During monsoon, when there is every possibility of facing damage or accident of your car, you may consider some relevant motor insurance add-ons to keep your car protected.
What if your car gets stranded in a waterlogged street and the engine gets choked? You might not get anyone to save you from this situation. It might cost lakhs of rupees to get the engine repaired. In such a case, some kind of add-on covers may come in handy such as ‘roadside protection.’ Opting for an add-on like a 24x7 roadside assistance add-on cover can prevent a vehicle owner from getting stuck without help for several hours.
Says Mayank Gupta, vice president- auto insurance, ACKO: “In certain areas, like the mountains, often there are heavy damages due to the landslides during monsoon. Sometimes, these are total damages where the cars cannot be repaired at all. Also, there are accidents like a tree falling on a vehicle due to heavy rains, for which policyholders must opt for motor insurance add-ons.”
Engine Protection Cover: This crucial cover provides financial protection for repairing or replacing the engine and its parts if damaged due to water ingress. It's invaluable for avoiding hefty repair costs. “This is a must-add-on for people living in flood-prone areas. Engine Protect add-on safeguards against potential waterlogging-induced engine damage, reducing the risk of significant financial setback,” says Gupta.
Roadside Assistance Cover: Breakdowns and accidents are more common during the rainy season. A Roadside Assistance Cover ensures help is just a call away, offering services like towing, fuel delivery, battery jump-start, and on-the-spot minor repairs. Some insurance companies offer special benefits such as free roadside assistance for women's auto insurance customers. “Roadside Assistance (RSA) becomes invaluable in waterlogged areas by providing swift towing services and preventing further harm to the vehicle,” says Gupta.
Emergency Outstation Cover: Customers can also opt for an Emergency outstation cover, in case a customer is stranded somewhere and has to look for hotel accommodation; this cover will indemnify the expenses incurred in this scenario.
Consumables Cover: Heavy rains and flooded roads can lead to frequent wear and tear of consumable items in your car, such as engine oil, brake oil, lubricants, nuts, bolts, and more. A consumable cover covers replacing or replenishing these items, saving you from additional expenses.
Tyre Protection Cover: “Monsoon roads are often filled with potholes, increasing the risk of tyre damage. The Tyre Protection Cover provides coverage for repairing or replacing tyres damaged due to cuts, bursts, or bulges. Given the cost of premium tyres, this cover ensures your tyres remain in optimal condition throughout the rainy season,” says Subhasish Mazumdar, head- motor distribution, Bajaj Allianz General Insurance.
Battery Protect Cover: “Battery protection cover for electronic vehicles (EVs) and hybrid cars is crucial. The cost of batteries in EVs can be as high as 40 per cent of the car's total cost, and these batteries are typically located alongside the chassis, making them vulnerable to water damage,” adds Mazumdar.
Choose Comprehensive Product: If you prefer not to worry about additional coverage options or if you're uncertain about which add-ons to choose, products like V Pay are available in the market for such situations. V Pay offers comprehensive coverage, without the need to concern yourself with additional considerations.
Cost Of Insurance Add-Ons: The cost of buying car insurance add-ons varies depending on the insurance provider, specific car models, and coverage options. For a car costing up to Rs 5 lakh, the cost of add-on covers can range from anywhere between Rs 200 to Rs 3000. For normal damage to the car, one can save up to Rs 10,000 with these add-ons. For monsoon-related damages, you could save up to Rs 1 lakh to Rs 1.5 lakh.
For cars costing up to Rs 10 lakh, the cost of add-on covers can range between Rs 4,500 to Rs 6,500. For monsoon-related damages, by taking these add-ons, one can save up to Rs 1.5 lakh. For normal damages, one can save close to Rs 15,000. For some car models, the savings could even go up to Rs 3.5 lakh during monsoon.
As you prepare for the monsoon, taking proactive steps to protect your car is crucial. By opting for these essential insurance covers, you can safeguard your vehicle against the unpredictable challenges of the rainy season. Stay safe and enjoy the monsoon!