Motor vehicles make the world move today. As we go on with our ever-progressive lives, we rely extensively on motor vehicles. Motor vehicles have essentially become a part of our personal and professional lives. But with rising traffic, road accidents, cases of theft and daily bumps and dents, car owners have become sensitive towards motor insurance. As a safety net that protects their vehicle, motor insurance has become a necessity for all car owners. This notion has further been backed in the Motor Vehicles Act of 1988 that makes motor insurance mandatory for all vehicles.
However, there are several damages that basic motor insurance does not cover. Say, for example, that a said part of your car has to be replaced. Now, the final bill that you get will include not only the cost of the part that was replaced but also the labour charges for replacing the part. Acknowledging the possibility of such situations, insurers introduced add-ons that provide extensive coverage over general motor insurance.
This idea was widely accepted and add-ons like zero depreciation, return to invoice, engine protection, etc., became increasingly popular over time. However, there are several add-ons that are not very popular but prove very useful for car owners in crucial times. Let’s take a look at three of the most underrated add-ons for vehicle owners:
1. Daily Allowance Add-on
Imagine your car has gone for repair and you need to manage your transportation for a few days. This means you will have to depend on public transport for travelling from one place to the other. “While using public transport like cabs, busses, etc., comes with its challenges, it also comes for a price that you would need to pay to commute. This is when a daily allowance cover can help you by easing your burden while you bear the cost of repairs. It provides an allowance of up to Rs 500, generally for 14 days, but it varies from insurer to insurer. This not only relaxes your pocket but also helps you get on with your life unfettered. This add-on is a great choice for households with only one vehicle,” informs Sanjiv Bajaj, Jt. Chairman & MD, Bajaj Capital Ltd.
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2. Loss of Personal Belongings Add-on
Undoubtedly, the thought of a stolen car will leave car owners dismal and in despair. Moreover, if the vehicle carries any valuable belongings, this nightmare escalates to a whole different level. While comprehensive car insurance covers the car owner in case of a stolen car, it does not cover the loss of any stolen belongings. A Loss of Personal Belongings add-on proves to be very useful in such situations as it compensates for a car owner’s loss of personal items. This add-on covers electronic gadgets like mobile phones, laptops, computers, tablets, etc., with a limit of Rs 25,000 for mobiles and Rs 50,000 for laptops. Additionally, with this add-on, your NCB does not get decreased and remains unaffected.
3. Key Replacement Add-on
There is an endless amount of stress that comes with losing the keys to your vehicle. “With the rise of encrypted car keys, most cars today are computer-coded. It can prove to be an expensive affair, especially for someone already in distress about losing the key to their vehicle. These high-to-mid-end locking systems cannot be cracked by local locksmiths and require an authorized manufacturer’s assistance. This cost usually ranges in thousands of rupees and varies from maker to maker. Having a Key Replacement add-on is very helpful in such circumstances as the insurer compensates for the new replaced key. Some insurers even pay the cost of the installation of a locking system,” says Bajaj.
Having extensive coverage for your vehicle’s protection is the need of the hour today. So, if you are planning to get a new motor insurance policy or planning to renew an existing policy, it’s a great idea to consider these add-ons for long-term security.