HDFC ERGO Zero Depreciation Bike Insurance Policy
HDFC ERGO zero depreciation allows the policyholder to raise a claim for the original value of their two-wheeler without getting affected by any depreciation factor. Usually, it is an add-on cover that you can buy with your comprehensive or standalone own-damage bike insurance policy at a nominal premium.
HDFC ERGO Zero Deprecation Eligibility Criteria
Here are some pointers that you have to keep in mind to avail benefits of HDFC ERGO zero dep cover for a bike insurance policy-
|Availability||For two-wheelers not more than five years old|
|Number of claims||Can raise up to 2 times during the policy tenure|
|Condition of the vehicle||Cannot avail benefit when the bike is a total loss or damaged entirely|
Benefits of Buying HDFC ERGO Zero Depreciation Policy
HDFC ERGO zero depreciation policy is a beneficial additional coverage that offers you multiple benefits-
Receive the Full Claim Amount
When you opt for this add-on cover, no depreciation is applied while paying the claim amount and you will receive an entire claim amount.
When you buy zero dep cover, no depreciation shall be imposed on your claim amount; hence, it will help you get higher compensation than usual.
*Note- For other benefits, you can check the policy wordings available in the official website of the HDFC ERGO General Insurance Company.
HDFC Zero Depreciation Bike Insurance vs Comprehensive Bike Insurance
Here is a table showing how depreciation is applicable on your two-wheeler with and without zero depreciation cover-
|Bike’s Age||Zero-dep Bike Insurance Policy||Comprehensive Bike Insurance|
|Less than 6 months||0%||0%|
|6 months – 1 year||0%||5%|
|1 – 2 years||0%||10%|
|2 – 3 years||0%||15%|
|3 – 4 years||0%||25%|
|4 – 5 years||0%||35%|
|5 – 10 years||0%||40%|
|More than 10 years||0%||50%|
|Parts of a Bike||Depreciation Rate with Zero Dep Cover||Depreciation Rate without Zero Dep Cover|
|Fiber glass parts||0%||30%|
Inclusions of HDFC ERGO Zero-depreciation Bike Insurance Policy
With the HDFC ERGO bike insurance policy with zero-depreciation cover, the policyholders can avail of the following benefits-
- The repair and replacement cost of the damaged bike’s part shall be compensated to the insured at the time of claim settlement.
- Compensation for depreciation parts is offered for nylon, fiberglass, plastic parts, and rubber.
- The HDFC ERGO zero depreciation bike insurance policy covers the loss or damages caused to bikes due to several natural calamities and man-made disasters.
Exclusions of HDFC ERGO Zero-depreciation Bike Insurance Policy
The following instances remain uncovered under an HDFC ERGO zero-depreciation cover-
- Loss due to technical or mechanical breakdown.
- Total loss or damage of the two-wheeler.
- Loss or damages caused to the uninsured items of the two-wheeler like tyres, bi-fuel kits, and gas kits.
*Disclaimer: To understand the exact coverage under HDFC ERGO zero depreciation cover, kindly refer to the policy wordings available on the official website of HDFC ERGO General Insurance Company.
Ans: No, the HDFC ERGO zero depreciation cover does not offer coverage for a total loss of the insured bike.
Ans: Yes, you can buy HDFC ERGO zero dep as an add-on cover only with your comprehensive or standalone own-damage bike insurance policy.
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