Since the invention of cars, they have made our everyday life a lot easier. However, you need to be careful while driving because not only are they pricey, but also expensive to fix. A car can be damaged due to a number of reasons, it can be your own or someone else’s carelessness. A car colliding with yours, swerving to avoid a jaywalker and crashing into a wall, or even a stray cricket ball smashing your windshield may all cost you a lot of money. However, if you have car insurance, you will not have to pay for these repairs out of pocket.
Hence, the first and most important step after buying a car is to purchase car insurance. Moreover, the Motor Cars Act of 1988 mandates that all vehicles on the road must have legal third-party car insurance. Hence, driving without insurance can get you into more trouble than you have ever imagined.
However, there might be some cases in which you have car insurance but might feel it is insufficient. In such conditions, what would you do? Riders are the simple answer. Riders are added features and benefits that you can add to your car insurance policy by paying additional premiums. But, with a plethora of insurance riders available, how would you choose the right one for you? Don’t worry, we are here to help you out!
Here is a list of some of the most important riders for your car. It is advised that you examine your scenario and select the rider that best matches your needs. Another thing to keep in mind is that most riders are only available with comprehensive insurance, not third-party insurance.
Type of Riders
Zero Depreciation
The zero-depreciation or no-depreciation rider is one of the most popular, and there are valid reasons for this. A comprehensive policy, while covering far more than third-party coverage, isn’t without depreciation. When you file a claim with your car insurance company, they normally evaluate the depreciated worth of the replacement parts rather than the current value. Essentially, you will have to pay the extra money out of your own pocket. A zero-dep cover guarantees that the insurer will pay the full amount, not only the depreciated value.
Personal Accident Cover
Road accidents are all too prevalent in a country like India. How often have we witnessed traffic accidents that result in the death or serious harm of the driver and passengers? While personal accident insurance cannot avoid such mishaps, it can provide some compensation in such cases. The rider will be useful in case of an accident, permanent temporary disability, or temporary disability.
NCB Protect
The No Claim Bonus is only granted if you did not file a claim during the previous policy year. This rider protects your No Claim Bonus even if you have already made a claim. You can register a maximum of two claims under this add-on without losing your NCB. As a result, if you want to keep your NCB while still having the option to file a claim in the following year, purchase the NCB protect rider.
Vehicle Replacement
Insurance companies claim a total loss when a car is stolen or damaged beyond repair. This rider will assist you in replacing your vehicle with a new and comparable vehicle.
Roadside Assistance and Towing
It might happen to anyone at any time. Your car may break down, refuse to start, run out of gas, or require a jump start. Whatever the cause, you can become stuck in the middle of the road. To avoid such encounters, having roadside assistance coverage might be beneficial. Simply contact your insurance or RSA provider during such times, and they will provide you with fast help and even towing service if necessary.
Ambulance and Medical Expenses
In the event of a car accident in which the policyholder or another involved person gets serious injuries and requires urgent emergency treatment at the hospital, the ambulance and medical costs rider reimburses the insured for the ambulance and medical expenditures up to Rs.10,000.
Rental Reimbursement
This service assists in paying for rental car expenses while your vehicle is being repaired.
Having the correct type of car insurance riders is just as crucial as having the right type of vehicle insurance. When it comes time to renew your car insurance or get a new one, make sure you look into the vehicle insurance Riders that you should consider.
