Consumable Cover Add-on in Two-Wheeler Insurance

Only third-party liability coverage is mandatory for your vehicle in India if you are solely concerned with abiding by the rules. However, when it comes to dealing with the aftermath of any damages sustained by your two-wheeler in an unfortunate event, having comprehensive insurance coverage is essential. Not only does it offer financial protection against the possibility of a mishap during the duration of the coverage, but you can also fortify the protection your bike or scooter has by including add-ons. Add-ons are specific covers that you can add to your comprehensive two-wheeler insurance policy if they are being offered by your insurer. Common examples of two-wheeler insurance add-ons are zero depreciation cover, roadside assistance cover, engine protection cover, and consumables cover. Of these, a consumables cover is one of the add-ons that can help you bring down the overall cost of two-wheeler repairs that you may have to pay yourself. This is the cover that pays for consumables, which are not commonly covered by the Own Damage cover. So, why should you consider consumables cover? Is it worth the slight increase in premium that you may have to pay for it? Before we address this, let’s take a look at what consumables are, what is consumables cover, and what does it offer.

What are Consumables in Two-Wheelers Insurance?

Before delving into the details of consumables add-on cover, it is crucial to understand what consumables are in the context of two-wheelers. Consumables refer to items that are regularly replaced or replenished during the maintenance and servicing of a two-wheeler. These include engine oil, coolant, brake fluid, lubricants, filters, gaskets, nuts, bolts, and other similar items. These consumables are essential for the proper functioning of the vehicle and require periodic replacement. Claims are subject to terms and conditions set forth under motor insurance policy. It is not uncommon that when you roll your bike into a garage or service centre for repairs, the final results of getting your vehicle in a better condition will involve consumables being replaced. Since the cost of this is not covered by the Own Damage cover of your comprehensive insurance, you usually have to pay for this from your own pocket.

Why Do You Need a Consumable Add-on?

A Consumable Add-on is a valuable addition to your insurance policy that covers the cost of consumables used during a medical procedure or hospitalization, which are not typically covered under standard policies. Here’s why you might need one:

1. Covers Extra Costs

It helps cover expenses for items like gloves, bandages, syringes, and other consumable goods used during treatment.

2. Reduces Out-of-Pocket Expenses

Without the add-on, you may have to pay for consumables from your own pocket, adding to your overall medical expenses.

3. Comprehensive Coverage

It ensures that all costs related to your hospitalization are covered, preventing any unexpected financial burdens.

4. Peace of Mind

Having a consumable add-on ensures that you're fully protected in case of a medical emergency, offering better financial protection. In short, a consumable add-on enhances your health insurance policy by covering extra, essential expenses during treatment.

What Is Consumables Cover Add-On in Bike Insurance?

A consumables cover is an add-on option that can be included in your two-wheeler insurance policy. It provides coverage for the cost of replacing consumable items that are damaged or depleted due to an accident, theft, or any other covered peril. The add-on cover reimburses the expenses incurred in replacing these items, ensuring that you do not bear the financial burden. However, keep in mind that consumables add-on coverage is not available for routine repairs of your vehicle. Claims are subject to terms and conditions set forth under motor insurance policy. It is important to note that add-on covers may not be available for vehicles beyond a certain age (of the vehicle). For example, if your vehicle is over five years old, and has never been covered with a certain add-on, you may not be directly able to get that add-on as part of your bike insurance renewal process. Thus, it is advisable to get the appropriate add-ons when buying your first insurance policy for the bike or scooter.

Should You Get a Consumables Cover?

The decision of whether to opt for a consumables cover depends on your individual needs and preferences. To make an informed decision, you may consider the following factors:

- Maintenance Costs

Evaluate the costs involved in replacing consumables during routine maintenance. If the expenses are significant, a consumables cover can provide substantial financial relief. Claims are subject to terms and conditions set forth under motor insurance policy.

