Q1. Which factors affect the premium of zero depreciation motor insurance?

Ans: The nil depreciation car insurance premium is decided based on the carâs age, make & model, IDV (Insured Declared Value), and the location you reside in.

Q2. Does my Chola MS zero dep add-on cover engine damage?

Ans: No, a zero dep add-on doesnât offer coverage for engine damages. Thereâs a separate add-on âEngine Protectâ to cover damages to the carâs engine and related components.

Q3. What is the difference between a zero dep add-on cover and standard comprehensive vehicle insurance?

Ans: Under a standard comprehensive policy, the insurer deducts the depreciation costs of the vehicle while settling a claim, which makes the policyholder bear hefty out-of-pocket expenses. On the other hand, under a nil dep add-on with comprehensive coverage, the insurer pays the full claim amount without considering the depreciation. Note that a zero dep cover is an add-on and cannot be bought separately but only with a comprehensive or own damage car insurance policy.

Q4. What is excluded from a zero depreciation add-on cover?

Ans: Zero depreciation doesn't provide coverage for the regular wear & tear of the insured vehicle, damages caused by the driver's negligence, electrical/mechanical failures, and fluid/lubricant replacement.

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Chola MS Zero Depreciation Car Insurance

A zero depreciation or nil depreciation is an add-on cover you can opt for along with your standard Chola MS comprehensive car insurance policy. With this add-on by Cholamandalam MS General Insurance Company, you can claim the entire cost of repair or replacement of your car and car parts, including their depreciation, in case of any accidental damage caused to your insured vehicle.

Benefits of Chola MS Zero Depreciation Insurance

With Chola MS zero depreciation car insurance, the insurer covers the entire claim amount without deducting the depreciation costs. Some of the key benefits under a zero dep add-on cover include:

Zero Deductibles: With a Chola MS zero depreciation add-on, you are not required to pay car depreciation costs as they are covered by your insurer.
Extensive Cover: A zero dep cover, also known as bumper to bumper cover, offers 100% coverage for car parts like rubber, glass, fibreglass, metal/nylon/plastic parts, paint, batteries, and wooden parts, which a standard comprehensive car insurance policy doesn't cover.
Hassle-free Claims: With the Chola MS zero depreciation add-on comes quick and smooth claim settlement processing along with round-the-clock claim assistance.

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How to Buy Chola MS Zero Depreciation Add-on Cover?

Here is the simple and quick process to buy car insurance online with bumper-to-bumper protection:

Open Policybazaar.com and select 'Car Insurance' from the homepage.
Enter your car number in the form and select its make/model, RTO, registration year, etc.
Now from the list of various car insurance offerings, select the Chola MS car insurance plan to view policy details and prices.
Select the 'Zero Depreciation' cover under 'Add-ons and Accessories' to view the updated policy premium.
Simply pay the insurance premium online through cards, net banking, or UPI.
Upon payment success, you will instantly receive your car insurance policy with the zero dep add-on through email.

Chola MS Zero Depreciation Car Insurance Claim Process

Claims under your Chola MS nil depreciation vehicle insurance can be raised smoothly by following the procedure mentioned below:

Firstly, inform your insurance company about the incident and the damages caused to your vehicle.
After the claim intimation, your insurer will register a claim request under your motor insurance policy.
Now, your insurer will appoint a surveyor for your vehicle inspection to estimate the repair cost of damages.
After the inspection, your vehicle will be sent for repairs to one of the network garages of the insurance provider.
Once the repairs are done, your insurer will directly settle the claim with the garage.
Since you have a zero depreciation add-on, your insurer will pay the complete claim amount without deducting depreciation.

Documents Required for a Chola MS Zero Depreciation Car Insurance Claim

To raise a claim under your car insurance policy, you need to keep the following documents handy:

Policy documents
Insured vehicle's registration certificate and tax payment receipt
Police Panchanama/FIR
Duly filled and signed claim form
Letter of Subrogation
Consent towards agreed claim settlement value from you and the Financer
Blank and undated "Vakalatnama"
Cancelled Cheque leaf for NEFT

FAQs

Q1. Which factors affect the premium of zero depreciation motor insurance?

Ans: The nil depreciation car insurance premium is decided based on the car’s age, make & model, IDV (Insured Declared Value), and the location you reside in.
Q2. Does my Chola MS zero dep add-on cover engine damage?

Ans: No, a zero dep add-on doesn’t offer coverage for engine damages. There’s a separate add-on ‘Engine Protect’ to cover damages to the car’s engine and related components.
Q3. What is the difference between a zero dep add-on cover and standard comprehensive vehicle insurance?

Ans: Under a standard comprehensive policy, the insurer deducts the depreciation costs of the vehicle while settling a claim, which makes the policyholder bear hefty out-of-pocket expenses. On the other hand, under a nil dep add-on with comprehensive coverage, the insurer pays the full claim amount without considering the depreciation. Note that a zero dep cover is an add-on and cannot be bought separately but only with a comprehensive or own damage car insurance policy.
Q4. What is excluded from a zero depreciation add-on cover?

Ans: Zero depreciation doesn't provide coverage for the regular wear & tear of the insured vehicle, damages caused by the driver's negligence, electrical/mechanical failures, and fluid/lubricant replacement.

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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