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Leveraging Add-on covers to get personalized protection

Does everyone in the world buy the same mobile, television, or computer? Absolutely not! Finalizing on an electronic device is done after careful assessment of one’s requirements, market trends, budget, and a thousand different criterions. After all, one size doesn’t fit all. Same is the case with your motor insurance policy. A basic or ‘vanilla’ policy doesn’t provide much protection, and it is quite possible that an accident dents your savings even when you have been prudent enough to opt for an insurance policy. However, it would be a mistake to opt for add-ons which we would barely use as they would beef up our premium. Therefore, understanding our requirements and customizing our vehicle insurance policy is imperative. Let’s break-down a few prominent add-on covers to understand if they are important to us:

  • Zero Depreciation Cover

    About this cover:

    Many people are oblivious to the fact that at the time of claim, the depreciated value of car parts is considered instead of the purchase value or replacement value. Therefore, difference in these two values has to be borne by the policyholder. It could be a harrowing experience for the policyholder if he has to payout a lofty amount to the garage from his own pocket even with an insurance policy. This problem is solved by a Zero-depreciation cover where the depreciation is not considered while deciding the claim settlement amount. This ensures the depreciation deductions are not made.


    Should I opt for this cover?

    A bumper-to-bumper cover or Zero-Depreciation cover is essential for new car owners, new drivers, people with expensive cars, and people residing in accident-prone areas.

  • Roadside assistance cover

    About this cover:

    This add-on cover proves to be a saviour in the event of car breakdown providing emergency services such as minor repairs, tyre changes, towing, refuelling etc. A majority of the companies provide this service as an add-on with a slightly higher premium. However, a few insurance companies offer this service absolutely free.


    Should I opt for this cover?

    Emergency Roadside assistance service is a must have and is recommended to every car owner. The need for this cover increases exponentially for senior citizens, women, and people driving slightly older cars. After all, you wouldn’t want to be stranded on a remote area in pouring rains.

  • No-claim bonus Retention

    Insurance companies reward the policyholder for not making a claim for the entire year with a No-claim bonus discount. It begins with 20% and goes as high as 50%. However, making a claim will rob you off the NCB and you need to begin accumulating it again. This add-on ensures that you preserve your NCB even after making a claim. Nevertheless, only two claims are allowed even with this cover and a third claim in the same year will dent your No-claim bonus.

    Should I opt for this cover?

    This add-on cover can save you a lot of money if you are a new driver or live in an accident-prone area. This is because the possibility of an accident and a claim is higher. However, if you don’t have substantial NCB bonus % in the policy, then you may give this a miss.

  • Return to Invoice:

    In the event of theft of your car or if it is damaged beyond repair, you receive financial relief only on the IDV and not the amount you paid while buying it. Return to Invoice cover ensures you receive the original invoice amount in this scenario including the registration charges and road tax expenses. The difference in the on-road cost and the IDV is also paid by the insurance company. However, it needs to be noted that this cover is applicable for vehicles that are up to three years old only.

    Should I opt for this cover?

    This cover is crucial for people with new cars, people living in areas where secure parking is an issue, long-distance travellers, and people living in theft-prone areas.

  • Engine Protect

    This one can come across as a shock for some people. The most critical part of your vehicle i.e. the engine is not covered by an insurance policy for non-accidental damages or failures. Considering the fact that the engine is the most expensive part of the car, this cover offers sufficient protection against damages. The engine is particularly damaged when the car is submerged in waterlogged area. However, please be informed that forcing your car to start in such a situation may further damage it and ensure that your claim is rejected.

    Should I opt for this cover?

    This cover will be imperative for people living in low-lying areas which are susceptible to flooding, for cars which have a low ground clearance which is the case of most luxury cars, new and expensive cars with an expensive engine.

  • Consumables

    Your standard policy does not cover the cost of brake oil, engine oil, lubricants, nuts, bolts, screws, fuel filter, oil filter, lubricants, and other consumables in the event of an accident. In case you want the insurance company to reimburse the cost of consumables as well you can opt for the consumables cover. However, please note that the consumable are covered only during a claim related to an accident.

