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:

Age of the Bike

Rate of Depreciation with Zero Depreciation Add-on Cover

Rate of Depreciation without Zero Depreciation Add-on Cover

Under 6 months

0%

Nil

6 - 1 year

0%

5%

1 - 2 years

0%

10%

2 - 3 years

0%

15%

3 - 4 years

0%

25%

4 - 5 years

0%

35%

5 - 10 years

0%

40%

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:

Parts of Bike

Rate of Depreciation with Zero Depreciation

Rate of Depreciation without Zero Depreciation

Nylon/ Rubber/ Plastic parts

0%

50%

Fiberglass parts

0%

30%

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.

FAQs

FAQ's

Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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New India Assurance Zero Depreciation Bike Insurance Policy Reviews & Ratings

4.8 / 5 (Based on 50 Reviews)
(Showing Newest 10 reviews)
Apoorva
Varanasi, October 09, 2021
Easy to compare
While searching on Google, when I went to the website of the policy bazaar, I saw a lot of plans according to my needs. I wanted to insured my two wheeler and i got new india assurance two wheeler plan here.
Akshat
Faridabad, October 09, 2021
Instant updates
From day one, i always gets prompt updates of everything. i bought new india assurance plan for my bike last year and till now i receive the same service from policybazaar which i used to get earlier. i am happy with my decision to take the plan from here.
Amrutanshi
Meerut, October 09, 2021
Attractive facilities
Thanks to Policybazaar for providing me attractive facilities in my budget. i found a suitable deal for my bike. After going through many plans I bought New India Assurance Two Wheeler Insurance from Policybazaar and got amazing benefits under the same.
Ankit
Rajkot, October 09, 2021
Add on cover
I took new india assurance two wheeler plan from Policybazaar. Everything was quite easy whether it was the purchase process or payment or customizing the plan. With the help of add on cover feature, I made my plan even more better.
Anshika
Vasai Virar, October 09, 2021
Faster claim settlement
Last month my bike got damaged, with the help of my New India Assurance two wheeler plan, I got cashless repairing. i got faster claim settlement through the policy Bazaar. Policy bazaar offers great deals to their customers. Highly recommended.
Ankur
Kalyan Dombivli, October 09, 2021
Suitable plan
Policybazaar took good care of my needs. the team Suggested me bike plans according to my budget. I found everything very easy, be it the renewal process or the purchase process. I took New India Assurance Bike Plan which was suitable according to my pocket.
Shrestha
Meerut, August 18, 2021
budget friendly
i got my best two wheeler plan from the website of policy bazaar. i am happy that i got best plan under my budget. when i visited to their website they have a lot options out of which i chose New India assurance two wheeler plan.
Shivani
Ranchi, August 18, 2021
good benefits
I bought a New india assurance two wheeler policy from policy bazaar. It will give you a third party coverage. you do not need to pay extra charges to buy a policy and i just bought it online within a minute. They will give you 24x7 service.
Shreelakshmi
Faridabad, August 18, 2021
add on covers
i recently bought New India assurance plan for my two wheeler through policy bazaar. i added some extra features under my plan and i got some extra premium like accessories coverage
Kapil
Lucknow, June 04, 2021
Best plan
I recently bought a new bike and was looking for some good insurance company. While going through New India two wheeler insurance plan on policybazaar, I knew I can trust my bikes safety with them. They have one of the best benefits that help us ride worry-free anywhere in the country.

^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