Your car is definitely an icon that reflects your personality, style and aura. Almost every car owner likes to pamper their prized possession with different accessories. After all, these accessories enhance the beauty of your car. These car accessories are valuable and therefore needs to be insured. If you stay in an area that is theft-prone or a place that is more vulnerable for natural disasters than it becomes vulnerable to get these accessories for car insured.
Usually people neglect the essential add-on covers offered by the insurance companies along with the basic coverage and they opt for add-ons out of their requirement. But, accessories cover is usually given a miss while shopping for a good car insurance coverage.
Let’s have a look at the significance of getting your important car accessories covered.
What is an Accessories Cover in Car Insurance?
Though car accessories enhance the beauty of the car, most of the people fail to understand that it also improves the maintenance as well as comfort of the passengers in the car. Which is why, the ‘Loss of Accessories’ add-on cover should be added to your standard car insurance policy.
If you have fitted classy and luxurious accessories like high-end stereo system, reverse camera, LCD TV, Car Dash Cam, headlight/ taillight modification, etc. you should get the accessories cover. Remember, your basic car insurance will only apply in case of accidents or any damages, and not for your accessories fitted in your car.
Loss of accessories by theft may be covered at an additional premium @ 4% of the value of the accessories specifically declared in the proposal form.
What are the Types of Accessories in Car Insurance?
Accessories are broadly classified as electrical and non-electrical. But, your comprehensive car insurance policy does not cover all the accessories.
1. Electrical and non-electrical accessories in a car
Different car brands offer different combinations of electrical and non-electrical accessories. In some cases, you might have the option to pay extra for additional accessories as per your choice. Luxury cars can offer an entirely different set of accessories or upgraded versions of basic accessories.
Here’s a list of electrical and non-electrical accessories that are generally a part of a car in India, which can be insured.
Listed below are the common car electrical accessories that can be a part of an average or above-average Indian four-wheeler.
- Fog lights
- Air conditioner
- Music player/system
- Complete entertainment system
- Brake lights
Listed below are the common non-electrical accessories that can be a part of an average or above-average Indian car.
- Special covers for the seats
- Leather-seat upholstery
- Bi-fuel systems
- Interior fittings
- CNG kits
2. CNG Accessories:
If you plan of fitting a CNG/LPG kit to your car, you need to ensure the kit separately simply because, your base insurance policy would not cover any damage done to the kit during a mishap.
What is the Electrical and Non-electrical Accessories Cover in car insurance?
The Electrical and Non-electrical Accessories Cover is an add-on to a Comprehensive Car Insurance Policy. You can purchase it by paying an additional premium subject to its availability. In return for this additional premium, your car insurance policy will cover the car’s electrical and non-electrical accessories.
For example, the music system installed in your car is an electrical accessory. To ensure optimal insurance coverage for the music system, you can opt for the Electrical and Non-electrical Accessories Cover. This way, if the music system gets damaged due to an accident or is stolen, you shall be reimbursed for the financial loss as per the policy’s terms and conditions.
The Policy Wordings ideally mention the details related to electrical accessories in car insurance and non-electrical accessories in car insurance. Have a look at it to know this add-on’s technical details. In case of doubts, get them clarified with the help of the insurer’s (for example, ACKO) Customer Support team.
What’s covered and not covered in an Electrical and Non-electrical Accessories Cover?
The exact coverage and exclusions can vary from one insurer to another. It’s best to go through the cover’s features and the Policy Wordings for detailed information. Here’s a generic overview of what’s covered and not covered in an Electrical and Non-electrical Accessories Cover in car insurance.
- Damage to the insured accessories arising due to an accident, calamity, etc., is usually covered by the policy.
- Theft/burglary of the insured accessories is also covered.
What’s not covered?
- If the terms and conditions of the policy are not met, then the accessory won’t be covered. For example, damage to the car’s accessory while the private car was used for illegal/commercial purposes.
- Claims initiated after a period of one month are usually not covered.
Importance of Getting Car Accessories Insurance:
Considering the unforeseen situations like an accident or a mishap, add on covers in motor insurance like accessories cover becomes beneficial to cover the least expected damages to the car following any type of mishap. You can certainly save some of your money and energy from the trouble of re-investing for the new accessories at a huge cost. Though covering your car accessories may increase your premium to a certain extent, but would certainly gives you peace of mind.
How is the value of electrical and non-electrical accessories calculated during claim settlement?
In case of a claim, the damaged accessory’s value is determined based on its invoice and the applicable rate of depreciation. The depreciation rate is pre-determined and is based on the age of the accessory. It is calculated as per the depreciation chart shared in the Policy Wordings.
Should I opt for electrical and non-electrical cover while buying car insurance?
It is suggested to opt for add-ons that suit your profile to ensure wide-ranging car insurance cover. You can opt for the Electrical and Non-electrical Accessories Cover while buying or renewing your Comprehensive Car Insurance Policy for enhanced insurance coverage. It can reduce your out-of-pocket expenses.
Usually, for a minor premium amount, you get major insurance coverage, which can come in handy to prevent financial losses if the covered car accessory does get damaged or is stolen during the policy period.
Important Car Accessories List:
Below are some essential car parts for which you can have accessories insurance:
- Anti-theft Devices
- Car Camera
- Battery Charger
- Tyre Pressure Monitor
- Vacuum Clearner
- Fire Extinguisher
- Mobile stand
Also, read: Vehicle Scrappage Policy in India
Ideally, it makes sense to cover the expensive accessories for your car. The accessories cover add-on (or) car parts insurance would help you to provide a shield against any loss or damage to those valuable electrical and non-electrical car accessories. All you need to do is give an exact value of the accessories while buying the car insurance policy and just relax.