Seven Car Insurance Policy that every car rider must have
Car Insurance Policies provide a great deal of coverage, from third-party Insurance to Comprehensive Car Insurance coverage. They cover damages from accidents and other natural causes. However, Car Insurance policies do not cover unforeseen factors like Natural Calamities, Road Quality, and many others. To take care of these factors, car insurance companies have come up with many riders that you can add to your existing car insurance policies. You can choose these Car Insurance riders based on your requirements and convenience.
Here are some common riders that you can choose,
Generally, while raising a claim, car insurance companies take into account the depreciated value of the damaged parts that are not at their market value. Depreciation rates are subject to various factors like model, age of the car, etc. So, the policyholder raising a claim will not be able to obtain the entire repair cost. But, if you opt for a Zero Depreciation Cover, the insurance company will take care of the entire cost so that you do not have to bear any expenses. Therefore raising a claim, you can recover the parts of the vehicle at their total market price.
No Claim Bonus cover
For every claim-free year, the insurance company offers a discount on the premium paid with this cover. It is cumulative and increases every year. Usually, they offer discounts starting from 10% to 50%, which can save a considerable amount on the premium you pay for the policy.
Engine Protection Cover
The engine is the heart of your car. Most car insurance policies do not cover damages to your car’s engine. For example, in the monsoon season, most roads are clogged with flood waters; if your vehicle gets submerged in the water-clogged roads and when you try to start it, your engine will get damaged. Similarly, this Engine Protection Cover compensates for such consequential losses. This rider will also cover other damages that may occur, like lubricating oil leakage to your car’s engine.
Personal Accident Cover
Personal Accident Cover is a crucial rider that every car insurance policyholder must take as it covers the policyholder’s family in the event of unfortunate incidents like the rider’s death or permanent or temporary disability to the rider. Some companies do offer insurance coverage for the passengers inside the vehicle.
Certain parts of your car undergo wear and tear like the Clutch, Screws, nuts and bolts, coolants, lubricants, and bearings will be covered under these Consumable covers.
Roadside Assistance and Towing
In the event you get stuck while traveling due to issues like flat tires, jammed in an accident, or need to jumpstart your battery, the insurance company sends a mechanic to fix it and also offers provisions like towing, etc., if you have this cover.
Key Protection Cover
At times, we may misplace the keys to our cars. It may land us in a difficult position, unable to get in our vehicle. In such cases, the insurer covers the cost of replacing or repairing the keys with this rider.
While there are plenty of riders that the insurer may offer aside from these, it’s up to the individual to analyze his requirement and buy them. There is no point in getting coverage that you do not need. However, you must remember your geographic location and the threats you may face while opting for a rider. Visit Fincover to discover a range of Riders for your car insurance policy.