Since the value of any product you purchase depreciates with time and when that particular thing damages, the insurer only provides a limited specified coverage amount for replacing that particular product. However, in a zero depreciation car insurance, the insured gets 100% cover for the particular parts such as fibre, rubber, and metal but this cover does not provide coverage for the engine damage or mechanical breakdown of the car.
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Benefits of Digit Zero Depreciation Car Insurance Add-on
Digit Zero-Depreciation add-on cover comes with a few benefits. They are as follows:
- Claim Amount Is Better: When you raise a claim and if you do not have zero depreciation add-on cover then you are provided the specified amount of coverage but with this add-on, you can get a higher claim amount than usual because it shifts the cost liability of depreciated amount to the insurance company from the insured.
- Rubber Cover: Digit zero depreciation car insurance provides 100% cover for the rubber parts of the car. This add-on under car insurance also provides cover for the tyre & tubes as well as fibre, plastic and metal parts.
Factors Affecting Digit Zero Depreciation Cover
Here are some of the factors that affect the Zero Depreciation cover under Digit car insurance:
- Eligibility Criteria: There are two types of car enthusiasts, one who likes to keep their car in its original form and the other who likes to modify it according to their desire, so if you have modified your car then you are not eligible to purchase the zero-depreciation car insurance add-on cover.
- Part Availability:If your car has been discontinued by your car company and the parts of your are not available in the market then you cannot utilize the zero-depreciation car and there will be no point in purchasing it.
- Car’s Age: If your car is more than 5 years old then you cannot purchase Digit zero depreciation car insurance.
Claim Process for Digit Zero-Depreciation Cover
Digit zero depreciation car insurance claiming process is hassle-free. The insured can get both cashless as well as reimbursement claiming process. If you want to raise a claim for zero-depreciation car insurance keep the following documents handy:
- Keep the policy papers handy
- A driving license is a must to carry
- Registration certificate of the car (RC)
- A claim form
- FIR (If required in your case)
- Bill invoice or an estimated amount of repair
If you have all the documents mentioned above ready then you can go on and raise the claim. Follow the steps given below to raise the claim:
- Tell your insurer about the accident as soon as possible
- Fill the form correctly and cross-check it before submitting
- The insurance company will send an inspector to inspect the car’s damage
- Once the inspector is satisfied then you can take your car to one of the nearby network garages
- Either the garage will send the invoice directly to the insurer following the cashless claim norms or give you the invoice to make the payment for which you will get the reimbursement in a few days
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Q1: What if I have a car that is more than 5 years old, can I still purchase the Digit zero-depreciation ad-on?
Ans: No, If your car is more than 5 years old then you cannot purchase the Digit zero depreciation add-on cover.
Ans: As long as the car is not more than 5 years old, you can purchase the Digit Zero depreciation insurance.
Ans: Yes, zero depreciation is an add-on cover that you can purchase if you have comprehensive insurance plan. To purchase this add-on you will have to pay an extra amount that will be added to your existing insurance premium.
Ans: If there was an accident and local police got involved in it then you are required to file an FIR and submit a copy of that FIR while raising a claim.
Q5: Is it true that zero-depreciation add-on provides 100% cover for particular parts of a damaged car?
Ans: Yes, once you are insured with the zero-depreciation add-on, it will provide you 100% coverage for the rubber, metal and fibre parts of the damaged car. Also, your car must be less than 5 years old to get the benefits of this add-on cover.
Ans: No, if you do not have a valid driving license, you cannot raise a claim since it is one of the required documents to initiate the claiming process.
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Note: This is your car’s recommended IDV as per IRDAI’s depreciation guidelines.asdfsad However, insurance companies allow you to modify this IDV within a certain range (this range varies from insurer to insurer). Higher the IDV, higher the premium you pay.