Buying cars at a discount this December? Check out these add-on motor insurance offers
Cars can't roll out of a showroom without third-party insurance. But before grabbing a deal on soon-to-be-old 2023 car, assess if these additional covers offer better protection for your beauty on wheels.
Your car's value depreciates as we flip the calendar to 2024. To avoid old stock, your dealer might throw in free accessories or slash the cost in December. If you are looking for a special insurance cover for your favourite electric vehicle (EV) now, no dedicated insurance cover is available. In 2023, 1.38 million EVs have been sold. Of late, several additional covers, which can be purchased at an additional premium, are being offered. They provide a wider insurance umbrella for your new EV purchase. For your existing car, consider these while renewing insurance.
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Securing bulky batteries Insurance offerings are currently tailored for internal combustion engine (ICE) vehicles, which have different components, compared to EVs. Batteries comprise 45-65 percent of the overall EV cost. The Battery Secure add-on, launched by Magma HDI, caters to battery replacement and repair for electric and hybrid EVs. Expenses incurred on damage due to unexpected power surge while charging or damage due to water ingression and short circuit are also covered.
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Covers for battery parts, charging kit Zuno General Insurance’s electric vehicle add-on cover insures damage due to fire, self-ignition, short circuit during charging or even when parked at a charging station. Insurance is offered against damage or theft of battery, its parts and even charging connectors, adapters and cables.
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Personal belongings inside car Whether you are travelling or have parked a car, if your belongings like mobile phones, laptops, etc., are stolen or damaged in the car due to fire or other accidents, an add-on cover from ICICI Lombard can help you. But the insurance will not cover your friend’s mobile phone in the car. Only belongings of yourself, spouse, children, parents or parents-in-law and grandparents are covered after the registration of a first information report (FIR) with the police. Note that loss or damage of debit and credit cards, jewellery, money and watches aren’t covered.
Small but critical allied costs Apart from external wear and tear to the car body, there is a lot that fuels your drive. Expenses on engine oil, gearbox oil, nuts and bolts, grease, washers, oil filters, lubricants, power steering oil, AC gas oil, radiator coolant and the likes can be prohibitive. The consumables add-on cover offered by Acko General Insurance protects the costs involved when they are lost and need to be replaced due to an accident.
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All under one umbrella Bored of choosing different covers for your vehicles? Bajaj Allianz General Insurance has launched V-Pay, which offers 22 in-built options. Your vehicle can be protected against cyber risk, batteries for EV and hybrid vehicles. Additionally, engines of petrol, diesel or CNG vehicles can be insured from the risk of the adulterated usage or flexi fuel and recalibration risks. One can report multiple minor paint chips and/or scratches anytime during the policy period. Another benefit is defence cost coverage, where the fees of the advocate providing legal assistance to the customer for police and court proceedings is reimbursed.
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Delicate car parts insured Repairing damaged glass, fibre and plastic parts can burn a hole in your pocket. But if you want to claim for these expenses without affecting your No Claim Bonus discount, Tata AIG General Insurance’s add-on allows one repair claim per policy year against your comprehensive four-wheeler insurance policy. A separate Tyre Protect rider reimburses repair and replaces tyres due to cuts or burst.
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Secure your high-end accessories Tech geeks, with luxurious cars and multiple high-end car accessories, can insure accessories such as music system, lights, air conditioners, LED screen, car camera, fire extinguisher, anti-theft devices, battery charger, mobile stand and tyre pressure monitor. Not just electrical, but even non-electrical accessories, including seat covers, alloy wheels and interior fittings are covered.
