Zero Depreciation Bike Insurance

What is Zero Depreciation Bike Insurance?

Zero depreciation bike insurance means that the insurance company does not consider the depreciation on bike or scooter parts while settling the claim. On the payment of additional premium, this cover offers comprehensive bike insurance coverage without determining the vehicle's depreciating value. For example, if your bike gets damaged in a road accident, your insurance company will cover all the damages or losses incurred during claim settlement.

Thus, zero dep insurance for bike ensures a better claim price for the incurred damage and helps you save money.

Benefits of Zero Depreciation Bike Insurance Policy

By opting for zero dep bike insurance cover, you can avail of the following benefits-

• Maximise the claim amount post all the compulsory deductions
• Minimises the out-of-pocket expenses at the time of raising bike insurance claims
• Enhances your existing bike insurance policy
• Helps you save more money
• Reduces the chances of lower claim amounts
• Covers the expensive spare parts of the bike

Inclusions of Zero Depreciation Bike Insurance Policy

The following are the inclusions of a 2 wheeler insurance policy with zero depreciation cover:

• Compensation for depreciable parts such as nylon, rubber, fibreglass and plastic parts.
• Compensation for the cost of replacement and repair at the time of claim settlement
• Some plans also cover partial damages to battery and tyres without calculating the depreciation

Exclusions of Zero Depreciation Bike Insurance Policy

Listed below are the exclusions of bike insurance policy with zero depreciation cover:

• Any kind of uninsured perils
• Damages caused by mechanical faults
• Routine ageing and wear and tear of the bike
• Damages caused due to illegal riding (driving without a valid licence or under the influence of drugs or alcohol)
• Damages caused to uninsured bike items such as tires, bi-fuel kit, and gas kits.

Standard Bike Insurance Vs Zero Depreciation Bike Insurance

Here is a simple comparison between standard bike insurance and zero dep bike insurance:

Things to Consider Before Buying a Zero Depreciation Bike Insurance Cover

Check out certain things that you must keep in mind before buying a zero depreciation bike insurance cover:

• You cannot avail of zero depreciation cover if your two-wheeler is stolen or damaged beyond the scope of repair or is declared as a total loss.
• Most zero dep bike insurance permits two claims in the entire policy term, but this may vary depending on the insurance company.
• You can get your two-wheelers repaired only at an available network garage to make a claim.
• The zero depreciation cover can be availed at the time of purchase as well as renewal.
• Add zero depreciation cover when buying insurance for a new bike to get better protection.
• Luxury bikes have costly parts, so zero dep cover helps save on repair and replacement expenses.
• Go through the policy documents carefully as nil depreciation without excess is available only for designated two-wheeler models.

How to Buy Zero Depreciation Add-on Cover?

The steps to purchase a zero depreciation add-on cover in a bike insurance policy through Policybazaar.com are as follows:

• Step 1: Go to Policybazaar.com and click on 'Bike Insurance' under the 'Insurance Products' menu.
• Step 2: For a new bike insurance policy, click on the 'Bought a New Bike' option or enter your two-wheeler's registration number for bike insurance renewal.
• Step 3: Compare bike insurance online from different insurance providers and choose a plan that matches your needs perfectly.
• Step 4: Select the type of coverage (comprehensive or third-party) and add 'Zero-depreciation cover' as an add-on. You can also add other bike insurance add-on covers, depending on your requirements.
• Step 5: Provide the requested details and pay the bike insurance premium online using the preferred payment method.
• Step 6: On successful payment, your policy copy will be sent to your registered email ID.