In the world of customer delight and additional lucrative facilities, the insurance industry has also done its bit. Unlike the bygone era, when only plain general car insurance was provided to the clients, in today’s world, car insurance companies have come up with several add-ons for car for the convenience of their clients. These add-ons have been suggested by IRDA to ensure better coverage offering to insurance customers.
These Add-ons for car include the insurance for numerous damages or incidents along with the own damage and third party cover insurance. This makes the car insurance coverage much enhanced for you. If you buy these add-ons for your car, you may end up saving a huge amount of money which you would have otherwise shelled out from your pocket.
Some of the Add-ons for car insurance are recommended below:
Zero depreciation or the depreciation waiver cover
This is probably the best add-on to have. This add-on for car covers your four-wheeler as you can get the full amount of the cost price of the damaged car parts when you raise a claim. While a standard car insurance policy would have fetched you only the depreciated value of car parts. This add-on will provide you the replacement value of the parts without deducting the depreciation. As your vehicle gets older, the value of your four wheeler decreases, but with Zero dep, you get a cover against depreciation.
Full Invoice Cover / Return to Invoice Cover
This is the add-on for cars which will help get you the exact amount of the listed price of the car. In the case of the total loss of your four wheeler like theft or total damage you will get full reimbursement or the invoice amount of the car. This facility can be taken for the newly bought cars or the cars up to 3 years of age. Hence buying the full invoice cover will assure you of getting the original invoice value, including registration charges and road tax, and not just the insured declared value (IDV). This policy is a must have if you live in a theft prone area.
NCB or no claim bonus is the benefit given to those people who have not raised any claim in past from the car insurance company in the past year. This way you become liable to get a bonus or a discount from the company. This discount offered by NCB claim starts with 20% and can increase up to 50% if you do not make any claim every successive year. NCB Protect is an add-on for car that permits you to continue with your collected no claim bonus of many years even if you have raised a claim. However, there are some exclusions like you can claim only once and cannot have a full damage claim etc.
This add on for car insurance helps you when you lose your car key. If the keys of your four wheeler have been lost, stolen, damaged, or misplaced, this add on will cover the cost that is incurred in the repair and the replacement of the car keys. This cover also includes the labor costs. Also, if the keys have been stolen, this add on will also replace the entire set including the lock.
Engine Protect covers for the engine related repair. This add-on for car insurance is quite useful because the repairing cost of an engine is too high. Especially if you reside in the waterlogged areas, you must take this add on cover since water logging causes serious damage to the engine and related parts.