A comprehensive auto insurance policy, like the Bajaj Allianz motor policy, covers losses from both – vehicle damage and liability claims. The policyholder can purchase extra auto insurance coverage for an additional premium.
Exactly what are these “Add-Ons” for my Auto Insurance?
Purchasing optional riders for your comprehensive insurance policy is a good way to increase your coverage at a reasonable cost. Excellent benefits are provided by the optional extras, such as protection against depreciation, safeguarding against engine damage, and emergency roadside help. *
What Benefits Do Extra Coverages for Your Auto Insurance Provide?
In an accident, the policyholder would be provided financial assistance if they have automobile insurance in India. Additional protection against the financial burden of unforeseeable incidents can be obtained by adding a rider to a policy at the time of purchase. You should purchase additional coverage, or a “rider,” for your vehicle’s insurance policy. *
Here is a rundown of the five most crucial options to consider when purchasing a car insurance policy:
The insurance company will only consider the car’s actual or depreciated value when deciding how much to pay in a claim. This can result in a significant out-of-pocket expense for the policyholder. Suppose you want to include zero depreciation coverage in your plan. In that case, the insurer will use the current market value of your vehicle as determined at the time of your insurance purchase. In addition, it will cover the total cost of your claim. The depreciation value is affected by variables such as the vehicle’s make, model year, mileage driven, and the wear and tear of various components.
Those who live in places prone to disasters like road flooding, flash floods due to heavy rain, and clogged drains would benefit significantly from purchasing the Engine Protect add-on. So the next time you’re doing a Bajaj Allianz motor insurance renewal, look to getting that add-on. Consequential loss includes the money spent on fixing the car’s Engine after the disaster. If your car insurance policy consists of an engine protection endorsement, you can file a claim with the insurance provider to cover any resulting engine damage.
Some of the parts used to fix a car are consumables. In most cases, insurance won’t pay to fix the little things that are crucial to the whole, even if they break. If you purchased the optional consumables coverage for your Bajaj Allianz motor insurance policy, the insurance company is responsible for covering these expenses.
If your car is stolen or severely damaged beyond repair (what the insurance industry calls “total loss/damage”), you should consider purchasing “Return to Invoice” coverage. This endorsement allows you to file a claim with your insurance provider for the total current market value of your insured vehicle. This is similar to the on-road price compensation that the insurance company provides. *
The “on-road” price is the total of the “ex-showroom” price, including registration and taxes. The policyholder can take advantage of this rider’s benefits only if their vehicle is less than three years old. **
Considering the state of the roads in India before getting a Bajaj Allianz motor insurance renewal, it is wise to get a tyre protection rider. Constant maintenance on one of the car’s most vital components, the tyres, can add up to a hefty bill.
You can drive across the country without fear of financial ruin if you purchase this rider and use it when necessary.
The attractive features of car insurance add-ons draw in customers. But first, you must figure out which optional extra will serve you best. Considerations such as vehicle age, location, and tyre quality help you choose the best accessory. To make an informed decision about auto insurance in India, you should do some homework beforehand.
* Standard T&C Apply
** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
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