Return To Invoice Cover
As soon as a car is sold, its value depreciates every year by a certain percentage. The insurance company covers your car for the current market value of the vehicle (called IDV). This means in case of any irreparable loss or theft damage to the vehicle, you will be paid only the depreciated value, and instead of the invoice value of the car. If you wish to buy a brand new car of the same model again, you will have to bear the balance amount of the cost on your own.
Purchasing the return to invoice cover will negate this issue. In case of any total loss, constructive total loss, or theft of the car, the return to invoice add-on allows you to get the invoice value of the car, i.e. the original value of the car at the time of purchase so that you can go and replace the car with a brand new one.
Please note, that the return to invoice cover is usually available only for those cars that are 3 to 5 years old.
Personal Accident Cover
A personal accident insurance cover will offer financial protection against death, permanent or partial disability caused as a result of an accident.
Example - Akash has opted for a personal accident cover with his base motor insurance policy. A few months later, he meets with a major accident and dies on the spot. In this case, the insurance company will pay a fixed sum of money as per the policy to Akash’s nominee.
Personal Accident Cover For Passengers
This add-on will provide coverage for any medical expenses incurred for the passengers in the vehicle in case of an accident. Generally, the cost of hospital allowance, medical expenses, and medical transport assistance is covered by the passenger add-on.
Example - Arvind and his wife are travelling in their car and suddenly get into an accident. While Arvind does not suffer any major injury but his wife suffered from a head injury. In this case, all medical expenses incurred to treat his wife will be covered by the passenger add-on cover. The compensation will be paid to Arvind’s wife as per the limit mentioned in the policy.
A comprehensive motor insurance policy does not cover the cost of consumables like nuts-bolts, grease, engine oil, brake oil, washers, screws, bearing, oil filters, etc. If you buy the consumable cover as an add-on with your base motor insurance plan, the cost of these consumables will be borne by the insurance company.
Please note,that the consumable cover is available only for cars up to 5 years of age.
Tyre Protect Cover
Generally, damages caused to the tyres of the vehicle other than an accident, are not covered by a comprehensive motor insurance policy. The cost of repair or replacement of the tyres will have to be borne by you. With the tyre protection add-on, these expenses will be paid by the insurance company.
Example - Anjali’s car breaks down in the middle of the road and has to be towed to the nearest garage. While the car is being towed, her car’s left tyre is damaged. The tyre protection add-on, in this case, will take care of the expenses which Anjali will have to incur for the replacement of the tyre.
Key Replacement Cover
The key-replacement add-on offers coverage for the cost of replacement of the vehicle key in case it is lost, damaged, or stolen. The expenses incurred for repairing the lock set are also covered by this add-on.
Loss Of Personal Belonging Cover
This add-on will provide compensation for
Loss of personal items stolen from the vehicle or with the vehicle.
Damage caused to the personal belongings in the vehicle.
Example - Ritik’s car meets with a major accident. Besides injuring himself, Ritik’s laptop and phone also get damaged badly. In such a case, the personal belonging add-on cover will take care of all the expenses that will be incurred on repairing Ritik’s laptop and phone.