How Zero Depreciation Cover Affects Your Two Wheeler Insurance - Bharti AXA GI&&A good two wheeler insurance with zero depreciation cover is essential to protect your two-wheeler from risks. Here are a few points and guidelines that you must be aware of when buying a bike insurance online.&&

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How Zero Depreciation Cover Affects Your Two Wheeler Insurance

How Does Zero Depreciation Cover add value to your Two-Wheeler Insurance?

A good two wheeler insurance is essential to protect your two-wheeler from risks and to get adequate compensation in case of an accident. However, one also needs to ensure that the insurance policy takes the depreciation of the vehicle in the account. Depreciation is basically the fall in the valued price of the vehicle due to age and everyday wear and tear.

Vehicles are depreciative assets, and therefore you must opt for a two wheeler insurance policy that compensates for the reduction in the value of various parts and spares over time. One such option is Zero Depreciation Cover, which makes sure that you get full compensation for all spares and parts in case of any claim.

How Zero Depreciation cover Affects Your Two-Wheeler Insurance?

When it comes to zero depreciation cover regarding your two wheeler insurance, here are a few points and guidelines that you must be aware of:

1.Zero Depreciation Cover

  • It is also known as zero depcover or nil depreciation cover. This is an add-on cover, which can be opted for while you are opting for a two wheeler insurance policy.
  • Without a zero depreciation cover, you get full reimbursement for the claim without any deductions on any parts or spares. Otherwise, the insurance policy without this cover tends to provide you compensation only after mandatory deductions.

2.Inclusions of Zero Dep Cover

  • The cover allows the insurance policy to provide compensation in case of damage to only the rubber, plastic, fibreglass and nylon parts of your two-wheeler.
  • The depreciation rate according to common standards can be anything from 0% to 40%. However, you can still claim the full amount with a zero depreciation plan.
  • The cover can be opted for brand new vehicles. You can also avail the zero dep cover at the time of renewal of the policy.

3.Limitations

  • There are certain limits to the zero depreciation cover though. It is aimed at two-wheelers with a maximum age of 2 years only. The limit of the validity is also for up to two claims only (1 claim annually).

4.Exclusion of Zero Dep Cover

The following conditions are excluded from the zero depreciation cover:

  • Mechanical fault damages.
  • Damage to items that are not insured like tires, bi-fuel kit or gas kits.
  • Damages caused due to mechanical breakdown.
  • Also, the zero dep cover might be applicable for only select models and makes of two-wheelers. Therefore, make sure that you read your vehicle’s policy papers in a clear manner.

5.Conditions with zero dep cover

The following conditions are required for availing the zero dep cover:

  • This cover will not be applicable if the vehicle has been damaged in its entirety.
  • There will be no additional compensation if the two-wheeler has been lost.
  • As mentioned before, zero depreciation offers you a cover for only two times during the policy term.
  • In order to avail the benefits of zero depreciation cover, the insured two-wheeler should be taken to a workshop offering this service.
  • However, these conditions might slightly vary from insurer to insurer. Therefore, you need to read the terms and conditions of the cover very carefully and inquire at the insurance company if you have any doubts.

6.Benefits of a zero depreciation cover

The following perks can be gained by availing a zero dep cover with your two-wheeler insurance:

  • It promises compensation for pre-defined parts and spares without factoring in any depreciation.
  • Adds more value to the insurance policy by making sure that you need not make any investment on your end.
  • It also helps reduce your out of pocket expenses while filing for claim settlement as you need not pay anything upfront.

Many say that depreciation cover is more necessary for learning or new drivers as they are most likely to hit the vehicle or get a few scratches and dents. But zero depreciation can cover a lot more than that. Therefore, it is an advisable investment and addition to your two-wheeler insurance.