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

Q. How many network garages does Liberty Bike Insurance offers for cashless repair?

Liberty General Insurance Company has more than 4,300 network garages. Network garages are those where you can get your bike repaired and not have to pay anything as the insurer settles the claim directly with the garage.
Q. What was the claim settlement ratio of Liberty General Insurance Company?

In the financial year 2020, the claim settlement ratio of Liberty General Insurance Company was 88%.
Q. What is zero depreciation two wheeler insurance?

Liberty zero dep 2-wheeler insurance provides comprehensive bike insurance cover undermining the value of depreciation, which otherwise is applicable on the bike the parts.