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Oriental Zero Depreciation Bike Insurance
Vehicles have become a regular part of life for years. Just as individuals require a safety blanket, so do the vehicles. One such safety blanket is getting your vehicle insured. The Oriental zero dep bike insurance or zero depreciation two-wheeler Insurance cover provides the two wheeler with insurance and ensures that the customers can get the full coverage amount without any deduction of depreciation amount. In general, a zero depreciation cover helps the customers to not lose the claim amount due to the depreciation value of the bike parts. Further benefits and features of this cover are briefly discussed below.
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- Oriental Zero Depreciation Bike Insurance
Benefits of Oriental Zero Depreciation Bike Insurance Add-on
The zero depreciation add-on cover comes with a set of benefits that aim to ensure that the customer receives the best of the two wheeler insurance policy. The key benefits are highlighted below-
- Oriental Zero Depreciation Bike Insurance Add-on ensures full settlement of the claim amount without deduction of the depreciation value
- Another significant benefit of adding the oriental zero depreciation bike insurance add-on is that it helps the customers in saving some money. Despite what the depreciation value is, the cover will provide for repairs and replacements as per the policy terms and conditions; through this, the customer can save money that otherwise they would have had to spend on the repairs or parts replacements.
Applicable Two-wheeler Depreciation Rate with and without Oriental Bike Insurance Zero Depreciation Cover
Below is a table showcasing the rate of depreciation that would be applicable with and without a zero depreciation cover:
| Age of the Two-Wheeler | Depreciation Rate With Oriental Zero Depreciation Cover (In Percentage) | Depreciation Rate Without Oriental Zero Depreciation Cover (In Percentage) |
| Less than six months | Zero | Nil/NA |
| 6-12 months | Zero | Five |
| 1-2 years | Zero | Ten |
| 2-3 years | Zero | Fifteen |
| 3-4 years | Zero | Twenty-five |
| 4-5 years | Zero | Thirty-five |
| 5-10 years | Zero | Forty |
| Over 10 years | Zero | Fifty |
Below is a table showcasing the rate of depreciation as applicable on the insured two-wheeler parts:
| Parts of the Two-Wheeler | Depreciation Rate without the Oriental Zero Depreciation Cover | Depreciation Rate with Oriental Zero Depreciation Cover |
| Parts of rubber or nylon or plastic | Fifty | Zero |
| Parts of Fiberglass | Thirty | Zero |
| Parts of Glass | Nil/NA | Zero |
Factors that affect Oriental Zero Depreciation Bike Insurance Add-on Cover
Oriental Zero Depreciation Two-wheeler Insurance Add-on has a set of predetermined factors that can potentially affect whether the customer can or cannot get the full benefits of the add-on. Such factors are briefly discussed below-
- Age of the two-wheeler
The two-wheeler's age is not supposed to be over two years. - Number of set claims
Customers who avail of this add-on can file claims twice during the policy term - Repairs and replacement of parts
Repairs and replacements expenses that occur due to the usage of the two-wheeler are not covered, i.e., the general maintenance that happens - for instance, a punctured tyre. - Limits of claim coverage
Customers would not be receiving any coverage if and when the two-wheeler is entirely at a loss, i.e., the presence of total electrical and mechanical breakdown of the two-wheeler.
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FAQs
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Q1. Is zero depreciation add-on cover beneficial for two-wheelers?
Yes, it is beneficial to add a zero depreciation cover to a two-wheeler policy. The add-on helps the customers by reducing plausible financial spending over the expensive bike parts that are subject to depreciation.
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Q2. How can I buy Oriental zero depreciation add-on cover?
It is relatively easy to add the Oriental zero deprecation bike Insurance add-on cover to an existing bike insurance policy. It can be done by visiting the insurance provider's branch office or through their official website. For further help, you can call the Policybazaar’s helpline number.
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Q3. If the damage to the two-wheeler occurs outside scope of geographical area, will the damage be covered by the Oriental zero dep bike insurance policy?
Under the zero depreciation cover, damages that occur in a specified geographic area would be covered. Any damages that happen outside this set location will not be covered. This is similar for policies with the zero depreciation add-on and policies that do not have the add-on.
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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
