In India, it is both legally required and essential to have a valid motor or auto insurance policy. But occasionally, more than having a rudimentary insurance plan is needed. Many people believe that having comprehensive auto insurance shields them from all kinds of unanticipated costs. That is untrue, though.
Comprehensive auto insurance policies typically include coverage for third-party obligations, personal insurance, and repairs in addition to any damages. A comprehensive auto insurance coverage does not cover the consumable parts of four-wheelers. Thus, to safeguard your automobile from any damages resulting from consumable parts, you must purchase a consumables cover for your auto insurance policy.
Continue reading to know more about consumables covered in car insurance.
What are consumables in a car?
The term “consumables” in an automobile refers to goods that have a limited lifespan and require frequent replacement owing to wear and tear. Engine oil, brake oil, grease, oil filters, coolant for the radiator, ball bearings, nuts, screws, bolts, and washers are among the consumables found in automobiles, except for fuel.
Additionally, it is referred to as consumable cover in auto insurance when your policy pays for the expenses associated with the damages of such products.
Does Car Insurance provide Consumables Coverage?
Your full coverage auto insurance does not cover consumables. As a result, vehicle owners would be responsible for covering the cost of replacing the consumables in the event of an accident. On the other hand, policyholders will profit from consumable coverage, which will cover the cost of consumables for refitting or replacing auto parts.
How to get coverage for consumables?
To be covered for consumables, car owners need to acquire a consumables auto insurance policy. Consumable insurance is not a stand-alone policy; rather, it is offered as an add-on to comprehensive motor insurance.
Car owners may have to pay a premium in addition to their auto insurance to acquire consumables coverage. Depending on the insurer and the kind of vehicle, the cost of the consumables coverage may vary. Therefore, make sure you have done your research and consulted your auto insurance provider before moving ahead.
| Also Check – Bajaj Auto Rickshaw Insurance Price List |
How does a consumable cover in car insurance work?
To understand how a consumable cover works, have a look at the given example:
Suppose you have an accident with your car, and you need to replace or repair it right now. The repair or replacement will set you back Rs. 25,000. Your comprehensive auto insurance policy’s “own damage” component pays for repairs up to Rs. 15,000.
The remaining Rs. 10,000 must be used to fix, swap out, or replenish various consumables, such as engine oil, bolts, screws, and nuts.
The entire Rs. 25,000 expenditure would be covered if you have consumable auto insurance, so you wouldn’t have to take out any cash. Consequently, a consumable add-on to your comprehensive auto insurance coverage enhances it.
What are the Eligibility Criteria to Claim Consumables Cover?
- The “own damage” portion of the policy is where policyholders must submit a claim under their comprehensive auto insurance policy. Note: The consumables cover does not allow claims for third-party liabilities.
- Within three days following the collision, car owners must replace or repair any damaged consumable items. You risk having your insurance claim denied if you submit it after three days.
- Four-wheelers under five years old typically qualify for the consumables coverage add-on.
What are the inclusions in a consumable cover?
Policyholders can receive coverage for replacing or repairing consumables destroyed due to accidents by purchasing the consumables add-on plan. The consumables section of auto insurance typically covers the following items:
- AC’s refrigerant
- lubricants, including coolant for radiators, power steering oil, transmission oil, brake oil, etc.
- All kinds of filters, including those for engines, dust, air, etc.
- Other important things, such as grease, screws, washers, nuts, and bolts.
What are the exclusions in a consumable cover?
Your Insurance provider can deny a consumable cover if you were:
- Driving while in possession of a revoked license
- Using a personal vehicle for business travel
- Operating a vehicle when impaired by drugs or alcohol
- Should you neglect to promptly notify your insurance provider of any mechanical or electrical malfunction
- Any typical deterioration of the car’s components
Note: All repairs must be completed in the insurer’s network garage to prevent any issues. Do let your insurance company know ahead of time if you choose to have your automobile fixed at a non-network shop. If you don’t notify your insurance company in advance, your claim may be denied.
Documents required for claiming consumable cover
To file a claim for your car insurance policy with consumable cover, you need to furnish the below-listed documents:
- All invoices and receipts for repairs of consumables
- A current driver’s license
- original certificate of car insurance
- Ownership Certificate (RC) of the covered car
Top Car Insurance Companies in India
HDFC Ergo Car Insurance
Following a joint venture, HDFC and ERGO formed a partnership in 2015. The business provides services like overnight auto repairs and has over 6700 cashless garages. Around 1.5 crore satisfied consumers rate HDFC Ergo with a 4.4 customer rating. Eighty percent of claims are resolved in a single day, with HDFC Ergo offering a 100% claim settlement ratio.
