As we know, car insurance is a legal requirement for every car owner. It also provides financial protection against accidents, theft, and other unforeseen events. However, standard car insurance may not cover all possible risks and expenses. To bridge these gaps and enhance coverage, car insurance add-on covers come into play. These add-on covers can significantly boost your car insurance.
Here’s a guide on powerful car insurance add-on covers that can provide comprehensive protection for you and your vehicle.
Understanding car insurance add-on covers
Car insurance add-on covers are optional extensions that you can purchase in addition to your standard car insurance. They provide extra protection and cover specific scenarios that a basic policy may not address. By investing in the right add-on covers, you can customise your car insurance to suit your unique needs and driving habits.
Best add-on covers in car insurance
Here are some of the best add-on covers in car insurance:
- Depreciation cover: One of the most crucial add-on covers, especially for new car owners, is the depreciation cover. Unlike standard policies where depreciation is factored in during claim settlements, depreciation cover ensures that no amount shall be deducted by the insurer in case of replacement of parts because of damage to an insured vehicle.
- Engine Protect Cover: The engine protect cover provides financial assistance in case of damages caused by water ingression or leakage of lubricating oil, as protecting your car’s engine is important.
- Roadside assistance cover: Breakdowns and emergencies can happen anytime, anywhere. Roadside assistance cover ensures you’re never left alone on the road, offering services such as towing, fuel delivery, flat tyre assistance and battery jump-starting.
- Return to invoice cover: In the unfortunate event of total loss or theft of your car, the standard insurance plan typically reimburses the Insured Declared Value (IDV), which may be lower than the ex-showroom price. Return to invoice cover bridges the gap by reimbursing the ex-showroom price of the vehicle, ensuring you’re not at a financial loss.
- Consumables cover: During repairs following an accident, the cost of consumables such as engine oil, coolant, nuts, bolts and washers can add up significantly. Consumables cover reimburses the expenses incurred on these items, reducing your out-of-pocket expenses.
Conclusion
Car insurance add-on covers offer enhanced protection and peace of mind by addressing specific risks and scenarios that standard car insurance might not cover. By carefully selecting the right add-on covers, you can ensure comprehensive coverage for your car, reducing out-of-pocket expenses and protecting against unforeseen events. Invest in the right car insurance add-on covers from Kotak General Insurance to enjoy a more secure and worry-free driving experience.
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