car insurance add-ons
For luxury cars above â¹20 lakhs, it is very important to buy relevant car insurance add-ons. These add-ons will further strengthen your basic policy by providing greater protection against repairs, financial security, and loads of peace of mind.
As per the provisions of the Motor Vehicles Act, all the four-wheelers in India need to buy car insurance policy. At minimum, it should be third-party liability coverage, although comprehensive insurance should be taken, sufficient for high-value cars that are worth more than â¹20 lakh.
Expensive maintenance or minor repairs on cars worth over â¹20 lakhs can strain your budget. Choosing a plan covering your own damages helps avoid financial stress.
Additional Scope: Covers risks excluded in the base policy.
Financial Protection: Reduces out-of-pocket expenses during emergencies.
Tailored Options: Allows policy customization to meet your specific needs.
Following are some top car insurance add-ons that you must have. This saves your hard-money from spending on minor issues or damages of our car.
Also known as bumper-to-bumper or nil depreciation, this cover allows policyholders to claim the full amount without having to suffer any depreciation costs of the replaced parts. Car owners can avail of this cover for cars less than five years old and can do so twice during the policy term.
Return to Invoice cover, provided under the Own Damage section, fills in the gaps left by comprehensive insurance. In case of total loss, instead of just being entitled to the depreciated Insured Declared Value (IDV), this add-on assists you in recovering your car's original invoice value to make the replacement of your vehicle easier.
The engine is the most crucial and costly part of a car, with repairs often as expensive as a new vehicle. An engine protection add-on covers engine and gearbox damage from water, accidents, or oil leaks-vital for high-end cars in flood-prone areas.
NCB is a renewal discount rewarding claim-free years, offering 20-50% off on own damage premiums, significantly reducing costs and adding extra savings beyond standard discounts.
Consumables like engine oil, coolant, brake oil, and filters aren't covered under standard policies. A consumables add-on covers their replacement after damage, ensuring broader protection.
This add-on covers damage caused to tyres to make them repairable or able to be replaced and also covers liability in the event that a driver and/or passenger is injured or killed because of a tyre incident or failure.
Hydrostatic lock from pressure build-up during heavy rain or floods can cause engine failure; an add-on cover prevents claim rejection.
In case of injury, disability, or death, the owner's liability to indemnify a paid driver will be covered under the Employees Compensation Act, 1923, while the male friend would be driving the vehicle..
This mandatory personal accident cover protects the owner-driver against injury, disability, or death. A key replacement add-on also covers lost keys or lock damage, with claims from â¹50,000 to â¹5 lakh.
This is a 24x7 breakdown add-on to provide assistance in accidents, flat tires, battery problems, or any other malfunction. Roadside Assistance is included in comprehensive insurance.
Covers loss or damage to an insured person's personal baggage within the car due to theft, burglary, or accident (exempted valuables such as gold, laptops, and mobiles).
Paying for windscreen repair or replacement costs secures loss from damage or theft. It also covers loss or damage to vehicle accessories caused by fire, theft, natural calamities, accidents, or malicious acts.
Provides an optional cover for personal accidents of all passengers (named or unnamed) with limits up to â¹2 lakhs per passenger.
To safeguard your high-value vehicle, buy car insurance with the essential add-ons from Chola MS. These riders can provide maximum protection, cover multiple risks, and give you peace of mind, leaving you with a secure and financially worry-free experience of your luxury car.
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