Your comprehensive car insurance would be able to cover repairs, personal insurance as well as third-party car insurance. However, is your comprehensive car insurance truly comprehensive? In all probability, the consumable parts of your four-wheeler wouldn’t be covered by it. Therefore including the coverage consumables in the car insurance policy would be required to cover the consumable parts of your vehicle.
What is Consumables in Car Insurance?
Consumables are those commodities that have a specific use for a limited period. Once these items are used, they may not be used again in the future. These items are required to be replaced regularly due to wear and tear. Some examples of such items are engine oil, ball bearings, nuts, bolts, washers, brake oil, screws, grease, AC refrigerant etc.
You must have realised by now that the list of consumables is a long one. Each individual item may seem to be of little importance but they all are integral to the functioning of a car.
Benefits of Consumables Cover in Car Insurance
Adding consumables cover to your car insurance has several benefits:
- Financial Protection: By compensating for the cost of repairing or replacing the consumables, this cover reduces out-of-pocket expenses.
- Peace of Mind: It eliminates the worry about unforeseen costs of repairs after an accident.
- Extensive Coverage: It complements the comprehensive four-wheeler insurance, ensuring that all aspects of repair are covered.
Coverage Under Consumables Add-on in Car Insurance
Your comprehensive car insurance policy wouldn’t provide cover for the cost of consumables. Therefore you would have to pay from your pocket for replacing the consumables at the time of claims. However, a consumable cover is an add-on cover that will pay the cost of consumables in case of replacing or refiling it due to an accident.
What Are the Inclusions of a Consumables Cover?
A consumable cover would cover the following:
- Engine oil
- Gearbox oil
- Nuts and bolts
- Grease, Washers, Oil Filters, Lubricants
- Power steering oil,
- AC gas oil
- Radiator coolant and all similar items except fuel
What Are the Exclusions of Consumables Cover?
Consumables cover won’t compensate for the damages caused under the following circumstances -
- Driving without a valid licence
- Driving under the influence of alcohol or drugs
- Driving a private vehicle for commercial purposes
- Any mechanical or electrical breakdown
- You delayed informing the insurance company
- Wear and tear of the vehicle parts
Buying Consumables Cover in Car Insurance: Things to Know
One can file a claim under this add-on cover only if it is accepted under the ‘own damage’ section of one’s comprehensive car insurance policy. This would mean that the cost of consumables in car insurance of a third-party vehicle isn’t eligible for a claim.
For one’s claim to be valid, the car consumables have to be repaired within three days from the date of the accident. Therefore, one must immediately inform the insurer once the accident takes place.
This add-on is usually valid for cars that aren’t older than 5 years.
Why Buy a Consumables Cover in Car Insurance?
Imagine that you were going on a drive.
Unfortunately, your car met with an accident and needs repairs. The cost of the repairs is worth Rs 15,000. The ‘own damage’ component of the comprehensive car insurance policy that you own covers repairs worth Rs 13,000. The remaining Rs 2,000 needs to be paid for repairing or refiling various consumables such as engine oil, nuts, and bolts.
If you have a consumable cover, the entire bill of Rs 15,000 would be covered, and you wouldn’t need to spend a rupee from your pocket. Therefore, a consumable add-on augments your comprehensive car insurance policy.
How to File a Claim for Consumables Cover in Car Insurance?
Firstly, you must submit the receipts and bills charged for repairs. It is preferable that the repairs are made in a garage which is a part of your insurer’s network. If you get your car repaired at a non-network garage or don’t inform the insurer beforehand, then it is possible that your claim might be denied.
You need not worry about the policy or car details as your insurer would already have them.
What Are the Documents Required for the Consumables Cover Claim?
To file a claim on car insurance with consumables cover, make sure to have these documents with you-
- Receipts and bills of damage repair
- Driver’s licence
- Car insurance policy documents
- The Registration Certificate or RC of the vehicle
FAQs
- Who should buy a consumables add-on cover?
People looking to reduce the cost of small damage repairs and replacements of the consumables can go for this add-on cover.
- Will consumable cover cost extra?
Yes, the cost of consumables in four-wheeler insurance is extra. This is because it isn’t a part of a comprehensive car insurance policy. Also, it is important to note that the consumable add-on cover would differ from one car model to another.
- How to purchase consumables cover in car insurance?
You can purchase consumables cover online or offline from your insurance provider.
- Will consumables cover reimburse me for routine wear and tear?
No, routine damage repair costs are not covered by the consumables add-on.
- Can I purchase consumables cover for commercial vehicles?
Yes, consumables cover can be purchased for commercial vehicles such as tourist buses and cabs.
Conclusion
Consumables cover is an add-on available with four-wheeler insurance policy and covers the repair and replacement cost of regularly consumed vehicle parts. Though optional, it is useful for protecting the owner against unforeseen expenses. Before purchasing any add-on, consider your needs and consult your insurance provider to make the best decision for your vehicle and your financial health.
Disclaimer: The information provided in this blog is for educational and informational purposes only. It may contain outdated data and information regarding the Insurance industry and products. It is advised to verify the currency and relevance of the data and information before taking any major steps. ICICI Lombard is not liable for any inaccuracies or consequences resulting from the use of this outdated information.