With IFFCO Tokio zero depreciation car insurance, the insurer will fix the IDV of the car equivalent to its selling price as fixed by the vehicle manufacturer. Moreover, the policyholder will receive the full IDV as the claim amount during theft or total loss claims. This is why zero depreciation cover is also known as a bumper-to-bumper car insurance policy.
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The IFFCO Tokio zero depreciation car insurance policy is more expensive than a standard car insurance policy. This is because zero depreciation is an add-on cover that needs to be purchased separately on payment of an additional premium amount.
Why Buy IFFCO Tokio Zero Depreciation Car Insurance?
There are several reasons why a car owner should buy an IFFCO Tokio zero depreciation car insurance policy. Take a look:
- Wider Coverage - It offers a wider coverage as compared to a standard IFFCO Tokio car insurance policy as it covers any depreciation applicable on the insured car and its parts.
- Larger Claim Amount - The IFFCO Tokio zero depreciation car insurance policy provides a larger claim amount to the policyholder in case of a total damage or theft claim as it reimburses the amount of depreciation applicable on the insured car as well as its parts.
- Saves Money - It helps the car owner to save a lot of money by covering the depreciation value of the insured car and its parts as the IFFCO Tokio General Insurance Company prevents him/her from incurring out-of-pocket expenses.
- Prevents Financial Loss - It prevents the car owner from incurring any major financial loss as he/she does not have to pay anything towards the depreciating value of the car and its parts.
Special Conditions Applicable to IFFCO Tokio Zero Depreciation Car Insurance
The IFFCO Tokio zero depreciation cover comes with certain special conditions that should be checked before buying the policy. Take a look at them below:
- Car Eligibility - A car owner can buy zero depreciation cover under his/her IFFCO Tokio car insurance, provided the vehicle is not more than 5 years old.
- Network Garage - The zero depreciation cover can cover the depreciating value of the car and its parts only if the insured car has been sent to a network garage of the IFFCO Tokio General Insurance Company for repairs.
- Policy Type - A car owner can buy zero depreciation cover only if he/she has a comprehensive or standalone own-damage car insurance policy. This is because add-on covers are not available under third party car insurance.
- Replacement Clause - The IFFCO Tokio General Insurance Company will only pay for depreciating value of the insured car and its parts in case of replacements.
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.Read More