Car insurance add-ons are extra benefits you can add to your standard insurance policy in order to enhance its coverage capacity. They provide financial protection against perils which are otherwise not covered under your basic plan.
Each insurance provider should have multiple add-ons you can choose from. If you are a first time insurance buyer, this wide spread of options can be quite confusing. Keeping this in mind, the following article will go over some of the important add-ons you should consider when buying a car insurance policy.
- Engine protector:
The engine protector add-on is specially designed to offer complete protection to the engine of a car. This means it will provide insurance for the cost incurred to repair or replace the damaged parts of the engine. For instance, water ingression, hydrostatic lock, damage to the gearbox, engine lubricant oil leakage, etc., are covered under this add-on in a car insurance policy.
Engine Secure Add-on may be more beneficial for those living in a region that is more vulnerable to waterlogging. Once you force start your car in a waterlogged area, there are chances of water entering the engine, due to which your car might face severe damages. Therefore, in such cases this add-on can act as a savior.
- Consumable Add-on
The consumables add-on pays for the expenses involved in replacing small consumables like nuts, screws, bolts, bearings, screen washer, lubricants, and oils, etc. A basic car insurance policy might not provide coverage for such small consumables. Therefore, with this add-on, you can replace the consumables of your car without burning a hole in your pocket.
- Depreciation Reimbursement Add-on
This add-on is considered as one of the most important features while buying a car insurance policy, as it compensates the entire amount to replace the damaged parts of a car after an accident. For instance, if your car has been damaged due to collision, then your insurance company will pay the full cost required to replace the damaged part without deducting the depreciation from the coverage. However, this add-on comes with a limited number of claims you can make in a year.
- NCB Protection Add-on
No Claim Bonus is the discount offered to the policyholder for not raising a claim during the policy period. However, even if you make a single claim during the policy period, you will not be able to receive any discount. Hence, to avoid such situations, the NCB Protection Add-on is purchased. In simple words, this add-on protects your No Claim Bonus even after you make a claim. NCB Add-on provides coverage for a defined number of claims lodged by the car owner without affecting the No Claim Bonus.
- Roadside Assistance Add-on
This add-on in a car insurance policy is your rescuer when you are stuck in the middle of the street due to a mechanical breakdown and need immediate assistance. You just have to inform your insurance companies about the situation and within no time you will get emergency support. This add-on provides round the clock service such as changing a flat tire, towing, arranging a mechanic, refueling, etc. Also, taxi service and other utility services are offered if you are stuck in a remote location.
Now you have understood the benefits of these add-ons, opt for the one that best suits your needs. However, do not make any decision in a hurry. It is always recommended to research well and take advice from your insurer. Good Luck!!
Raj Kumar is a qualified business/finance writer expert in investment, debt, credit cards, Passive income, financial updates. He advises in his blog finance clap.