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New India Assurance Zero Depreciation Bike Insurance Policy
Every two wheeler suffers from depreciation as it gets older. Under regular bike insurance plans, the insurance company pays the claim amount after deducting the depreciation costs. New India Assurance zero depreciation bike insurance policy covers the insured bike against depreciation and prevents the policyholder from paying for the depreciation costs of the two-wheelers during claim settlement.
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New India Bike Zero Depreciation Add-on Cover
The New India Assurance zero depreciation add-on cover enhances the coverage of a regular comprehensive bike insurance policy. It provides coverage for both own damages and third party liabilities arising out of the insured bike without considering depreciation on its value. It enables the policyholder to avail higher claim amount from the New India Assurance Company Limited.
Choosing New India Assurance Zero Depreciation bike insurance cover has an advantage over, the standard motorbike insurance policy. Zero depreciation add-on cover is available under comprehensive New India Assurance two wheeler insurance plans. The policyholder can claim the repair and replacement costs resulting from the bike's damages without incurring depreciation charges.
A zero depreciation insurance policy can help the policyholder to claim the total expenses incurred due to an accident or damage to the insured bike. However, the zero depreciation add-on cover can be purchased only on payment of an extra premium amount.
Benefits of New India Assurance Zero Depreciation Add-on Cover
The New India Assurance zero depreciation add-on cover enables the policyholder to strengthen their base bike insurance policy. Some of the benefits of buying a New India Assurance zero depreciation bike insurance policy are:
- Coverage for Repair and Replacement of Bike Parts - Although the premium for zero depreciation cover is high, it is way lower than the expenses that the bike owner will incur if the bike gets severely damagedThe zero depreciation bike insurance policy will help to cover the cost of replacing and repairing the ruined parts of the bikes.
- Higher Claim Amount -The policyholders can claim higher amounts without deduction due to depreciation by opting for zero depreciation cover.
- Saves Money – The zero depreciation add-on coverhelps the bike owner to save money as with a higher claim amount their out-of-pocket expenses are reduced in case of a claim.
Depreciation Rate Applicable on Bike With and Without Zero Depreciation Add-on
The depreciation rates on a bike with and without zero depreciation are as follows:
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Age of the Bike |
Rate of Depreciation with Zero Depreciation Add-on Cover |
Rate of Depreciation without Zero Depreciation Add-on Cover |
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Under 6 months |
0% |
Nil |
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6 - 1 year |
0% |
5% |
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1 - 2 years |
0% |
10% |
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2 - 3 years |
0% |
15% |
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3 - 4 years |
0% |
25% |
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4 - 5 years |
0% |
35% |
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5 - 10 years |
0% |
40% |
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Above 10 years |
0% |
50% |
Depreciation Rates Applicable on Bike Parts With and Without Zero Depreciation Add-on Cover
The depreciation rates on bike parts with and without zero depreciation are as follows:
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Parts of Bike |
Rate of Depreciation with Zero Depreciation |
Rate of Depreciation without Zero Depreciation |
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Nylon/ Rubber/ Plastic parts |
0% |
50% |
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Fiberglass parts |
0% |
30% |
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Glass parts |
0% |
Nil |
Factors Affecting the Zero Depreciation Add-on Cover of New India Assurance Bike Insurance
The below-mentioned factors must be taken into consideration before applying for the New India Assurance zero dep bike insurance cover:
- The zero depreciation claim applies to bikes that are within 2 years of age.
- The minor wear and tear of the bike that iseasily repairable are not included in the claim.
- During the period of the policy, the policyholder can claim for zero depreciation only twice.
- The zero depreciation policy claims do not include the loss through mechanical or any electricalbreakdown of the two-wheeler.
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FAQs
FAQ's
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Q: Why should you buyzero depreciation add-on cover for New India Assurance bike insurance?
A zero dep cover under the New India Assurance bike insurance policy protects you from any financial loss due to depreciation at the time of claim. It means the coverage will be comprehensively provided without any reduction in the claim amount to pay for the repair costs of the two-wheeler.
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Q: What is the premium amount for New India Assurance Zero Dep Bike Insurance?
Unlike regular bike insurance, New India Assurance zero depreciation bike insurance comes for a higher premium amount due to its advantage during insurance claims.
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Q: Can I add zero dep cover to third-party bike insurance?
No. New India Assurance third-party bike insurance doesn't allow the inclusion of add-on covers under the policy. Therefore, you have to buy a comprehensive two wheeler insurance policy to add the zero dep cover.
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