In India, car and house remain the most aspirational acquisitions for the rising middle class.
Primarily because of its mandatory nature, motor insurance constitutes about 45 per cent of the non-life insurance business & remains one of the fastest growing business lines in India.
However, seemingly not much has changed when it comes to the product offering in motor insurance. The industry has been selling the traditional “Liability only” & “Package policies” covering the motor vehicles in our country. Despite deregulation of business in 2007 not much has changed in the realm of motor insurance.
Add Ons..!
Having said that, it would be fair to mention that one is now beginning to see some changes in the product offering post de-tariffing in 2007. These additional covers are offered as “add ons” to the standard policy since the basic structure of the motor insurance policy can not be changed.
These “add ons” offer cover in addition to the basic policy and can help recover maximum cost arising out of an insured accident.
HDFC ERGO General Insurance..!
The fourth largest private sector general insurance company in India, HDFC ERGO General Insurance, has included some add-ons in its Motor Insurance portfolio.
Among them the one which can really prove to be beneficial for the customer during monsoon is “Engine and Gear Box Protector”.
Mr. Mukesh Kumar, Member, Executive Management, Head – Strategic Planning, HR & Marketing, HDFC ERGO General Insurance said “With growing needs & dynamic external factors, the regular motor insurance is no longer sufficient. Keeping this in mind; HDFC ERGO has designed the motor insurance add-ons which offer greater benefits to customers at minimum additional cost. Going forward, we will continue to innovate our offerings for benefit of our consumers.”
This add-on is offered for the consequential damage to the internal child parts of the engine and / or gear box of the Insured Vehicle, arising out of :
Water ingression or leakage of lubricating oil And / or damage to engine and / or gear box of the Insured Vehicle arising out of leakage of lubricating oil due to accidental means.
Through this cover, the customer can be benefited with the below
^ Repair or replacement of the internal child parts of the engine
^ Repair or replacement of the internal parts of the gear box
^ Labour cost incurred by the Insured to overhaul the damaged engine and / or gear box
^ Engine cylinder re-boring, compression tests & other machining charges
Zero Depreciation Cover..!
The other motor insurance add-on covers are
^ Zero Depreciation Cover :
This cover pays for the depreciation of part for partial loss claims, which means that you will have minimum out of pocket expenses in the event of an accident
^ Loss of Use Cover :
Pays a daily benefit for each day that the vehicle is in a garage following an accident, claim being admissible under the Own Damage part of the policy
^ No Fault Claim Protection :
Protects the No Claim Bonus accrued, in case of losses on account of specified perils, such as damages due to flood, damage only to windshield etc..!
^ Emergency Assistance Cover :
This cover lets you enjoy a pleasurable and uninterrupted drive. The program assists customers to avail immediate and hassle free On Site Repairs or Towing service in the event of a motor breakdown or accident.
^ Higher Protection & Removal Costs :
This cover pays higher cost of protection over and above the amounts as defined by India Motor Tariff.
Generally, the add-ons offer additional benefits & coverage options that may be available to you on paying additional premium. It is always advisable to read through the details to decide whether it suits your requirement or not.
At the end the insurance policy should ensure that you to get back in the driver's seat quickly, no matter what happens to your vehicle.
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