Engine Protect is an add-on cover which provides protection against damage to engine and its parts due to ingress of water, which is common during monsoon.
Continue reading “Engine Protect Cover”Engine Protect Cover
Posted: September 3, 2019
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Tag: Add on cover
NCB Protection
Posted: September 3, 2019
NCB Protection (NCB Protector) add-on cover protects the No Claim Bonus earned until previous year, even if there is a claim in this year’s policy. No Claim bonus (NCB) is applicable on renewal of the policy for every claim free policy year.
Continue reading “NCB Protection”Passenger Cover
Posted: September 3, 2019
This is a personal accident cover for all passengers based on the seating capacity of the vehicle.
Invoice Cover or Return to Invoice
Posted: September 3, 2019
Invoice cover allows the Insurer to pay the invoice price of the vehicle due to an event of total loss or theft of the vehicle.
Continue reading “Invoice Cover or Return to Invoice”Key And Lock Replacement Cover
Posted: September 3, 2019
This add on is applicable if the vehicle keys get misplaced or stolen or lost. Insurers will compensate for the cost of replacement of key and lock.
Continue reading “Key And Lock Replacement Cover”24×7 Roadside Assistance
Posted: September 3, 2019
Under this add on cover, in the event of breakdown of vehicle, insurers will extend assistance on the spot like providing refuelling, towing, change of flat tyre, battery, minor repairs, accommodation assistance to make the vehicle mobile and comfort to the insured. However, the scope and value of cover will differ from insurer to insurer based on their product plan. Few insurers offer minimum scope of 24/7 assistance at free of cost and others charge a premium.
Add on covers in Motor Insurance
Posted: March 10, 2020
What it means to you…
Zero or nil Depreciation
Over the past few years more innovative Additional Covers are introduced by various Insurers to benefit Vehicle Owners. The Additional Covers come with additional premiums collected during the inception of the policy. Given below are a few important add on covers and what they meant to you..
In the case of damage to the vehicle, the standard motor package policy pays for the replacement of parts namely metal, plastic and fibre or rubber after deducting certain percentage towards depreciation based on the age of the vehicle.
Zero/Nil Depreciation add on cover allows the insurer to pay the claim towards replacement of parts without deduction towards depreciation, thereby 100% cost of replacement paid. This cover is available generally for vehicles up to 5 years of age only.
NCB Protection
No claim bonus (NCB) is applicable on renewal of the policy for every claim free policy year. Normally, in the event of any claim, this discount is withdrawn completely on renewal and NCB becomes NIL. NCB Protection add on cover protects the NCB earned until last year, even if there is a claim in the existing / expiring policy. This benefit is available for limited number (1 or 2) of own damage claims only.
Continue reading “Add on covers in Motor Insurance”