Investing in standard car insurance alone may not be sufficient to safeguard your car. You can easily tailor your car policy while looking for car insurance online. This can be done by adding layers of protection to your car by addressing specific needs, that is, by including add-ons to your policy.
Each add-on caters to a specific type of protection for your car, and the following article highlights how you can choose the important add-ons based on your needs.
Must-have Add-ons in Car Insurance
The add-ons listed below are important for your car’s added protection. Missing out on these add-ons can result in huge financial losses when an accident/incident involving your car occurs.
If Your Car is New, Then Opt for Return to Invoice Cover
Your car’s value starts depreciating from the moment it exits from the showroom. The depreciation percentage keeps increasing every year. Your insurer provides coverage on the basis of IDV or the current market value of the car. This IDV depreciates over time, and if your car is stolen or totally damaged, instead of the invoice amount, you get the depreciated amount as compensation.
Adding Return to Invoice or RTI cover to your comprehensive car insurance will ensure that your insurer pays you your car’s invoice amount in case of theft or total damage to your car.
If You Reside in Flood-prone Area, Then Opt for Engine Protection Cover
One of the important car insurance add-ons is the Engine Protection Cover, as it specifically provides protection to your car’s engine, which can be highly expensive to replace or repair.
If the engine of your car gets damaged due to issues like oil spills, water logging, etc., you can use this add-on benefit to get it repaired without spending any money from your end. Policyholders who live in areas that are prone to flooding should opt for this add-on cover.
If You Don’t Want Any Deduction in Your Claim, Then Opt for Nil Depreciation Cover
One of the types of add-on in car insurance that can benefit you financially is the Zero Depreciation or Nil Depreciation add-on.
This add-on can be used until your new car is 5 years old, and it eliminates the depreciation amount that insurers generally apply at the time of settling claims. This way, you can get more out of your insurance policy and lower your out-of-pocket expenses.
If You Want to Enjoy NCB Despite Making Claims, Then Opt for NCB Protection
Among the essential car insurance add-on covers is the No Bonus Claim Protection cover, which can prove helpful at the time of renewal of your car policy. Even if you are to make claims during a year, you can use this NCB Protection cover so that your No Claim Bonus remains intact at the end of the policy period, and you can use it to get a discount on premium when renewing your policy.
Conclusion
Apart from these, you may also consider opting for roadside assistance, consumables cover, pay-as-you-drive cover, rim protection, tyre protection and EMI protection, among other add-ons. While it is true that including add-ons to your policy may cause your premium cost to increase, choosing the right add-ons can effectively enhance your policy and help you save substantial amounts at the time of making claims.