Driving a brand new car on accident-prone roads can always give you jitters. Road mishaps are common these days. The pleasure of driving could turn into a misery if your car collides with another vehicle or object. Not only you have to pay a hefty amount for its repair, but also face a lot of inconveniencies to put back everything in place. Hence, it is advisable to get the car insured and protect it against any kind of fallout on the roads. Car insurance helps you through the post-accident process by providing both financial and medical assistance. Claim settlement is no longer a tedious process. You can save time and recover all the costs of the damage. There are umpteen coverages in an auto insurance plan. So you can select as many as you want depending on your current necessities. Only a solid insurance policy covers accidental losses, non-collision damages, bodily injuries and third party damages.
As an individual, you are already burdened with fuel charges and maintenance costs. Without a car insurance plan, in the event of any kind of accident, the auto repair costs would empty your wallet. Owing an automobile policy is not all that expensive. Although you have to pay a price for maintaining car insurance, you save a lot of money at the time of accident. Your car insurance package is ought to provide you with the following benefits:
- Coverage for personal accidents or injuries
- Protection against catastrophic and man-made calamities
- Liability for the loss of third party property
- Medical coverage for both the insured and third party
Many private insurance companies offer a host of value-added features to improve the basic coverage. A standard car insurance plan would give you the basic facilities. However, the additional benefits that are included in some policies would help you save some money. There are certain add-ons that would be worth including in your auto insurance plan. Some of these are:
Depreciation reimbursement– A zero depreciation cover is absolutely suitable for expensive cars. It gives you the privilege to receive the full claim after an accident without any deduction for depreciation of the replaced auto parts. It is a full settlement coverage which does not charge anything for the depreciated parts. A basic coverage would charge a lot from the insured for replacing the important parts of the automobile. Many car owners are opting for this service to get optimum benefits under one cover.
Roadside assistance– In case of a breakdown or accident, roadside assistance cover would provide towing to the nearest operating repair garage. It also covers the labor charges involved in transporting the damaged vehicle to the service station. As an insured, you will be eligible for 24/7 roadside assistance if your car is disabled as result of:
- Deflated tire
- Deficiency of fuel or water
- Weak or overheated batteries
- Misplaced or stolen keys
- Entanglement in mud, snow, sand or water by the side of the roadway
No Claim Bonus (NCB) retention cover– Normally for consecutive no-claim years, the insured is eligible for a No Claim Bonus. However, even a single claim can bring down the NCB to zero. No Claim Bonus retention add-on cover helps the insured retain the NCB amount for an additional premium. The add-on cover ensures that even in the event of a single claim you retain the 20% No Claim Bonus. As NCB applies only to the insured, it can be transferred from an old car to a new one of the same class or type. In some auto insurance policies, NCB can be retained by the insured if the damage is caused due to a road collision or a catastrophic disaster not otherwise.
Engine cover– This is the most important add-on which should be availed by all car insurance policy holders. Since the engine of a vehicle is very costly, any damage to it can result in huge replacement cost. An engine cover add-on would protect the electronic circuitry of the car against water logging and flooding during adverse weather conditions by replacing it with a new one. You will not be charged a single penny for the service.
Lock and key replacement cover– In case, you lose the keys of the car and unable to recover it then your insurer will reimburse the cost of the replaced keys up to a certain limit.
Return to invoice– It is an exclusive auto insurance add-on designed for new cars. Under this cover, the insurer reimburses the full value of the car in case it undergoes total damage. Return to invoice add-on does not take into consideration the 5% depreciation on the value of the car. However, it is applicable only for the first year of buying the car.
Daily cash allowance– Suppose your insured car is severely damaged in an accident and sent to the repair garage. You immediately file a claim but come to know that the service center will take few more weeks to repair the car. In such a case, your insurer not only covers the damage but also provides you a daily allowance for up to 10 days while the car is undergoing repair in the workshop. Owners of daily cash allowance can cover their daily transportation costs with this amount.
Coverage for lost personal belongings– Essential items like baggage and electronic gadgets kept in the car are highly prone to theft. However, under this add-on cover, the insurance company is liable for the loss of personal property. In few policies, a limited amount of coverage is given on the personal valuables.
Buying too many add-on covers would increase the monthly premium. Therefore, include only those value-added services that would actually come to your help. Some insurance companies compel policy buyers to purchase all the add-on covers. They fail to provide guidance or solve any of your queries regarding these additional benefits. As a result, you are unable to distinguish between different auto insurance plans. GreenLife Insurance Broking Limited aims to help you find the most suitable car insurance plan embedded with various add-ons. You can compare the premium rates as well as the benefits without stepping out of your home. GIBL eases the process of buying car insurance policy online. Their experts are always there to answer your questions. So don’t forget to contact GIBL if you are planning to get your car insured.
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