Owning a car is a significant investment for many Indian families and keeping it safe becomes the owner’s duty. One such protection your car can get is an Zuno(Formerly Edelweiss) zero depreciation cover. Read below to learn more.
Zuno General Insurance (formerly known as Edelweiss General Insurance) offers two types of plans - third-party insurance and comprehensive insurance.
Every car is subject to depreciation (regular wear & tear), which directly affects the insurance coverage. Zero depreciation cover is a popular vehicle insurance add-on that car owners can choose with their comprehensive car insurance policy. It transfers the risk of the car’s depreciation to the insurance company in exchange for a nominal insurance premium amount.
When combined with a conventional comprehensive motor insurance plan, the zero depreciation cover helps consumers to get higher claim amounts. The policy transfers the obligation for depreciation costs from the insurer, indicating that Zuno General Insurance Ltd. (formerly known as Edelweiss General Insurance Ltd.) will be responsible for retirement payments.
During a policy term, a customer can make up to two claims for the Zuno (formerly Edelweiss) zero depreciation cover.
The depreciation of a vehicle is mentioned on the policy document at the time of settling claims. As per the IRDA (Insurance Regulatory and Development Authority of India), the depreciation will be applicable for different parts of the car in the following manner-
By opting for Zuno (formerly Edelweiss) zero depreciation cover, depreciation on the car parts will not be taken into the account during claim settlement. Hence, the claim amount is increased as wear & tear (depreciation factor) is eliminated during the claim payout.
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Zuno Zero Depreciation Car Insurance
Ans: It does not cover wear & tear of parts of the car and damage due to war or nuclear damage. Electrical or mechanical damage is also not covered under the standard policy.
Ans: No, but having third-party car insurance is mandatory in India.
Ans: Like other insurance companies, Zuno(Formerly Edelweiss) insurance also offers an no claim bonus discount on its own damage premiums. It can go up to 50% if no claim is filed for up to 5 years.
Ans: An endorsement in car insurance provides all information about any modifications made to the policy documentation, such as the policyholder's name, registered phone number, and address.
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