The monsoon season is a time of regeneration and lush greenery. Unfortunately, it is not the best time for properties and vehicles as the rain often damages them. The flooding of Indian roads, even in the poshest towns and cities, is nothing new. From clogging the engine to destroying the interiors of a car, monsoon can be responsible for an array of damages to four-wheelers.
Hence, including car insurance add-ons to Comprehensive Car Insurance can provide financial security and nullify the losses. Add-ons in motor insurance act as specific extensions that diversify the coverage. Add-ons are purchased with the Comprehensive Car Insurance Policy or while buying or renewing the car insurance plan.
There are a wide range of add-ons you can choose from depending on your need. Add-ons that help you during monsoons can protect it from calamities like flooding, storms, cyclones, earthquakes, etc. Since the basic plan may not provide complete protection to your vehicle, including add-ons to protect your car in your insurance during monsoons is the smartest thing to do. Below is a list of various covers that can prepare you better for vivid situations.
This car insurance add-on compensates you for the replacement or repair cost of your vehicle’s engine. Damages to the engine can be due to water ingression and hydrostatic lock. It may be caused due to starting a wet engine, or due to leaking of engine oil, or due to damaged components of the car’s engine, etc.
Sometimes the car gets damaged beyond repair. In such cases, the basic car insurance plan compensates with the Insured Declared Value (IDV) or the approximate market value. Here, depreciation of the car is accounted for before settling the claim. However, with the Return to Invoice cover, the insurer compensates the amount mentioned in the car’s invoice value that includes road tax and registration charges.
As the Comprehensive Car Insurance Policy does not cover the cost of consumable items such as nuts and bolts, screws, engine oil, gearbox oil, etc., it is wise to go for a consumable cover. The Consumables cover lets you avoid out-of-pocket expenses while settling the cost of repair.
The Roadside Assistance cover provides immediate aid in emergencies such as accidents or breakdowns. There is no provision for such quick assistance in a Comprehensive Insurance or Third-party Insurance Plan. Hence, you must purchase the add-on with the Comprehensive Policy for more extensive coverage.
The Outstation Emergency Cover add-on protects you from accidents/breakdowns outside the 100km radius of your place of residence. Additionally, if the repair takes over 12 hours, a reimbursement of Rs. 2,500 is in order.
During insurance claim settlement, depreciation of repaired parts of the vehicle is taken into account. The compensation is paid out based on the depreciated cost of parts. However, with Zero Depreciation cover, the insurer pays the cost of repair without considering the depreciation of the parts being repaired or replaced.
Natural calamities cannot be predicted and may cause damage to the vehicle of your dreams. Therefore, securing your finances with regards to the repairs or replacement of your car parts is essential. Even though basic plans protect your vehicle from damages, having add-ons that give holistic coverage is highly advised. So this monsoon, get yourself a Comprehensive Car Insurance Policy with valuable add-ons and avoid any unforeseen mishaps.
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