Navi Zero-Depreciation Bike Insurance Policy

Depreciation is the process of a two-wheeler's value decreasing in terms of money over time owing to variables such as age, wear and tear, etc. Due to depreciation deduction, people end up paying a significant portion of the total repair cost when filing a claim. In cases like these, Navi zero-depreciation policy will come to you rescue.

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Navi Zero-Depreciation Bike Insurance

You can buy a zero depreciation cover with Liberty comprehensive bike insurance policy. It provides coverage without taking depreciation into account. Having zero depreciation cover ensures that you get the most out of the claim, regardless of depreciation on the parts of the vehicle.

Benefits of Navi Zero-Depreciation Cover

The Navi zero depreciation add-on eliminates deduction during claim settlements. Claim can be filed for accidents and other road damages. Some other benefits are given below:

  • Higher Claim Amount:With Navi General zero depreciation cover, you can get a higher amount of claim. This is because no depreciation fee is deducted from the sum insured.
  • Saves Money: When deductions are made due to depreciation, policyholders have to pay the costs out of their pockets. This can be an unexpected expense. As the zero dep cover prevents any deduction, policyholders can save a lot of money while getting their two-wheelers repaired.

After learning about the zero depreciation coverage benefits, keep in mind that zero depreciation is an optional benefit (add-on) that may be obtained by paying a higher premium. The premiums calculated will depend on the model of the vehicle, its age, and the location of the policyholder. Also, it is important to mention that the zero-depreciation coverage will not be provided with the third-party policy. 

Depreciation Rate Applicable on Two-Wheelers with and Without Zero Dep Cover

Bike’s age

With zero-dep cover

Without zero-dep cover

Less than 6 months

0%

Nil

6 months - 1 year

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%

Above 10 years

0%

50%

 

Part of Bike

With zero-depreciation cover

Without zero-depreciation cover

Paint Work/Nylon/ Plastic Parts/ Rubber Parts

0%

50%

Glass parts

0%

Nil

Fiberglass parts

0%

30%

Facts about the Navi Zero-Depreciation Cover

Every day, depreciation takes place, lowering the market worth of every two-wheeler. Every insurance provider will take this decrease in the value of the scooter or bike into account when settling a claim. The insurance provider generally deducts the depreciation charges from the claim amount for the two-wheeler while settling a claim. But with a Zero dep cover, this is covered.

Navi Zero Depreciation comes with a few advantages if the following requirements are met:

  • The bike should not be older than three years
  • This coverage can only be used twice during the policy's lifetime
  • Repairs and replacements resulting from routine wear and tear are not covered
  • Coverage is not given if there is a total loss, electrical or mechanical breakdown of the insured's bike 

FAQs

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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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^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