlogging. This is ideal for people who have recently bought a new car and live in a flood-prone area.
In automobile terminology, consumables are those which cannot be reused again. Some of them include, engine oil, oil filter, lubricants, nuts & bolts, bearings, air filter, etc.. A standard car insurance policy won’t cover consumables. Having a consumable cover prevents you from incurring more expenses during repairs. If you are owning a luxury car, it is recommended to opt for consumables cover as the cost of the consumables is generally high.
Return To Invoice Cover
We have spoken about damages so far. But what if your car gets stolen or incurs a total loss. Feels scary right? This is where Return to Invoice (RTI) cover comes to the rescue. Opting for an RTI cover will get you the original invoice value of your car in case your car is stolen or got damaged beyond repair.
No-Claim Bonus Cover
Your insurer offers you a no-claim bonus (discount) on the premium if you haven’t made a claim in a year. But if you have claimed it, you cannot claim it again. Having a no-claim bonus add-on cover will allow you to retain the discount even if you have made a claim.
Roadside Assistance Cover
Under the roadside assistance (RSA) cover, insurers provide round the clock services to their policyholders during emergency situations like a breakdown or an accident. In such situations, you can contact your insurer and ask for help. The insurer will notify the nearest network garage and offer assistance.
Purchasing an EMI cover will enable the insurance company to pay the car’s EMI on behalf of the policyholder. This is very beneficial, in case the policyholder is unable to make payment. But, this is of course subject to various terms and conditions.
Now that you have realized the importance of add-on covers, you can choose the add-ons based on your risk exposure. For more details visit Cholamadalam car insurance.