With the onset of monsoon, we often face hazards, such as floods, spread of water-borne infections, damage to homes and vehicles, etc. Though we can make many efforts to protect our health, home, vehicles etc. from monsoon related damages, it can still have an adverse effect on you. In such cases, having insurance can help you stay financially secure.
to understand importance of insurance And how it can cover various aspects related to any kind of damage to your vehicles is important. Before the onset of monsoon it is advisable to check whether our vehicles are insured or not. If your vehicle is insured with a comprehensive insurance cover that covers both own damages and third party liability, you will be able to avoid financial stress. However, just getting a policy is not enough; It should also be renewed on time. Insurance coverage and any add-ons will cover repair costs as well as any damages done to the car.
while the standard motor insurance Will cover major losses during critical situations. However, the expenses can be further reduced by opting for the many add-on features readily available by all the major insurance companies. Normally one needs to be equipped with the right enough add-ons to reduce the damages not covered in a standard four wheeler policy. These additional covers can be bundled with a motor policy at a nominal premium and can be very helpful.
SBI General Insurance lists some four wheeler add-ons that you can opt for
Depreciation Reimbursement – aka Zero Dip Cover / Zero Dip Cover / Bumper to Bumper (in 4 wheelers): The insured does not have to pay the depreciated value of the vehicle during the claim. In case of any accidental damage that leads to partial or complete replacement of any part in the event of partial loss of the vehicle, the depreciation amount can be claimed. This cover will not be applicable in case of total loss.
Protection of NCB (No Claim Bonus): Cover to ensure that NCB is not reset in case of even a single unfortunate claim during the policy term. Hence even after an authorized claim, during the renewal of the policy, the NCB remains safe and is not lost by you.
Basic roadside assistance: Comes in handy for owner if the vehicle is found stranded due to mechanical/electrical failure or flat tyre.
Engine Guard: Covers damage to gearbox and engine internals arising out of water ingress/lubricating oil leakage during flood conditions.
Discomfort Allowance: It gives daily benefits for a maximum period of 10 days in terms of reimbursement if the insured vehicle undergoes repairs for more than 3 days. This will be helpful during your daily commute to your workplace in the absence of your most useful machine.
Cover for consumables: Covers the cost of damage to consumable items like Nuts & Bolts, Lubricant Clips, AC Gas, Gear-box Oil / Engine Lubricator / Brake Oil – Leakage due to accident and so on
Return to Invoice: Covers the difference between the Insured Declared Value and the Invoiced Value of the vehicle in the event of total loss of the vehicle to the first registered vehicle owner. This comes in handy when the vehicle is damaged beyond repair or theft.
Apart from those covers, you can opt for other add-ons to protect your savings from unforeseen events. These include EMI protector, key replacement cover, additional roadside assistance cover, loss of personal belongings, improved personal accident cover and hospital cash cover.
With digitisation, the motor insurance industry has taken a new look to suit the needs and expectations of existing and potential customers. Insurance companies are continually investing in reinventing attached products so that customers can make more informed and independent buying decisions. From the list of add-ons mentioned above, most of the covers are easily available with general insurance companies, such as SBI General Insurance, and can also be purchased through the company’s app and website.