Imagine that your AC gets repaired because of a gas leak. Since it is under warranty, the technician comes and fixes it. When the repair work is complete, he gives you a bill detailing all the consumables - copper fittings, wires etc. You ask the technician why there is a separate charge when the air conditioner is already covered under warranty. He replies that the warranty covers all kinds of damages except the consumables cost.
Similarly, there are consumables for bikes, which are not typically covered by standard bike insurance policies.
Worry not! There is a separate cover to resolve this – a consumable cover.
What is a consumable cover? How do you file a claim under this cover? We tackle these questions and more in this article.
So,What Are Consumables?
Consumables are items that are subject to constant wear and tear. They have to be replaced frequently and cannot be reused. Components such as screws, nuts, bolts etc., are consumables.
Generally, a bike insurance policy doesn't cover the cost of consumables. However, when you opt for a consumables cover, the insurance company bears the consumable expenses.
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What is a Consumables Cover in Bike Insurance?
A Consumables Cover in bike insurance is an add-on that can be purchased by paying a certain extra premium. It widens the coverage of your insurance policy.
It offers financial protection by covering the cost of consumables that are used during the course of repair. In this way, the consumables cover reduces your extra expenses.
It can be purchased along with a standard bike insurance policy, i.e., with a standalone own-damage bike insurance policy or a comprehensive bike insurance policy.
What are the Consumables Covered Under a Consumables Cover?
- Nut & Bolt
- Engine Oil
- Break Oil
- Gearbox Oil
- Distilled Water
- Oil Filter
Why do you Need a Consumables Cover?
Provides End To End Protection
If there is any damage to your bike, you need not worry about paying anything from your end other than depreciation and the deductible amount.
A bike that has sustained extensive damage will require numerous consumables to be used during repair; that could cost you quite a bit. In case of any damage, this add-on will cover the consumable costs, and the repair expenses will be covered by your existing bike insurance policy, thereby ensuring complete financial protection.
Curb Out-Of-Pocket Expenses
As mentioned earlier, you are responsible for consumable costs if you have a standard bike insurance policy. Especially in the case of severe damage, a lot of items like nuts, bolts, engine oil, etc., shall be put to use to fix the bike, resulting in a hefty bill. However, with this add-on, your extra expenses are cut down, saving you a substantial amount of money
You get comprehensive coverage when you include consumable cover as part of your existing policy. As a result, the claim amount will be higher than the one you receive without this add-on.
How do You File a Claim Under A Consumable Cover?
The claim process for consumable cover is similar to a comprehensive policy. There are two types of claims - Cashless claims and Reimbursement claims. Each type of claim involves a series of steps. Let's examine each of these processes in detail.
- For A Cashless Claim
- You need to get your bike fixed at a network garage listed with your insurance company to be eligible for a cashless claim.
- Get in touch with your insurer and let them know the extent of the damage. You can reach your insurer via -
- Provide all the details to the insurer.
- Your insurer will send an executive to the garage where your vehicle will be repaired.
- Make sure you do not make any repairs to your bike until the executive inspects the vehicle. Your claim request will be rejected if any repair is done before the inspection.
- Upon successful inspection, the garage/workshop shall be paid for the repair.
- Since this is a cashless claim, you will only need to pay a deductible amount, and the entire repair costs will be taken care of by your insurance provider.
- For A Reimbursement Claim
- You can file a reimbursement claim when you want to get your vehicle repaired at a garage not listed with your insurance company.
- The first thing you need to do is notify your insurance company about the accident or mishap that damaged your bike. Explain the extent of the damage as well.
- In order to initiate the claim intimation process, submit the necessary documents to the insurer.
- When the claim request is accepted, the insurer will assign a surveyor to inspect the vehicle at the garage.
- The mechanic can begin repairing the vehicle as soon as the surveyor gives his approval. The entire repair cost has to be paid upfront by you when the repair is completed.
- Keep a record of all your bills, such as repair bills, garage estimates, etc., to submit to your insurance company for reimbursement.
- After the bills are verified, the insurer will reimburse the amount.
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Let’s Understand The Concept of Consumable Cover With an Example
Rajesh was on his way to work when his bike collided with another vehicle. This crash damaged the entire engine, oil filter and broke the frame and headlights too. According to estimates, the repairs will cost around Rs 20,000. Out of this amount, Rs. 4000 will be the cost of repairing the oil filter and replacing the consumables.
|Standard Bike Insurance Policy With Consumable Cover
|Standard Bike Insurance Policy Without Consumable Cover
|Repair cost (including consumables cost)= Rs 20,000
|Repair cost ( excluding consumables cost)= Rs 16,000
Note: Deductible and depreciation charges are not considered in this example for understanding purposes.
With a consumables cover, Rajesh need not spend any amount for the consumables. Without this add-on he will have to pay for the cost of consumables, i.e., Rs. 4000 from his own pocket.
Summing Up !
If you are looking for complete financial protection and broad coverage, then a consumable cover may be ideal. Having the consumables cover helps you save money by eliminating extra expenses on consumables. Also, make sure you follow each of the steps mentioned in this article for a seamless claim experience under a consumable cover - whether it is a cashless claim or reimbursement claim.