Universal Sompo Zero Depreciation Bike Insurance

Universal Sompo Zero depreciation Bike Insurance covers the insured vehicle’s depreciation costs for its customers. It enables the customer to get the vehicle’s damaged parts repaired without factoring in the cost of depreciation.

Universal Sompo Bike Insurance Zero Depreciation Add on Cover

A comprehensive bike insurance policy can be enhanced with a zero depreciation add-on cover. It will help in enhancing the coverage without any deductions.

Every vehicle gets older with time due to wear and tear or any other reason. This is called depreciation which reduces the value of the two-wheeler. At the time of the claim, the insurer provides the amount after deduction of the depreciation charges. But with zero depreciation cover, the insurer pays off the entire amount during any mishap or accident without deduction.

Benefits of Universal Sompo Bike Insurance Zero Depreciation Add on Cover

Adding Zero Depreciation into a bike insurance policy has the following benefits:

• No Deduction during a Claim: Depreciation on vehicle parts is not considered at the time of claim settlement. A normal two wheeler insurance renewal would factor in the depreciation for maintenance of the two-wheeler while processing a claim.
• Claim the Total Cost of Replacement: The add-on cover includes the total cost of repair and replacement of even the depreciated parts in case of an accidental damage.  The policyholder doesn’t have to pay from his own pocket

Depreciation Rate with and without Zero Depreciation Add-on Cover

Factors that affect Universal Sompo Zero Depreciation Cover

You need to adhere to certain conditions while availing the benefits of Universal Sompo zero depreciation bike insurance cover.

The conditions include:

• The zero depreciation add-on cover is only available for two-wheelers up to the age of 5 years
• Although zero depreciation cover comes with effective benefits, it can be used only twice a year during claims
• Only major damages and repairs can be covered through the zero depreciation cover, but the minor or typical wear and tear aren’t counted in the claim settlement
• There’s no coverage if the two-wheeler has any internal issues, including electrical or mechanical breakdown