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ICICI Lombard Zero Depreciation Bike Insurance Policy
ICICI Lombard bike insurance zero depreciation coverage stands out as a crucial add-on, also known as zero dep cover or bumper-to-bumper cover. It works well with both comprehensive bike insurance policies and standalone own-damage policies. Read on to learn more about the ICICI Lombard bike insurance zero depreciation policy in detail.
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- ICICI Lombard Zero Depreciation Bike Insurance
Understanding Depreciation in Bike Insurance
Over time, your bike naturally loses value due to wear and tear. This process is known as depreciation process. When you make a claim, bike insurance companies typically factor in this depreciation factor, reducing the overall out-of-pocket expenses.
Why Choose ICICI Lombard's Zero Depreciation Bike Insurance Add-on?
Here is how this add-on provides superior protection for your two wheeler insurance:
- Receive the Full Claim Amount: Eliminate the impact of depreciation and receive the complete cost of replacing or repairing damaged parts, no matter how old your bike is.
- Reduce Out-of-Pocket Expenses: Avoid paying for a portion of the repairs yourself. This add-on covers the entire cost of parts, especially crucial for newer bikes with expensive components.
- Ride with Complete Peace of Mind: Enjoy your rides without worrying about unexpected repair costs. This add-on cover provides financial security and peace of mind in case of an accident.
Explore Icici Lombard Bike Insurance
Depreciation Rates Applicable With and Without ICICI Lombard Add-on
Here's a clear comparison of how depreciation rates apply:
| Age of the Two-Wheeler | With Zero Dep Cover (%) | Without Zero Dep Cover (%) |
| Less than six months | 0% | Nil/NA |
| 6-12 months | 0% | 5% |
| 1-2 years | 0% | 10% |
| 2-3 years | 0% | 15% |
| 3-4 years | 0% | 25% |
| 4-5 years | 0% | 35% |
| 5-10 years | 0% | 40% |
| Over 10 years | 0% | 50% |
The rate of depreciation varies for different bike parts:
| Parts of the Two-Wheeler | Without Zero Dep Cover | With Zero Dep Cover |
| Parts of rubber or nylon or plastic | 50% | 0% |
| Parts of Fiberglass | 30% | 0% |
| Parts of Glass | Nil/NA | 0% |
Coverage Under ICICI Lombard Zero Depreciation Bike Insurance Policy
- Inclusions
- Exclusions
Here are the inclusions of ICICI Lombard zero depreciation bike insurance policy:
- Complete part replacement costs: Get full reimbursement for all eligible parts without depreciation deductions.
- Partial coverage for tyres and batteries: Receive a portion of the replacement cost for these parts.
- Comprehensive repair coverage: All repair costs for accidentally damaged parts are covered.
Here are the exclusions of ICICI Lombard zero depreciation bike insurance policy:
- Mechanical or electrical failures: Damages from breakdowns are not covered.
- Modified accessories: Accessories not included in your original policy are not covered.
- Normal wear and tear: The add-on doesn't cover damages due to everyday use.
Factors Influencing ICICI Lombard Zero Depreciation Bike Insurance Policy
- Bike's Age: Eligibility may depend on your bike's age.
- Claim Limits: There might be a restriction on the number of claims allowed.
- Damage Type: The zero depreciation add-on cover primarily covers accidental damages.
- Total Loss: The cover may not apply if your bike is declared a total loss.
FAQs – ICICI Lombard Zero Depreciation Add-on
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Q. Is this add-on suitable for all bike models?
Ans: It is generally available, but there might be exceptions. Contact the insurance provider for confirmation. -
Q. How is the premium determined for this add-on?
Ans: Factors like your bike's IDV, make and model, age, location, and your NCB are considered. -
Q. Can I cancel the add-on during the policy term?
Ans: Cancellation might be possible, but it is generally not advisable. Contact insurance provider customer service for details. -
Q. What important terms and conditions should I be aware of?
Ans: Carefully review the policy wording for details like claim limits, exclusions, and the claim process. Clarify any doubts with the insurance provider before purchasing.
Zero Depreciation Cover by Bike Insurers
Bajaj Allianz Zero Depreciation Bike Insurance
Digit Zero Depreciation Bike Insurance Policy
HDFC ERGO Zero Depreciation Bike Insurance Policy
IFFCO Tokio Zero Depreciation Bike Insurance
Liberty Zero Depreciation Bike Insurance Policy
National Zero Depreciation Bike Insurance
New India Assurance Zero Depreciation Bike Insurance
Oriental Zero Depreciation Bike Insurance
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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
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Read more^The renewal of insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for a transaction may vary subject to additional data requirements and operational processes.
^The buying of Insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for transaction may vary subject to additional data requirements and operational processes.
#Savings are based on the comparison between highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.
*TP price for less than 75 CC two-wheelers. All savings are provided by insurers as per IRDAI-approved insurance plan. Standard T&C apply.
*Rs 538/- per annum is the price for third party motor insurance for two wheelers of not more than 75cc (non-commercial and non-electric)
#Savings are based on the comparison between the highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.
*₹ 1.5 is the Comprehensive premium for a 2015 TVS XL Super 70cc, MH02(Mumbai) RTO with an IDV of ₹5,895 and NCB at 50%.
*Rs 457/- per annum is the price for the third-party motor insurance for private electric two-wheelers of not more than 3KW (non-commercial).The list of insurers mentioned are arranged according to the alphabetical order of the names of insurers respectively.Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. The 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
