Securing a comprehensive car insurance policy is a necessity for anyone acquiring a new car. Comprehensive insurance offers complete coverage, encompassing both third-party and own damage, providing a robust shield for your newly acquired asset. Additionally, the coverage can be further enhanced by valuable add-ons tailored for brand new cars. Delve deeper to explore these add-ons and their significance for your new four-wheeler.
Must-Have Add-ons When Acquiring Brand New Car Insurance
Acquiring insurance for your fresh car is a mandatory requirement under Indian motor laws. However, many are unaware that they can elevate their insurance coverage when obtaining a new car insurance policy, especially comprehensive or own damage. These additional covers offer increased protection for damages not typically covered by standard motor insurance. Here are some not-to-be-missed car insurance add-ons for brand new cars:
Zero Depreciation Cover: 100% Coverage
A new car starts depreciating as soon as it leaves the showroom. Standard policies may not compensate for the depreciation during accidental claims, leaving you to bear the cost. The zero-depreciation add-on provides bumper-to-bumper coverage, addressing the depreciation of your brand-new car. This crucial add-on can be easily included in your standard policy at a nominal premium.
Consumables Cover: Ensuring Smooth Operation
Consumables in cars, such as engine oil, brake oil, and nuts, wear and tear regularly, necessitating replacement. Standard comprehensive insurance often doesn’t cover the cost of repairing or replacing these items. The Consumables cover steps in to compensate for the repair or replacement of consumables damaged during a claim. This cover is particularly essential for brand new cars, ensuring smooth operation and covering expensive repairs.
Engine Protect Cover: Safeguard Your Car’s Vital Component
The engine, the heart of your car, is not covered by standard motor insurance. Damages to the engine or its parts can be financially burdensome, especially for a brand-new car. The Engine Protect add-on is crucial for covering damage to your car’s engine caused by various factors. Purchasing this add-on during the acquisition of a brand new car insurance policy becomes paramount to saving on potential expenses related to the most expensive part of your car.
Roadside Assistance Cover: A Savior in Tough Times
Picture this: you’re on a road trip in your brand new car, and it breaks down in the middle of nowhere. A Roadside Assistance add-on can be a lifesaver during such times. This add-on covers minor repairs, battery breakdowns, flat tires, towing, spare key provision, and fuel assistance. Using Roadside Assistance doesn’t impact your No Claim Bonus, ensuring your bonus remains intact.
Key and Lock Protect Cover: Security for Your Car Keys
The keys of brand-new cars, especially premium ones, can be expensive, and damage or loss can be financially burdensome. Accidental damage or loss of car keys is typically not covered by standard comprehensive car insurance. The Key and Lock Protect cover provides coverage in case of loss or damage to car keys or the car’s lockset due to unforeseen events like burglary or accidents.
Return to Invoice Cover: Overcoming Financial Setbacks
The Return to Invoice (RTI) cover is crucial for brand new car owners. In the event of total loss or irreparable damage, this add-on ensures you receive the entire invoice value of your vehicle, irrespective of the selected Insured Declared Value (IDV). It covers the difference between the IDV and the actual invoice value of the car, including registration charges and road tax. The RTI cover provides peace of mind, assuring new car owners that their investment is safeguarded.
Factors to Consider while Buying a New Car Insurance in India
The majority of car owners in India get an insurance policy because they are required to. In general, people focus their decision to purchase a car insurance coverage on the cheap rate rather than comparing policies. This frequently results in insufficient coverage.
Purchasing auto insurance needs to be prioritized just as much as purchasing a vehicle. Therefore, before making a purchasing decision, if you own a car, you should be informed of the various features of auto insurance and compare the various products on the market. If you’re shopping for auto insurance for the first time, knowing the ins and outs of the market will help you obtain greater benefits and adequate coverage.
The following tips will significantly help you compare the insurance and make the right choice.
Having Third Party Insurance is Mandatory
Third-party insurance is mandatory for all car owners under the Indian Motor Vehicles Act and the Indian Road Safety Act. Driving without a proper insurance policy is illegal and carries a steep fine. Thus, whenever you drive a car, be sure you have insurance coverage.
Look for a Comprehensive Cover
When comparing auto insurance quotes online, one of the most important things to do is make sure the policy offers comprehensive coverage. Compared to third-party insurance, comprehensive automobile insurance offers more coverage; it includes coverage for both personal injury and third-party liability. The fact that comprehensive insurance offers protection against both natural and man-made calamities, such as fire, theft, riots, rain, storm, etc., is another important benefit of having one.
Insured Declared Value
The amount your insurance provider will pay if your automobile is stolen or suffers damage beyond repair is known as the insured stated value, or IDV. The IDV is just the maximum value of the car (as calculated by the insurer) that you get paid in the event of any accident leading to the complete loss of the vehicle. Do not mistake it with the car’s resale value.
You may get various offers from different insurance providers for IDV. It is crucial that you assess the car’s current market worth before looking up its IDV. Make sure to choose an insurer whose IDV is as close as possible to the car’s market value when you compare auto insurance policies online.
Services Offered
Even though the majority of individuals pick the auto insurance provider with the cheapest price, you need to avoid making this error. The reputation of the insurers and the caliber of the services they provide are important factors to take into account while searching for the best auto insurance coverage.
Reputable insurance providers guarantee ongoing support and quick replies to all of your questions and requests for services. Examining user reviews is one of the finest ways to determine the caliber of services provided. It is important to purchase insurance with a high claim settlement ratio; you should also consider the company’s claim settlement ratio.
In Conclusion
In the dynamic landscape of Indian roads, comprehensive insurance coverage for your brand-new car is indispensable. By thoughtfully considering and opting for these essential add-ons, you can ensure your prized possession is shielded from various risks and uncertainties. Remember, investing in the right car insurance add-ons not only protects your car but also provides you with the confidence to enjoy your new ride to the fullest.
