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In India, insurance companies offer various add-on covers or riders that can be added to Own Damage or Comprehensive motor insurance policies to enhance coverage and tailor the policy to the policyholder’s specific needs. Some common add-on covers available on Own Damage or Comprehensive motor policies include:
Zero Depreciation Cover: Also known as Nil Depreciation cover, this add-on eliminates the deduction of depreciation from the claim amount for the replacement of parts during repairs. It ensures that the policyholder receives the full cost of repairs or replacement without considering depreciation.
Engine Protection Cover: This add-on provides coverage for damages to the engine of the insured vehicle due to water ingression, hydrostatic lock, leakage of lubricating oil, etc. Engine protection cover can be beneficial, especially in areas prone to flooding or waterlogging.
Roadside Assistance Cover: Roadside assistance cover offers assistance services such as towing, fuel delivery, flat tire assistance, battery jump-start, and locksmith services in case of vehicle breakdown or emergencies. It provides peace of mind to policyholders by offering assistance during unforeseen situations on the road.
Return to Invoice Cover: In case of a total loss or theft of the insured vehicle, the return to invoice cover ensures that the policyholder receives the original invoice value of the vehicle, including registration charges and road tax, instead of the Insured Declared Value (IDV). It helps bridge the gap between the IDV and the actual purchase price of the vehicle.
No Claim Bonus (NCB) Protector: The NCB protector add-on allows policyholders to retain their accumulated No Claim Bonus (NCB) even after making a claim during the policy term. It helps policyholders maintain or maximize their NCB discount on premium for each claim-free year.
Personal Accident Cover for Passengers: This add-on provides coverage for accidental death or disability of passengers traveling in the insured vehicle. It offers compensation to the insured or their legal heirs in case of bodily injury or death resulting from an accident while traveling in the insured vehicle.
Key Replacement Cover: Key replacement cover reimburses the cost of replacing lost or stolen keys of the insured vehicle, including keyless entry remotes and programming costs. It provides convenience and financial assistance in case of key-related emergencies.
Consumables Cover: This add-on covers the cost of consumable items such as engine oil, coolant, nuts and bolts, screws, washers, grease, etc., that are consumed during repairs of the insured vehicle. It ensures that policyholders are not burdened with additional expenses for consumables during repairs.
These are some of the common add-on covers available on Own Damage or Comprehensive motor insurance policies in India. Policyholders can choose and customize their coverage by selecting add-ons that best suit their requirements and provide additional protection against specific risks and uncertainties on the road. It’s advisable to carefully review the features, terms, and conditions of each add-on cover before adding them to the policy.