Car Insurance

Does Your Car Insurance Policy Offer Consumables Cover?

By Admin
Apr 07, 2021

When you file a claim for your insured vehicle in the event of an accident, comprehensive car insurance takes care of a lot of your financial needs, except those related to damage caused to the consumables. Consumables are products or parts of your vehicle that have limited use. These parts and products are cheap individually (nuts, bolts, screws, and more don’t cost a lot) but, when compiled together, they can raise quite the receipt. By adding the Consumables Cover to your comprehensive insurance, you do not need to worry about these costs.

What is consumables cover?

A Consumables Cover is an add-on for your comprehensive insurance policy which makes the insurance company liable to pay or compensate you for the cost of the repair or replacement of consumables in the event of a mishap involving your vehicle.

List of consumables that are generally covered.

These consumables are usually covered by most insurance companies with their Consumables Cover add-on-

  • Bearing
  • Break Oil
  • Distilled Water
  • Engine Oil
  • Lubricants
  • Washers
  • Screws
  • Air Conditioner Gas
  • Nuts and Bolts
  • Clips
  • Grease
  • Fuel Filter and more

What are the exclusions in this cover?

The Consumables Cover add-on is a part of Comprehensive Insurance. Hence, it abides by the same exclusions that Comprehensive Car Insurance does. The exclusions are-

  • Damage to the vehicle due to an inebriated driver or driving under the influence of drugs.
  • Damage done to the vehicle by a driver with an expired or invalid license.
  • Parts which have endured wear and tear. For example: fused bulbs, tubes and tyres.
  • Electrical or mechanical failures in the car. For example: damaged engine because of low oil or coolant.
  • Informing the insurance company late. The insurance company needs to be informed right away.
  • This add-on does not apply to vehicles older than 5 years.

Nikhil was interested to buy a consumable cover for his luxury BMW car as the cost of replacing nuts, bolts and screws of such a luxury car is high. Hence, he approached his insurance company to avail this add-on along with his comprehensive policy. A few months later, his car met with an accident and was damaged severely. Thankfully, he had a consumable cover, the cost of replacing the consumables of his car was covered under the same. Hence, he saved a lot of money with the help of this cover.

Benefits of a Consumables Cover Add-on in Car Insurance

One of the main benefits of the Consumables Cover add-on is peace of mind. By opting for this add-on, you have to pay a small amount along with your premium and reap the benefits of it when your car is in the shop. You will not need to worry about these nominal expenses when getting your car fixed.

Remember, even though these expenses are nominal, they become major expenses once put together. So, essentially, by purchasing the Consumables Cover add-on, you allow the insurance company to take care of these charges along with the rest of the repair bill which comes under your car insurance policy.

How to buy a consumables cover add-on?

Buying and adding a consumables add-on cover to your comprehensive car insurance is very easy and can be done when you are either buying a car insurance or renewing one. Follow these 6 steps to purchase this add-on easily:

  • Visit the website of the insurance company you wish to purchase the insurance policy from
  • Share your details along with the details of the vehicle you want to insure
  • Choose the comprehensive plan from the list of plans available
  • Choose the Consumable Cover add-on from the list of add-ons available
  • Read the terms and conditions carefully
  • Make the payment and enjoy the policy

How to claim insurance for consumables cover?

A consumable cover claim is one with a small monetary value. Nevertheless, it is a big step in saving money and making the most of your comprehensive insurance policy. For your claim to be validated, you need to carry your driver’s license and a copy of the insurance documents in your car at all times. There are two ways that a consumables insurance add-on can be claimed- Cashless Claim and Reimbursement Claim.

  • Cashless Claims- Getting a cashless claim is a fairly simple and comfortable way to claim your Consumables Cover while getting your vehicle repaired. In this type of claim, the insurance company clears any and all financial dues (as long as they come under the consumables cover), directly with the garage and the mechanic without getting you involved. This is done through a network of garages that the insurance company has partnerships with. The process is very straightforward. You just need to inform the insurance company of your claim. They will then send a company representative to deal with the situation. Additionally, you need to keep in mind that you must contact the insurance company and meet with the company representative before giving your car in for repair.
  • Reimbursement Claims- Getting a reimbursement claim allows you to get your car repaired at a garage and by a mechanic of your choice. You do not need to take your car to your insurance company’s partner garage. After paying the repair amount to the garage upfront, you need to submit the printed receipt of your repair along with documents like a police statement copy (in case of an accident) and evidence of the mishap to reimburse your claim amount. Also, you need to inform the insurance company of the mishap that has occurred so that they can come and inspect your car to take note of the extent of the damage that has happened.

As compared to a reimbursement claim, a cashless claim is a far better and more comfortable option. Not much of an effort is required on your part as all the formalities are taken care of by the insurance company.

What documents are needed to file a claim under this cover?

No extra documents are required while filing a claim under this cover except for your Comprehensive Insurance Policy with Consumables Cover listed as an add-on, duly filled & signed claim settlement form  and the relevant bills and receipts if you opt for the reimbursement claim. You will also need your identity proof.

Who should buy the Consumables Add-On Cover?

A Consumable Cover should be bought by people who do not mind paying a slightly higher insurance premium in return for the insurance company handling their consumables repair bill, giving them peace of mind while getting their vehicle repaired. 

Summary

Buying car insurance for your vehicle is mandatory. No one knows when events like accidents and other mishaps might occur. It is always better to pay a slightly expensive premium by opting for an add-on like consumable cover than to worry about the repairing or replacement costs in the future.

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