Whether you have a new or old car. Expensive or cheap. Two wheeler or four wheeler. Maruti or Mercedes. One thing is common in all i.e. car insurance. Insurance is a must, even if it is a third party. But just having insurance is not enough. Even with insurance, you can face problems. The insurance company can reject your claim or the value of your vehicle can be less or very less.
In this article, we will tell you about some add-ons that come with insurance, which will not only take care of the price of your vehicle but will also cover small expenses of the vehicle. Some of the must-have add-on covers during monsoon season are — engine protection cover, zero depreciation cover, key replacement cover, return to invoice and consumable covers.
Table of Contents
1- Return To Invoice
We are going to talk only about add-ons. Meaning there will be insurance but with it you can get extra features by paying some more money. First of all, let’s talk about RTI. If you do this while buying the vehicle, then the problem of three years will end. This add-on will be available with the new vehicle and will come with a validity of three years.
During this time, if the vehicle is stolen or any other accident happens, then you will get the full price of the vehicle back. Meaning the amount for which the bill was made. In general insurance, instead of this, only IDV is available. Meaning if the price of the car is INR 100 then the IDV is 80 or 70. The claim will be even less than this. If you are going to buy a new car then there is benefit in taking RTI.
2- Consumable Cover
At the time of insurance claim of the car, there is often a lot of talk about the big parts but the small things are ignored. But these small things cause a big blow. Like engine oil, brake oil, gear oil, nuts-bolts to coolant. You do not know when their bill becomes in thousands. The best solution is to take an add-on with consumable cover.
Also Read: How to Claim Car Insurance After an Accident or Natural Disaster? Know Full Details Here!
3- Key Replacement Cover
If you do not take this add-on and the car key is lost then it is like ‘adding insult to injury’. Now this is not a common lock key which can be duplicated. Nowadays cars come with advanced lock system. If the key is lost, the entire system will have to be replaced. Even in a small car, its cost is not less than 15 thousand. In a big car, it can be in lakhs. It is wise to take Key Replacement Cover.
4- Engine Protection Cover
Although the car insurance also covers the engine but with some conditions. If the car gets flooded, meaning you decided to roam around in the rain and the car drowns in the underpass, then forget about insurance. This will be counted as your negligence. Therefore, it is important to take Engine Protection Cover.
5- Zero Depreciation
Its meaning is hidden in its name itself. Meaning the value of the product will not decrease. Here product means the parts of the car. All expenses are borne by the insurance company, whether it is a plastic part or a metal part. Although it is valid only for the first five years, it is better to take it. Add it to the original insurance and give a long term benefit in case of short term loss.