Team AckoApr 26, 2021
The basic Comprehensive Bike Insurance covers losses or damages to the insured bike apart from coverage for the third party life or property. However, it is the add-on covers, which offer wider coverage. Consumables are not covered under the basic policy but is covered as an add-on. Read on to learn all about the Consumable Cover add-on in two-wheeler insurance in this article along with answers to frequently asked questions.
Vehicle consumables are part or factors of the insured bike when used is completely consumed. These need to be replaced and cannot be repaired. Consumable items include engine oil, gearbox oil, nut and bolt, lubricants, screw, grease, distilled water and among others. These bike parts or factors are not covered in the regular comprehensive bike insurance. It is usually available through the add-on covers. In the event of any claim, the insurance company will pay the cost of consumables for an additional premium for the “Consumables cover in bike insurance”. Here is an example to understand the Consumables add-on cover better:
Example: Your bike has sustained accidental damage to the headlight and needs to be replaced. Consumables such as nut and bolt and items of similar nature will be covered by the insurance company through the Consumable Add-on. If you do not have the add-on cover, you as a policyholder should bear the cost of consumables during such a scenario.
Similar to registering a claim for damages to the insured bike under the Comprehensive plan, the process is the same for Consumable Cover as well. There are two ways you can raise a claim - Cashless or Reimbursement Claims. Below is detailed information about how to raise a claim under each type of claims:
Insurance companies partner with motorcycle garages across the country, and they are referred to as “network garages”. When you want to fix the damages to your insured bike, you can opt to get it fixed at a network garage. The repair costs will be paid by the insurer directly to the garage. This process is known as cashless transactions or cashless claims. Compared to the reimbursement claim process, the cashless claim is hassle-free and easier to process.
The process of raising a claim through the cashless claim is as follows:
Step 1: Inform your insurance company either by calling them or visiting their website or mobile app to register a claim.
Step 2: Upload the pictures of the damaged parts of the bike.
Step 3: The insurer will assign a surveyor to assess the damages and get it fixed at the network garage.
Step 4: Since the Consumables Add-on is bundled along with the Comprehensive policy, the insurance company will cover or pay for replacing consumables as mentioned in the terms and conditions.
You also have the option to opt for the reimbursement claim method. You will have to get the damages fixed and then raise a claim to recover the cost of the repair. While this may be a long process, you can get the vehicle fixed at your preferred garage and then claim the cost. However, you need to inform the insurer ahead of fixing the bike failing which the insurer may even reject the claim. This is because the insurer should be aware of the damage before it is fixed.
The process of raising a claim through the reimbursement claim is as follows:
Step 1: Inform the insurer about the accidental damage and let them know that you want to opt for the reimbursement claim method.
Step 2: You can intimate them either by calling, visiting their website or their mobile app to register the claim.
Step 3: Once the claim is registered, the insurer will send a surveyor to assess the damages and provide the estimated cost.
Step 4: You need to get the bike fixed and submit the required bills along with the claim application form. You may be even asked to produce additional documents for the insurer to approve the claim.
Step 5: Once all the supporting documents are submitted, you will receive an acknowledgement for the same.
Step 6: The insurer will assess the submitted documents and if all are as per the terms and conditions, the insurer will reimburse the repair cost.
Step 7: Since the Consumable Cover is bundled with the Comprehensive cover, the insurer will cover the consumables cost of the repair bill.
Step 8: Once the insurer approves the reimbursement, the repair cost will be reimbursed after considering the terms and conditions of the policy.
Consumable Cover is an add-on that can be bought along with the Comprehensive insurance plan. While purchasing the Comprehensive plan, you have the option to include add-on covers. You can opt for the suitable add-ons for your bike. Every add-on has its respective premium, and it does add to the final cost of the insurance policy although they provide extra coverage. The cost of consumables in bike insurance depends on the value of the bike, year of manufacture and location of the bike.
If you want to include an add-on during the policy period, you have to check with your insurer if they can include it anytime during the policy period. Online or digital insurers have an edge since the process is online and you can transact on a real-time basis. You can include the add-on online when you are renewing the policy or while you are looking to switch insurers.
Add-ons provide that extra coverage that the basic comprehensive plan does not provide. For an extra premium, you can be assured that your bike is well covered in terms of insurance coverage. Although motor vehicle consumables do not cost that much individually, there are several consumable parts that you have to change while getting your bike fixed, and they can be expensive. Below are the benefits of bike consumable cover add-on:
Wider coverage in terms of claim settlement.
Lesser financial burden.
Coverage for engine and gearbox oil.
Peace of mind knowing that the insurer will pay for the consumables.
End-to-end protection for your bike.
Insurance providers define the Consumable Cover or add-on in different ways, and they can have some inclusions and exclusions. Below are the main inclusions of Consumable Cover in bike insurance:
Nut and Bolt
The cost of consumables in bike insurance is not very high and is bundled with the basic comprehensive plan. The cost can differ between insurance providers and depends on the value of the vehicle, the location and year of manufacture. You can visit digital insurance companies’ websites. Insurers such as Acko provide a hassle-free and paperless experience. Visit their website or download their smartphone app to buy, renew and raise claims.
