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Customer RatingsZero Depreciation Bike Insurance
Zero depreciation bike insurance means that the insurer does not consider the bike's or the scooter's depreciation. Your bike's Insured Declared Value (IDV) is as good as a new vehicle. 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. To sum it up, zero dep insurance for bikes ensures a better claim for the bike's damages and reduces your out-of-pocket expenses to a minimum.
Before we get to zero depreciation bike insurance, we should first understand what depreciation in bike insurance means. This depreciation means that the value of the parts on your bike is reducing with time. When you buy a new bike for, let's say, Rs 1 Lakh, the bike's value after two years might be Rs 70,000. But with a zero depreciation bike insurance cover, the bike's value will not reduce over time, and you will get the entire claim amount as if the bikes were new.
Types of Bike Insurance Plans
There are three main types of two-wheeler insurance coverage. You should select the option most appropriate to your needs: -
Bike Insurance with Zero Depreciation V/S Without Zero Depreciation
Zero depreciation cover shows that IDV in Bike Insurance is as per the actual value of the vehicle. No depreciation is charged with zero depreciation cover. This means that you can claim the full amount as per actuals without considering the depreciation
of the spare parts. If you do not purchase a zero depreciation cover come on the insurance company will charge depreciation on the spare parts and charge you for that.
The table below will help you differentiate between bike insurance
with zero depreciation and without zero depreciation add-on cover.
| Zero depreciation cover | Without zero depreciation cover |
| Premium amount is higher as depreciation amount will not be covered at the time of the claim. | Premium amount is lower as the insurance company can account for the depreciation of the bike/two-wheeler. |
| Depreciation of the parts is not considered. | Depreciation of the parts is considered. |
| The age of the two-wheeler will not have any impact on the claim amount. | The age of the vehicle will have an impact on the claim amount. |
Benefits of Zero Depreciation Bike Insurance Policy
Some of the benefits of zero dep insurance for bike are:-
1. Maximize the claim amount after factoring in the compulsory deductibles.
2. Minimize out-of-pocket expenses.
3. Extra cover on your existing policy.
4. Save
money on your insurance.
5. Don't worry about lower claim amounts.
6. Even expensive spare parts will be covered, and if your bike is a premium bike, zero depreciation bike insurance will get you the maximum claim amount
for your expensive spare parts.
You should read the insurance documents carefully to understand all the inclusions and exclusions. But generally speaking, zero depreciation bike insurance provides higher claim eligibility as your
IDV value increases.
Inclusion & Exclusions of Zero Depreciation Bike Insurance
Full Claim Amount
With zero depreciation bike insurance, the policyholder will get full claim amount as the IDV value is the highest. The insured person will only have to pay voluntary deductible.
Coverage for Spare Parts
By buying zero depreciation add on cover you get full coverage for depreciable bike spare parts like rubber, nylon, fibreglass, plastic parts, etc.
Top–Up
If you don't buy a zero depreciation cover, you can purchase it as a top-up as well with your standalone own damage policy or comprehensive bike insurance policy.
Older Bikes
Zero depreciation add on cover is not available for bike older than 5 years.
Wear & Tear
Zero Dep bike insurance does not pay for wear and tear of the bike parts. It also does not cover cost for mechanical breakdown of the vehicle.
Illegal Riding
Zero dep will not apply if you claim for two-wheeler damage for cases like driving without a licence and driving under the influence of drugs or alcohol.
Things to Keep in Mind Before Buying A Zero Depreciation Cover
Here are following points to consider before buying a zero depreciation cover for your bike insurance:
• Zero depreciation add-on cover is not applicable, in case your two-wheeler is completely damaged or stolen
• With zero depreciation bike insurance add-on cover helps you get high amount of claim without being impacted by the depreciation value of the bike or any of its parts.
• The bike should not be more than five years old.
• Damage due to mechanical breakdown is not covered under zero depreciation add on cover.
How to Purchase Zero Depreciation Add-On Cover?
You can purchase zero depreciation add on cover in following ways:
Step 1: Click on the bike insurance on HDFC ERGO’ s website home page and fill in the details, including your bike registration number and then click on get quote.
Step 2: Choose comprehensive cover or standalone own damage cover.
Step 3: Choose zero depreciation add-on cover along with other riders like emergency roadside assistance cover, no claim bonus protection, etc
Step 4: You can now view your bike insurance premium and buy the policy online by paying through payment gateway system. The policy will be mailed on your registered email ID.
Other two-wheeler insurance add-ons
The add-ons are:-
Consumables cover
It provides the insurance cover for two wheeler insurance. The consumables items like lubricants, grease, engine oil, oil filter, brake oil, etc., are covered.
Roadside assistance
If your bike breaks down, roadside assistance can help you to get your bike started again or tow away the bike and drop you at your destination.
Key loss cover
The Key loss Cover is an add-on which provides coverage for the cost of replacement of the insured car's key if the key is lost or stolen. It also compensates for the cost incurred in repairing the lock-set if it gets damaged.
Passenger Assistance Cover
This cover is for the pillion passenger in case of an accident. If the pillion passenger is disabled or dies in an accident, the cover will help financially.
Engine safe cover
If the engine breaks down, the safe engine cover will help you to repair your engine at no extra cost. Engine safe cover protects the insured against loss or damages to the bike's engine due to lubricating oil leakage, water ingression or physical damages to the gearbox.
Loss of personal belongings
If personal belongings are stolen, this cover is helpful. With this add-on cover, you get insured for the loss of any personal belongings that were kept locked inside the vehicle.
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