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People generally do not like to spend much time while buying a car insurance policy. They feel that there are only two options available in the market and that is third party liability which is mandatory under the Motor Vehicle Act and the other is comprehensive insurance. But the reality is that there are many add-on covers that can enhance your car insurance coverage by spending a minimal amount at the time of buying or renewing the policy for your car.
In order to choose the ideal add-on cover to enhance your car insurance policy coverage car, it is very important for you to understand the important role of add-on cover.
Zero Depreciation: No one likes to be in a situation where you are shocked to know that you will have to lose your pocket for the repair of your damaged car, even if you have a car insurance policy. But, the fact is that no insurance policy provides complete coverage to your car in case of loss or damage in an accident. To avoid such a situation one should opt for No Dep. Or Zero Dip. Add-on, which entitles you to a full claim on the cost of repair or replacement of parts after an accident. Ideally only for new cars, companies generally don’t offer such add-ons in cars that are more than 5 years old.
No-Claim Bonus Retention (NCB): From its name NCB Retention, this add-on acts as a security cover for your NCB. NCB is the reward for not making any claim against the insurance policy in the previous year. Generally, people do not make any claim but renew their insurance every year. The insurance company gives a reward in the form of a discount of up to 50% on the premium cost which will be taken back by the company once a claim is made. Hence, there is a provision for NCB retention even if you make a claim.
Road Assistance: Just imagine you are on your way back home and your car gets stuck somewhere in the middle of the night due to any reason like running out of fuel, technical issues or dead battery, now what? As the name suggests, this add-on will help you reach home in case of such an emergency and will take care of your car. If you have opted for this add-on along with the standard car insurance policy, then you need not worry about assistance while driving at a remote location or at night.
Personal accident cover: With this add-on cover, the insurance company provides protection to the owner as well as the paid driver, if any. You can opt for personal accident cover in conjunction with a comprehensive car insurance policy. This add-on gives you the benefit of a lump sum amount in case of permanent disability or sudden death in an accident.
Daily Cash Allowance: In case of a major accident, the process of repairing your car is very long and your car has to stay in the garage for days or weeks or even more than a month depending on the condition of the car. In that case, you either need to travel in public transport or hire a cab, which is a costly option, especially if you have a budget constraint. So, under this add-on, the insurance company will bear such daily commutation expenses.
Apart from this, there are various other add-ons available in the market which include return to invoice, engine cover, key replacement which you can club with your standard insurance policy. Hence, choose wisely as per your needs to enhance your policy coverage.
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