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With time, the value of your two-wheeler (like any other tangible asset) decreases. This is known as depreciation. Although buying a two-wheeler can be a solid monetary investment, it is nevertheless prone to mishaps— road accident and disasters (natural or man-made). This further leads to an increase in expenses for the repair and replacement of damaged parts of your vehicle. To protect you from these damages, a two-wheeler insurance is a must. The advantage here is that most two-wheeler insurance companies offer add-on covers like the zero-depreciation cover which compensates for the depreciated value. Depreciation in a tangible asset’s value is a financial loss for the individual.
Understanding Zero Depreciation Cover
Let’s take the following situation as an example. Ravi has met with a road accident while riding on his motorbike. However, he is protected by a two-wheeler insurance policy. He files for an insurance claim for the same, but to his disappointment, he gets a compensation which is 40% lesser than the actual amount he expects. On asking his insurer, he realized that a standard two-wheeler insurance policy does not provide for the depreciation amount. This means that Ravi received compensation as per the current market value of the two-wheeler. Had Ravi also purchased a zero-depreciation cover as an add on (at the time of buying his bike) he would have received the full amount without any deductions. This means that the insurance provider would have compensated Ravi for the value of depreciation. Under zero depreciation cover, depreciation is considered for claim payment by all insurance companies.
A zero depreciation cover is applicable when you buy a new policy and at the time of renewal of an already existing policy.
Terms and Conditions Under a Typical Zero Depreciation Cover
Make sure to thoroughly understand the terms and conditions of the policy and in case of any doubts, clarify with your insurer. The following conditions fall under a zero-depreciation cover-
Talk to your insurance company to completely understand the terms and conditions at the time of buying an add-on zero depreciation cover.
Benefits of Zero Depreciation Cover
You can avail the following benefits from a zero-deprecation cover:
Save yourself from the hassle of paying huge amounts while making claims or paying for the repairing cost of your two wheelers. Zero depreciation takes care of it all. Make sure to buy two-wheeler insurance online or renew the same from Bharti AXA, today.
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