An increasing number of vehicle owners are opting for more comprehensive coverage for their vehicles. Although you only need to buy third-party insurance to satisfy the legal mandate, choosing a more comprehensive coverage is a smart decision. Add-ons can offer that additional coverage with your motor insurance policy.
Add-ons in motor insurance allow you to have the additional coverage that your car requires to tackle unforeseen circumstances. Here are some of the most important add-on covers in motor insurance and their role.
List of the Must-Have Add-ons in Motor Insurance
Nil Depreciation
A zero depreciation or nil depreciation cover offers coverage for the full cost of all parts, including plastic, rubber and metal, that might normally depreciate. It is crucial to maintain the value of your vehicle intact.
With this add-on, you can save on the money required at the time of repairs. It keeps the overall value of your car high.
Engine Protect
This motor insurance add-on is a shield for your car’s engine. The engine is the most expensive part of a vehicle, and the engine protection add-on provides critical coverage if the engine is damaged due to factors that are not included in the standard car insurance policy.
Daily Allowance
With the daily allowance add-on, the insurer provides financial support for alternate transportation for the days when the car is being repaired. This motor insurance add-on saves you the cost of commuting in the absence of your vehicle.
NCB Protection
NCB protection, or No Claim Bonus protection cover, is an add-on motor insurance cover that helps you preserve your NCB even if you claim under your car insurance policy. The add-on covers up to two claims during the policy term to help you preserve the NCB, which in turn reduces the premium amount during renewal.
Return to Invoice
This add-on offers car insurance additional coverage. Return-to-invoice or RTI helps reimburse the original invoice value if your car is declared a total loss or if theft is committed. Without this add-on, you are bound to get the IDV, which is the depreciated value of the car. However, with this motor insurance add-on, you get the invoice value of the car.
EMI Protection
If your car goes to the garage for an extended period, the insurer will take care of the loan EMIs when you opt for the EMI protection add-on. This motor-insurance add-on reduces the financial stress when the car is undergoing repairs for longer periods without having to stay behind on the loan repayment.
24/7 Roadside Assistance
With the 24/7 roadside assistance motor insurance add-on, the insurer provides round-the-clock roadside assistance when your vehicle breaks down. You can rest assured about immediate support when you are stranded due to a car malfunction or an emergency.
Conclusion
Procuring comprehensive motor insurance is a smart decision. However, choosing car insurance with additional coverage is an even smarter one. The add-on cover in motor insurance offers additional coverage for your car and your finances.
While the blog discussed some of the very common add-ons, the best insurance providers offer several other motor insurance add-ons you can consider for added protection.
