Even even though monsoon is one of the eagerly-awaited seasons in India that offers us relief from the summer time heat, it comes with its personal set of challenges. For instance, heavy rainfall locations i.e., flood-prone locations, witness huge losses in the course of monsoon seasons and individuals also face numerous challenges when it comes to driving their personal car.
Parthanil Ghosh, President, Motor Business, HDFC ERGO General Insurance, says, “The root cause why a majority of car owners end up spending a significant proportion of finances is lack of awareness and delays in taking precautionary measures.”
He additional adds, “Though as per government mandate, every vehicle owner should have a valid insurance policy, still, more than 50 per cent of the vehicles do not have insurance and in time of contingencies, these vehicle owners tend to spend out of their pocket for repairs and damages.”
Therefore, professionals say, to prevent such circumstances, it is crucial to obtain complete motor insurance coverage along with all relevant add-ons and consistently renew the similar to prevent any type of economic losses for your car.
Here are some of the essential add-ons to look at to remain secure in the course of the monsoons
Engine and gearbox protection cover – Driving automobiles in a waterlogged predicament may lead to water to enter the engine, damaging the engine, battery and gearbox. Repairs and replacement expenses for the engine are ordinarily highly-priced. This add-on package will provide protection against costs that are incurred on repairs and replacement of components.
Consumables cover – Irreparable harm could be brought on to the car due to the accumulated moisture in the course of the monsoon. This add-on covers repairs and replacement of most consumables like oil, nuts, bolts, screws, washers amongst other folks.
Roadside Assistance Service (RSA) cover – Experts says this is one of the most important and necessary add-on cover in the course of existing occasions.
Ghosh adds, “With the pandemic stranding our vehicles, car batteries may have run out of charge. This cover offers emergency vehicle service to policyholders, on-road or even if the car is parked in the garage at home.”
The following services can be availed beneath this cover-
- Mechanic on the spot – A mechanic is sent to the spot exactly where the policyholder’s car is stranded to aid with the important repairs
- Towing service – If important, the insurance coverage enterprise will arrange for a towing van to tow the policyholder’s car to the nearest garage.
- Battery breakdown– In case the auto battery fails due to climate situations, a technician is sent to jumpstart the policyholder’s car.
- Replacing a flat tyre – The policyholder demands to speak to the insurer, if they have a flat tyre or in case it may possibly have gone bald, to resolve the trouble on the spot.
- Spare crucial – In case of misplacing or getting left the crucial inside the auto, the policyholder can ask the insurer will arrange for a spare set of keys from his/her residence
- Return to Invoice – In case of a total loss or theft, the Return to Invoice add-on cover pays the insured back the original obtain worth (i.e. the on-road cost) of the auto. Ghosh says, “Unlike the Insured Declared Value (IDV) based policy coverage, this cover bridges the gap between the depreciated value (IDV) and the invoice value of the car along with the registration fees and other applicable taxes. This is an important cover, especially in regions that are prone to natural calamities such as floods, which may lead to total loss of the vehicle.”
Experts also advise car owners to insure their automobiles with these two distinct add-on covers –
Zero-depreciation cover – This add-on cover guarantees that the policyholder receives compensation in case of an accident or a breakdown, basis the worth insured when buying the car or insurance coverage. Here, the depreciation quantity of the car is not viewed as.
No Claim Bonus Protection – In monsoons, a car owner ordinarily applies for claims such as minor damages such as a broken bumper or rear-view mirror harm due to heavy winds or rain. Therefore, a No-claim bonus add-on guarantees that a buyer gets the claim even in case of any claims made in the course of the preceding year.
Ghosh adds, “Natural disasters/calamities are beyond the control of human beings and these calamities often occur when we least expect them. One cannot forecast nor control such hazards, therefore, the practical way out of such situations is to be prepared.”
Hence, take important precautions to remain financially protected and periodically renew your motor insurance coverage policy.