Benefits of the Consumables Cover Add-on

Considering the coverage benefits it offers, it is well worth paying the increased premium. Here are the key benefits you get by adding the consumables cover add-on to your car insurance policy:

1. Improved coverage:

The car insurance consumables cover in India covers the cost of consumable items, which are typically excluded under standard car insurance claims. By doing so, it fills in a critical gap left by the car insurance policy, ensuring truly extensive coverage.

2. Lower out-of-pocket expenses:

A key benefit of the consumables coverage in India is that it helps lower your out-of-pocket expenses during repairs. The cost of consumable items can add up to a significant amount, which you would otherwise have to cover yourself. But with this add-on, the insurer handles these expenses at the time of claim settlements, reducing your financial worries.

3. Hassle-free claim settlements:

This add-on ensures a seamless claim settlement experience. Since the insurer also covers the cost of consumables, you receive a higher claim payout. It eliminates the common necessity of having to pay a significant amount out-of-pocket for consumables during repairs.

4. Peace of mind:

While your comprehensive insurance handles the cost of major repairs, this add-on ensures that even the costs of essential fluids and consumables during repairs are covered. This provides great peace of mind and financial security, making you more confident as a car owner.

Before opting for the consumables cover add-on, you must understand what exactly consumable items are. These are items that get completely damaged, used up, or unfit for continuous usage, hence needing replacement during the repair process. They are not part of the standard replacement, hence not covered under the base policy.

Here are some examples of consumables in motor insurance:

1. Coolants, grease, engine oil, lubricants, other oils, etc.

2. Nuts, screws, bolts, washers, etc.

3. AC gas, battery water, etc

4. Gaskets, clips, sealants, etc.

5. Oil filters, air filters, fuel filters, etc.

Considering the benefit it offers, the consumables cover add-on can be worth spending a little extra. If you are still confused about whether to buy it, go through the following pointers that discuss who benefits the most from this add-on:

1. Frequent drivers:

Individuals who frequently drive their cars are statistically at a higher risk of encountering accidents. By adding the car insurance consumables cover, they can save themselves from potentially high out-of-pocket expenses that may come with frequent claims.

2. Drivers in high-risk areas:

Individuals who live or drive in areas with heavy traffic are more prone to dealing with minor accidents. To maximise claim payouts and avoid dealing with the high cost of consumables, opting for this add-on can be a wise choice.

3. Owners of new or expensive cars:

The cost of consumable items during accidental repairs can be quite expensive for both new and luxury cars. If you are an owner of such a car, you don’t want to be financially exposed to the risk of covering these expenses out-of-pocket. Hence, it is recommended that you opt for the consumables insurance policy as an add-on to your car insurance plan, so you can handle these costs with ease.

4. Individuals seeking maximum coverage:

If you want to maximise the financial coverage under your car insurance policy to avoid sudden, out-of-pocket expenditures during claims, choosing the consumables cover in India can be the right fit.

If you are considering including the consumables cover add-on to your car insurance policy, here are some key factors you need to consider:

1. Vehicle Age Criteria:

In most cases, insurers only offer the consumables cover add-on for vehicles that are less than five years old.

2. Availability:

The benefit of the consumables cover add-on only applies to claims made under the own damage component of the car insurance policy. Hence, you can only opt for it with the standalone OD and comprehensive car insurance plans, not the third party car insurance plan.

3. Claim approval:

If you fail to report the claim for the damaged consumable within the specific time frame after the accident, as mentioned in the policy, the insurer may not accept your claim.

4. Exclusions:

The consumables cover add-on doesn’t cover the cost of fuel used, damages caused by an individual driving the car while intoxicated or without a licence, electrical or mechanical failure of the vehicle, unnecessary replacement of consumables, etc. While on this topic, do read more about the common exclusions in comprehensive car insurance.