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ICICI Lombard Zero Depreciation Car Insurance

ICICI Lombard Zero Depreciation car insurance helps policyholders save on depreciation costs by offering 100% coverage at the time of claim. Under this add-on, a policyholder can claim the entire cost of replacing/repairing car parts arising from an accident. With this cover, the claim amount will not be reduced by deducting depreciation borne by the insured car and its damaged parts.

Benefits of ICICI Lombard Zero Depreciation Insurance

The value of an insured car and its parts keeps on depreciating year after year. This depreciated value (as decided by IRDAI) is deducted from the claim settlement when you raise an OD claim. However, this can be overcome with the help of a nil depreciation add-on for comprehensive car insurance. Below are some benefits of purchasing an ICICI zero depreciation add-on:

Saves Money: With the help of a zero depreciation cover, a policyholder can save a lot of money that could have been spent on paying for the depreciated value of the vehicle. Since the add-on covers the depreciation, you are not required to pay repair expenses out of your pocket.
Nominal Additional Premium: Purchasing a zero depreciation cover with an ICICI comprehensive car is also not expensive. By paying a nominal extra premium, you can cover huge expenses arising out of depreciation.
Beneficial for New Cars: The value of a new car starts to depreciate as soon as it comes out of the showroom. Paying for this depreciation may turn out to be heavy on your pocket. So make sure to buy a zero dep cover at the time of policy purchase.
Easy Claim: Raising a claim under an ICICI nil depreciation add-on is also easy. All you need to do is inform your insurer, and the company will settle your claim without hassle.

How to Buy ICICI Lombard Zero Depreciation Add-on Cover?

Follow the steps mentioned below to purchase an ICICI Lombard zero dep add-on along with your comprehensive car insurance from Policybazaar.com:

Click on the "Car Insurance" tab from the homepage
Enter your car number followed by the rest of the car details
Fill in the registration form
From the mentioned comprehensive car insurance plans, select the ICICI comprehensive policy.
Now, from the "Addons and Accessories" dropdown, select Zero Depreciation Cover.
Once you have added the cover, proceed with paying the final premium.
Once you have paid the premium, your comprehensive policy, including zero dep cover, will be mailed to you.

ICICI Lombard Zero Depreciation Car Insurance Claim Process

Here is how to raise a claim under your ICICI Lombard zero depreciation car insurance:

The first step is to intimate the insurer about the damages sustained by your car
The insurer will register a claim upon intimation.
A surveyor will now estimate the cost of damages caused to the insured vehicle.
After the survey, the four-wheeler will be sent for repairs to an authorised garage. At this time, make sure to submit all the required documents.
Once the repairs are done, the insurer will directly settle the claim with the network garage. Since the policyholder has purchased a zero dep cover, the insurer will pay the full claim amount without deducting the depreciation cost.

Documents Required for an ICICI Lombard Zero Depreciation Car Insurance Claim

To raise an ICICI zero depreciation claim, a policyholder will need the following mandatory documents:

ICICI Lombard car insurance policy document
Copy of car's registration certificate
Duly filled and signed claim form
Copy of Police FIR
Bills of repair
Estimates of repair
Copy of a valid driving licence

ICICI Lombard Zero Depreciation Car Insurance FAQs

Q1. Can I buy zero depreciation cover with ICICI third party insurance?

Ans: No, a zero dep cover cannot be purchased with third-party car insurance. It can only be purchased with a comprehensive plan.
Q2. How many claims can I raise under an ICICI zero dep cover?

Ans: If you cross the selected limit and your car sustains damages, then such damage will not be covered by your insurer. So, make sure to top up your plan as soon as you exhaust the chosen limit.
Q3. What is not covered under an ICICI zero dep car insurance policy?

Ans: A zero dep cover by ICICI General Insurance Company does not cover engine damage, replacement of tyres and tubes, driving without DL, and under the influence of alcohol.
Q4. Is having a zero depreciation cover mandatory?

Ans: No. A zero depreciation add-on is not a mandatory cover. You can also choose not to include this cover in your policy coverage as per your requirements.

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Disclaimer: The list mentioned is according to the alphabetical order of the insurance companies. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in