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Consumable Cover in Bike Insurance
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Standard insurance policies do not cover the consumables present in the bike and these have to be separately insured through a consumable cover. Consumables can refer to the bolts, grease, nuts, screws, and other items used on a bike.
Take Amit’s example. He was taking his bike out of the parking lot in the mall when he realized that his brakes were malfunctioning and on a little investigation figured out that it was because the brake oils needed to be replaced. He rushed the bike to the service station but incurred some costs which he wished his bike insurance company would have paid.
But his basic bike insurance policy had no such provision and he spent the amount out of his savings for the month. To avoid being in this situation, consider purchasing a consumable cover for your two-wheeler!
Features & Benefits of Consumables Add-on
- Consumables refer to those parts that serve a specific purpose in the bike. They are consumed completely through use. For example, nuts, bolts, screws, coolants, lubricants, grease, etc.
- Consumables have to be continually replaced as there are high wear and tear of these parts or items.
- It can reduce the maintenance cost that is to be paid in the long run as these consumables costs are incurred on a frequent basis.
- This add-on can be availed in comprehensive and own damage policies for bikes less than 5 years old.
What is Covered in Consumable Cover in Bike Insurance?
Replacement cost of the following is included under this policy cover –
- Engine oil
- Brake oil
- Air conditioner refrigerant
- Radiator coolant
- Nuts and bolts
What is Not Covered in Consumable Cover in Bike Insurance?
The following is not included in the cover –
- Damages caused to the bike by virtue of it being driven under the influence of alcohol.
- Damages caused to the bike by virtue of self-injury.
- Damages caused to the bike by virtue of contributory negligence of the insured.
- Damages caused to the bike when it was being driven by a person who lacked a valid driver’s license.
- Damages caused to the bike covered as uninsured peril.
- Losses incurred due to depreciation of the value of the bike or wear and tear of the consumables.
- Damages caused to the bike due to an electrical or mechanical breakdown.
- Consumables cover does not apply to consequential damages.
- Delay in intimation to the insurer about the damages caused to the bike.
- The fuel is not covered under the consumable cover add-on.
Who Should Buy a Consumable Cover?
It has been noticed that the persons who opt for this cover are mostly those who wish to reduce expenditure on small repairs and maintenance and those who wish not to worry about minor repairs and replacements of various parts of the bike. Also, people who own new or superbikes, someone who lives in an accident-prone area should opt for this cover.
Consumable Cover Add on in Bike Insurance FAQs
1. What is the cost at which this add-on can be availed?
The bike owner is to pay any extra amount of 10% as a premium to avail of this add-on. However, the amount varies from insurer to insurer and needs to be carefully perused while signing the policy papers.
2. In case of an accident, within what time must the policyholder get the repairs done?
The consumable cover benefits can be availed by the policyholder only when the repairs to the consumables are done within a stipulated period of time which is usually a period of 3 days. The claim will be honoured only if this timeline is adhered to.
3. What are the documents that are to be submitted at the time of making the claim under the policy?
While making a claim, one must submit –
- the bills and receipts of the repairs in the network garage of the insurer,
- current bike insurance policy
- And, any other document as asked by the insurer
Note: Refer to the terms and conditions of the policy for any other specific requirements that the insurer might have.
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