Consumable Cover Add-On in Two Wheeler Insurance

For any two-wheeler owner, the excitement of riding their bike or scooter around the city is extremely fulfilling. However, along with that, the need for the right insurance policy for a bike is also rising.Consumables in a bike include bike parts that are utilised fully and cannot be replenished or repaired again after complete use. The list of such parts includes brake oil, washers, nuts, bolts, lubricants, engine oil, grease, and other crucial parts of a bike required for regular functionality.

With a consumables add-on in bike insurance, the insured receives coverage for such consumables, increasing the level of financial assistance extended by the insurer. The consumable cover add-on is available with a comprehensive two-wheeler insurance policy.

It is created to allow external repair and damage cost inclusions in the base insurance policy and also to accommodate wear and tear of important components in a two-wheeler. The expenses of repair of consumables in bike insurance might seem unnecessary if solo repair cost per consumable is taken into consideration.

However, if the cumulative cost is calculated, it can be very expensive and financially draining for a two-wheeler owner. Given the extensive scope of cover, consumables add-on cost increases the insurance premium, and insurers charge more.

This is not only because of the growing awareness among people about the importance of safeguarding your two-wheeler with a financial safety net. It is also due to the rising number of road accidents, putting a severe dent in personal expenses for repair and replacement.

Keeping in mind the different needs of individuals today, many insurance providers are providing increased customisation flexibility to the insured to increase the scope of coverage for their two-wheelers.

One lesser-known but extremely beneficial add-on cover option available with most insurance plans except third-party bike insurance is the consumables add-on.

This blog will discuss about consumables cover in bike insurance, the list of inclusions and exclusions in consumables cover, the top benefits of consumable cover and much more.

To understand the range of consumables covered in a bike insurance plan with consumables cover add-on, check out the list below.

Brake oil

Grease

Lubricants

Bearing

Clips

Engine oil

Distilled or purified water used as a coolant

Oil filters

Washers

Nuts

Bolts

Even with the list of inclusions, certain situations or factors can lead to rejection under the consumables add-on. Let us discuss these exclusions in detail below.

No claim is permitted if the rider is found without a valid insurance policy.

If the insurer is not informed within 15-30 days of the accident or damage incurred, they have the full right to reject the claim and offer no financial support.

Accident or damage inspection is necessary to ensure the correct evaluation of loss incurred or financial expenses for the same. Ensure all the correct information is conveyed to the insurer for claim settlement.

Fuel lost in an accident is not covered under the consumables add-on cover, and thus, you will not be able to file a claim for reimbursement of such expenses.

If the bike or two-wheeler faces damages beyond repair or is lost, an individual claim under consumables cover will not be registered.

Irresponsible bike riding after consumption of alcohol or any other illegal substance is strictly prohibited by law. If the insured files a claim for an accident or damage caused due to reckless driving, it will not be eligible for a claim.

The benefits of a bike insurance plan in itself are very helpful in protecting the well-being of the insured vehicle in times of unforeseen circumstances. With the addition of a consumables cover, the list of benefits increases further, and the list includes.

The engine is one of the most important parts of the bike and directly controls the performance on the road. With consumables cover add-on in bike insurance, you can ensure constant checks and maintenance of the engine oil for maximum engine protection, which is crucial for your two-wheeler, without the hassle of financial limitations.

The cost of consumables might be less as compared to the other parts of any two-wheeler or bike. However, replacing all the different consumables at the same time due to wear and tear issues can be financially stressful for some people. Therefore, with the help of consumables add-on cover, the consumables replacement cost is less overwhelming and helps maintain the operational efficiency of the bike.

The brake system of any bike requires regular maintenance to ensure it supports the bike's functionality fully. Brake oil is a crucial consumable for the bike and thus needs to be replenished frequently or as per need. The cost of replacement and replenishment of brake oil is also covered in the consumables add-on cover.

The overall financial burden of maintaining or replacing parts of the bike that are damaged due to accidents or other incidents is lesser as the insurer covers most of the consumables, engine and brake oil being the most important ones.

Lastly, with a comprehensive plan with consumables cover, you will receive end-to-end protection for your bike and better financial assistance at the time of claim settlement with the insurer.

For a seamless claim application under consumables in bike insurance, there are two different options available. You can either opt for a cashless claim settlement or a reimbursement claim settlement.

Before we look at the steps, let us quickly understand the two options.

In cashless claim settlement, the insured can directly go to designated garages chosen by the insurer for any repair or replacement requirements. Once done, the insurer directly settles the expenses with the garage as per insurance coverage without involving the insured.

For reimbursement claim settlement, the insured can get the necessary repair and replacement completed at a garage and then submit the expense bills to the insurer to receive reimbursement based on insurance coverage and expenses incurred.

To file for a claim for a 2-wheeler insurance online, you can follow the steps mentioned below.

Inform the insurer about the accident and provide a brief on the damages incurred.

Make a note of all the damages, including pictures and video proof for the insurer.

Visit the official website of the insurer and locate the “Claims” section to enter the necessary details.

File an FIR in case of an accident, as it is mandatory to submit a copy of the claim application.

Now, once all the documents and evidence have been uploaded on the application online, you need to wait for the insurer to send a surveyor to check for damages and make a detailed report.

Once the report is approved, you will receive an intimation from the insurer.

Based on the option between reimbursement and cashless claim settlement, you can either get the repairs done at one of the network garages or get the repairs done on your own and submit the details list of expenses and other evidence to receive the claim.

Securing your two-wheeler with a consumables cover add-in is a good decision as it is highly beneficial in reducing the financial burden of replacement for necessary components of a two-wheeler.

Third-party insurance is mandatory as per law, but the benefits of a comprehensive bike insurance policy, along with consumables and other add-ons available, it is worth the investment.

You can purchase a two-wheeler insurance policy after choosing from 7 different rider options in a few quick steps with Tata AIG. We work towards providing maximum customisation flexibility to everyone to cater to individual needs and requirements.

Our commitment is to provide customer-centric insurance plans that not only safeguard your two-wheeler but also give you increased peace of mind.