Only third-party liability coverage is mandatory for your vehicle in India if you are solely concerned with abiding by the rules. However, when it comes to dealing with the aftermath of any damages sustained by your two-wheeler in an unfortunate event, having comprehensive insurance coverage is essential. Not only does it offer financial protection against the possibility of a mishap during the duration of the coverage, but you can also fortify the protection your bike or scooter has by including add-ons.
Add-ons are specific covers that you can add to your comprehensive two-wheeler insurance policy if they are being offered by your insurer. Common examples of two-wheeler insurance add-ons are zero depreciation cover, roadside assistance cover, engine protection cover, and consumables cover.
Of these, a consumables cover is one of the add-ons that can help you bring down the overall cost of two-wheeler repairs that you may have to pay yourself. This is the cover that pays for consumables, which are not commonly covered by the Own Damage cover.
So, why should you consider consumables cover? Is it worth the slight increase in premium that you may have to pay for it? Before we address this, let’s take a look at what consumables are, what is consumables cover, and what does it offer.
What are Consumables in Two-Wheelers?
Before delving into the details of consumables add-on cover, it is crucial to understand what consumables are in the context of two-wheelers. Consumables refer to items that are regularly replaced or replenished during the maintenance and servicing of a two-wheeler. These include engine oil, coolant, brake fluid, lubricants, filters, gaskets, nuts, bolts, and other similar items. These consumables are essential for the proper functioning of the vehicle and require periodic replacement. Claims are subject to terms and conditions set forth under motor insurance policy.
It is not uncommon that when you roll your bike into a garage or service centre for repairs, the final results of getting your vehicle in a better condition will involve consumables being replaced. Since the cost of this is not covered by the Own Damage cover of your comprehensive insurance, you usually have to pay for this from your own pocket.
What is a Consumables Cover?
A consumables cover is an add-on option that can be included in your two-wheeler insurance policy. It provides coverage for the cost of replacing consumable items that are damaged or depleted due to an accident, theft, or any other covered peril. The add-on cover reimburses the expenses incurred in replacing these items, ensuring that you do not bear the financial burden. However, keep in mind that consumables add-on coverage is not available for routine repairs of your vehicle. Claims are subject to terms and conditions set forth under motor insurance policy.
It is important to note that add-on covers may not be available for vehicles beyond a certain age (of the vehicle). For example, if your vehicle is over five years old, and has never been covered with a certain add-on, you may not be directly able to get that add-on as part of your bike insurance renewal
process. Thus, it is advisable to get the appropriate add-ons when buying your first insurance policy for the bike or scooter.
Should You Get a Consumables Cover?
The decision of whether to opt for a consumables cover depends on your individual needs and preferences. To make an informed decision, you may consider the following factors:
- Maintenance Costs
Evaluate the costs involved in replacing consumables during routine maintenance. If the expenses are significant, a consumables cover can provide substantial financial relief. Claims are subject to terms and conditions set forth under motor insurance policy.
- Comprehensive Coverage
Assess the level of coverage provided by your existing two wheeler insurance
policy. If it lacks coverage for consumables, adding the add-on cover can ensure comprehensive protection for your vehicle. Claims are subject to terms and conditions set forth under motor insurance policy.
Claiming a Consumables Cover
To claim the benefits of a consumables cover, follow these general steps:
Contact the Insurance Provider:
Inform your insurance provider about the incident that resulted in the damage or depletion of consumables. Provide all the necessary details and documentation as requested.
Submit Required Documents:
The insurance company will require documents such as the claim form, repair bills, invoices for consumables, and any other supporting documents as per their requirements. Make sure to provide accurate and complete information to expedite the claim process.
Once the claim is submitted, the insurance company will assess the documentation and verify the eligibility for coverage. If the claim is approved, the insurer will reimburse the cost of the consumables as per the terms and conditions of the policy.
When renewing your bike insurance, explore different insurance providers and use a bike insurance calculator
to compare quotes and coverage options. This will help you find the most suitable policy that includes the desired add-on covers, such as the consumables cover. By making an informed decision and choosing the right coverage, you can ensure the comprehensive protection of your two-wheeler and enjoy peace of mind on the roads.
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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.