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TATA AIG Zero Depreciation Bike Insurance Policy
The TATA AIG Zero Depreciation bike insurance policy ensures that you receive the entire claim payout amount without any deduction for depreciation. This valuable add-on cover protects you from bearing the cost of your bike's natural wear and tear when making a claim, ensuring a higher payout and significant savings on repairs.
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- Tata AIG Zero Depreciation Bike Insurance
Understanding Depreciation in Bike Insurance
Depreciation in bike insurance policy acknowledges the decrease in your bike's value over time due to regular use and inevitable wear and tear. Bike insurance companies typically factor in depreciation when calculating claim payouts, leaving you to cover a portion of the repair expenses.
Benefits of TATA AIG Zero Depreciation Bike Insurance Add-on
Choosing the TATA AIG Zero Depreciation add-on provides optimal financial protection for your bike insurance. Here's how it benefits you:
- Maximize Your Claim Settlement: By eliminating depreciation from the payout calculation, this add-on maximizes your claim payout amount. You'll receive the full cost of replacing or repairing damaged parts in an accident, regardless of their age.
- Minimize Repair Costs: The TATA AIG Zero Depreciation add-on significantly reduces your financial burden during repairs by covering the entire cost of parts. This is especially advantageous for newer bikes with expensive spare parts of the bike.
- Enjoy Worry-Free Riding: With comprehensive coverage for repair costs, you can ride with confidence and peace of mind. This add-on eliminates the stress of unexpected expenses in the event of an accident.
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Applicable Depreciation Rate With and Without TATA AIG Bike Insurance Zero Depreciation Cover
The table below illustrates the depreciation rates applied with and without the TATA AIG Zero Depreciation cover according to the age of the two-wheeler:
| Age of the Two-Wheeler | Depreciation Rate With TATA AIG Zero Dep Cover (%) | Depreciation Rate Without TATA AIG Zero Dep Cover (%) |
| Less than six months | 0% | Nil/NA |
| 6-12 months | 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% |
| Over 10 years | 0% | 50% |
Here's how depreciation rates vary for different bike parts with and without the TATA AIG Zero Depreciation cover for different parts of the two-wheeler:
| Parts of the Two-Wheeler | Depreciation Rate without TATA AIG Zero Dep Cover | Depreciation Rate with TATA AIG Zero Dep Cover |
| Parts of rubber or nylon or plastic | 50% | 0% |
| Parts of Fiberglass | 30% | 0% |
| Parts of Glass | Nil/NA | 0% |
Coverage Under TATA AIG Bike Insurance Policy with Zero Depreciation Cover
- Inclusions
- Exclusions
Here's what the TATA AIG Zero Depreciation add-on covers:
- Full Replacement Cost: Receive complete reimbursement for the cost of replacing parts like nylon, rubber, plastic, and fiberglass, with no deduction for depreciation.
- Extensive Repair Coverage: The add-on covers all repair costs for parts damaged due to an accident.
- Partial Coverage for Tyres and Batteries: Get coverage for a portion of the replacement cost for parts like tyres and batteries, which are typically subject to depreciation.
Here's what the TATA AIG Zero Depreciation add-on doesn't cover:
- Mechanical or Electrical Failures: Damages resulting from mechanical or electrical breakdowns are excluded.
- Normal Wear and Tear: The add-on doesn't cover damages attributed to the bike's everyday use and wear and tear.
- Modified Accessories: Any accessories or modifications not included in your original policy, such as custom parts or performance enhancements, are not covered.
Factors Affecting TATA AIG Zero Depreciation Bike Insurance Add-on Cover
The below factors explained below affects the TATA AIG zero dep bike insurance add-on cover:
- Bike's Age: Generally, bikes older might not be eligible for this add-on. However, as a bike owner, it check the age limit before buying this bike insurance add-on cover.
- Claim Limits: There could be restrictions on the number of claims allowed under the zero depreciation cover during the policy term. Review the policy details carefully.
- Damage Type: The add-on primarily covers accidental damages, not those caused by regular use or lack of maintenance.
- Total Loss: In cases where the bike is declared a total loss, the zero depreciation cover may not apply.
FAQs – TATA AIG Zero Depreciation Add-on Cover
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Q. Will the zero depreciation cover affect my No Claim Bonus (NCB)?
Ans: No, making a claim under the zero depreciation add-on will not affect your accumulated No Claim Bonus. You can still enjoy the benefits of your NCB discount at the time of policy renewal. -
Q. Can I add the zero depreciation cover to my existing TATA AIG bike insurance policy?
Ans: Yes, you can buy the zero depreciation cover to your existing TATA AIG bike insurance policy at the time of renewal. However, it's best to confirm with TATA AIG customer service to ensure your policy is eligible. -
Q. Is the TATA AIG zero depreciation add-on worth the extra cost?
Ans: Absolutely! While the add-on slightly increases your premium, the benefits far outweigh the cost. It provides significant financial protection and peace of mind, especially for new and expensive bikes.
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
