The cost of having your car repaired after an accident usually turns out to be more than you could expect. This is mainly due to the fact that smaller components, such as nuts, bolts, engine oil, and lubricants, also require replacement, in addition to the majorly damaged parts. These smaller components are known as consumables, and although they may not seem significant, their expenses can add up quickly.
This is when consumable coverage in car insurance comes into play. With this in place, even such minor but crucial components stay protected. Here’s a look at everything from what consumables are, what all the cover consists of, etc., to help you make the right decision.
Understanding Consumable Cover
A consumable cover in car insurance is essentially an add-on policy that shields you from the expenses of consumables that are in need of repair. Consumables are parts that are usually smaller, but are extremely necessary for the vehicle to run smoothly. These consumables cannot be reused if they are damaged or used up.
Standard auto insurance policies do not cover the costs of consumables, but they do cover significant accident-related losses. This means that, even with good car insurance in place, you would still have to pay cash for items such as brake fluid, bolts, and engine oil.
This is where the consumables add-on in car insurance comes to the rescue. With this safety net, there is greater financial security, as it covers the minor's regular expenses. This is especially helpful in the current situation where workshops, charges and replacement costs are steadily rising.
Examples of Consumables Covered
Here is a list of some of the main consumables that are covered under a consumables cover in car insurance:
1. Engine oil, which is essential for lubrication, needs to be frequently replaced after leaks or damage.
2. Brake oil, which is essential for safe braking, needs to be changed following repairs or an accident.
3. Small in size but crucial for securing auto parts are nuts, bolts, screws, and washers.
4. Grease and lubricants are used in many parts to guarantee smooth operation and lessen wear and tear.
5. Coolants which prevent overheating and help maintain engine temperature.
6. Bearings, Clips, and Other Small Components
Although these things may not seem expensive individually, they can significantly increase your bill when combined. However, when these costs are covered by a consumables cover in car insurance, they go down significantly.
Why is Consumable Cover Important?
Consumable cover in car insurance is important as it helps protect you from unforeseen costs.
1. Growing Repair Expenses
Even simple maintenance can be costly due to the increasing sophistication of modern cars. The total cost is largely influenced by these consumables.
2. Decreased Out-of-Pocket Costs
Even after submitting an accident claim, you would still be responsible for paying the consumable costs if you didn't have this coverage.
3. Total Protection of Your Finances
It guarantees that your insurance covers both small consumables and major damage, providing you with comprehensive car insurance.
4. Advantageous for High-End Vehicles
Specialised consumables, which are far more expensive, are used in high-end cars. Heavy bills are avoided by covering them.
Who Should Opt for Consumable Cover?
Here is a look at who all consumable cover is ideal for:
1. Owners of brand-new vehicles, as the cover, which will help safeguard the investment in premium parts and consumables needed for new cars.
2. Owners of high-end cars use premium consumables in luxury vehicles, which can be particularly expensive to replace.
3. Long-distance drivers and daily commuters are at risk of wear or accidents.
4. Those driving in accident-prone areas often find that consumables quickly mount up due to high traffic and accident rates.
5. First-Time Buyers, including this option, is beneficial for those seeking a comprehensive car insurance policy with low out-of-pocket costs.
To understand how your car insurance premium is calculated, read this blog.
Benefits of Consumable Coverage in Car Insurance
Here are some of the benefits that come with opting for consumable cover in car insurance:
1. You drive worry-free knowing that every little expense is covered.
2. Claims are more effective as even small repair expenses are covered.
3. Settlement claims become more thorough and smooth because consumables are also taken into account.
4. The premium for consumables coverage is very small when compared to the total cost of owning a car.
Things to Keep in Mind When Buying a Consumable Cover in Car Insurance
Here are a few things to keep in mind when it comes to consumable cover in car insurance:
1. Typically, only vehicles up to a certain age, typically around five years, are eligible for the coverage.
2. The cover only includes repairs related to accidents. The regular maintenance and wear and tear are not covered.
3. The cover also only applies to the list of consumables designated by the insurer.
4. Comes with an extra premium, even if it is reasonably priced.
By knowing these factors, you will be better able to maximise the consumables coverage of your car insurance policy without any surprises.
Consumable Cover vs Zero Depreciation Cover
Though both are common add-ons, consumable cover and zero depreciation cover have different functions:
1. During repairs, consumables like lubricants, nuts, and bolts are covered.
2. The zero depreciation cover ensures that, during claims, no depreciation is deducted from large components, such as bumpers, glass, or metal.
To ensure they have total security, many car owners choose to use both. This is because one ensures you receive the full claim value for larger parts, while the other handles tiny but frequent expenses.
Conclusion
Although it may appear to be a minor addition to car insurance, a consumable cover has a significant impact. It lowers your out-of-pocket costs and increases claim payouts by covering necessities such as oils, bolts, and lubricants. This add-on is practically essential for luxury car drivers, new car owners, and frequent commuters.
The consumables add-on in auto insurance guarantees that you won't be caught off guard by unanticipated costs following an accident at a reasonable price. Comprehensive car insurance coverage is the safety net that completes your policy, providing real financial security.