- Comprehensive Coverage

Assess the level of coverage provided by your existing two wheeler insurance policy. If it lacks coverage for consumables, adding the add-on cover can ensure comprehensive protection for your vehicle. Claims are subject to terms and conditions set forth under motor insurance policy.

Coverage under Consumable Add-on Cover

The Consumable Add-on Cover provides additional protection for medical expenses related to consumables that are typically not covered under a standard health insurance policy. Here's what is usually covered under this add-on:

1. Medical Consumables: Includes items such as bandages, syringes, gloves, needles, IV sets, catheters, and other disposable products used during medical treatments.
2. Surgical Consumables: Items like stitches, surgical drapes, gauze, and other materials used during surgeries.
3. Diagnostic Consumables: Includes items like test kits, diagnostic strips, and other related consumables.
4. Post-hospitalization Consumables: Products used during recovery after discharge, such as wound care items, dressings, and other healing aids.
5. Consumables Used in Emergency Care: Items used during emergency treatments or accidents, ensuring timely medical attention without the extra financial burden.

This add-on ensures that all these consumables, often essential to the treatment process, are covered, making healthcare more affordable during a medical event.

Conditions Under Which Insurer for Non- Coverage

There are certain conditions under which an insurer may not provide coverage, including:

1. Pre-existing Conditions: If the policyholder has a medical condition before purchasing the insurance, the insurer may not cover related treatments.
2. Non-disclosure: Failure to disclose accurate and complete health information can lead to claim denial.
3. Policy Exclusions: Some treatments or procedures may be excluded from coverage, such as cosmetic surgeries or treatments outside the policy’s scope.
4. Illegal Activities: Injuries or illnesses caused by illegal activities, self-inflicted harm, or substance abuse may not be covered.
5. Waiting Period: Certain policies have waiting periods for specific conditions or treatments, during which claims are not accepted.

How To Claim Bike Insurance for Consumables Cover?

To claim the benefits of a consumables cover, follow these general steps:

1. Contact the Insurance Provider

Inform your insurance provider about the incident that resulted in the damage or depletion of consumables. Provide all the necessary details and documentation as requested.

2. Submit Required Documents

The insurance company will require documents such as the claim form, repair bills, invoices for consumables, and any other supporting documents as per their requirements. Make sure to provide accurate and complete information to expedite the claim process.

3. Claim Settlement

Once the claim is submitted, the insurance company will assess the documentation and verify the eligibility for coverage. If the claim is approved, the insurer will reimburse the cost of the consumables as per the terms and conditions of the policy. When renewing your bike insurance, explore different insurance providers and use a bike insurance calculator to compare quotes and coverage options. This will help you find the most suitable policy that includes the desired add-on covers, such as the consumables cover. By making an informed decision and choosing the right coverage, you can ensure the comprehensive protection of your two-wheeler and enjoy peace of mind on the roads.

FAQ

1. Do Consumables Cover add-on cost extra?

Yes, the Consumables Cover add-on typically costs extra. It’s an additional benefit to your health insurance policy, which comes with its own premium.

2. Does the Consumables Cover add-on include all types of consumables?

No, the Consumables Cover add-on generally covers only specific consumables used during medical treatments, such as bandages, syringes, gloves, and catheters. It may not cover all consumables, so it’s important to check with the insurer for detailed inclusions.

3. What documents are required for reimbursement of repair cost which includes consumables as well?

To claim reimbursement for repair costs involving consumables, you typically need to submit:

1. Original repair bills
2. Itemized breakdown of consumables used
3. Proof of payment
4. Insurance policy details
5. Any medical or repair reports if applicable

4. Is it compulsory to include add-on covers to the bike insurance policy?

No, it is not compulsory to include add-on covers in your bike insurance policy. However, optional add-ons like consumables cover or engine protection can provide enhanced coverage.

5. Will I be required to pay an extra premium to get consumables cover add-on?

Yes, you will be required to pay an additional premium for the consumables cover add-on. The cost varies based on the insurer and the level of coverage offered. *Standard T&C apply Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.