The same thing happens with your car’s value, with time the market value of the car decreases as well as affects your claim amount. It is an add-on under car insurance that provides you 100% cover for your car’s fiber, metal, and rubber parts. However, it does not provide cover for the mechanical breakdown, engine damage, etc.
Kotak Mahindra Zero-Depreciation add-on cover comes with a set of benefits. They are as follows:
Below is a table showcasing the rate of depreciation that would be applicable with and without a zero depreciation cover:
|Age of Car
|Depreciation Rate Without Kotak Mahindra Zero Depreciation Cover (In Percentage)
|Depreciation Rate With Kotak Mahindra Zero Depreciation Cover (In Percentage)
|Less than six months
|Over 10 years
Here are some of the factors that affect the Kotak Mahindra Zero Depreciation cover:
Kotak Mahindra Zero-depreciation car insurance claim process is very easy and the policyholder can go for both cashless as well as reimbursement processes. In order to raise the claim for zero depreciation, you have to keep the following documents handy.
Once you have the above-mentioned document ready, you can follow the steps mention below to initiate your claim process:
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Ans: If you have a comprehensive car insurance plan and you meet an accident that damages the tyres & tubes of your car then the insurer will provide 50% coverage for the replacement cost.
Ans: Yes, until it is something that does not require police discretion the insurer will provide cover even if you have not filed an FIR.
Ans: No, you are not eligible to purchase the zero-depreciation add-on cover if you have modified your car.
Ans: No, the zero-depreciation add-on will not provide cover for the engine damage.
Ans: Rubber, Plastic and fibre parts of the car gets 100% coverage under the zero-depreciation add-on.
Ans: You can only purchase the zero-depreciation add-on untill your car is 3 years old, after that you cannot purchase a zero-depreciation add-on cover.
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#Rs 2094/- per annum is the price for third-party motor insurance for private cars (non-commercial) of not more than 1000cc
*Savings are based on the comparison between the highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB. Actual time for transaction may vary subject to additional data requirements and operational processes.