Car insurance policies in India are of 2 categories- Comprehensive and third party liability only. Apart from these 2 types, insurance schemes for vehicles also allow customizable options with the help of add-on covers. These add-on covers help you extend financial coverage you want for your vehicle. The insurance providing companies offer such features on car insurance online as well.
What are the most popular add-on covers on car insurance plans?
Here are some of the unique add-on schemes you must know about while availing a car insurance policy-
- Compensation for consumables-
This add-on can serve to provide all-round protection to your car. You claim for expenses to meet the cost of engine oil, tyre exchange, nut bolts, coolants, etc., which are not usually covered under a general car insurance scheme.
- Passenger cover-
This feature extends coverage against any kind of injury, disability or death occurring to passengers travelling in the insured car when an accident takes place.
- Key replacement policy-
In case your car keys get stolen or misplaced, this add-on provides you with the expenses required to purchase and fit a new lock or replace the lost keys. The coverage amount can be of up to Rs. 20,000 which can be availed in a year by paying minimum premium amount of Rs. 499.
- Return to invoice-
This add-on feature reduces your financial burden in times of loss of your car (be it theft or accident). The insurer advances a coverage amount, including the market value of the car plus the registration charges and road tax.
- No-claim bonus-
If you have not made any claims throughout a year, you can avail a bonus amount as grace. This bonus amount could sum up to 50% of the total yearly coverage you are liable to earn.
Add-on covers can also bring extra discounts if availed through car insurance online. These discounts are exclusive and change from time to time.
Read Also: Car Insurance Add-on Covers You Should Be Aware Of