Digital-first insurers do not depend on insurance agents or middlemen to reach the customer. The online presence helps customers review and compare different insurance plans before making the right choice. Once you provide basic information about the bike and your personal details, the online insurer will provide the cost of consumables cover for your bike. You can then choose to buy the add-on.
For an additional premium for the insured bike, the insurance company will pay the expenses for replacing or repairing consumable items while settling the claim.
The services offered under the add-on are subject to the terms and conditions, and consumable items are as follows:
Engine and gearbox oil
Nut, bolt and screw
Clip, washers, distilled water
Excludes fuel consumed during repair
To buy a consumable cover add-on, separate documents are not required; however, the add-on can be bought only with the comprehensive cover. Hence, you need to submit all the documents required to buy comprehensive bike insurance. Documents such as the registration details of the insured bike, year of manufacture, the location of the bike and personal details of the policyholder are required when you want to buy bike insurance online.
Also, read: Two Wheeler Insurance – Add On Covers
Similar to all insurance policies, there are certain exclusions in the Consumables Cover. While the insurer will define the terms and conditions along with the exclusions, the insurer will not cover the fuel consumed during the repair of the insured bike. Below are the general exclusions in Consumable Cover add-on:
Riding the insured bike under the influence of intoxicating substances.
Riding the insured bike without a valid driving licence.
Riding the insured bike with an invalid insurance policy.
Not informing the insurance company about the damage before getting it repaired.
Parts being replaced or repaired are not of a similar nature.
Terms and conditions as specified in the insurance policy.
For someone who wants additional protection and peace of mind, the Consumable Cover is an excellent choice. It provides end-to-end protection to the insured bike and you need not worry about the cost of consumables while repairing the vehicle. The insurance company will take care of the cost of consumables and you will benefit from paying considerably less than without the add-on.
Below are a few of the frequently asked questions about Consumable Cover add-on in bike insurance:
Which type of two-wheeler insurance policy offers the option to buy Consumables Cover add-on?
Add-on covers can be purchased only with the Comprehensive policy and not with the Third-Party bike insurance. Hence, you can opt to buy the Consumables add-on for your bike only with the Comprehensive plan.
Do Consumables Cover add-on cost extra?
Yes. The consumables add-on does cost extra but it is not significant for the coverage it provides. All the consumables used may cost less individually, but when a lot of consumables have to be used, then the cost can pinch your pocket. However, with the add-on, you can minimise the cost that you have to bear while getting your bike fixed.
Can I raise a claim under this add-on cover for the regular change of engine or gearbox oil?
No, you cannot raise a claim in such a scenario. The add-on cover does not pay for the regular replacement of engine or gearbox oil. This is only possible when you are getting your two-wheeler fixed due to accidental damage.
Does the Consumables Cover add-on include all types of consumables?
Yes, the add-on offers to pay for the replacement or repair of consumables, except for the cost of fuel, which is being used to repair the insurance vehicle.
My bike is approximately 5 years old. Can I opt for the Consumables Cover add-on for my vehicle?
Generally, insurers do not offer the Consumables Cover add-on on bike more than 5 years old. However, this can differ between insurance companies. Check with various bike insurance companies if they offer this type of add-on for a bike that is more than 5 years old.
I met with an accident in a different city than where I purchased my insurance policy. Will the insurer provide coverage under the Consumables add-on?
Yes. The insurance policy that you buy anywhere in India is valid across the country unless specified by the insurer in the terms and conditions. Furthermore, digital insurance companies such as Acko provide online support when it comes to claims, especially if you are travelling in a different place. You can visit the insurer’s website, call them or download the mobile app to register a claim from anywhere and anytime.
I was involved in an accident and there are damages to the third party’s vehicle. Will the Consumables add-on provide coverage to the third party as well?
No. The insurance company will provide coverage only to the insured vehicle and not to the third party since third-party claims are not covered under this add-on cover.
Can I inform the insurance company about accidental damages to the insured bike after getting it repaired?
It is important to inform the insurer as soon as the insured bike is involved in an accident and has led to damages. The insurer has to register the claim to survey the damages before it is repaired. Whether you want to get the bike fixed at the network garage or would like to opt for the reimbursement method, you must inform the insurer before getting it repaired to avoid rejection of the claim.
What documents are required for reimbursement of repair cost which includes consumables as well?
For a hassle-free insurance cover, submit all supporting documents that confirm the replacement or repair of consumables as specified in the policy document. Documents such as the invoice provided by the garage which specifies the type of consumable used to repair your bike will help the insurer identify the parts and the insurer is able to settle the claim without any issues.
Is it compulsory to include add-on covers to the bike insurance policy?
Add-on covers are optional with the Comprehensive insurance policy and are not mandatory for the policyholder to buy add-on. However, by including add-ons to your basic comprehensive plan will increase the scope of insurance for your bike.
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