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Universal Sompo Zero Depreciation Bike Insurance
The Universal Sompo Zero Depreciation bike insurance policy ensures you receive the full claim 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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- Universal Sompo Zero Depreciation Bike Insurance
What is Depreciation in Bike Insurance?
Depreciation is the natural decrease in your bike's value over time due to wear and tear. Typically, when you make a claim, bike insurance companies factor in this depreciation, reducing your payout. This means you end up paying a part of the repair costs from your own pocket.
Why Choose Universal Sompo's Zero Depreciation Add-on?
Here's how this add-on enhances your two wheeler insurance:
- Get the Maximum Claim Amount: Say goodbye to deductions for depreciation! With this add-on cover, you receive the full cost of replacing or repairing damaged parts, no matter how old your bike is.
- Reduce Your Financial Burden: Repairing a damaged bike can be expensive. This add-on covers the entire cost of parts, saving you from significant out-of-pocket expenses, especially for newer bikes with costly components.
- Ride with Peace of Mind: Knowing you are fully covered for repair costs gives you the confidence to enjoy your rides without worrying about unexpected financial burdens in case of an accident.
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Depreciation Rates Applicable With and Without Zero Depreciation Bike Insurance Add-on
Here's a clear comparison of how depreciation rates apply with and without the Universal Sompo Zero Depreciation add-on:
| Age of the Two-Wheeler | With Zero Dep Cover (%) | Without 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% |
The impact of depreciation varies for different bike parts. Here's how:
| Parts of the Two-Wheeler | Without Zero Dep Cover | With 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 Universal Sompo Zero Depreciation Bike Insurance Policy
- Inclusions
- Exclusions
- Complete part replacement costs: Get full reimbursement for replacing parts like nylon, rubber, plastic, and fiberglass, with no deduction for depreciation.
- Comprehensive repair coverage: All repair costs for parts damaged in an accident are covered under this zero depreciation cover.
- Partial coverage for tyres and batteries: Receive a portion of the replacement cost for parts like tyres and batteries, which are usually subject to depreciation.
- Mechanical or electrical failures: Damages from breakdowns are not covered.
- Normal wear and tear: The add-on doesn't cover damages due to everyday use.
- Modified accessories: Accessories or modifications not included in your original policy are not covered.
What are the Factors Influencing Universal Sompo Zero Deprecation Bike Insurance Policy?
Here are the several factors affecting Universal Sompo Zero Depreciation bike insurance policy:
- Bike's Age: There might be age restrictions for bikes to be eligible.
- Claim Limits: There could be a limit on the number of claims allowed.
- Damage Type: The add-on mainly covers accidental damages, not those from regular use.
- Total Loss: The cover may not apply if your bike is declared a total loss.
FAQs – Universal Sompo Zero Depreciation Bike Insurance Policy
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Q. Will this add-on affect my No Claim Bonus (NCB)?
Ans: No, making a claim with this add-on won't affect your NCB. -
Q. Can I add this to my existing Universal Sompo policy?
Ans: Usually, yes, but it's best to confirm with Universal Sompo. -
Q. Is this add-on worth the extra cost?
Ans: Definitely! The benefits, especially for new or expensive bikes. -
Q. How many claims can I make with this add-on?
Ans: Generally, two claims are allowed per policy year, but check your policy for specifics. -
Q. What if my bike is stolen?
Ans: This cover applies to theft claims too. You'll receive the Insured Declared Value (IDV) without depreciation deducted.
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