    Should I opt for this cover?

    This cover is suggested to anyone who is interested in providing their car an added layer of protection. This add-on ensures that you are planned way in advance and you save money in case of an accident. However if you are not worried about small out-of-pocket expenses then you can ignore this cover.

  • Garage Cash

    It is extremely inconvenient if your car is stolen or is getting repaired after an accident. Till your claim is settled and your car is repaired you will have to find and pay for an alternative mode of transport. This cost of alternative mode of transport till your car is back is covered by the Garage cash or Daily allowance cover. You can receive a daily allowance of 500-1000 Rs depending on your policy. In addition, this cover is applicable for approximately 10-20 days.

    Should I opt for this cover?

    Garage cash cover is ideal if you find public transport inconvenient. However if you are not worried about small out-of-pocket expenses or have an alternate vehicle then you may give this a miss.

What affects your car insurance premium?
  1. Enticing Discounts: With us by your side you enjoy enticing discounts on car insurance
  2. Make and Model: Every car model has different safety mechanisms and hence the premium also depends on the make and the model
  3. Add-on Covers: Add-on covers are perfect for providing customized protection. However, they increase the premium as well
  4. City of Registration: The zone in which your city of car registration lies affects the premium rates.
  5. No-Claim Bonus: After a claim-free year you receive a special discount for safe driving called no-claim bonus which significantly reduces your premium
The inside scoop to reduce your car insurance premium
  1. Think big, not small!

    Avoid making claims of small amounts for scratches and dents as they take away your no-claim bonus(NCB) resulting in a higher premium during renewal next year

  2. Punctuality Pays

    Paying your premium on time ensures your policy doesn't lapse which might result in car inspections and potential rise in your premium

  3. Savings with Safety

    Installing Anti-theft devices ensures your car is safer and hence you have to pay a lower premium

  4. Safe drivers galore!

    Joining Automobile Association of India will fetch you a special discount for safe driving

  5. Calculated risks pay off!

    Increasing your Voluntary Deductible will result in a cheaper premium. But it is a two-edged sword as you will have to pay more from your own pocket during a claim

  6. Buying Online Saves Nine!

    Compare and Buy online to get rid of the distribution expenses and avail enticing discounts

Debunking Car Insurance Myths

Car insurance is not everyone’s cup of tea. For most simpletons it is Latin and Greek. Therefore, there are a lot of myths related to car insurance that come up as nasty and unpleasant surprises during the claim process. These surprises leave a sour taste in our mouth and therefore there is a need to debunk these myths. Hence, let’s begin our comprehensive list of most common car insurance myths to ensure there is total transparency before you buy car insurance:

  1. A comprehensive car insurance policy will compensate the entire garage bill: This is biggest myth among the masses as they buy car insurance. Please be informed that a comprehensive car insurance policy covers only own damage and third party damage. At the time of the claim, you will receive reimbursement, only for the depreciated or current market value of the car and its parts. Though opting for a Nil-depreciation add-on solves this problem, a small mandatory deductible amount has to be paid by the car owner regardless.
  2. New Cars are more susceptible to thefts than new ones: Surprise! Surprise! Against popular beliefs, it is actually the opposite as old cars are an easier target for car thieves. A new car has inbuilt high-tech security features which makes them difficult to steal.
  3. Car Insurance premium is directly related to the age of the car: Another urban legend, the age of the car is not the only consideration when calculating car insurance. An old car which is no longer manufactured will obviously have a higher insurance premium compared to a brand new car whose spare parts are easily available.
  4. Personal belongings in the car are covered under car insurance: The theft of the laptop in your car will not be covered by your policy unless you have specifically opted for an add-on cover for personal belongings.
  5. Car insurance covers your car even if it is used commercially: Private Car insurance provides protection to car used for personal use only. Your claims won’t be entertained if your personal car is used as a Taxi. You will have to opt for commercial car insurance if you wish to do so.

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