Mr. Suresh recently met with an accident. His brand new Toyota Fortuner was badly damaged and Suresh decides to make an immediate insurance claim to get it repaired. His insurer only pays a part of his repair cost as he had opted for basic comprehensive car insurance plan which normally excludes the consumable replacement cost. Suresh had to pay out of his pocket for all the consumable items used in car repair. In this case, if he had opted for consumable cover add-on by paying little more on premium he could have saved that out-of pocket expense.
Let’s learn more about this add-on to understand whether it’s worth the extra money?
Consumable Cover Add-on in Car Insurance
Consumable cover is a separate, unique and optional add-on offered by most of the insurers. This rider specifically offers protection to consumables of your four-wheeler by compensating the cost involved in replacing such consumables. As consumables are not covered in standard comprehensive car insurance, car owner willing to get the consumables covered under insurance has to opt for this add-on separately by paying nominal additional premium. Any damage or loss to consumable items of your car due to accident or any such event is covered under this rider.
Consumables are those substances or items of your vehicle that have a specific purpose. When you put them into use, they get consumed completely and become unfit for the further usage. Examples for consumable items in car are wiper blades, engine oil, nut and bolt, washer, clips, bearings, lubricant, grease, A/C gas, fuel filter, oil filter, break oil etc.
Read more about consumable add-on cover at https://www.acko.com/car-insurance/add-on-covers/consumables-cover/
Important Points to Consider
As it is an optional and extra add-on offered on top of the plain comprehensive car insurance plan, it comes with some specific features. Like any other rider, consumables cover add-on may get applied only with specific conditions. If you are considering buying this add-on to add some frills to your standard car insurance plan, here are few important points to remember to get the benefit of the add-on rightly.
- It’s important to go through the clauses of ‘own damage section’ of your insurance plan and as well as the clauses of consumable cover add-on to clearly understand the terms and conditions that may apply for your claim. Knowing what is covered under the add-on plan makes it easy for you to take action quickly at the time of any unfortunate situations.
- This cover comes with a specific time frame! In case of accident, theft or any loss due to such events, repair or replacement cost of consumables is to be claimed within the stipulated time frame as mentioned in your car insurance plan. In most of the plans, it needs to be claimed within 3 days of any such loss. Ensure to follow the time limit.
- It also comes with age limit! Yes, this particular add-on is offered for cars that are not more than 5 years of age. Again, age limit under this add-on policy vary among insurers. Some insurers restrict the maximum age to 3 years and some to 5 years. Any car beyond this specified age limit cannot be covered under this add-on
Like any other insurance plan, consumables cover add-on also excludes below situations for placing a claim:
- Driving without valid driving licence at the time of loss
- Driving under the influence of alcohol and drugs
- Normal wear and tear
- Using the vehicle for wrong purpose – for instance, using a personal car for commercial purpose
- Any deliberate act of loss to make a claim
To conclude, consumable cover add-on is a separate cover offered by insurer over and above the normal comprehensive coverage. Such add-on comes at some minimal extra cost. It can add some extra value to your standard plan to makes it more extensive. If you have brand new and luxury car, this particular add-on is worth buying as consumables are costly. If you can get more cover at a nominal cost then there is no point in settling for less, especially when your car is expensive!