Finance

Consumables: Do they deserve motor insurance claim?

Buying your first car surely is one of the most exciting moments of your life. As a wise customer, you are aware of car insurance plans and you agree to buy one to secure your car forever. Initially, you pay only for the fuel after purchasing your car.

After months of driving, your air condition gas dries up or you may notice a bolt missing in some inconspicuous part of your car. You decide to pay for them too. That is where you wonder if your insurance policy includes them too. Sadly, you realize that they don’t.

You need a consumable cover and are wrong to think that your motor insurance will cover these expenses too.

What are consumables?

They are the perishable items such as nuts, bolts, grease, brake oil, engine oil, air condition gas, washers, ball bearings and others that are continually used up while you drive your vehicle. They are additional expenses which are compulsory for your vehicle to function. They are available as individual products on sale and their task is to run your car. That’s all they do.

Why do consumables not get motor insurance?

As per your motor insurance agreement, the premium you pay for the policy saves your vehicle from physical damage, third-party damage, theft and other incidences where a huge loss of property and value is generally associated. Also, these scenarios involve your car as a complete machine and you pay the premium to save yourself from sudden financial setbacks of repairing that machine or injuries associated with it.

Since none of the above-mentioned factors consider items such as engine oil as a property of huge value, this consumable item is not applicable for motor insurance. Instead, you can pay additionally for a consumable cover that takes care of such expenses while you travel daily. This cover stays active with your motor insurance policy.

Criteria for availing consumable cover

Following are the rules you should follow to apply for a consumable cover.

  • Your car should not be more than 60 months or 5 years old.
  • You should have a driving license
  • You should be able to submit receipts proving purchase of consumable products
  • You should not drive under the influence of alcohol or drugs
  • Third-party damage does not qualify for a consumable cover claim
  • Natural wear and tear doesn’t fall under the purview of this claim

Benefits of consumable covers

Add-on facilities ensure protection to a lot of necessary items of your vehicle that do not involve in protection of your vehicle from serious damage. Consumable cover is one such add-on cover of IFFCO-Tokio General Insurance Pvt. Ltd. that ensures your peace of mind while you keep driving and stop worrying about minor repairs every now and then.

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