Reliance Zero Depreciation Bike Insurance

Understanding Depreciation in Bike Insurance Policy

Due to regular wear and tear, depreciation in bike insurance means decreased bike value with time. When you raise a claim under your bike insurance for the damages caused to the bike's parts, the insurer offers coverage considering the applicable depreciation. Therefore, you will receive a lower claim payout for repairing or replacing those parts.

However, with zero depreciation add-on cover, you will get the complete repair or replacement cost without considering depreciation.

Benefits of the Reliance Zero Depreciation Bike Insurance Policy

The Reliance Zero Depreciation policy offers the following benefits under bike insurance online:

• It strengthens your basic two-wheeler insurance policy.
• You do not have to worry about the deductions you may get when raising a claim.
• The normal depreciation of your bike will not concern you anymore.
• If you have a high-end bike model with unique or expensive spare parts, this cover is more beneficial as it will enable you to get full claim amounts for getting those parts repaired or replaced.
• You must bear minimum expenses while servicing your two-wheeler after severe accidental damages.

Depreciation Rates Applied Based on the Age of the Bike

Using the table below, you can understand the depreciation rate applicable with and without zero depreciation cover:

Depreciation Rates Applied on the Different Parts of the Bike

Similarly, the depreciation rate applies to various parts of the bike. Here is a table showing the effect of zero dep cover:

Factors Affecting Reliance Zero Depreciation Cover

The foremost eligibility for purchasing the Reliance zero depreciation cover is that you must have existing comprehensive bike insurance. In addition, once you have purchased the zero dep cover as the additional benefit, you must be able to fulfil the following criteria for being eligible for claiming the cover:

• Your two-wheeler's age should be within two years.
• Your two-wheeler's brand, model, etc., should be listed under the cover.
• You can claim the cover only twice during the policy term. However, it may change per the policy wording, so kindly check it before buying.