Safeguard your vehicle this monsoon with motor insurance: It is pertinent to check whether our vehicles are insured or not before the onset of monsoons. If your vehicle is insured with a comprehensive insurance cover that covers both own damage and third-party liability, you will be able to avert financial stress.
However, simply acquiring a policy is insufficient; it must also be renewed on time. The insurance coverage and any add-ons will cover repair costs as well as any damage to the car.
While the standard motor insurance would cover major losses during dire circumstances. However, expenses can be further minimized by choosing multiple add-on features readily available by all leading insurers. One needs to be equipped with the right adequate add-ons to mitigate losses that are generally not covered in a standard four-wheeler policy. These additional covers can be coupled with a motor policy at a slightly affordable premium and can be of great help.
At SBI General here are some four-wheeler add-ons that you can choose from-
1- Depreciation Reimbursement – aka Zero Dep Cover/ NIL Dep Cover/ Bumper to Bumper (in 4 Wheelers) – The insured doesn’t have to pay the depreciation value of the vehicle during the claim. In case of any accidental damage, which leads to partial or full replacement of any part under the scenario of partial loss of a vehicle the depreciation amount can be claimed. This cover will not be applicable under Total Loss situation.
2- Protection of NCB (No Claim Bonus) – Cover to ensure that NCB doesn’t reset in case of one single unfortunate claim during the policy period. So even after a single authorized claim, during the renewal of policy, NCB remains protected and not lost by you.
3- Basic Roadside Assistance – Comes handy for the owner if the vehicle is found stranded due to mechanical / electrical failure or flat tyre.
4- Engine Guard – Covers damage to internal parts of gearbox and engine arising out of water ingress / leakage of lubricating oil during flood situations.
5- Inconvenience allowance – This gives daily benefit in terms of reimbursement for a maximum period of 10 days if the insured vehicle must undergo repair for over 3 days.
6- Cover for consumables – Covers damage expenses towards consumable items like nuts & bolts, lubricants clips, AC gas, gear-box oil / engine lubricator / break oil – leakages caused by accident and so on
7- Return to invoice – Covers the gap between the insured declared value and the invoice value of the vehicle in the event of total loss of vehicle to the first registered vehicle owner. This comes handy when the vehicle is damaged beyond repair or stolen.