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Consumable Cover Add-on in Commercial Vehicle Insurance

The Add-on of Consumable Cover in Commercial Vehicle Insurance ensures that the insurance company compensates the policyholder for the cost incurred for consumables in the insured vehicle. You can avail the benefit of this add-on by paying an additional amount as premium.  

Details of the cover is given below.

It needs to be mentioned here that the add-on of Consumable Cover is offered on for all the three types of vehicles which fall under the commercial vehicles category.

Note: Consumable Cover add-on in Commercial Vehicles has been filed as Digit Commercial Vehicle Package Policy – Consumable Cover with Insurance Regulatory and Development Authority of India (IRDAI) with UIN number IRDAN158RP0002V01201819/A0042V01201920 (Passenger Carrying Vehicles), IRDAN158RP0001V01201819/A0034V01201920 (Goods Carrying Vehicles), and IRDAN158RP0003V01201819/A0051V01201920 (Miscellaneous and Special Types of Vehicles). 

What’s Covered Under Consumable Cover Add-on for Commercial Vehicles?

Consumable Cover add-on offers the following coverages:

The add-on cover makes sure that the insurer compensates you for the costs of replacement/replenishing costs of consumables with new one in the event of partial loss to the insured vehicle/or it’s accessories arising out of any peril cover in the base policy section I – Own Damage.  

It must be mentioned here that consumables mean any substance of the insured vehicle which is not damaged in Accident and has a limited life or has been consumed completely/partially during their usage and is deemed unfit for reuse and need replacement. This includes engine oil, gear-box oil, coolant, bolts, screw nut, oil filter, rivets, etc.

What is not covered?

In addition to the general exclusions listed under the vehicle insurance (Base Policy). We shall not be liable to pay any claim whatsoever under this cover in the event of the following: 

  • No claim will be entertained if the vehicle insurance policy is not valid. 

  • The insurer is not liable to pay where the own damage claim made by you under the vehicle insurance policy is not payable/admitted.

  • Claim made for total loss or constructive total loss of the insured vehicle is not payable by the insurer.

  • Claim filed for loss which is covered under any other type of insurance policy/cover.

  • No claim will be registered if the opportunity to inspect the damage/loss is not provided to the insurer before commencement of repair.

  • Claim for consumables pertaining to any part/sub part/ accessories not approved for replacement under the vehicle insurance policy.

  • If the loss is notified after 30 days of the incident, the insurer is not liable to pay for the claim. However, they can at their own discretion condone the delay in notification of claim on merits based on the reason for delay furnished by you in writing. 

Disclaimer - The article is for informational purposes, collected across the internet and with respect to Digit’s Policy Wordings document. For detailed coverage, exclusions, and conditions about Digit Commercial Vehicle Package Policy - Consumable Cover (UINs: IRDAN158RP0002V01201819/A0042V01201920, IRDAN158RP0001V01201819/A0034V01201920, and IRDAN158RP0003V01201819/A0051V01201920) go through your policy documents carefully.

FAQs about Consumable Cover Add-on in Commercial Vehicle Insurance