.svg)
There are numerous reasons for buying a motor vehicle insurance policy. The first and foremost reason will be to protect the vehicle from many risks and uncertainties that may occur during a journey. The next reason will be of course to not get caught in criminal offence cases as it is mandatory to protect your vehicle with a motor insurance policy according to the Motor Vehicles Act of 1988 issued by the Government Of India. The list will keep going but the point is a motor insurance scheme comes with a lot of benefits. But here is the question. Will purchasing a motor vehicle insurance policy alone be helpful in protecting your vehicle completely? Well, the answer is not a complete yes or a no and that is because not every scenario you might encounter during a journey will be covered in a motor vehicle insurance policy. But fret not because this is where the concept of Add-Ons comes into the picture. As the name suggests, Add-Ons are extra benefits that can be purchased along with the motor insurance policy at an additional cost. Though they come at an extra-cost basis, Add-Ons can be truly beneficial in various scenarios and let us now look in detail about them down below.
Add-ons, just like the name implies, are extra features that get clubbed with the motor vehicle insurance policy against an extra payment. Now, you might ponder why someone or anybody for that matter would be interested in buying something for an extra cost as the motor insurance scheme already will be a considerable amount of expense to make. But in reality, these Add-Ons can behave as a blessing in disguise during certain unexpected circumstances. To say in simple terms, not all trouble-some scenarios that one might face during a road trip or a journey are or will be covered in a motor insurance policy. However, the presence of an Add-On in your insurance scheme will make you eligible to place a claim with the insurance company in almost every scenario.
Many different types of Add-ons can be purchased along with a motor vehicle insurance policy and they are explained in detail for a better understanding down below.
Usually, the No-Claim feature is a benefit that can be used when a claim is never placed by the insured during the insurance period. But the No-Claim Bonus Add-On helps you in enjoying that benefit even if you have placed a claim or claims during the policy tenure.
When the vehicle is completely a loss meaning that it cannot be repaired at all or if the vehicle is stolen, this Add-On will ensure the person who has taken the motor vehicle insurance policy will get the invoice amount of the vehicle as a claim settlement.
The Zero - Depreciation Cover’s true benefit can be realized only during the times of a claim. No one can ever tell when he or she will or might arrive at a situation to file for a claim with the insurance company. This is because when a person files for a claim, chances are high that the exact amount will not be settled due to various reasons. The Zero - Depreciation Cover will negate this scenario and ensure the policyholder will get the full amount of the claim.
The name is very much self-explanatory and this Add-On prominently known as RSA Add-On can be a highly necessary one for any rider or driver. In case of vehicle breakdowns or due to any other mishap, the vehicle has stopped midway and won’t start during your travel, the RSA Add-On will be truly helpful with which you can contact a team of technicians to help you.
Generally, a motor vehicle insurance scheme will not cover engine repair costs due to various reasons. One reason is that usually engine repair costs are very high and in some cases, they might even come near to the costs of the vehicle’s price. But having this Add-On will provide engine repair coverage too.
A third-party motor insurance policy will provide coverage for third-party vehicle damage and driver’s injury generally and in terms of a comprehensive policy, then the owner-driver of the insured vehicle will be covered as well. But the purchase of a Personal Accident Cover Add-On will provide coverage for the passengers as well and more importantly provide death coverage too.
Apart from the above-mentioned benefits of purchasing Add-Ons along with a motor vehicle insurance policy, there are other advantages as well. There are many Add-Ons that every motor vehicle insurance company provides but he or she need not buy every single one of them and can choose from the list and purchase only the needed. Similarly, certain companies allow policy buyers to purchase Add-Ons even midway during the policy tenure if in case they have missed buying the necessary Add-Ons during the policy purchase time. So, to give the final verdict, it is always a wise act to purchase the necessary Add-Ons along with a motor insurance scheme and not buy just the policy alone.
Our customer support team will reach out to you shortly
