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Zurich Kotak Zero Depreciation Bike Insurance
Zurich Kotak (formerly known as Kotak Mahindra) zero depreciation bike insurance policy offers the policyholders an opportunity to raise claim for the original value without the implication of depreciation factor. Usually, policyholders must pay a higher depreciation charge if the bike ages longer. Hence, the Zurich Kotak zero-depreciation add-on helps policyholders reduce the overall maintenance cost if the bike is prone to accidents.
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- Zurich Kotak Zero Depreciation Bike Insurance
Understanding Depreciation in Bike Insurance
Depreciation is one of the prominent factors in deciding your bike insurance premium. It refers to reducing the vehicle's value with time due to its usage & age. A standard bike insurance policy considers this depreciation factor while settling the claims. However, with Zurich Kotak's zero depreciation bike insurance policy, you can easily avoid the factor, and it ensures you will receive the full claim amount without implying the depreciation for the wear & tear of the bike parts.
Benefits of Zurich Kotak Zero Depreciation Bike Insurance Add-on Cover
By opting for Zurich Kotak's zero depreciation bike insurance policy or as an add-on, you can avail of the below advantages:
- Receive the entire claim amount for the parts of your bike without the effect of depreciation for both new and older bikes.
- Get comprehensive coverage for bike accessories like mirrors, bumpers, headlights, etc.
- Save your out-of-pocket expenses during a claim settlement; zero depreciation will be applied.
- This add-on or bike insurance policy is available at an affordable premium rate for bike owners. However, the claim under this applicable might have some limits during the policy period.
Depreciation Rate Applicable on Two-Wheeler With and Without Zero Depreciation Add-on
With zero depreciation cover, Zurich Kotak General Insurance Company Ltd. offers higher benefits than the comprehensive bike insurance policy without zero depreciation cover as below:
| Bike's Age | With Zero-Dep Add-on | Without Zero-Dep Add-On |
| Less than 6 months | 0% | 0% |
| More than six months but less than one year | 0% | 5% |
| More than one year but less than two years | 0% | 10% |
| More than two years but less than three years | 0% | 15% |
| More than three years but less than four years | 0% | 25% |
| More than four years but less than five years | 0% | 35% |
| More than five years but less than ten years | 0% | 40% |
| More than ten years | 0% | 50% |
Depreciation Rates Applicable As Per the Bike Parts
Depreciation rates for various bike parts under Zurich Kotak Zero Depreciation cover are as follows:
| Parts of the Bike | Bike Insurance Policy Without Depreciation Cover | Zurich Kotak Zero Depreciation Policy |
| Plastic/Nylon/Rubber Parts | 50% | 0% |
| Fiberglass Parts | 30% | 0% |
| Glass Parts | 0% | 0% |
Coverage Under Zurich Kotak Zero Depreciation Bike Insurance Policy
- Inclusions
- Exclusions
Zurich Kotak's depreciation bike policy includes the following:
- It gives comprehensive coverage to the damaged parts of your bike, like rubber, nylon, plastic, and fiberglass.
- The policy offers a full payout for repairs or replacements due to accidents.
- It offers overall protection for accessories like bumpers, headlights, and mirrors.
The Zurich Kotak Zero Depreciation Policy has the following exclusions:
- It does not cover the damages caused by mechanical or electrical malfunctions.
- Normal wear and tear due to bike usage over time is not covered.
- Some items like tyres, tubes, or fuel kits are not covered unless explicitly insured.
- Any claim related to accidents caused by driving under the influence of alcohol or drugs is excluded.
Explore Kotak Mahindra Bike Insurance
Benefits of Zurich Kotak Zero Depreciation Bike Insurance Policy
Here are the benefits associated with Zurich Kotak zero dep bike policy:
- Get the full claim amount without considering depreciation on the bike's parts, ensuring you receive the maximum value for your bike's damaged parts.
- With no depreciation on bike parts, you save on repair and replacement costs during the claim process.
FAQs – Zurich Kotak Zero Depreciation Bike Insurance
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Q. Can the Zurich Kotak Zero Depreciation bike insurance policy be purchased with an existing bike insurance plan?
Ans: Yes, the Zurich Kotak Zero Depreciation bike insurance policy can be purchased with your existing comprehensive bike insurance policy. However, you must remember that if your vehicle is old, you may not be eligible for the cover. -
Q. Is it required to renew the Zurich Kotak Zero Depreciation bike insurance policy every time I renew my comprehensive bike insurance plan?
Ans: The insurer must renew the add-on cover every time the comprehensive bike insurance policy is renewed. However, you must satisfy the zero-depreciation eligibility criteria at the time of renewal. -
Q. What are the key costs included in the Zurich Kotak Zero Depreciation bike insurance policy?
Ans: The policy provides coverage for three key costs of bike maintenance. These are depreciation charges, repair costs, and replacement costs.
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
ICICI Lombard Zero Depreciation Insurance
IFFCO Tokio Zero Depreciation Bike Insurance
Liberty Zero Depreciation Bike Insurance Policy
National Insurance Zero Depreciation Bike Insurance
New India Assurance 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
