Having a reliable insurer with a 24x7 support policy who is immediately available at your service at the time of an accident or damage is probably one of the best things you can ask for! Not only does it give you the peace of mind that your car is in safe hands, it also protects you from financial losses. But what if you are someone who is highly dependent on their vehicle for daily commute? If even the thought of your car or bike not functioning properly stresses you out, then Garage Cash Cover is your saviour!
Garage Cash Cover is an add-on that provides a fixed daily allowance to policyholders for their everyday commute till the time their vehicle is at a garage. The idea is to ensure that you are covered for the cost you may incur on any alternate mode of transport. So, with the help of this add-on, the insurance company will pay for your everyday travel in the absence of your car. It is provided for a fixed number of days, and the amount per day is also fixed (varies from insurer to insurer).
However, the insurer will not be liable to pay you for the ‘Time Excess’ opted by you, which means that if your vehicle got damaged on 1st February and you gave the vehicle for repair on 3rd February, but the First Loss Assessment was on 5th February, then the daily allowance will begin from 5th onwards up till the maximum number of days opted by you or until your vehicle is ready to use. (whichever is lower).
Some of the major benefits of buying a Garage Cash Cover are:
Usually, insurance companies will provide a fixed amount per day for a certain number of days. However, they can also compensate you in either of the following ways:
The insurance company can refuse to compensate you under the following circumstances:
Certain important points should be kept in mind while buying the add-on, some of these are:
This add-on is extremely useful for two types of people. Firstly, people who have only one vehicle should definitely opt for this add-on. It will immensely help in travel in case your vehicle has gone for repair. Secondly, those people who do not prefer to travel by public transport should consider buying this cover.
In conclusion, to prevent yourself from unwanted expenses, this add-on is a wise choice and will definitely provide you with ease of travel while your vehicle is being repaired at a garage. It gives you the value for your money.