Kotak Mahindra 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.

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* TP price for less than 1000 CC cars. All savings are provided by insurers as per IRDAI approved insurance plan. Standard T&C apply.
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Covers damages to third party property
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Above-mentioned prices are for a 7-year-old Maruti WAGON R AVANCE LXI (998 CC) registered in Gurgaon and 15 days before expiry of previous policy

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 Kotak Mahindra Zero Depreciation Add-On

Kotak Mahindra 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: Kotak Mahindra 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.

Applicable Car Depreciation Rate With & Without Kotak Mahindra 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 Kotak Mahindra Zero Depreciation Cover (In Percentage) Depreciation Rate With Kotak Mahindra 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 Kotak Mahindra Zero Depreciation Cover

Here are some of the factors that affect the 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: Kotak Mahindra zero-depreciation add-on cover is only available for the cars up to 3 years of age.

Claim Process for 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.

  • 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.


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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.

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