Add-ons in motor insurance: Which ones to opt for?

If you have bought only third party (TP) motor insurance and not a comprehensive motor insurance policy, then you need to seriously consider buying add-on covers to protect yourself and your vehicle from damages caused in an accident. TP insurance is mandatory in India, but it offers protection against liabilities arising out of damage caused by you to the life and property of the other party involved in the accident. The TP policy does not offer any cover against damage caused to your own vehicle or injuries caused to you requiring medical treatment and hospitalisation. This being the case, it is imperative to buy add-ons to protect yourself and your vehicle. So let us look at some of the important add-ons available with a motor insurance policy.

Zero depreciation cover: Even when you buy a comprehensive insurance policy, the insurance company pays only the depreciated value of the parts damaged in an accident, while the balance cost has to be borne by the car owner. The zero depreciation add-on ensures that the full cost of the damaged parts is paid by the insurance company.

Consumables cover: Consumable items such as engine oil, brake fluids, coolants, nuts and bolts are not covered under the standard motor insurance policy. The consumables cover ensures that the insurance company pays you the cost of these items if these are damaged in an accident.

Engine protection cover: Any damage caused to the engine due to waterlogging is not covered by a standard insurance policy, hence car owners living in flood-prone areas need to buy this add-on to protect themselves against the risk of damage to the engine due to ingression of water.

Personal accident cover: Motor insurance policies do not offer protection against injuries caused by an accident requiring medical treatment and hospitalisation. The personal accident cover has to be bought separately as an add-on to cover the cost of medical treatment and hospitalisation in the event of injuries caused by a motor accident. In the case of death or permanent disability, the insured or the heir of the insured is entitled to receive the sum assured from the insurance company.

Road-side assistance cover: If your vehicle breaks down in the middle of the road due to malfunction of a part or tyre puncture, this cover entitles you to receive assistance from the insurance company. In such an eventuality, the insurance company either sends a mechanic to the site where your vehicle has stalled or sends a towing vehicle to get your vehicle towed to the nearest workshop.

These are essential add-ons that a vehicle owner should buy to protect himself and his vehicle from damages caused by unforeseen circumstances.