Consumable Add-On Cover in Two-Wheeler Insurance Policies

Consumable Add-on Cover in a Two-Wheeler or Bike Insurance Policy

If you want to know about the concept of consumable add-on cover in the context of two-wheeler insurance policies please read on below.

Apart from providing coverage for property and life of third parties, the basic comprehensive bike insurance policies also cover damages and losses suffered by the bike that has been insured under the policy. The add-on covers, on the contrary, provide you with far better coverage. These are consumables that are not covered by your standard policy – they are available as add-ons. When an insured bike has been consumed fully the vehicle consumables act as factors or portions of the bike. They have to be replaced since they cannot be repaired.

This is where consumable add-on cover in two wheeler insurance comes in handy by financially compensating you for the money that you have spent on such expenses.

Some of the most prominent examples of consumable items of bikes may be enumerated as below:

• engine oil
• gearbox oil
• nut and bolt
• lubricants
• screws
• grease
• distilled water

For example, let us assume that the headlights of your bike have been damaged in an accident. You need to replace them now. You can be sure that the only way you would get financially compensated for such expense would be when you have gone for consumable add-on cover.

If you have not bought such coverage you would have to bear all the expenses.

What do they mean in the context of a two-wheeler insurance policy?

As we have indicated already, such an add-on cover offers you supplementary coverage for consumable products that have not been covered by your basic two-wheeler insurance policy.

We hope that you already have an idea of the items that could be covered by consumable add-on cover in insurance policy. Like other add-ons, you can buy these along with your total bike insurance policy or as parts of a standalone own-damage bike insurance policy. The term consumable in this context implies aspects or elements of a bike that are consumed in their entirety when you use such a vehicle. These items cannot be used time and again once they have been used and you cannot also restock them. Even though these are simple items they can cost you a lot when you try and replace them.

As we have said already, a basic comprehensive bike insurance policy would not cover the areas that are covered by the consumable add-on cover. This is why it is so necessary that you buy the latter. However, please remember that you would have to pay some extra premium for this.

Also Read: Myths About Purchasing Bike Insurance Policy Online vs. Offline

So how can Consumable Add-on Cover be useful for you?     

It is common knowledge that a standard bike insurance policy would not provide coverage for these parts of your bike. However, the thing is that you cannot recycle or restock them.

If there is an issue with any of the aforementioned parts you have to replace them and they do not really come cheap. This means that you have to spend quite a lot of money on such a purpose. This is where consumable add-on cover in two wheeler insurance can prove to be so handy for you by covering all the expenses that you incur in these cases. It does not matter how minor the savings are. Any money that you can save in these days of ever-rising inflation is good for you. As we have said already, there are two ways in which you can buy such coverage.

You can buy it as part of a comprehensive bike insurance plan or as a standalone own-damage policy. The money that you get from consumable add-on cover in insurance policy can be used to replace consumables that can no longer be used in your two-wheeler. However, this coverage is only provided when the damage caused to the same happened in an accident. This is something that you need to remember and keep in mind in these cases.

The benefits of Consumable Add-on Cover coverage 

So, if your normal two-wheeler insurance policy is not providing you with the kind of benefit that we are talking about you can always supplement it with such add-on coverage.

You would indeed have to spend a bit more money to get a consumable add-on cover. However, you can rest assured that your two-wheeler is completely covered, in the truest sense of the word. Indeed, by themselves, these consumables may not cost you that much money to replace or repair. However, when you are repairing your bike you would have to repair and replace quite a lot of them at the same time and that could cost you a significant amount of money.

This is where you understand the true value of consumable add-on cover in two wheeler insurance. At the very least, the financial burden on you is significantly reduced. It also helps that such coverage includes both engine oil and gearbox in its ambit. Since the insurer is covering the consumables you can relax and take it easy. Such coverage also ensures the complete safety of your vehicle. You also have a broader scope of coverage when it comes to claims settlement.

How to file claims in these cases?      

There are two ways to file claims in these cases – cashless and reimbursement. The cashless facility can be had when you get the work done in a garage that is a part of your insurer’s network. Here, you do not have to pay anything as the insurer would settle the bills with the garage. The reimbursement claims have to be filed when you are not getting your bike fixed in a network garage.

Conclusion 

It has normally been seen that people who go for such coverage are usually ones who are looking to save money on these small repairs and replacements.

They know that when they avail consumable add-on cover in insurance policy they would not have to worry about these minor procedures. If you are buying a new bike – especially a superbike – or if you live in an area where you have plenty of accidents this is one coverage that you must consider.