Another important add on in Motor Car insurance is Engine Protection Cover. This add on keeps you financially protected against repair/replacement of your damaged engine or its damaged parts like piston, crankshaft, pins, cylinder, gearbox and connecting rods in case of oil leakage or water ingression.
Comprehensive Car insurance policy doesn't include the protection of Car's engine or its parts. You need to add this add-on in your premium, if you want to protect your Car engine.
Repair or Replacement of a car engine is a costly affair. The major benefit of such a cover is that you do not have to pay for such damages from your pocket. This add on is quite beneficial, especially during monsoon, or in the flood -prone areas.
This add-on protect engine against damage due to:
- Damage to Gear box
- Water Ingression
- Leakage of Lubricating Oil
- Hydrostatic Lock - When you repeatedly try to start a moist engine. It can cause an engine failure.
To understand more on add-ons in Motor car insurance policy. Check below post
A very important add on in every Car insurance is Zero depreciation cover. Zero Dep also known as Nil Depreciation or Bumper to Bumper cover. It also makes your car insurance policy a comprehensive insurance policy.
With time and usage, each part of the car wears out. Due to this, value of these parts decreases. The depreciation of part is directly related to the age of the car. So during the claim, insurer calculate the value of your car after factoring in depreciation, and accordingly you get the settlement amount.
Zero depreciation cover helps you to protect your car against all the physical damages caused to the car without factoring in the element of depreciation. This add on gives you complete cover on any body parts excluding Tyres and batteries. Insurer will pay you entire cost of body part ignoring the year on year depreciation.
Though to add Zero depreciation in your insurance policy costs you slightly more in your premium, but it is always recommended to select zero depreciation or bumper to bumper cover in your policy to eliminates any out of pocket expenses.
To understand more on add ons, check below link
Motor Insurance is mandatory and legal requirement with the right level of c|over. Car Insurance provides financial protection in case of your vehicle damaged. it also provide coverage for injuries to other drivers, passengers and their property.
So it becomes important you choose your insurance policy with proper cover and add-ons. Car owner has option to choose between Comprehensive insurance and Third party insurance. Third party insurance covers financial liability to other party in case of accident. on the other hand comprehensive insurance policy covers third party liabilities as well as own damages.
The premium of your motor insurance is decided based on IDV or Insured Declared Value (Current Car Value) of the vehicle. If you increase the IDV, Premium increase, or if you lower it, Premium value decrease.
Total premium value will be based on IDV and Add Ons. Not each and every add on is required, as it will increase the cost only. Also not every insurer offer all the add ons. Let us now understand, what are the different add-ons, and do we really required all these ?
Zero Depreciation : Also called " Nil Depreciation " or " Bumper to Bumper " Cover. This add on gives you complete cover on any body parts of the car, but doesn't include Tyres and batteries. Insurer will pay you entire cost of body part ignoring the year on year depreciation in value of these parts. ** Recommended **
24x7 Roadside Assistance : This add on will provide various services in emergency situation e.g breakdown repair service, flat Tyre service, fuel delivery and car towing etc on the road. **Recommended**
Invoice Price: Also called "Return to Invoice". this add on ensures you get original value of the car and not the IDV in case of theft or total loss. you get the original invoice value including registration charges and road tax pain. you can take this add on during first 3 years of your Car. **Recommended**
Engine Protection Cover: This add on covers the expenses for repair/replacement of your damaged engine or its damaged parts like piston and connecting rods in case of oil leakage and water ingression. ** Recommended in Flood Areas only**
NCB Protector : This add on protect your " No Claim Bonus" even after you have claim in the existing policy. This is only applicable when you renew your policy next year with the same insurer.
Tyre Protector: This add on covers to any damage to Tyre's.
Electrical and Non Electrical Accessories : This add on covers damage to additionally fitted electrical accessories like fog light and music system, Non- Electrical accessories like Seat cover.
Choose the add on as per your requirement.
