Add-ons for motor insurance contributed by Mr. Ramesh Ramani, Sr. Vice President Consumer Lines, Tata AIG General Insurance Co. Ltd.

author image CarTrade Editorial Team
Wednesday 15 May 2013, 10:43 AM

One of the most memorable days in a person's life is the day he/she first steps out of the Regional Transport Office with that crisp, fresh driver's license. It is also the day when one has to start paying various bills for fuel, insurance etc. Speaking of Insurance, one has to realize that having not just car insurance but enhancing it with some value added covers will ensure complete peace of mind.

While it is mandatory to purchase the standard motor insurance while buying a car, insurance companies today offer various car insurance covers with different coverage options which go beyond the basic motor insurance policy. One should definitely consider various value added insurance covers that are available with motor insurance policies to enhance coverage.

Most of us, when we buy car insurance are not aware of the various add on covers that are offered and thus miss out on added protection they offer. For instance, there are people who complain of feeling short-changed by insurance firms when they do not receive their full claim amounts on account of depreciation deductions. A depreciation cover being offered by insurers would ensure that you receive full claim payment without any deduction for wear and tear in relation to replaced parts. This is very useful for all owners, especially when there are young drivers at home and one ends up replacing parts often!

Other remarkable covers include the daily allowance cover that pays you a fixed sum towards the expense of a hired vehicle while your car is under repair, has been stolen or broken down. If this happens in an unknown place you can easily cover the cost of transport and overnight stay in the nearest city, with an add-on insurance cover. Motor Insurance add-ons also cover cost of repairs for glass/plastic/fiber/rubber parts. There are also innovative products which indemnify the insured against loss or damage to personal effects, while they are in the insured vehicle. The insured can also opt for cover of full value of the vehicle including the registration charges and road tax initially paid in case the car is stolen or is declared a total loss.

All said and done, one of tenets of insurance is choosing the right cover. There are certain aspects that you need to be aware of, before buying this policy. It is of vital importance to know about the claim track record of the company. An insurer should be the one to help you in time of need and hence their claim service needs to be robust in order to assist you better. By arming yourself with knowledge and evaluating your needs, you can protect your cherished car for the years to come! Do not hesitate to choose one or various add-ons and cover yourself against day-to-day incidents. It just makes everyday life that much simpler!!!

Contributed by TATA AIG General Insurance

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