One of the most common mistakes that people make when purchasing a car insurance policy in a hurry is failing to spend enough time understanding the intricacies of the policy; whether it adequately covers all potential risks or not, what is the claim settlement process, what kind of coverages are provided by the insurer in the standard car insurance policy, and so on.

To select the best add-on cover for your vehicle, you must first grasp several critical add-on covers that should be selected for your vehicle’s total protection.

Choosing the right car insurance add-ons can help you save a lot of money:

  1. NCB Protect

A no-claim bonus in car insurance is a discount offered by an insurer in exchange for not claiming insurance during the policy year. However, if you claim even once, the NCB will no longer be applicable. You can apply for the NCB discount while renewing your insurance, and it can be accumulated for up to 5 years. NCB protection policy will keep the NCB discount from becoming zero, and you will be able to use it in later years.

  1. Return to Invoice Cover

Return-to-Invoice coverage allows a car owner to obtain the invoice value of their vehicle as the claim amount in the case of a total loss, constructive total loss, or theft. You can purchase this coverage after the first policy year has ended. If the car is completely damaged in an accident or is irreparable as a result of a catastrophe, the insurer will pay the full worth of the vehicle without taking into account the depreciation percentage.

  1. Zero depreciation

To prevent being surprised when you hear that your car insurance company will not reimburse you for the total amount spent fixing your car damage for which you have filed a claim. This is due to the fact that insurance companies pay for a part after removing the depreciation value/cost of your vehicle. However, if you select zero depreciation add-on cover, you can receive the entire cost of part replacement reimbursed. Ideally, this benefit is only available for new cars and not used cars, or it is limited to vehicles that are less than 5 years old.

  1. Key Protect

The Key Care Cover add-on is another name for the Key Protection Cover add-on. It is an insurance policy designed to assist you in meeting the costs of a stolen, lost, or broken key, including lock replacement.

  1. Engine Protector

The engine is like the heart of an automobile; any minor damage or neglect in its repair can lead to significant difficulties. Replacement parts or repairs that are required if the automobile is broken will cost you at least half the cost of the car, which is difficult to bear on your own. As a result, having this add-on cover will create a sense of comfort and safety, as the insurance will guarantee total engine protection. This coverage protects the policyholder against expenses incurred as a result of a mechanical or electrical breakdown of the engine caused by an oil leak or water ingression.

  1. Tyre Protect Cover

Tyres are another important component of a vehicle. The car’s tyres can be damaged if used on a regular basis. However, if the damage or loss of the tyres is not the result of an accident, the auto insurance provider will not pay for it. The car owner is responsible for the expense of fixing or replacing the tyres. This is where the ‘Tyre Protect’ cover can help.

Tyre Protect reimburses any expenses incurred for the repair or replacement of the insured vehicle’s tyres. It assures that the vehicle insurance provider covers tyre damages such as punctures, in-tyre bulges, tyre cuts, tyre bursting, and so on.

  1. Loss of Personal Belongings

If your automobile is stolen together with your valuables or only the things inside a car, your insurance provider will allow you to file a claim for the loss within a certain time frame. It could be laptops, electrical equipment, a pocketbook, or something else.

  1. Consumables Cover

The consumable cover in car insurance is an add-on policy that reimburses the costs of consumable materials used in an insured vehicle during repairs. It covers all consumable goods used while the vehicle was being repaired. Like the repairs of nuts and bolts, lubricants, grease, washers, engine oil, brake oil, screw, oil filter, bearing, and so on. This add-on cover, however, is not available for vehicles older than 5 years.

A car insurance company will provide clients with a wide range of add-on cover options from which to choose based on their needs and budget. However, policyholders must exercise caution while selecting the appropriate add-on covers that will finally be beneficial and advantageous to them during an emergency. Furthermore, it should improve the car insurance policy.

Author Bio:Smriti Gala works as a Digital Marketing Manager with Coverfox. As her life turned upside down when COVID severely afflicted her family members, Smriti decided to dedicate her expertise towards informing and educating the masses about the importance of health insurance. When she is not actively writing enlightening content, our ‘monk marketer’ likes to meditate, meet new people and explore less travelled territories.