As we approach 2024, the depreciation of car values prompts dealers to sweeten deals in December. Beyond discounts, prospective buyers should carefully assess add-on insurance offer covers to ensure comprehensive protection for their vehicles.
What are Car Insurance Add-On Covers?
Add-ons are extra features for your motor insurance, obtained by paying a little more premium. They play a crucial role in boosting your coverage beyond the basics of accidents, theft, and third-party liability. While a standard policy may not cover all situations adequately, add-ons fill those gaps and offer extra protection for unforeseen events.
Add-ons are a way to personalise your policy based on your specific needs. They not only ensure comprehensive protection but also provide flexibility, letting you tailor coverage to the risks you’re most concerned about.
Since add-ons affect your premium, you must carefully assess your needs before deciding which ones to include. This ensures you get the best value while enjoying enhanced protection tailored to your requirements.
Why Choose Motor Insurance Add-ons?
While third-party coverage is mandatory, a comprehensive policy is advisable for sufficient protection. Yet, there are instances where even comprehensive policies may fall short, necessitating an extra layer of defence provided by motor insurance add-ons.
Despite the general awareness of motor insurance’s importance, many overlook or are unaware of the benefits of choosing the right policy with complete protection. Motor insurance policies offer various add-ons that can enhance safety and protect your vehicle on the road.
Addressing the Unique Needs of Electric Vehicles
Electric vehicles (EVs) are gaining popularity, with 1.38 million sold in 2023. However, specialised insurance for EVs is lacking. Various insurance providers are now offering additional covers that cater to the unique components of EVs, providing a broader umbrella of protection.
Safeguarding Bulky Batteries with Magma HDI’s Battery-Secure
Internal combustion engine (ICE) vehicles differ significantly from EVs, especially in terms of components. Magma HDI introduces the Battery Secure add-on, specifically designed to cover expenses related to battery replacement, repair, and damages caused by unforeseen events during charging.
Types of Car Insurance Add-On Covers
- Zero Depreciation Coverage: With this additional feature, you can safeguard your vehicle against depreciation, ensuring that you receive the full value for replaced or repaired parts without any deductions. This becomes particularly beneficial for newer or high-value vehicles.
- Engine Protection Coverage: This add-on protects your engine and gearbox from damage caused by water ingress, lubricant leaks, or mechanical breakdown. It proves especially valuable for individuals residing in areas prone to flooding or heavy rainfall.
- Roadside Assistance Coverage: This additional feature offers emergency services such as towing, refuelling, tire replacement, battery jumpstart, or mechanic assistance in the event of a breakdown on the road.
Some Motor Add-on Motor Insurance Offers That You Might Want to Consider For December
Zuno General Insurance’s Electric Vehicle Add-On Cover for Battery Parts and Charging Kit
Zuno General Insurance addresses EV concerns by offering an add-on cover that protects against damage caused by fire, self-ignition, short circuits during charging, and theft of battery parts, charging connectors, adapters, and cables.
Acko General Insurance’s Consumables Add-On Cover for Allied Costs
Beyond external wear and tear, Acko General Insurance offers a consumables add-on cover that safeguards against the prohibitive costs associated with engine oil, gearbox oil, nuts, bolts, and various consumables that may need replacement due to an accident.
ICICI Lombard’s Add-On Cover for Personal Belongings Inside Cars
Protecting personal belongings within the car becomes crucial, whether during travel or while parked. ICICI Lombard provides an add-on cover for items like mobile phones and laptops, with coverage extending to yourself, spouse, children, parents, parents-in-law, and grandparents after filing a first information report (FIR) with the police.
Streamlining Coverage with Bajaj Allianz General Insurance’s V-Pay
For those tired of managing multiple covers, Bajaj Allianz General Insurance introduces V-Pay, offering 22 in-built options, including protection against cyber risks, batteries for EVs, and coverage for engines of petrol, diesel, or CNG vehicles against adulterated usage and recalibration risks.
Tata AIG General Insurance’s Add-Ons for Delicate Car Parts and High-End Accessories
Tata AIG General Insurance provides add-ons for repairing damaged glass, fiber, and plastic parts without affecting the No Claim Bonus discount. Additionally, tech enthusiasts with luxurious cars can insure high-end accessories, both electrical and non-electrical, ensuring comprehensive coverage.
Conclusion
Tailored to meet the specific requirements of policyholders, add-on options provide a personalised level of protection. Make sure you make the proper comparison of the motor and add one insurance offer before choosing one for your vehicle.
Source- moneycontrol.com
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