| Metric | Data |
|---|---|
| Company name | HDFC Ergo General Insurance |
| Headquarters | Mumbai, India |
| Founded | 1999 |
| Customers | Over 10 million |
| Claim settlement ratio | 96.2% |
| Number of claims settled | 3 million |
| Average claim settlement time | 22 days |
| Network of garages | 3,000+ |
| 24/7 emergency assistance | Yes |
United India Car Insurance
United India Car Insurance was founded in February 1938 and currently serves over 1.38 crore policyholders. It offers a wide range of insurance products and pays out 95% of claims. The business succeeds in reaching its objective of 100% client satisfaction.
| Metric | Data |
|---|---|
| Company name | United India Insurance |
| Headquarters | Kolkata, India |
| Founded | 1938 |
| Customers | Over 15 million |
| Claim settlement ratio | 95.4% |
| Number of claims settled | 4 million |
| Average claim settlement time | 20 days |
| Network of garages | 3,000+ |
| 24/7 emergency assistance | Yes |
ICICI Lombard Car Insurance
ICICI Lombard General Insurance Company Ltd. was established in 2001 and provides a broad range of insurance products. Regarding auto insurance, the company’s claim settlement ratio is 93.4%. ICICI Lombard, which has a 4.7 customer rating, has provided auto insurance to more than 2.17 crore people.
| Metric | Data |
|---|---|
| Company name | ICICI Lombard General Insurance |
| Headquarters | Mumbai, India |
| Founded | 1993 |
| Customers | Over 17 million |
| Claim settlement ratio | 96.3% |
| Number of claims settled | 4.5 million |
| Average claim settlement time | 23 days |
| Network of garages | 4,000+ |
| 24/7 emergency assistance | Yes |
New India Car Assurance
New India Car Assurance was established in 1919 and boasts a 92% claim settlement rate. The organization has a large customer base and offers top-notch services both in India and outside.
| Metric | Data |
|---|---|
| Company name | New India Assurance |
| Headquarters | Mumbai, India |
| Founded | 1919 |
| Customers | Over 25 million |
| Claim settlement ratio | 95.6% |
| Number of claims settled | 6.5 million |
| Average claim settlement time | 25 days |
| Network of garages | 5,000+ |
| 24/7 emergency assistance | Yes |
Royal Sundaram Car Insurance
More than 28 million Indians trust Royal Sundaram Car Insurance, founded in October 2000. The business offers whole car protection and boasts a 99% claim settlement percentage.
| Metric | Data |
|---|---|
| Company name | Royal Sundaram General Insurance |
| Headquarters | Chennai, India |
| Founded | 1956 |
| Customers | Over 5 million |
| Claim settlement ratio | 95% |
| Number of claims settled | 1.2 million |
| Average claim settlement time | 22 days |
| Network of garages | 3,500+ |
| 24/7 emergency assistance | Yes |
Digit Car Insurance
Established in the year 2016, Digit Insurance is trusted by over 3 crore Indians and has a 96% claim settlement ratio.
| Attribute | Value |
|---|---|
| Company Name | Digit General Insurance |
| Headquarters | Bengaluru, India |
| Founded | 2016 |
| Customers | Over 2 million |
| Claim Settlement Ratio | 96% |
| Number of Claims Settled | 1 million |
| Average Claim Settlement Time | 15 days |
| Network of Garages | 1,000+ |
| 24/7 Emergency Assistance | Yes |
Cholamandalam Car Insurance
Founded in 2001, Cholamandalam MS caters to different customer needs. With a 96% claim settlement ratio, the company is highly trusted by customers.
| Feature | Details |
|---|---|
| Company name | Cholamandalam MS General Insurance Company Limited |
| Headquarters | Chennai, Tamil Nadu, India |
| Founded | 1989 |
| Parent company | Murugappa Group |
| Japanese partner | Mitsui Sumitomo Insurance Company Limited |
| Products | Motor insurance, health insurance, travel insurance, home insurance, and other general insurance products |
| Website | https://www.cholainsurance.com/ |
| Total customers | 10 million+ |
| Claim settlement ratio | 96% (FY 2021-22) |
Future Generali Car Insurance
Future Generali has a 96% claim settlement percentage and has operated since 2006. With more than 121 locations around India, the business offers 24/7 customer service.
| Feature | Details |
|---|---|
| Company name | Future Generali India Insurance Company Limited |
| Headquarters | Mumbai, India |
| Founded | 2007 |
| Parent company | Future Group |
| Products | Car insurance, health insurance, travel insurance, home insurance, and other general insurance products |
| Customers | Over 10 million |
| Claim settlement ratio | 95.2% (FY 2021-22) |
| Number of claims settled | 1.2 million (FY 2021-22) |
| Average claim settlement time | 30 days |
| Network of garages | 3,500+ |
| 24/7 emergency assistance | Yes |
Reliance Car Insurance
Reliance Car Insurance was established in August 2000 and has met client expectations with its easy-to-use service. The organization has a 96% claim settlement ratio and is well-liked by clients.
