What Parts of the Car Are Claimed Under Insurance?
Posted on March 14,2023
When purchasing a car, it's important to consider various factors such as mileage, capacity, engine power and the availability of car spare parts. Although the prices for car parts may vary depending on the model and year of the car, it is possible to get an estimate of what each part costs. All these elements together contribute to a smooth driving experience.
The cost of service and maintenance for a small car approximately can range from INR 20,000 to INR 30,000 and may be higher for diesel cars.
Moreover, replacing wear and tear parts such as tyres, battery, brake pads, clutch plate assembly, shocker replacement and AC servicing can cost up to INR 35,000.
Furthermore, any maintenance of circuits and electrical components and accidental repairs are unaccounted-costs.
If you need to replace spare part of your car, what should you do?
If your car's spare parts need to be replaced, the typical option would be to buy the manufacturer's spare parts, which are available from servicing agencies, warehouses, stores and dealer services. These spare parts are genuine but may be expensive.
Spare parts aren't always replaced during maintenance. The average car service cost that the manufacturers advertise usually covers the basics, on the assumption that all components are in working order.
However, when certain parts fail or become damaged, the owner has to cover the cost of replacing them, in addition to the normal maintenance requirements.
Is it worth compromising on quality?
There is no need for certain spare parts to be original since they are not going to affect the car's performance, for example:
- Rear view mirrors
- Seat Covers
- Door handles
What if you could source inexpensive car parts and only pay for the cost of the replacement parts, which would be much cheaper?
Several companies make replicas of the standard parts that are often good and are available at a lower price since they don't have an agreement with the car manufacturer.
What are the benefits of Shriram Car Insurance?
Shriram Comprehensive Car Insurance policy will provide coverage for the replacement of car spare parts if the vehicle is damaged in an accident or due to a natural disaster.
The Breakdown Assistance Add-On Cover also provides the replacement of parts and repair of minor issues, which is extremely helpful for long journeys.
Additionally, policy holders can elect to add additional coverage to their plan and they will also get to choose the garage they want to use for their vehicle repair.
What is the purpose of the Shriram Comprehensive Car Insurance?
Comprehensive car insurance provides coverage for the replacement of costly car parts only in two scenarios:
When the car is damaged in an accident
If you have a comprehensive car insurance policy and your car is damaged due to a natural disaster or any other situation, your insurer may not provide financial protection. However, if you have an add-on cover, you will be protected against damage or theft that requires the replacement of spare parts.
It is advisable to purchase additional coverage as add-ons to the comprehensive car insurance policy for all-round protection.
Tyre Protection Cover
If you have a tyre protection cover, then you will be refunded for any costs associated with replacing worn-out or damaged tyres. This includes any repair expenses, like bursting, puncturing or tyre cut.
Zero Depreciation Cover
When you file a car insurance claim, the insurer will calculate the amount of compensation you are eligible for after taking into consideration the depreciation of the various car parts.
The amount they settle is only for the reduced value of the spare parts and not the cost of replacing them. This can be up to 50% for nylon/plastic/airbags and 30% for fiberglass components.
However, if you have a zero-depreciation or bumper-to-bumper policy, you can claim a greater amount of compensation as this will cover the amount reduced by depreciation.
Engine Protection Cover
The car's engine is composed of many separate components that have their own lifespan and maintenance needs. This extra coverage will provide financial protection in the event of an accident where the engine needs to be repaired or certain parts need to be replaced.
Shriram General Insurance’s Note
It is now clear that genuine car spare parts necessary for a car to run smoothly, but they can be expensive to replace. Comprehensive car insurance does not usually cover these costs, leaving you vulnerable to costly liabilities if you are involved in an accident.
Therefore, it is always more cost-effective to maintain your car and its parts, which can help extend their lifespan.
Additionally, getting an add-on cover for car spare parts along with your car insurance policy will provide extensive protection against damage caused by uncontrollable circumstances.
- A Comprehensive Car Insurance plan will provide coverage for the replacement of car spare parts if the vehicle is damaged in an accident or due to a natural disaster.
- The Breakdown Assistance Add-On Cover also provides the replacement of parts and repair of minor issues, which is extremely helpful for long journeys.
- Additionally, policy holders can elect to add additional coverage to their plan, and they will also get to choose the garage for their vehicle repair.
- It is always more cost-effective to maintain your car and its parts, which can help extend their lifespan. Additionally, getting an add-on cover for car spare parts in your car insurance policy will provide protection against damage caused by uncontrollable circumstances.
Can you claim car parts with a car insurance policy?
With comprehensive insurance, only the basic spare parts damage of your car are covered. However, if you purchase car accessories insurance, you can protect the accessories of your car from any damage caused by accidents, natural disasters, theft or burglary.
Can I claim for a dent in the car?
In India, it is possible to file an insurance claim for damages to your car caused by scratches and dents. However, it is recommended to avoid doing so, as it can make you lose the No Claim Bonus (NCB).
What cannot be covered under motor insurance?
- Driving without required documents (Driving Licence, RC copy, etc.)
- Normal wear and tear
- Drink and drive
- Damages to property caused on purpose
- Wilful negligence
Make your ride reliable, Insure it now! with Shriram General InsuranceInsure Now
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