The benefit will extend to all other parts and you will have to spend almost nothing on the replacement of your bike parts. Terms & Conditions. Simply put, zero depreciation coverage is the margin that gives you insulation from the amount of depreciation that is deducted when an insurance claim is recorded. A comprehensive motor insurance policy covers the cost of damage or losses occurred to your insured vehicle as well as the damage caused to a third party in an accident. It brings down your out-of-pocket expenses to a minimum. The zero depreciation covers the components like rubber, glass, fiber, nylon, and plastic. Get a Zero Depreciation Bike Insurance Quote. If you don’t have a zero depreciation cover currently, you can include it during your renewal too. Before buying Zero depreciation insurance keep these factors in mind, The premium of such a policy is slightly higher than the normal standard policy. 'I know my Registration number' : 'Don’t know Registration number? Zero depreciation is an add-on on your regular car insurance. Along with comprehensive insurance policy, you can opt for various add-on covers such as zero depreciation and , roadside assistance . This cover is not applicable for bikes that are more than 5 years old. Zero depreciation cover helps make sure you get the entire sum assured while making claims, unaffected by the current market value of your bike. Disclaimer - 97% Claim settlement ratio - time period: Oct'19 to Mar'20. These conditions may vary based on the insurer. A Zero Depreciation Add-on is extra coverage that you can avail along with a Comprehensive Two-wheeler Insurance policy. Amount of compensation for depreciable bike parts i.e nylon, rubber, fibreglass and plastic parts. With passage of time, the value of your two-wheeler goes through certain amount of reduction which is known as depreciation. The policyholder gets the following benefits with a zero-depreciation add-on cover. 1350 (assumed cost of premium), you can get a zero depreciation add-on by spending an extra amount of Rs. The zero depreciation, insurance offers settlement coverage without considering the rate of depreciation while in comprehensive insurance policy, the claim amount is given on the current value of the vehicle which includes the rate of depreciation. As the vehicle gets old, the value of the parts already depreciates. We’ll need your email address to let you know when we arrive. How to use a bike insurance calculator to calculate the premium of Zero Dep Bike Insurance? In a standard two wheeler insurance plan, the rate of depreciation in parts ranges from 25% to 50%, which to be borne by the insured. In case of damage due to an accident, the two-wheeler must be repaired in network garages that has partnered with the insurer. While Rohan bought a comprehensive motorcycle insurance policy for his bike, Rahul also bought a zero depreciation add-on cover. It is important to know what zero depreciation in car insurance and bike insurance is, as this add-on plays a crucial role at the time of claim settlement. This zero-depreciation add-on will cover all components of your bike, even those made of plastic, rubber, nylon or fiberglass. Depreciation rates vary according to different parts of the car. Some of you may wonder if zero depreciation insurance is the same as comprehensive bike insurance. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products. AP Transport and Vehicle Registration Process, How to Calculate Two Wheeler Insurance Premium In India, Questions to Ask When Buying Used Motorcycle, How Depreciation Affects Two Wheeler Insurance, No Claim Benefits in Long Term Bike Insurance, Top Reasons Why Two Wheeler Insurance Claims are Denied, How to Calculate Two Wheeler Insurance Premium. Listed below are some of the advantageous reasons why you need a zero depreciation bike insurance rider:-Helpful for a New Vehicle. It is very important that you read the policy wordings carefully and understand the conditions associated with each cover. Now if you buy a comprehensive insurance policy for Rs. Now if the replacement of your motor part costs you around Rs.3000-5000, you get to save a considerably high cost in comparison to the extra premium you pay for a nil depreciation cover. Do enquire with your insurance provider to know more about the terms and conditions for zero depreciation cover. It can be opted with a comprehensive as well as a standalone own-damage two-wheeler insurance policy. Zero depreciation bike insurance adds value to your coverage. Zero depreciation bike insurance means that the insurance company does not take into consideration the depreciation on bike or scooter parts while settling the claim. Depreciation is the decrease in the value of your bike as it gets older. However, that’s not … Amount is lower as your two-wheeler and its parts' depreciation is calculated too. This depends on how old your bike is! If the two-wheeler is completely damaged or is stolen, the zero-depreciation cover is not applicable. The cost of replacement of motor parts such as batteries, tyres and tubes, plastic and rubber components, fibre, nylon and glass materials are not fully provided for in a comprehensive insurance policy. Think of it as your bike’s very own anti-ageing cream. Also, with all major insurers offering this cover, you can save yourself a lot of hassles by purchasing a nil-depreciation cover and by paying a little extra premium. The Depreciation Rates Some parts of the vehicle depreciate faster than the others. Zero depreciation cover is also called ‘zero dep’ policy. In case of damage to the vehicle due to an accident or a road mishap, the costs of repairs can also prove to be expensive. Eligibility to avail Zero Depreciation Cover In most of the motorcycle insurance policies, only new vehicles are eligible for zero depreciation add-on. This zero-depreciation add-on cover is designed for bikes with a maximum age of up to 2 years and is valid for up to 2 claims during the period of the policy. Standard rates of zero depreciation bike insurance are as follows: Difference in the Repair Cost to be born by a policyholder based on the type of policy: As you can see in the above table, the premium paid on the comprehensive insurance policy is lower than that of the zero depreciation motor insurance policy. It provides 100% depreciation coverage for all the parts of your two-wheeler except tyres, tubes and batteries which are covered at 50%. This Page is BLOCKED as it is using Iframes. enter valid registration number, {{(bikeCtrl.isDontKnowRegNum || bikeCtrl.bikeLocalStorageValues.vehicle.isVehicleNew) ? The zero depreciation cover is specifically earmarked for bike/two-wheeler which is not older than two years. The zero depreciation cover is an add-on that covers the complete cost of bike without factoring in for depreciation. Several factors affect your Zero Dep premium including the age of your vehicle, the make and model, and the location where you are based. Sign up for it. Any two-wheeler owner knows that normal wear and tear of the vehicle with time is unavoidable. Leaving so soon? With 24x7 roadside assistance, protect your bike with a bike insurance … We’ll need your email address to let you know when we start serving. Depreciation is based on how old your two-wheeler is. However, due to depreciation, the total cost to be borne by the vehicle owner comes to around 2,575 and they only save Rs.700 in the total repair cost. In a standard insurance, any repairs or replacement of rubber, plastic, fibreglass, and other components are partially covered by the insurance provider. Sign up for it. A zero-depreciation cover comes with the following conditions in most of the cases. Benefits of Getting the zero Depreciation Two Wheeler Insurance Rider. I agree to the  Comprehensive insurance is a type of insurance policy that protects your vehicle against any damage in addition to any third party liability in terms of death/bodily injury/property damage. One should buy depreciation insurance cover along with a motor insurance policy to get the maximum level of reimbursement during the time of claim. If you do not have a zero-depreciation cover, you can buy it along with the two-wheeler insurance or opt for it while renewing your policy. A zero-depreciation add-on cover is only applicable in a comprehensive bike insurance. In the meantime, check out these related posts: It’s human nature. Zero depreciation cover comes with a cost, around 20% more than your standard two wheeler insurance cover. However, when a person purchases zero depreciation bike insurance, the insurer can’t deduct the depreciation amount and must pay a higher cover amount. What is Third Party Two Wheeler Insurance? For example – if your bike was involved in an accident and suffered extensive damage due to collision and if you have a zero depreciation cover the insurance provider will cover the entire cost of the loss. 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