New India Assurance Zero Depreciation Bike Insurance

Understanding Zero Depreciation Add-on Cover in Bike Insurance

A zero depreciation add-on cover enhances the coverage of a standard bike insurance policy. It provides coverage to the insured bike without considering depreciation on its value. However, the zero depreciation add-on cover can be purchased only on payment of an extra premium amount.

Benefits of New India Assurance Zero Depreciation Add-on Cover

The New India Assurance zero depreciation add-on cover enables the policyholder to strengthen their two-wheeler insurance policy. Some of the benefits of buying a New India Assurance zero depreciation bike insurance policy are:

• Coverage for Repair and Replacement of Bike Parts: The premium for zero depreciation cover is affordable and it is lower than the bike owner's expenses if the bike gets severely damaged. The zero depreciation bike insurance policy will help to cover the cost of replacing and repairing the ruined parts of the bikes without implying depreciation factor into it.
• Higher Claim Amount: The policyholders can claim higher amounts without deduction due to depreciation by opting for zero depreciation cover.
• Saves Money: The zero depreciation add-on cover helps the bike owner save money as their out-of-pocket expenses are reduced in case of a claim with a higher claim amount.

Depreciation Rate Applicable on Bike With and Without Zero Depreciation Add-on

The depreciation rates on a bike with and without zero depreciation are as follows:

Depreciation Rates Applicable on Bike Parts With and Without Zero Depreciation Add-on Cover

The depreciation rates on bike parts with and without zero depreciation are as follows:

Factors Affecting New India Assurance Zero Depreciation Bike Insurance Add-on Cover

The below-mentioned factors must be taken into consideration before applying for the New India Assurance zero dep bike insurance cover:

• The zero depreciation claim applies to bikes within 2 years of age.
• The claim does not include minor wear and tear on the bike that is easily repairable.
• During the policy period, the policyholder can claim zero depreciation up to a certain limit mentioned in the policy documents.
• The zero depreciation policy claims do not include the loss through mechanical or electrical breakdown of the two-wheeler.