With the onset of the monsoons, we often face hazards, such as floods, the spread of water-borne infections, damage to homes and vehicles, and so on. While we may take numerous efforts to safeguard our health, home, vehicles, and so on from monsoon-related damage, it may still have an adverse effect on you. In such cases, having insurance can help you stay financially secure.
Understanding the importance of insurance and how it can cover various aspects related to any kind of damage to your vehicles is important. 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 we believe in providing adequate coverage to our customers and have a comprehensive set of affordable and useful add-ons to choose from. 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 situation.
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. This would be helpful during your daily commute to your workplace in the absence of your most useful machine.
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.
Apart from the covers those, you could opt for other add-ons to protect your savings from unforeseen events. These include EMI protector, covers for key replacement, additional roadside assistance cover, loss of personal belongings, enhanced personal accident cover, and hospital cash cover.
With digitization, the Motor Insurance Industry has undergone a facelift to suit the needs and expectations of existing and potential customers. Insurance players are ceaselessly investing in reinventing appurtenant products so that customers can make more informed and independent buying decisions. From the list of add-ons mentioned above, most covers are easily available with general insurers, such as SBI General Insurance, and can be purchased through the company’s app and website as well.