Car insurance is a crucial aspect of protecting your vehicle and ensuring your peace of mind on the road. However, standard insurance policies might not always cover all the potential risks your car could face. That’s where add-ons or riders come into play. In this comprehensive guide, we’ll explore some essential car insurance add-ons that can enhance your coverage and provide additional protection for your beloved vehicle.
- IDV – Insurance Declared Value of the Car: The Insurance Declared Value (IDV) is the maximum sum assured by the insurance company in case of a total loss or theft of your car. It’s determined based on the car’s manufacturer’s listed selling price and depreciation over time. As your car ages, the IDV decreases, affecting the premium amount and the claim payout. Understanding the concept of IDV helps you make informed decisions when choosing a suitable insurance plan.
- RTI – Return to Invoice Value of the Car: Return to Invoice (RTI) is an add-on that covers the gap between the insured declared value and the invoice value of your car in case of total loss or theft. With RTI, you can claim the original invoice price of your car instead of the depreciated IDV. This add-on ensures you get a fair compensation that allows you to purchase a new vehicle without bearing any financial burden.
- Engine Protection: The engine is the heart of your car, and repairing or replacing it can be expensive. Engine protection add-on provides coverage for damage to the engine and its components due to water ingression, oil leakage, or other mechanical failures. It is especially valuable in areas prone to waterlogging or flood situations.
- Zero Depreciation Protection: A standard car insurance policy considers depreciation while settling a claim. However, with a Zero Depreciation add-on, you can claim the entire cost of the replaced car parts without factoring in depreciation. It is immensely beneficial for new cars or vehicles with expensive parts, as it saves you from substantial out-of-pocket expenses.
- Consumables: The consumables add-on covers the expenses of consumable items such as nuts, bolts, screws, engine oil, coolant, etc., that are essential for the car’s functioning. These items are not usually covered under a standard insurance policy, but with this add-on, you can claim their replacement costs during repairs.
- Key of the Car: Losing or damaging the car key can be a frustrating experience, and replacing modern car keys can be expensive. The Key Protection add-on covers the expenses of replacing or repairing the car key, ensuring you don’t have to bear the financial burden in such situations.
- Battery: A car’s battery is prone to failure over time. The Battery Protection add-on covers the cost of replacing a dead or damaged battery, ensuring your car stays up and running without any worries.
- Tyres: Tyre damages due to punctures or accidents are quite common. Tyre Protection add-on offers coverage for repair or replacement of damaged tyres, saving you from the unexpected expenses of maintaining your car’s wheels.
- RSA: Roadside Assistance: Roadside Assistance is a valuable add-on that provides support in case of breakdowns, accidents, or emergencies while on the road. It includes services like towing, fuel delivery, flat tire assistance, and more, ensuring you receive timely help and a hassle-free experience.
- Personal Belongings: Personal Belongings add-on covers the loss or damage to personal belongings kept inside the insured vehicle, such as laptops, smartphones, or other valuables. This add-on can be particularly useful for those who often travel with expensive gadgets.
- The Number of Claims Covered in a Year: While the standard insurance policy covers multiple claims in a year, it is essential to check the specific details regarding the number of claims allowed. Some add-ons might have limitations on the number of claims or their frequency, so be sure to review this aspect when choosing your coverage. Selecting the right car insurance add-ons can significantly enhance your coverage and provide additional protection for your car. Carefully assess your needs, driving habits, and budget to choose the most relevant add-ons that align with your requirements. With comprehensive coverage, you can drive with confidence, knowing that your car is safeguarded from various potential risks on the road.