Zero Depreciation Bike Insurance Cover | Buy Zero Depreciation Add on Online (2024)

FAQs

What is covered in zero depreciation bike insurance? ›

A zero depreciation bike insurance offers comprehensive insurance on the bike without considering the depreciation of the bike/scooter. If your vehicle gets damaged due to an unforeseen event like fire, theft, storm, earthquake, etc., you will get the repair amount without considering any bike depreciation.

You have to pay an additional premium on your comprehensive insurancec policy to get this add-on. Under zero-dep insurance cover, you can make up to two claims in a policy year. When filing a claim under a zero-depreciation policy, you need to pay the applicable compulsory deductible.

Zero Depreciation. An add-on which gives you complete cover on any body parts of the car excluding tyres and batteries. Insurer will pay entire cost of body parts, ignoring the year-on-year depreciation in value of these parts. 24x7 Roadside Assistance.

Own damage insurance vs zero depreciation car insurance. You can get car insurance coverage for own damage only if you buy a Comprehensive Plan. On the other hand, you need to separately buy the Zero Depreciation car insurance add-on to get coverage against depreciation on the vehicle.

A Comprehensive type of policy is considered as the best insurance policy for bike because of its coverage. It covers the mandatory Third-party Liability Insurance as well as Own Damage. You can also go for appropriate Add-ons to strengthen your policy.

Comprehensive insurance covers damage to your vehicle caused by accidents, theft, natural calamities, etc., by calculating the depreciated value for parts. Whereas zero depreciation is an add-on that gives you the full cost of new parts, without considering depreciation.

Generally, the zero-depreciation add-on is no longer applicable after the age of the car passes five years. Though some insurers do offer the benefit for up to the age of seven years. However, there is no general rule fixed on limitation of such cover.

Thus, a zero depreciation cover is highly beneficial for all car insurance buyers. Please note that Zero depreciation cover is also popularly known as a bumper-to-bumper cover or nil coverage, so these terms are often used interchangeably.

Generally, to recover the cost of depreciation, you must repair or replace the damaged item, submit the invoices and receipts with the claim, and provide copies of the original claim forms. Every insurance company has its own procedures for such claims, so a chat with a representative will be needed.

Yes, adding zero depreciation to a comprehensive car insurance policy is totally worth it. It acts as an added benefit. From comprehensive to 'bumper-to-bumper,' everything gets covered.

What happens when depreciation is zero? ›

In such a case, the operating profits of a company will increase because no depreciation expenses will be recognized. Whenever the asset is no longer used by a company or is sold, the asset is removed from the company's balance sheet.

A zero depreciation cover is applicable for cars that are less than five years old. Therefore, whether your car is a new one or an old one, you can get a zero depreciation car insurance cover for it as long as the age of the car is not in excess of five years.

A Zero Depreciation Cover is an add-on that offers the complete claim settlement amount as and compensates for the repair and replacement of depreciable bike parts. A comprehensive insurance policy is a motor insurance plan that offers own-damage cover, third-party cover and personal accident cover to the owner-driver.

A zero depreciation cover does not protect the car from damage to its engine through oil leakage or water ingression. Standard wear and tear to cars and car parts such as clutch plates, tyres, bearings, etc. are not covered under nil depreciation insurance.

Insured Declared Value, or IDV for short, is the maximum amount for which your bike can be insured. This is the sum insured payable in case of the total loss of the two wheeler or an unrecoverable theft.

What is No Claim Bonus (NCB) in Bike Insurance? NCB or No Claim Bonus is a discount or savings on premiums offered to a bike owner by motor insurance companies if the owner had not made any claims during the policy period. In case of the insured's death, the NCB benefit is granted to the policyholder's nominee.

Insured Declared Value, or IDV for short, is the maximum amount for which your bike can be insured. This is the sum insured payable in case of the total loss of the two wheeler or an unrecoverable theft. In other words, Insured Declared Value is the current market price of your bike.

What is an own-damage bike insurance policy? As stated above, an own-damage bike insurance policy covers damages or losses caused to the insured vehicle. This includes damages caused due to accidents or natural calamities, such as earthquakes, floods, etc.

The minimum mandatory liability insurance requirements include the following: $15,000 for one injured person. $30,000 total per accident for two or more people who are injured. $5,000 in property damage.