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CONSIDER this. Abhishek has bought a new car, and paid a basic insurance premium of Rs 15,000. Due to the rainy weather, he unfortunately had a mishap where he ran into a tree. Due to this accident, there has been extensive frontal damage on the vehicle. In such a situation, while a large part of repair costs would be taken care of by his policy, he would still have to spend at least Rs 30,000 from his own pocket to get all repairs and replacements done.
On the other hand, had he opted for an add-on cover, such as a depreciation cover, at the time of purchasing his motor policy, he could have saved a massive part of the cost borne by him, by paying a mere Rs 5,000 a year.
With the ever-growing prices of products, it is no longer easy for people to incur major unexpected expenses. In such cases, having an alternate option that helps optimise costs is always good. This example is particularly true in case of your motor policy. The situation shared above, is a clear indicator how a few extra thousands can help you go a long way in case of your motor policy.
The concept of motor add-on covers are fairly new across the industry, thus leaving a lot of people unaware of the benefits it comes with when taken over and above a basic motor policy. In most cases, while a basic motor policy covers repair and labour costs, the replacement of spare parts are not taken care of in full.
There is depreciation in the amount paid out to the policyholder. In some situations, the standard motor policy quite possibly may not be sufficient to cover all the involved costs. As a result, insurers have turned to offering a customised solution that caters to the individual need of the customer. Some of the commonly available motor add-on covers currently available in the market are as below.
Depreciation shield:
An add-on of this type is perhaps one of the most beneficial covers that can be opted for. In case of any basic motor policy, the only cost that is usually fully covered is that of the basic claim amount on any repair that has taken place. However, often the damage that occurs may involve the replacement of car parts too. The cost involved in such part replacement is usually high, and also payable out of your own pocket. Taking the depreciation cover helps as this cover takes care of the complete repair and replacement cost, thus practically negating any major cost that would otherwise have to be borne by you.
Round-the-clock roadside assistance: Another extremely helpful cover that can be opted for is that of the 24x7 roadside assistance cover. You can never be too sure about when your vehicle may breakdown or be faced with some unfortunate incident. The 24x7 spot assistance cover offers mechanical assistance and benefits ranging across a flat tire, minor repairs, towing assistance, and even assistance such as medical coordination and legal advice, if required.
Engine protector:
This type of add-on is particularly useful for anyone residing in areas that are highly prone to floods.
Usually, for people residing in such areas, the vehicle is more subject to risks such as floods, water logging, etc, which could create major damage to the engine. A stan dard motor policy would not suffice in these circum stances. Therefore, in such cases, taking an add-on cover like the `engine protector' is advisable, as it covers any en gine related damage that may occur to the vehicle.
While a basic motor policy is a common practice with most people, one cannot for get that it does not necessarily he costs that could come your cover all the costs that could come your way. At such times, the variety of add-on covers offered is the best solution to opt for.
The next time you are looking to make the most of your motor insurance and are looking for a comprehensive cover, it is recommended that you seek to obtain an addon cover, as per your requirement.
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Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.
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