Eight add-on motor insurance covers to give complete protection to your vehicle

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Your comprehensive motor insurance policy comprises two covers — own damage and third party cover. While own damage cover takes care of any damage done to your car, the third party insurance cover offers protection against damage to the third-party’s vehicle, property and physical injury. It is a statutory requirement for all vehicle owners as per the Motor Vehicle Act.

For the complete coverage, experts say to go for the comprehensive coverage including both own damage and third party cover. But do you know there are many optional add-on covers available with your policy that can increase the scope of coverage of your policy? SK Sethi, Director, RIA Insurance Brokers, lists down eight important add-on motor insurance covers for the complete protection of your vehicle:

1) Zero depreciation cover: Zero depreciation cover ensures that in an accident claim, you do not lose the depreciation value. You get full coverage for the vehicle’s replaced parts. Without this, you get only the value of the parts after depreciation. The depreciation cover is available only to vehicles not older than three years.

2) Engine and electronics cover: Damage to the car’s engine and electronic circuit can be a very expensive affair, especially for a high-end car. This cover provides insurance against any damage to the car engine and circuit in any situation, and not just in an accident.

3) Tyre protect cover: Tyre is the most-used part of the car and therefore liable to maximum damage especially given the bad condition of the roads. A Tyre Protect add-on provides an additional cover for tyre replacement due to damage caused by use or accident.

4) Return to invoice: Return to Invoice add on provides a cover to protect against a substantial financial loss in case the car is severely damaged or in case of theft. It covers the car for its full original invoice value as against the depreciated market value covered under a standard plan.

5) Consumable cover: A regular policy does not cover consumables, the parts that are consumed in a car like an engine oil, nuts, bolts, engine filter etc. This add-on ensures all such parts, which can be very expensive in the case of high-end cars,  are covered at all times.

6) Roadside assistance cover: A sudden vehicle break down can be unnerving. Imagine if you are on a long road trip or at night at an isolated place. It can be a nightmare. This cover ensures you get emergency assistance in such a situation. You can be assisted with fuel assistance, battery recharge, flat tyre assistance, taxi and other such services.

7) Key replacement cover: Losing car keys can be a harrowing experience. This add-on provides a cover in case the car key is misplaced or there is a theft.

8) Loss of personal belongings cover: While a comprehensive policy covers the loss due to vehicle theft, it does not cover the loss of personal items inside the car. This add-on covers the personal belongings in the car against loss due to car theft.

From the above-mentioned covers, you can choose options which suits you the most according to the needs and usage of the car.