Liberty Zero Depreciation Bike Insurance Policy

The Liberty Zero Depreciation Bike Insurance policy can be availed with a bike comprehensive policy. With the help of this insurance, you can get the maximum out of your insurance policy since there is no deduction in the claim amount on account of depreciation. Additionally, the policy covers all repairs of damages and new bike parts.

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Liberty Zero Depreciation Bike Insurance

To further understand this clearly, you can consider an example. Say that you purchase a bike worth Rs 1,00,000. After using it for five years, there is a depreciation of 40%. After that time, let’s say the bike gets damaged, and you have to claim the insurance. Based on the damages, you will get the claim. However, in a conventional setting, the full claim amount is not payable since 40% is deductible towards depreciation.

This can leave you with unwanted expenses. To avoid such scenarios, it is always better to take this additional cover. This ensures that the claim amount is paid without deduction.

Benefits of Liberty Zero-Depreciation Add-On Cover

Liberty zero-depreciation bike insurance policy has some significant benefits. They are given below:

  • Full Claim Settlement: The claim settlement amount for Liberty zero depreciation bike insurance comes without any deductions. This happens because the claim amount is payable in full without deducting the depreciation value on the bike parts.
  • Save out-of-the-pocket Expenses: Zero dep cover compensates for the cost of any repairs. Furthermore, if any part needs replacement, this cover takes care of that too.

Depreciation Rate Applicable on Two-Wheelers with and without the Zero Depreciation Cover

The table below shows the difference between the depreciation rates applicable with and without the Liberty zero depreciation bike insurance cover:

The Age of the Bike

With Add-On Cover (%)

Without Add-On Cover (%)

Less than half a year

0

0

Half a year to one year

0

5

One to two years

0

10

Two to three years

0

15

Three to four years

0

25

Four to five years

0

35

Five to ten years

0

40

Anything above ten years

0

50

 

The Parts of the Bike

With Add-On Cover (%)

Without Add-On Cover (%)

Glass

0

0

Fiberglass

0

30

Rubber

0

50

Nylon

0

50

Plastic

0

50

Factors Affecting the Liberty Zero Depreciation Cover

Various factors can affect the Liberty zero depreciation bike insurance policy. Some of them are given below:

  • The bike should not be obsolete and should have been bought in the last couple of years
  • There is a limit to the number of times you can claim this cover, i.e., a maximum of two times during the policy tenure
  • The repair and replacement mentioned do not include anything that happens due to regular use
  • There are instances where this policy is inapplicable:
    • Total loss
    • Mechanical loss or failure
    • Electrical loss or failure
  • The cover is valid on both new policies for new purchases and renewal
  • Apart from the losses mentioned above, certain other factors are not applicable in this cover:
    • Any damage due to wear and tear due to the age of the bike
    • Parts such as fuel kit, tires, and gas kits are not part of the cover

FAQs

Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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(Based on 33 Reviews)

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Liberty Zero Depreciation Bike Insurance Policy Reviews & Ratings

4.7 / 5 (Based on 33 Reviews)
(Showing Newest 10 reviews)
Prakhar
Vadodara, August 18, 2021
Instant updates
I bought Liberty Two wheeler insurance policy from policy bazaar.i liked this policy for their features and benefits.company giving the cashless claim at more than 600 network garages and hassle free documentation. they keep on giving prompt update to their customers that is why i chose it.
Anurag
Rajendra Nagar, June 04, 2021
Easy to renew
I recently renewed my two wheeler insurance policy from the website of the policybazaar. It was the plan of liberty two wheeler insurance and I really like it and thats why I want to renew and continue with it.
Neeraj
Pune, June 04, 2021
Discounts available
It is one of the easiest way to buy a liberty two wheeler insurance plan online. I had bought the plan online from policybazaar and even got a huge discount. It was quick and hassle free.
Subhash
Partapgarh, June 04, 2021
Bought plan of my choice
I had bought the liberty two wheeler insurance plan of my choice and I really love it. I had checked various plans into the website of policybazaar and found the suitable one. Thank you team.
Anmol
Jabalpur, February 10, 2021
Multiple Plans
I have been using Policybazaar for a couple of years to insurance my Bajaj Pulsar bike. They offer multiple policies with lower premiums. I have been renewing my Liberty two wheeler insurance policy every year at Policybazaar and I am satisfied with their services. I will again renew my policy with them and advise you too.
Gautam
Idar, February 10, 2021
Low Premiums
I purchased a new Honda Splendor bike last month and was looking to buy insurance policy for my bike. I decide to check Policybazaar on my friend’s idea. They had so many affordable insurance plans with a variety of coverage. I bought my Liberty two wheeler insurance policy for an affordable premium online. I recommend it to everybody.
Balendra
Padampur, February 10, 2021
Best Buy
I recently purchased my Liberty two wheeler insurance policy for my Honda Activa scooty from Policybazaar. They had a lot of insurance options and I chose this plan because it was affordable and had my choice of coverage. I bought the policy within a few minutes. The website is great to buy the best insurance policy.
Kavi
K.singpur, July 06, 2020
Benefits
I got great number of benefits from policybazaar after getting my bike insurance done. It was really an awesome thing.
Shahid
Vadali, July 03, 2020
Customer service
The customer service team is very nice and generous. They understood the need of my type of insurance and shared the same with me.
Jagriti
S.c. Pur, July 02, 2020
Great comparison
Before buying the insurance I compared it with different sites. I searched a lot and I found that I can get the best premium policy from policybazaar only.

^The renewal of insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for a transaction may vary subject to additional data requirements and operational processes.

^The buying of Insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for transaction may vary subject to additional data requirements and operational processes.

#Savings are based on the comparison between 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.

*TP price for less than 75 CC two-wheelers. All savings are provided by insurers as per IRDAI-approved insurance plan. Standard T&C apply.

*Rs 538/- per annum is the price for third party motor insurance for two wheelers of not more than 75cc (non-commercial and non-electric)

#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.

*₹ 1.5 is the Comprehensive premium for a 2015 TVS XL Super 70cc, MH02(Mumbai) RTO with an IDV of ₹5,895 and NCB at 50%.

*Rs 457/- per annum (1.3/day) is the price for the third-party motor insurance for private electric two-wheelers of not more than 3KW (non-commercial). Premium is payable on an annual basis