What is the benefit of zero depreciation car insurance?
With zero depreciation coverage, the insured does not have to pay the depreciation value of the damaged or replaced parts and the policyholder can claim. It applies to vehicles that are less than 5 years old and the policyholder can avail of it twice during the policy tenure.
Which policy is best comprehensive or zero depreciation?
Comprehensive Insurance Vs Zero Depreciation
| Features | Comprehensive Policy with Zero Depreciation Add-on |
|---|---|
| Premium | Slightly more than just a Comprehensive Plan. |
| Claim Settlement | The amount will be higher as the vehicle depreciation is not considered. |
| Cost of Repair (Plastic Parts) | Covered by the insurer. |
What is the meaning of zero depreciation in car insurance?
In a zero depreciation car insurance policy, the entire claim amount is paid by the Car Insurance Company without considering the depreciation on the value of the car.
What is not covered by zero depreciation insurance?
Zero depreciation car insurance policy offers 100% coverage for all fibre, rubber and metal parts without deduction of depreciation. It does not cover engine damage due to water ingression or oil leakage. Any mechanical breakdown, oil change or consumables are also not covered in this policy.
Is TYRE covered under zero depreciation insurance?
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.
Which insurance company gives zero DEP after 5 years?
The Tata AIG Zero Depreciation add-on provides you with the following benefits: Higher Claim Amount: The zero depreciation cover helps you get a higher claim amount as it gives coverage for depreciation on rubber, fibre, plastic and nylon parts of your car.
Can I get zero depreciation insurance beyond 5 years?
Depreciation for calculating IDV However, for vehicles older than five years, or the models that are discontinued by the manufacturer, such an IDV is decided mutually by the insurance company and you, the policyholder. Thus, the cover for zero dep car insurance after 5 years is not available generally.
Is zero depreciation required after 5 years?
Yes, a zero depreciation cover is only applicable for new or cars less than 5 years old. Yes, a zero depreciation cover is only applicable for new or cars less than 5 years old.
Does IDV reduce every year in zero depreciation?
Premium of a Zero Depreciation Car Policy IDV is the maximum amount that you can claim against total damage, loss or theft of your car. Thus, the more is the IDV, the more will be the premium towards a zero depreciation add-on cover.
Can I add zero depreciation insurance beyond 5 years?
Can zero dep be after 5 years?
What is Zero Depreciation car insurance?
What is Zero Depreciation Car Insurance? A zero depreciation car insurance is a comprehensive car insurance policy, with the zero depreciation add-on cover included. This implies that your car will be devoid of its general depreciation during car insurance claims.
What is a Zero Depreciation addon cover?
A Zero Depreciation addon cover is only applicable for cars less than five years old. A Zero Depreciation only covers for the cost of your car’s part depreciation during claims and doesn’t cover for your compulsory deductibles. A Zero Depreciation addon cover cannot be opted for cars more than five years of age.
What happens if I make a single claim for Zero Depreciation?
Sometimes, even a single claim helps you recover the entire zero depreciation cover’s premium amount. A zero depreciation add-on covers all parts of your car at 100% except tyres, tubes and batteries which are covered at 50%.
What is ZeroZero-depreciation policy?
Zero-Depreciation policy is also known as “Bumper-2-Bumper” cover or “Nil Depreciation”. What is the Difference between the Two Types of Policies?