Types of Add-On Covers in Motor Insurance

List of Add on covers in Motor Insurance:

A business client can purchase several add-on coverage while purchasing motor vehicle insurance online. Here’s the lowdown:

NCB Protector

The NCB protector is an optional protection that basically safeguards a policyholder’s accumulated no-claim bonus. Consider the case when an insured has been claim-free for the duration of the policy. He’ll be eligible for no claim bonus. Despite the fact that he is not at fault, his business truck is engaged in an accident. Should he be forced to forego all of his benefits?

Meanwhile an NCB protector ensures that if you are not at fault and the accident was caused by another party, such as someone else driving your car, your discount will be preserved. To secure your no-claim bonus, you must pay an additional sum above and above your insurance policy.

How Does the NCB Protector Work?

The NCB Protector add-on protects the insured’s no-claims bonus.
For the first two claims made throughout the year, the NCB Protector add-on will ensure that the insured’s no claim bonus is preserved. This is in addition to the claim reimbursement.
In the event that the insured is at fault, he must forfeit his no claim benefit.

Those who reside in accident-prone locations should use the NCB protection. It is also recommended for persons who frequently lend their automobiles to others to drive.

Roadside Assistance Cover

This is an optional coverage for scenarios in which the insured is stuck in the middle of a highway with no means of contacting aid. If a consumer purchases roadside help, all he has to do is call. Generally the policy will cover medical assistance, towing, battery jumpstarts, fuel arrangements, minor repairs, and alternate transportation/accommodation, among other things.

Invoice Protection

The invoice protection cover ensures that the insured’s claim is resolved in such a way that he is reimbursed for the whole amount of loss (the car’s on-road price at the time of purchase) he sustained as a result of losing his motor vehicle.

The invoice protection add-on covers the difference between the vehicle’s invoice value and its insured declared value. The IDV is the cost of an automobile after depreciation has been subtracted from the vehicle’s initial purchase price.

It’s worth noting, though, that invoice protection isn’t available for motor vehicles older than three years. The clause might also differ from one organization to the next.

Zero Depreciation

It is the best add-on among all the add on covers in motor insurance. The Zero Depreciation add-on aids the insured in recovering the expenses of repairing or replacing depreciated vehicle parts. This is a popular add-on cover, especially for vehicles that travel within the city and encounter a lot of traffic congestion. The insurance will ensure that the insured receives the entire cost of the parts, including depreciation.

Most importantly with zero depreciation add-on in commercial vehicle insurance, the insured is reimbursed for the costs of repairing or replacing the vehicle’s depreciated parts.

This add-on is best purchased if the motor vehicle or commercial vehicle is extremely pricey and components replacement is extremely costly. Besides this coverage is also limited to automobiles that are under five years old.

Consumables Cover

Consumables are pieces of a vehicle that are used up quickly. These are the components:

Bolts
Brake fluid
Washers
Screws

Consumable components may not be covered by standard bus, taxi, or other commercial vehicle insurance policies. Only high-end luxury automobiles have this sort of cover. Furthermore, older automobiles are not eligible for the protection.