What are Add-ons in motor insurance?

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Mayank
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03 Aug 2018, 14:56

Add ons are widely used in Motor Insurance. What are these Add-ons and what do you think of how they are priced?
Let us have your thoughts..
Mayank Goyal

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arpit
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03 Aug 2018, 21:04

Zero Depreciation
Offers full claim without any depreciation on the value of parts replaced with an admissible claim under the Motor Comprehensive Package Policy.

Theft or Loss of Keys
We reimburse you the cost to replace your Car keys and locks or locksmith charges,in case your car keys are lost or stolen.

Loss of Personal Belongings
How prepared are you when it comes to loss of personal belongings like Laptops,Mobile Phones from your car?This cover offers much needed protection to your cherished belongings.

Tyre Damage
However safe the tyres are,they are still prone to damages.This cover provides reimbursement for tyre bulge,puncture,bursting,cut or accidental damage.

NCB Protection
In this cover,your existing No Claim Bonus can be retained at the time of renewal,without getting impacted even if there is a claim under the policy.

Engine Protector
Consequential losses or damages to crucial internal parts like engine or gear box due to ingression of water or leakage of lubricating oil due to accidental means are covered.

Return To Invoice
If your car is declared as a total loss by us in the event of a claim under the policy,we will pay the financial shortfall between the amount you will receive from the insurance policy and the purchase price of the car,as confirmed in the invoice of sale.

Inconvenience Allowance
Not having your vehicle can be inconvenient.Here is a cover that pays on a per day basis for the period when your vehicle is undergoing repairs on account of an accident.

Vehicle damage:
This benefit covers any loss or damage to your vehicle on account of an accident,burglary,theft or housebreaking.It also protects your vehicle against damage due to fire,lightning,self-ignition,explosion,riot,strike,malicious act,terrorism activity,earthquake(fire and shock damage),flood,typhoon,hurricane,storm,tempest,cyclone and inundation.This cover encompasses protection against any loss or damage caused to your vehicle while in transit by road,rail,inland-waterway,elevator,lift or air.

Third party liability:
This benefit protects you against any third party liability that you may incur due to the death of,or bodily injury toany person;or damage to property other than property belonging to the insured.The policy also covers the legal expenses you might incur to defend this claim.This is a mandatory insurance coverage for your vehicle

Personal accident cover:
The motor insurance provides compulsory personal accident cover of Rs.1 lakh for individual owners of the vehicle while driving.This is not applicable for a Company owned Vehicle. You can also opt for a personal accident cover for passengers(named or un-named)up to a maximum Capital Sum Insured of Rs.2 lacs per person
Available only if the owner of the vehicle holds a valid driving license.

Additional Legal liabilities:
Any known condition,ailment or injury prior to the inception of your first policy until 48 months from the date of inception.
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