| Metric | Data |
|---|---|
| Company name | Reliance General Insurance Company Limited |
| Headquarters | Mumbai, India |
| Founded | 2005 |
| Parent company | Reliance Industries Limited |
| Products | Car insurance, health insurance, travel insurance, home insurance, and other general insurance products |
| Customers | Over 10 million |
| Claim settlement ratio | 95% (FY 2021-22) |
| Number of claims settled | 1.2 million (FY 2021-22) |
| Average claim settlement time | 30 days |
| Network of garages | 3,500+ |
| 24/7 emergency assistance | Yes |
Liberty Car Insurance
Founded in 2013, Liberty Car Insurance has over 110 offices across. The company has issued 20 crore policies since 2013 and has a 98% claim settlement ratio.
| Metric | Data |
|---|---|
| Company name | Liberty General Insurance Limited |
| Headquarters | Mumbai, India |
| Founded | 2006 |
| Parent company | Liberty Citystate Holdings Pte. Ltd. |
| Products | Car insurance, health insurance, travel insurance, home insurance, and other general insurance products |
| Customers | Over 5 million |
| Claim settlement ratio | 95.4% (FY 2021-22) |
| Number of claims settled | 1 million (FY 2021-22) |
| Average claim settlement time | 25 days |
| Network of garages | 2,500+ |
| 24/7 emergency assistance | Yes |
Kotak Car Insurance
Established in April 2015, Kotak Car Insurance has over 1.1 crore customers. With 4000+ network garages, the company has a 98% claim settlement ratio.
| Metric | Data |
|---|---|
| Company name | Kotak Mahindra General Insurance |
| Headquarters | Mumbai, India |
| Founded | 2002 |
| Customers | Over 5 million |
| Claim settlement ratio | 96.8% |
| Number of claims settled | 1.1 million |
| Average claim settlement time | 23 days |
| Network of garages | 3,000+ |
| 24/7 emergency assistance | Yes |
Bajaj Allianz Car Insurance
Bajaj Allianz is a customer-focused company that was founded in 1926. Customers of Bajaj Allianz can receive roadside assistance around the clock. With a 99% claim settlement rate, the business guarantees its clients receive what they require.
| Metric | Data |
|---|---|
| Company name | Bajaj Allianz General Insurance |
| Headquarters | Mumbai, India |
| Founded | 2001 |
| Customers | Over 10 million |
| Claim settlement ratio | 96.3% |
| Number of claims settled | 1.5 million |
| Average claim settlement time | 22 days |
| Network of garages | 4,000+ |
| 24/7 emergency assistance | Yes |
Zuno Car Insurance
Established in 2016, Zuno is a trusted insurance provider in India. With a huge customer base, the company has a 98% claim settlement ratio
| Metric | Data |
|---|---|
| Company name | Zuno General Insurance |
| Headquarters | Mumbai, India |
| Founded | 2017 |
| Customers | Over 1 million |
| Claim settlement ratio | 97% |
| Number of claims settled | 500,000 |
| Average claim settlement time | 15 days |
| Network of garages | 1,000+ |
| 24/7 emergency assistance | Yes |
| Key features |
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Universal Sompo Car Insurance
Universal Sompo General Insurance began operations in India in 2008. Customers may get the finest insurance pricing, a speedy claim process, and round-the-clock service from the company, thanks to its PAN India presence. There is a 96% claim settlement ratio at Universal Sompo.
| Metric | Data |
|---|---|
| Company name | Zuno General Insurance |
| Headquarters | Mumbai, India |
| Founded | 2017 |
| Customers | Over 1 million |
| Claim settlement ratio | 97% |
| Number of claims settled | 500,000 |
| Average claim settlement time | 15 days |
| Network of garages | 1,000+ |
| 24/7 emergency assistance | Yes |
IFFCO Tokio Car Insurance
In 2000, IFFCO Tokio and Tokio Marine Asia formed IFFCO Tokio Car Insurance as a joint venture. The company has a 96% claim settlement percentage and a 4.8 customer rating.
| Metric | Data |
|---|---|
| Company name | IFFCO Tokio General Insurance |
| Headquarters | Mumbai, India |
| Founded | 2000 |
| Parent company | IFFCO (Indian Farmers Fertiliser Cooperative Limited) and Tokio Marine Group |
| Customers | Over 5 million |
| Claim settlement ratio | 96% |
| Number of claims settled | 1.2 million |
| Average claim settlement time | 25 days |
| Network of garages | 2,500+ |
| 24/7 emergency assistance | Yes |