Importance of Add-ons in Motor Insurance
It is always good to be prepared and have more: more food, more clothes, more everything, right? The same principle applies to insurance policies and motor insurance policies precisely: no amount of protection is ever enough; the more you get, the more protected you will be. A comprehensive motor insurance policy is known for having features that protect every aspect of the vehicle and allows the owner peace of mind.
Why are add-ons essential in Motor Insurance? What’s in it for the Employees?
Add-on covers in motor insurance policies are additional covers that can be added to the policy to increase the coverage and provide extra protection over the policy terms. These add-ons are vital in making the policy comprehensive and successful. Some optional add-ons are:
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Zero Depreciation Cover:
Depreciation is the decrease in the value of the vehicle over time. The zero depreciation add-on covers the cost of replacement of vehicle parts entirely, without calculating or reducing the depreciation value. -
Roadside Assistance:
The add-on assists the policyholders who suffer from an accident or damage and require roadside help. The insurance company covers the cost of mechanics or a tow service if the policyholders are within the specified distance. -
Consumable Cover:
Consumables serve a specific purpose in maintaining the vehicle, such as nuts, bolts, lubricants, etc. The consumable cover allows the policyholder to cover costs related to the regular need for consumables. -
Gearbox or engine cover:
If the policyholder encounter damage to the vehicle’s gearbox or engine, the policyholder can’t claim the amount under a traditional motor insurance policy. However, the gearbox or engine add-on will cover the entire amount. -
No claim bonus:
No claim bonus is a benefit provided by the insurance company to the policyholder for making no claims in a single year. The policyholder gets the no claim bonus as a discount on the premium amount paid for the policy. -
Passenger Cover:
The passenger cover protects co-riders in the event of an unfortunate accident. For example, if your friend or wife gets hurt during an accident, the add-on will cover their hospital expenses. -
Loss of Baggage Cover:
Loss of baggage cover reimburses the policyholder for the loss of personal belongings in the vehicle in case of damage or an accident. If the belongings meet the policy term’s definition, the insurance company covers the lost personal belongings’ cost. -
Key Replacement Cover:
The cover is beneficial for collecting the cost incurred if the key is damaged, lost, or stolen. It also covers the cost of repairs of the lock-set if it is damaged. -
Return to Invoice cover:
The cover pays you the entire amount of your vehicle’s current market value if it is stolen or is beyond repair after an accident. -
Tyre Protect Cover:
Unless it happens due to an accident, regular wear and tears such as tyre burst, bulge, cuts, etc., are not covered under a traditional motor insurance policy. Tyre protect cover ensures the coverage of regular damages related to the tyres.
By default, a motor insurance policy only covers damage costs related to the vehicle in case of an unfortunate accident. However, as a vehicle has numerous moving parts that can affect its performance, the accidental damage or repair can cost a significant amount over time. Therefore, if you are looking to buy or have bought a motor insurance policy, you should look to back your policy with ideal add-ons covers. Not only will they allow you to get more protection for your vehicle, yourself, or your family, but they also allow you to make your policy cost-effective.
PINC Insurance is a leading insurance broker with best-in-class insurance products designed for adding innovative and effective add-ons. The industry experts showcase and recommend add-ons you should add based on your lifestyle, place of residence and overall needs. The final product is a motor insurance policy that caters to every need of your’s and your vehicle. You can visit PINC Insurance for further details.