There are several reasons why you might choose to add these to your motor insurance:
1. Customization: Add-ons allow you to customize your insurance policy to better suit your needs. You can tailor your coverage based on your specific requirements and preferences.
2. Enhanced Protection: Some add-ons offer extra protection that may not be included in standard insurance policies. This can include coverage for accessories, consumables, engine protect, key replacement, and more.
3. Comprehensive Coverage: By adding specific riders, you can enhance the comprehensiveness of your coverage. For example, you can opt for zero depreciation cover, which ensures that you receive the full claim amount without any deduction for depreciation.
4. Peace of Mind: Certain add-ons provide additional peace of mind by covering risks that are not typically covered in standard policies. This can include roadside assistance, emergency assistance, and medical expenses coverage for passengers.
5. Cost Savings: While you do pay an extra premium for add-ons, they can actually save you money in the long run by covering expenses that might otherwise arise unexpectedly. For instance, a zero depreciation cover can save you from bearing the depreciation cost during claim settlements.
6. Legal Compliance: Some add-ons may help you meet legal requirements or comply with regulations specific to your region. For example, in some countries, personal accident cover for passengers is mandatory.
7. Convenience: Add-ons can offer convenience by bundling multiple coverage options into a single policy. This simplifies the insurance process and ensures you have comprehensive protection without needing to manage multiple policies.
Before choosing add-ons, it's essential to carefully assess your requirements, evaluate the additional cost against the benefits provided, and ensure that the coverage aligns with your needs and priorities.
In India, choosing add-ons in motor insurance can offer several advantages, including those encouraged or mandated by the Indian government:
1. Third-Party Liability Coverage: The Indian government mandates third-party liability coverage for all motor vehicles under the Motor Vehicles Act, 1988. However, add-ons can provide additional protection beyond the minimum requirements, such as coverage for damage to your own vehicle (own damage cover), which is not mandatory but highly recommended for comprehensive protection.
2. Personal Accident Cover: The Indian government mandates personal accident cover for the owner-driver under motor insurance policies. However, add-ons can extend this coverage to passengers as well, ensuring broader protection for all occupants of the vehicle.
3. Zero Depreciation Cover: While not mandated by the government, zero depreciation cover is highly recommended, especially for newer vehicles. This add-on ensures that depreciation is not deducted from the claim amount during repairs or replacements, resulting in higher payouts for policyholders.
4. Roadside Assistance: While not mandated, roadside assistance add-ons provide crucial support in case of breakdowns, flat tires, or other emergencies. This can include services such as towing, fuel delivery, and battery jump-start, ensuring policyholders receive timely assistance during unforeseen situations on the road.
5. Engine Protection Cover: This add-on provides coverage for damages to the engine and its parts due to accidents or water logging, which is particularly relevant in flood-prone areas or during the monsoon season in India.
6. No Claim Bonus (NCB) Protection: NCB is a discount offered on renewal premiums for every claim-free year. The Indian government incentivizes safe driving through NCB benefits. NCB protection add-ons ensure that policyholders retain their NCB even after making a claim, thus encouraging safer driving practices.
7. Legal Compliance: Add-ons can also help policyholders comply with legal requirements specific to different states or regions in India. For example, certain regions may have specific regulations regarding coverage for natural calamities like floods or earthquakes, which can be addressed through appropriate add-ons.
Choosing add-ons in motor insurance policies in India not only enhances coverage and protection but also ensures compliance with legal requirements and promotes safer driving practices, as encouraged by the government regulations and recommendations.
