5 Additional Coverages to Increase Your Vehicle Insurance Coverage

People generally do not like to spend much time purchasing a car insurance policy. They think there are only two options on the market, namely third party liability mandated by the Motor Vehicles Act and the second is Comprehensive insurance. But the truth is, there are many additional coverages that can increase your car insurance coverage by spending a minimal amount when purchasing or renewing a policy for your car.
In order to choose the ideal additional coverage to enhance the coverage of your car insurance policy, it is essential that you understand the vital role of additional coverage.

Zero Depreciation: No one likes to be in a situation where you are shocked to find out that you have to lose pocket money to repair your damaged car, even if you have an auto insurance policy. But the truth is that no insurance policy fully covers your vehicle in the event of loss or damage in an accident. To avoid such a situation, No Dep should be preferred. or Zero Dep. Add-on that offers you a full claim on value, repaired or replaced parts after an accident. Ideally for new cars only, companies usually don’t offer this type of add-on to cars older than 5 years.

Unclaimed Bonus Retention (NCB): From the name NCB hold, this addon works as a cover of protection for your NCB. NCB is the reward for not making any claims against the insurance policy in the previous year. Normally people do not file any claims, but they renew their insurance every year. The insurance company gives a reward in the form of a discount of up to 50% over the premium amount to be withdrawn by the company, once the claim is received. Therefore, there is a provision to retain the NCB even if you make any claim.

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Roadside Assistance: Imagine you’re driving home and your car is stuck somewhere in the middle of the night for whatever reason, such as running out of fuel, a technical problem, or a dead battery, now what? As the name suggests, this addon will help you get home in such an emergency and take care of your car. If you opted for this add-on along with the standard car insurance policy, you don’t have to worry about assistance when driving in a remote location or at night.

Personal Accident Coverage: With this additional cover, the insurance company provides a protection to the owner and, if any, toll driver. You can choose personal accident coverage by combining it with a comprehensive motor insurance policy. This add-on gives you a lump sum benefit in the event of an accidental permanent disability or accidental death.

Daily Cash Allowance: In the event of a major accident, the procedure to get your car repaired is very long and depending on the condition of your car, your car may need to stay in the garage for days, weeks or even more than a month. In this case, you need to take public transport or hire a taxi, which is a costly option especially if you have budget constraints. So, under this add-on, the insurance company will cover the cost of such day pass expenses.

Also, there are many add-ons available in the market such as Return to Bill, Engine cover, Key Replacement that you can combine with your standard insurance policy. So choose wisely based on your needs to improve your policy coverage.

About Lily Hammond

I have been working as an insurance consultant in my own insurance agency since 1998. Because I've been doing this for so long, I know every detail and I'm here to help you. You can find my e-mail address and work phone on the contact page.

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