Top 3 most underrated Motor Insurance Add-ons you must have
In emergency situations, there are a number of less common vehicle insurance add-ons that are highly helpful to automobile owners. Let's look at three of the underappreciated accessories for car owners.
Today, the globe is moved by motor vehicles. We heavily rely on motorized transportation as we continue to live ever more advanced lives. Almost all aspects of our personal and professional lives now include motor vehicles. However, with increased traffic, traffic accidents, theft cases, and daily dings and scratches, automobile owners are becoming more aware of the need for motor insurance. Motor insurance has turned into a necessity for all vehicle owners as a safety net that safeguards their vehicle. The Motor Vehicles Act of 1988, which makes auto insurance required for all vehicles, provides more support for this idea.
However, some damages are excluded from coverage by standard auto insurance. Consider the scenario when a certain component of your automobile has to be replaced. Now, the final bill you receive will include both the cost of the labour used to replace the component as well as the cost of the part that was replaced. Insurance companies have produced add-ons that offer broad coverage above regular auto insurance in response to the potential for such circumstances.
The concept was generally embraced, and over time, add-ons including engine protection, return to invoice, and zero depreciation gained popularity. There are a few add-ons, though, that are not widely used but are extremely helpful to automobile owners in emergency situations. Here are three of the most overlooked car accessories for owners:
1. Allowance per day Add-on
Imagine needing to manage your transportation for a few days while your automobile is being repaired. This implies that in order to get from one location to another, you will need to rely on public transportation. While taking public transportation, such as cabs, buses, etc., has drawbacks, it also has a cost that commuters must pay. A daily allowance cover will be able to ease your stress while you pay for the repairs in this situation. It offers a maximum amount of Rs. 500 for a period of 14 days, but this varies from insurer to insurer. This enables you to go on with your life unhindered while also calming your pockets. Sanjiv Bajaj, Jt. Chairman & MD, Bajaj Capital Ltd., says that this addition is a great choice for families with only one car.
2. Loss of Personal Belongings Add-on
Undoubtedly, the idea of their automobile being taken will make them depressed and hopeless. Additionally, if the automobile is carrying any priceless items, this horror takes on entirely new proportions. Comprehensive auto insurance does protect the owner of the vehicle in the event that it is stolen, but it does not cover the loss of any stolen property. In these circumstances, a Loss of Personal Belongings add-on comes in extremely handy because it pays for a car owner's lost personal belongings. Electronic devices including mobile phones, laptops, PCs, tablets, and other devices are covered by this add-on, with a cap of Rs 25,000 for mobiles and Rs 50,000 for laptops. Additionally, your NCB does not drop or change as a result of this addition.
3. Key Replacement Add-on
The amount of frustration that comes with misplacing your car keys is infinite. " Most automobiles in today's market are computer-coded due to the introduction of encrypted car keys. It may turn out to be pricey, particularly for someone who is already upset over losing their car key. Local locksmiths are unable to break these high-to-mid-end locking systems; an authorized manufacturer is required. This price varies from manufacturer to manufacturer and often runs in the hundreds of rupees. In these cases, having a key replacement add-on is quite beneficial since the insurance pays for the new key that was replaced. According to Bajaj, some insurers even cover the cost of a locking system's installation.
Today, having sufficient coverage for the safety of your car is essential. Therefore, it is a fantastic idea to take these add-ons into account for long-term security, whether you are preparing to get a new vehicle insurance policy or intend to renew an existing policy.
