Let’s Demystify the Consumables Add-On in Two-Wheeler Insurance

Getting yourself a brand new bike is checking one of the items of your bucket list. But since it is so dear to you, safeguarding it is of utmost importance. What better than using the mandatory insurance policy to it fullest? A two-wheeler insurance policy can be best used to protect your bikes against perils or accidents or damages. In addition, these insurance cover help to protect yourself against legal liabilities that may arise if you happen to injure a third person or cause damage to their property. But as every insurance policy has some limitations in coverage, a bike insurance policy also has certain constraints. This is where add-on covers come to the rescue.

With an add-on cover, limitations in the coverage can be insured by paying an additional premium. These additional coverage can be purchased when buying two wheeler insurance online, as well as offline. One such popular add-on that can be added to your comprehensive bike insurance policy is the consumables add-on cover.

What are consumable spares?

Consumables are those components are essential for the optimal performance of your bike. These spares are not reusable and thus, require a replacement. Components like screws, nuts, bolts, lubricants, oils used for various components, filters for the different parts, grease, tyres, etc. are some of the examples of consumable products. They are generally the moving components in your bike. While they might seem a minor expense to tackle, but these small expenses in aggregate end up becoming a significant part of the insurance claim. Thus, a consumable add-on cover comes handy.

Are consumables covered otherwise in your bike insurance policy?

Unfortunately, consumables spares, as standard, are not covered in your comprehensive bike insurance policy. Hence, a consumable add-on will be handy in these situations. This add-on provides coverage for these spares at marginal increase in bike insurance price that help your bike to function optimally. * Standard T&C Apply

Who should consider buying a consumables add-on?

If you are someone who want to ensure end-to-end protection for damages and the repair costs required, you must consider buying a consumables add-on. In addition, any hassles of requiring payment for these consumables spares, that otherwise are excluded from policy coverage, can be covered under the consumable cover. However, remember if your bike is older than 5 years, this coverage will not be available. Moreover, this add-on cover helps lower the out-of-pocket expenses by providing insurance coverage for the amount of consumables. The coverage of your two-wheeler insurance policy increases significantly. * Standard T&C Apply

What should be considered when making a claim using consumables cover?

  • First thing to keep in mind is reporting the damage to your insurance company. There is a specified duration within which you should report such loss or damage and thus, make sure to comply these timelines.
  • Since a consumable cover are available with a comprehensive plan only, it is essential that you are adept to the policy terms to simplify the claim process.
  • There is limitation for the vehicles to whom such coverage is available where vehicles older than five years are not eligible.
  • Any conditions that lead to a rejection of your claim application are similarly applicable for rejection of claim under consumables add-on cover.

In the end, remember that consumable add-on can be combined with other add-on covers. To understand the impact of such add-on on your policy, a two wheeler insurance premium calculator is a nifty tool. Also remember, insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.

 

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