Digit Zero Depreciation Bike Insurance Policy

Digit Zero Depreciation Bike insurance policy: An Overview

The owner of the newly purchased bike or any other two wheelers usually requires him to purchase a good insurance policy for the vehicle. A normal two wheeler insurance does not cover vehicle depreciation which is the process of the new vehicle losing its value as it ages. For example, a motorcycle purchased at a price of Rs.1 Lakh will only be valued at Rs.50, 000 after a few years of wear and tear. Digit Zero Depreciation Bike insurance policy offers two-wheeler owners to get their full claim without considering the depreciation factor, thereby avoiding unwanted losses that occur due to depreciation.

Importance of Having Digit Zero Depreciation Cover

Road accidents can result in severe vehicle damage and one must approach the insurance company to claim the losses as a result of damaged parts. Under a normal insurance cover, the company will include a depreciation factor before settling claim to the customer, in the case of Zero depreciation bike insurance Digit offers an add-on cover that will protect the user’s vehicle from incurring losses due to depreciation.

The vehicle owner can get his claim settled and reimburse the amount that he had occurred during the accident. Under normal scenarios, the traditional bike insurance does not cover damaged parts containing rubberized material, fiber body, glass parts and other parts that are not made of steel. Zero Depreciation cover Digit Bike Insurance ensures that all parts of the bike irrespective of the material used are covered under the add-on minimizing the losses for the bike owner.

Benefits of Digit Zero Depreciation Add-On Cover

Digit Zero depreciation bike insurance offers peace of mind to the vehicle insurer by helping save a lot of money during the unfortunate events such as a road accident, natural disaster, etc. Some of the benefits of Digit Bike Insurance add-on cover are as follows.

• The claim received by the policyholder is greater in comparison to the traditional vehicle insurance policies.
• Zero depreciation add-on cover extends coverage to bike parts and accessories such as bumper, headlights, etc. reducing the losses to the policyholder.
• In traditional bike insurance policies, the claim amount is calculated by considering the depreciated value of the damaged part whereas under the zero depreciation add-on cover the insurers calculate the claim amount by considering the actual value of the vehicle component.
• It reduces the expenses caused due to the road accident enabling the policyholder to manage and save money.
• The add-on cover also considers the money spent on repairing and replacement of the bike accessories.
• The age of the two-wheeler is not considered for the add-on cover.

Zero Depreciation Add-on Depreciation Rates

One can understand and compare the changes in depreciation rate by the below tabulated values.

Similarly, the depreciation rate comparison for bike accessories and parts are tabulated below.

Factors Affecting Digit Zero Depreciation Cover

The zero depreciation cover offered by Digit insurance has certain factors that affect the chosen policy. Some of the conditions affecting Digit Zero Depreciation cover are as follows.

• The bike owner can avail the add-on cover only if the bike is less than five years of age.
• The policyholder must also be aware of the fact that the claim can be made only twice in the entire policy tenure offered under the cover.
• The add-on policy covers only repairs and replacement made due to road accidents, expenses incurred due to wear and tear are not covered by the policy.
• In cases involving complete breakdown, due to mechanical and electrical faults or in case of total damage of the vehicle, the insured does not get his claim.

Digit Zero Depreciation Bike Insurance Policy FAQs