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Comprehensive vehicle policy with add-ons will cover additional risks

It is advisable to take an ‘own-damage cover’ for one’s vehicle which usually comes under a comprehensive motor insurance policy

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Monsoon is one of the most awaited seasons in an agrarian country like India. It brings along the much awaited cool wave after the severe summer heat and, most importantly, ensures good produce in India’s farmlands. However, like two sides of a coin, the season could prove to be to be not as welcoming to all sections of the society, especially for vehicle owners.

For millions of vehicle users on Indian roads, it’s a season of anxiety, worry and distress, and less of thrills! Most road accidents in India take place due to slippery terrains, potholes or low visibility during heavy rainfall. According to research by the Ministry of Road Transport and Highways, there were 36,594 accidents that occurred during the rainy weather. Hence, it is imperative to undertake safety measures as well as exercise prudence to warrant the safety of one’s vehicle during monsoons. Despite all the precautions, there could be untoward instances of breakdowns and accidents, the damages of which could be minimised by a comprehensive motor insurance policy to give an individual complete peace of mind.

Let’s look at some of the necessary covers under a motor insurance policy that one may need to overcome the perils of this season:

Third-party liability insurance and own damage cover 

The third-party liability insurance, or more popularly known as the ‘TP Cover’, is mandated by law and covers any damage to the life and property of a third party in case of a mishap while driving. Simultaneously, it is advisable to take an ‘own-damage cover’ for one’s vehicle which usually comes under a comprehensive motor insurance policy. Such policies safeguard the vehicles against accidents, theft and unforeseen catastrophes like floods.

For vehicles with a comprehensive insurance policy, add-ons are available which cover additional risks and help reduce the customer’s expenses. Some of add-on covers one must consider especially during monsoons are as follows –  

Engine and gearbox protection cover 

Driving on inundated roads can cause under body damages and engine break-downs. Few years ago, rains had wreaked havoc in Mumbai, submerging thousands of vehicles, which were damaged beyond repair due to the water breaching engine and gearbox. Most of the damages occurred when customers tried to start the vehicle without realising the potential impact this would have on the engine. Repairing such vehicles could turn out to be expensive. Thus, it is good to opt for an Engine-Protector add-on cover which can complement one’s existing motor insurance policy.

Zero-depreciation cover 

While a Comprehensive Policy will cover most of the damages caused to key parts of a car, depreciation is applicable on parts to be replaced and paint jobs done during repairs, which may be expensive. A zero-depreciation cover, also known as ‘Zero Dep’ policy, comes in handy here, ensuring that one receives the entire claim amount without worrying about the cost of depreciation of the vehicle.

Consumables cover 

This is another useful add-on cover, which can go a long way in safeguarding one against financial stress in case of damages to the vehicle during monsoons. As the name suggests, it covers costs of most consumables like oil, nuts, bolts, screws, washers, etc., replaced during repairs. Since modern automakers use plastic and rubber in most of the key components of the vehicles, together these could amount to a big cost in case of an accident.

Emergency roadside assistance cover 

This is an absolute must for those who use their vehicles regularly in the monsoon. Emergency Roadside Assistance cover provides battery jumpstart, towing, on site repairs, and other critical services in case of a vehicle break-down in the middle of the journey. One may avail more than 20 such services under this cover, keeping in mind every potential distress situation.

No claim bonus protection: This add-on cover option protects against the loss of one’s No Claim Bonus (NCB) benefit due to minor damages to the vehicle. For example, since damages to the windshield or tree falling on vehicles are common during heavy winds or rain, such a provision will precisely take care of the need without affecting one’s valuable NCB (which otherwise would have been lost due to such minor claims).

An individual’s vehicle is one of the most prized possessions and with the rising costs of parts replacement and repairs, an elementary motor insurance policy will not be enough to cover the risks related to monsoons. These risks, at times, may aggravate the prospects of a total break-down or an accident. Therefore, it is wise to invest in a well-planned comprehensive motor insurance policy to avoid any financial and an emotional stress.  

DRIVING INTO A SAFETY COVER

  • It is advisable to take an ‘own-damage cover’ for one’s vehicle which usually comes under a comprehensive motor insurance policy
     
  • Since modern automakers use plastic and rubber in most of the key components of the vehicles, together these could amount to a big cost in case of an accident

The writer is head - motor claims, HDFC Ergo General Insurance

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