It may sound surprising, but a comprehensive car insurance policy is actually not as comprehensive as the name suggests. It leaves out quite a few components from its coverage net. One of them is the cost of consumables in a car. Now, if you are wondering what consumables are and how you can protect yourself from this additional cost in case of damages or loss to your car, read on further.
What all come under consumables
The term consumables in car insurance refers to the materials that must be replaced regularly in a car because they wear out or are used up completely. Once used, they cannot be repurposed again and can only be replenished or replaced.
For example, lubricants and oils such as engine oil, gearbox oil, power steering oil, brake oil, air conditioner refrigerant, radiator coolant, or nuts, bolts, screws, washers, bearings, grease, filters, etc. are all consumables.
Any standard comprehensive car insurance policyin India, irrespective of who the insurer is, does not cover any consumable item of a car in any situation. You need to pay for all the expenses arising out of damage or loss to these parts from your own pocket.
However, there is a way to get these consumables covered by your motor insurance policy –consumables cover.
Consumables cover in car insurance
A consumables cover is an add-on cover that can be bought along with your comprehensive car insurance policy by paying a nominal amount of extra premium.
The add-on cover allows you to include the cost of consumables in car insurance claim amount in case your vehicle meets with an accident.
Remember, the consumables cover does not allow you reimbursements for regular replenishments. Only those replacements or replenishments that are done as part of the car repair process post any mishap can be claimed under this cover.
Let us take an example to elaborate on the benefits of a consumables cover. Suppose you meet with an accident that damages your car. The total cost of repair is estimated by the garage at Rs 20,000, out of which Rs 3,000 is the cost of repairing/replacing consumables like engine oil, nuts, bolts, etc.
Now, the normal comprehensive car insurance policy would not cover the cost of consumables and your claim eligibility would come around Rs 17,000 (depreciation and mandatory deductibles not taken into account to keep the explanation simple). This means that you will have to bear the difference of Rs 3,000 towards the cost of consumables.
But, in case you had got the add-on consumable cover at the time of buying or renewing your vehicle insurance policy, your insurer can reimburse you the full Rs 20,000 and take care of all your repair expenses.
Things to remember:
There are certain things you should know before you choose the add-on consumables cover to widen your policy coverage:
You can file a claim under the consumables cover only if it is accepted under the ‘own damage’ section of your comprehensive car insurance policy. This means that the cover would not bear the cost of consumables of a third-party vehicle.
The consumables cover is usually valid only for those cars that are not older than 5 years.
All the exclusions valid for a comprehensive car insurance policy are also valid for this add-on cover. For instance, if the driver was driving without a valid driving licence or under the influence of alcohol at the time of accident, then you cannot claim benefits under the add-on cover.
The premium cost of the add-on consumable cover differs from car to car and model to model.
Disclaimer: The above information is indicative in nature. For more details on the risk factor, terms and conditions, please refer to the Sales Brochure and Policy Wordings carefully before concluding a sale.