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Shriram Zero Depreciation Bike Insurance Policy
The Shriram zero depreciation bike insurance policy guarantees a policyholder gets the entire coverage amount without implying a depreciation amount. By eliminating the depreciation factor, this add-on cover helps customers avoid paying for their bike parts' age-related wear and tear during claim settlements. This means you receive a higher claim payout and save money on repair costs.
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- Shriram Zero Depreciation Bike Insurance
Understanding Depreciation in Bike Insurance
Depreciation in bike insurance refers to the reduction in the bike's value due to regular usage, causing wear and tear. In such cases, the bike insurance company applies depreciation when calculating the claim payout amount. This means you must pay out of pocket for some of the repair costs.
Benefits of Shriram Zero Depreciation Bike Insurance Add-on
The Shriram Zero Depreciation add-on cover ensures you receive the maximum claim amount for your bike insurance. Here are the key benefits:
- Higher Claim Amount: This add-on eliminates the depreciation factor from your claim settlement, resulting in a significantly higher payout. You'll receive the full cost of replacing or repairing damaged parts without any deductions for age-related wear and tear.
- Reduced Financial Burden: By covering the full cost of parts, the Shriram Zero Depreciation add-on minimizes your out-of-pocket expenses during repairs. This is particularly beneficial for newer bikes where the cost of parts can be high.
- Peace of Mind: Knowing that you're fully covered for the actual cost of repairs provides valuable peace of mind. You can ride confidently, knowing that you won't face unexpected expenses in case of an accident.
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Applicable Depreciation Rate With and Without Shriram Bike Insurance Zero Depreciation Cover
Check the below table to understand the applicable depreciation rate with and without Shriram zero depreciation bike insurance cover:
| Age of the Two-Wheeler | Depreciation Rate With Shriram Zero Dep Cover (%) | Depreciation Rate Without Shriram Zero Dep Cover (%) |
| 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 |
Check the below table to understand the applicable depreciation rate with and without Shriram zero depreciation bike insurance cover, according to the parts of the two-wheeler:
| Parts of the Two-Wheeler | Depreciation Rate without Shriram Zero Dep Cover | Depreciation Rate with Shriram Zero Dep Cover |
| Parts of rubber or nylon or plastic | Fifty | Zero |
| Parts of Fiberglass | Thirty | Zero |
| Parts of Glass | Nil/NA | Zero |
Coverage Under Shriram Bike Insurance Policy with Zero Depreciation Cover
- Inclusions
- Exclusions
Here's what's covered under the Shriram Zero Depreciation add-on:
- No Depreciation on Parts: You'll receive full compensation for replacing or repairing parts like nylon, rubber, plastic, and fiberglass without any depreciation deduction.
- Comprehensive Coverage: The add-on covers the costs of repairs or replacements for parts damaged in an accident.
- Partial Coverage for Batteries and Tyres: Even for parts like batteries and tyres, where depreciation typically applies, you'll receive coverage for a portion of the replacement cost.
Here's what's not covered under the Shriram Zero Depreciation add-on:
- Mechanical Breakdown: Damages resulting from mechanical faults or failures are not covered.
- Wear and Tear: The add-on doesn't cover damages caused by normal wear and tear.
- Uninsured Items: Any accessories or modifications not included in your base policy, like bi-fuel kits or non-standard tyres, are not covered.
Factors Affecting Shriram Zero Depreciation Bike Insurance Add-on Cover
- Age of the two-wheeler: Typically, the two-wheeler should not be older than two years to be eligible for this add-on.
- Number of claims: There might be a limit on the number of claims you can make under the zero depreciation cover during the policy period. It's essential to check the policy terms and conditions.
- Repairs and replacement of parts: The add-on usually covers damages due to accidents, not regular wear and tear or maintenance.
- Limits of claim coverage: The zero depreciation cover might not apply in cases of total loss of the vehicle or specific types of damages.
FAQs – Shriram Zero Depreciation Add-on Cover
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Q. Is zero depreciation add-on cover beneficial for two-wheelers?
Ans: Yes, it offers significant financial protection by covering the full cost of parts replacement or repair, saving you from potentially high expenses. -
Q. How can I buy Shriram zero depreciation add-on cover?
Ans: You can purchase the Shriram zero depreciation add-on cover online through the Shriram General Insurance website or by contacting customer service. You can also buy online through Policybazaar.com for the best deals at the most affordable premium rates. -
Q. What is not covered under the Shriram zero depreciation add-on?
Ans: The add-on typically doesn't cover damages due to normal wear and tear, consequential damages, mechanical breakdowns, and damages occurring outside the specified geographical area. It's crucial to read the policy wording carefully to understand the exclusions.
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 Bike Insurance Policy
IFFCO Tokio Zero Depreciation Bike Insurance
Liberty Zero Depreciation Bike Insurance Policy
National 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
