Zurich Kotak Zero Depreciation Car Insurance

The value of every product you purchase depreciates with time because of the general wear and tear. This devaluation is known as depreciation.

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.

Benefits of Zurich Kotak (formerly known as Kotak Mahindra) Zero Depreciation Add-On

Zurich Kotak Zero-Depreciation add-on cover comes with a set of benefits. They are as follows:

Better Claim Amount: It exempts you from bearing the depreciated cost liability. This add-on offers higher claim amount to the policyholder. When the policyholder purchases this add-on, it shifts the depreciation cost liability from himself to the insurance company.
Cover for Rubber: Zurich Kotak car insurance provides cover for the rubber parts as well as other parts at 100%. This add-on provides cover for tyre and tubes along with the fibre, metal and plastic parts.

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Applicable Car Depreciation Rate With & Without Zurich Kotak Zero-Depreciation Cover

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 Zurich Kotak Zero Depreciation Cover (In Percentage)	Depreciation Rate With Zurich Kotak Zero Depreciation Cover (In Percentage)
Less than six months	0	0
6-12 months	5	0
1-2 years	10	0
2-3 years	15	0
3-4 years	25	0
4-5 years	35	0
5-10 years	40	0
Over 10 years	50	0

Factors Affecting Zurich Kotak Zero Depreciation Cover

Here are some of the factors that affect the Zurich Kotak (formerly known as Kotak Mahindra) Zero Depreciation cover:

Eligibility: If you have modified your car then you cannot purchase a zero-depreciation add-on cover
Car Part Availability:Zero-depreciation cover is not available if a particular car part of your car that need to be changed is not available in the market.
Age of Car: Zurich Kotak zero-depreciation add-on cover is only available for the cars up to 3 years of age.

Claim Process for Zurich Kotak Zero-Depreciation Cover

Zurich Kotak 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.

Policy papers
A valid driving license
Registration certificate of the car
Claim form
FIR (If there was a need to file one in your case)
An estimated repair cost or expense bill invoice

Once you have the above-mentioned document ready, you can follow the steps mention below to initiate your claim process:

Inform your insurer immediately
Fill the form properly and make sure you have not filled wrong information
The company will send some inspector to do a survey.
Once the inspection is done, take your car to one of the network garages nearby
After the repairing of the car, the insurer will settle a cashless claim or reimbursement.