Cars make the world move today. As we continue our constantly progressive lives, we rely heavily on motor vehicles. Motorized vehicles have essentially become a part of our personal and professional lives. But with increased traffic, road accidents, thefts, and daily bumps and scrapes, car owners are becoming sensitive to car insurance. As a safety net that protects their cars, car insurance has become a necessity for all car owners. This idea was further supported in the Automobile Act 1988 making auto insurance mandatory for all vehicles.
However, there are many damages that are not covered by basic vehicle insurance. Say, for example, that said part of your car needs to be replaced. Now, the final invoice you get will not only include the cost of the part being replaced but also the labor charges for replacing the part. Recognizing the possibility of such situations, insurance companies have introduced additional functionality that provides comprehensive coverage on general auto insurance.
This idea was widely accepted and add-ons such as zero consumption, return to bill, engine protection, etc., became increasingly popular over time. However, there are many add-ons that are not very popular but are very useful for car owners in bad times. Let’s take a look at three of the most underrated add-ons for car owners:
1. Additional daily allowance
Imagine that your car has been fixed and you need to manage your transportation for a few days. This means that you will have to rely on public transportation to get from one place to another. “While using public transportation like taxis, buses, etc. comes with its challenges, it also comes for the price you may need to pay for commuting. This is the time when per diem coverage can help you by lightening your burden while bearing the cost of repairs. It provides an allowance of up to 500 rupees, generally for 14 days, but it varies from insurance company to insurance company. This not only puts comfort in your pocket, but also helps you to move forward with your life without restrictions. This add-on is a great choice for families with one car Only,” Sanjeev told Bajaj, GT. Chairman and Managing Director, Bajaj Capital Ltd.
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2. Add lost personal belongings
Undoubtedly, the idea of car theft will make car owners sad and despair. Moreover, if the car carries any valuable belongings, this nightmare escalates to a whole different level. While comprehensive car insurance covers the owner of the vehicle in the event the vehicle is stolen, it does not cover the loss of any stolen belongings. The personal belongings loss add-on proves to be very useful in such situations as it compensates for the car owner’s loss of personal items. This add-on covers electronic gadgets like mobile phones, laptops, computers, tablets, etc., with a maximum of Rs 25,000 for mobile phones and Rs 50,000 for laptops. In addition, with this addition, your NCB will not be affected nor affected.
3. Add-on Replacement Key
There is an endless amount of stress that comes with losing your car keys. “With the advent of encrypted car keys, most cars today are computer encrypted. It can be a costly affair, especially for someone who is already distressed about losing their car key. High to mid-end lock systems cannot be cracked by local locksmiths and require the assistance of an authorized manufacturer This cost usually ranges in thousands of rupees and varies from one maker to another. Having an additional job to replace the key is very beneficial in such circumstances as the insurance company will reimburse the new replaced key. “Some insurance companies even pay the cost of installing the lock system,” Bajaj says. “.
Getting comprehensive coverage to protect your vehicle is the need of the hour today. Therefore, if you are planning to get a new auto insurance policy or plan to renew an existing one, it is a good idea to consider these add-ons for long term security.
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