Does your car insurance provide enough of an umbrella during monsoon?

The pleasant monsoon season is upon us. It brings with it a welcome relief from the scorching heat. The rain turns everything green and pretty.

However, not everyone is happy.

The strain on the civic infrastructure causes multiple instances of water accumulation every year, which can result in damage worth millions to property. Slower traffic, water-logging and vehicles breaking down - all of this and more makes daily commute a nightmare.

Motor vehicles are the biggest casualty of the monsoon onslaught. Insurance claims skyrocket during this period. The most common vehicular losses are the breakdown of the car and the engine, hydrostatic lock in the engine (caused when water enters the engine via seepage leading to engine failure), cleaning of flood submerged cars, accidents due to poor visibility or multiple vehicle collision, falling trees and landslides.

The insurance claims are settled as per the specifics of the cover opted for by a policyholder. A basic car insurance policy would recompense the customer for any small or comprehensive damage resulting from an accident, but it won’t offer enough for damages caused to the vehicle by monsoon as there is no monsoon-specific insurance cover.

Tata AIG General Insurance Company Limited offers a variety of add-on covers that can be bought with the standard motor insurance policy. At a minimal cost, these car insurance add-on covers ensure loss coverage that may not be covered by a conventional motor insurance policy and help bring down the cost of repairs.

The add-on to Tata AIG General Insurance Company Limited Auto Secure - Private Car Package Policy (IRDAN108P0002V01200001) offers the following five benefits:

Engine Secure (IRDAN108A0002V01201213)

The cost of repair or engine replacement charges can go up to lakhs of rupees, depending on the make and build of the vehicle. The Engine Secure add-on covers substantial damage to the engine or its parts arising out of water ingression and leakage of lubricating oils. But make sure you intimate the insurer without any delay and also get the engine fixed to avoid any further water damages like corrosion.

Road Side Assistance (UIN - IRDAN108RP0002V01200001/A0022V01201213)

Under this cover, in case of a breakdown, you get assistance on the site for any mechanical issues such as on spot repairs, flat tyre, on-site battery jump start, refuelling assistance, emergency towing assistance, spare key retrieval, and continuation of the journey – via an alternate vehicle or a hotel stay.

Depreciation Reimbursement (IRDAN108A0001V01200910)

As a car is a depreciating asset, at the time of ascertaining the claim amount payable, a depreciated pay-out may not compensate the customer adequately for specific parts that need to be repaired or replaced - such as a paint job, plastic, rubber, fibre parts, and other accessories. With a Depreciation Reimbursement cover, the claim is paid in full without deducting for depreciation.

Consumables Expenses (UIN - IRDAN108RP0002V01200001/A0085V01201819)

In case of an emergency, Tata AIG General Insurance Company Limited will cover the cost of consumables required to be replaced/replenished, such as engine oil, gearbox oil, lubricants, nuts and bolts, distilled water, grease, oil filter, bearing, washers, clip, brake oil, air conditioner gas and items of similar nature.

Return to Invoice (IRDAN108A0003V01200910)

In case of critical damage to the vehicle, termed as a ‘total loss’ (beyond repairs), the company will compensate for the actual value of the car at the time of purchase, or current replacement price of a new vehicle with the same make/model, whichever is less. You will also receive reimbursement for the first-time registration charges and road tax incurred on the insured vehicle.

If you live in a coastal city, an area prone to floods, or a geographically precarious location, you must opt for a cover such as Tata AIG General Insurance Company Limited’s Auto Secure Private Car Package Policy and the right set of add-ons. Not only will this offer you mental peace, but it will also help you save a lot of money in case something happens.

Have a happy and safe monsoon!