Consumables Add On Cover in Two Wheeler Insurance

Posted on: May 18, 2023 | | Written by:

Consumables Add On Cover in Two Wheeler Insurance

Published on May 18, 2023. EST READ TIME: 3 minutes

A lot of us are aware that buying a bike insurance policy is mandated by the law. Riding without a policy can be quite dangerous, both financially and legally. If you are found to be driving without policy, you will be fined a hefty amount for the same. However, the law mandates only a third party liability policy. Though it covers the basics, it might not be enough. This is where comprehensive bike insurance proves to be a more sensible decision.

One of the biggest advantages of buying comprehensive bike insurance is that you can opt for add-ons. By paying a small premium on the policy, you can add a considerable amount of coverage to the plan. And one of the most popular add-ons is consumables cover in bike insurance.

Consumables add-on in two wheelers

Consumables in a vehicle are elements that get consumed completely with usage and need to be replaced. You cannot repair them. Some common examples of consumables include lubricants, engine oil, gear oil, nuts and bolts, grease, etc.

A normal bike insurance policy does not cover consumables during claims. This is where consumables cover in bike insurance come in handy. By paying a small premium, you can include the add-on, which will cover expenses related to consumables.

For example, if your bike meets with an accident and there is damage to the chain assembly, any claim with the add-on will cover expenses related to nuts, bolts, lubricants, etc.

Why should you opt for a consumables add-on?

Buying bike insurance online allows you to get details about the policy before investing in one. Here are some of the major reasons for you to opt for consumables cover in bike insurance.

1. Consumables need to be replaced at regular intervals due to the high wear and tear that they are usually succumbed to.

2. In the long run, the add-on will help you save money in terms of maintenance, as consumables do comprise a considerable amount of repair costs.

3. The add-on provides coverage for nuts, bolts, screws, coolants, grease, lubricants, oils, etc. The consumables play a crucial role in the smooth running of the bike.

4. You can opt for the add-on with a comprehensive plan as well as your own damage policy as long as the bike is less than five years old.

Coverage under consumables add-on cover

When you opt for consumables cover in bike insurance, you get access to replacement charges for the following.

1. Grease

2. Nuts and bolts

3. Engine oil

4. Washers

5. Screws

6. Brake oil

7. Gearbox Oil

8. Lubricants

9. Oil Filter

10. Bearing

11. Clip

12. Battery electrolyte,

13. Fuel filter,

14. Gasket,

15. Sealant, rivets and items of similar nature, excluding fuel.

16. Air conditioner refrigerant and coolant, etc.

The list would be mentioned in the policy document.

Under which conditions insurer would not provide cover?

Following are the different conditions under which consumables cover in bike insurance will not be honoured by the insurance provider.

1. Any damages due to self-injury

2. Any damages due to mechanical or electrical breakdown of the bike.

3. Any damages caused due to riding under the influence of alcohol.

4. Any damages due to consequential damages.

5. If there is a delay in informing the insurance provider about the damages.

6. Any damages due to intentional negligence of the insured.

7. The policy will not cover the cost of depreciation.

8. Any damages incurred when you drive without a valid driving licence.

Understanding how to file a cashless and reimbursement claim for your bike:

If you want to file a claim for your bike insurance policy, there are two different ways of doing so. You can either raise a cashless claim or take the reimbursement route. Here are details of both processes.

1. Cashless claim

Insurance companies usually have partnerships with garages across the country. These garages are known as network garages. Should you opt to get your bike repaired at any of the network garages, you can avail of cashless claims. In simple words, the insurance provider will settle the bills with the garage. Here are a few simple steps to help you with such claims.

• Let your insurance provider know about the accident or repair job either by calling them or raising a claim on their app, or visiting their website.

• Take pictures of the damages and upload them to the portal.

& bull; Insurance providers will assign a surveyor at this point to assess the damages.

• The garage will complete the repairs, and they will cover the expenses related to consumables since you have opted for the add-on.

2. Reimbursement claim

Reimbursement is an alternative to cashless claims. Here you can get your bike repaired and raise a claim with your insurance provider for the expenses. Though the process can take a bit longer, it gives you the freedom to get your bike repaired at a preferred garage. Here are the steps that you need to follow.

• Let your insurance provider know about the accident and that you want to opt for reimbursement claims by calling them or visiting their app or their website.

• Your insurance provider will send a surveyor to assess the damages and provide an estimate for the repairs.

• Get your bike repaired and submit the bills to your insurer along with the claim form.

• The insurer will verify the documents and reimburse the cost, along with the expenses related to consumables.

What is the cost of a consumable add-on?

The usual cost of consumables cover in bike insurance is affordable. It is available with comprehensive and own damage plans. The IDV in bike insurance plays a role in deciding the premium with the year of manufacture and location. The IDV in bike insurance is the most important factor in deciding the overall premium of the policy. You can change the IDV, and the premium will change accordingly.

Conclusion

When you buy bike insurance online, you can opt for consumables coverage as an add-on. By paying a small premium, you will ensure that you never have to pay for consumables during claims. It can help you save considerably in the long run.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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