Zero Depreciation Bike Insurance In 2022
Is your bike insurance about to expire? If your answer is “yes” then you can think of buying zero depreciation bike insurance.
What is Zero Depreciation Bike Insurance?
Today you will know everything related to zero depreciation with the help of this article.Every item gets old with time, and wear and tear comes in that item while using it. In the same way, both the things apply to your bike as well. As your bike gets old, its value also decreases.
In the world of insurance, this is known as “depreciation”. You can also understand this in such a way that, the older your bike gets, the more depreciated the value of your bike will be.
If you have noticed, every year the value of your bike is reduced by the insurance company on renewing the insurance. It is reduced due to depreciation.
What is Zero Depreciation Bike Insurance?
Zero depreciation bike insurance is a kind of add-on cover to the first party insurance of your bike. Depreciation is not included when the value of your bike is calculated under this cover.
When your bike is damaged in an accident, you claim compensation for the loss to the insurance company. The full amount of the claim is paid by the insurance company.
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To quote: Suppose a friend of yours bought a bike for Rs 1,00,000. After a few months, his bike met with a road accident and it cost Rs 50,000 to repair the bike. Now your friend claimed to the insurance company that they should pay Rs 50,000, but the insurance company paid only Rs 30,000 and your friend had to pay Rs 20,000 from his pocket.
In such a situation, if your friend had bought a zero depreciation bike insurance policy, he would not have suffered a loss of Rs 20,000. The insurance company would have paid the full claim (Rs 50,000) made by your friend. With zero depreciation bike insurance policy, you get the promise of full settlement.
Is Zero Depreciation Bike Insurance Beneficial or Disadvantage?
As I mentioned earlier, zero depreciation bike insurance is an add-on cover to first-party insurance / comprehensive insurance. For every add-on cover you have to pay more than the normal premium. Taking a zero depreciation cover can increase the premium of your bike by up to 20%.
You have to pay the premium of bike insurance before the start of the insurance period. This means that if there is no damage to your bike during the insurance period, then the extra premium you paid for zero depreciation will be lost.
At the same time, if there is any small damage to your bike, then your claim amount will be much more than your extra premium and you will not have to compensate for any major loss from your pocket.
Keeping both the advantages and disadvantages in mind, you can see a big benefit from a small loss by taking zero depreciation bike insurance.
Should I get zero depreciation bike insurance?
If your bike is new or you are a new driver then you must take zero depreciation bike insurance. For many people who want to avoid damage to the bike due to road accidents, zero depreciation bike insurance is a better solution for them.
What are the things to keep in mind before buying zero depreciation bike insurance?
Here are some things to keep in mind before buying zero depreciation bike insurance:
Compare premiums of Comprehensive Bike Insurance and Zero Depreciation Bike Insurance.
How many times can you claim zero depreciation bike insurance?
Zero depreciation bike insurance does not cover your bike’s tyres, tubes, battery and oil.
If there is any small loss then do not claim.
FAQ | Frequently Asked Questions
How many times zero dip insurance can be claimed?
You can claim zero dip insurance 2 times during the policy term. By taking a bike insurance policy from Iffco Tokio, you can take advantage of unlimited claim.
What are the types of auto insurance?
There are generally 2 types of vehicle insurance:
Third Party Insurance: In this insurance, only the third party (who has nothing to do with your vehicle) gets cover for damages.
First Party Insurance: In this insurance, you get cover for damage to your vehicle and third party.
For how many years is zero dep insurance?
Zero Dep Insurance is for new vehicles. You can do zero dep insurance for your vehicles for 3 to 5 years. After this you can do first party insurance or third party insurance without zero depth cover.
What is meant by Zero Dep Insurance?
Zero Dep Insurance is a cover for your vehicles due to which depreciation is not taken into account while determining the value of your vehicle. If your vehicle is damaged in an accident, the insurance company pays the full value of the claim.
If you have any other question regarding Zero Depreciation Bike Insurance in Hindi, then you must ask by commenting below, I will try to answer your questions as soon as possible. I hope you get to learn something new from this information.