For some, their cars are a simple means to commute; but, for many, they are an expression of themselves. That’s why many car owners customize their cars with various forms of accessories. While these accessories enhance the beauty of the car, they are also valuable. Hence, they must be insured.
Your car insurance cover enables you to safeguard these valuable accessories fitted in your car. If you are someone who resides in a locality where thefts are common, or it is a flood-prone or earthquake-prone region, having the safety net of an accessory cover becomes critical.
What is an accessory cover in car insurance?
As a car owner, it is mandatory to have at least third-party insurance coverage. The Motor Vehicles Act of 1988 lays down this requirement. A third-party policy has limited coverage for legal liabilities payable to a third person but lacks any coverage for the policyholder’s car or the policyholder themself. Hence, a comprehensive plan is a smart upgrade. Although a comprehensive plan costs more than a third-party policy, it sure adds value to the overall insurance coverage. In addition, comprehensive coverage lets you opt for add-ons that are additional policy features.
When you buy accessories that help improve the comfort, security, and beauty of the car, an add-on cover to protect them is necessary. An accessory cover in your car insurance policy helps to take care in the event of any accessories such as high-end music systems, now popularised as infotainment systems, dashboard cameras commonly known as dash cams, headlight or tail-light modification, and more that require repairs. The standard comprehensive car insurance coverage does not cover the damages to these additional accessories, and hence, an added accessory cover is a smart purchase. * Standard T&C Apply
What are the different types of accessories that can be insured?
The accessory add-on which is an optional coverage with a comprehensive car insurance plan ensures electrical as well as non-electrical accessories.
Electrical accessories are offered by different manufacturers and are available with different models of cars. These accessories elevate your driving experience and include accessories like fog lights, air conditioners, infotainment systems, brake lights, and more. Non-electrical accessories include leather upholstery, special seat covers, interior fittings, wheel alloys, bi-fuel systems, and the like. *
The importance of having an accessory cover in your car insurance policy
Although choosing an accessory cover impacts the car insurance prices, it saves you from a financial loss, that in aggregate can become a significant amount. In the unfortunate event of an accident, your car’s repair costs are covered under the standard comprehensive coverage, but these accessories are excluded. Hence, with an accessory add-on, you can avail of financial coverage for them. Moreover, it saves you from requiring to reinstall these accessories if they end up getting damaged. *
How is the value of these accessories determined?
The value of the accessories you have fitted onto your car is determined based on the invoice price and the applicable depreciation rates. The depreciation for the accessories is based on the age of the accessory and is included as a part of the policy document. To avoid the impact of depreciation, you can make use of a zero-depreciation add-on. While it may impact the premium, you can know its impact using a car insurance calculator. *
* Standard T&C Apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
