Reliance Zero Depreciation Car Insurance

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Reliance Zero Depreciation Car Insurance
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      Reliance Zero Depreciation Car Insurance

      Depreciation refers to the loss of value in a car and its parts as it ages over time. This particular amount is factored in at the time of settling a claim with your car insurance company, resulting in a lower claim amount.

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      Reliance zero depreciation add-on cover shifts the liability of bearing the depreciation amount from the insurer to the insured. This serves as a security cushion for your car, saving you from not losing a percentage of your claim amount due to depreciation being charged on the car part which is being replaced or repaired. Reliance car insurance allows you to claim the maximum amount of reimbursement at the time of settling the claim enabling you to gain the most out of your comprehensive car insurance policy.

      Benefits of Reliance Zero Depreciation Car Insurance Policy

      Reliance Zero Depreciation policy helps in the following ways:

      • Deduction from the claim amount in the form of depreciation is always higher than the premium paid amount for a zero-depreciation add-on cover, hence saving you theextra cost of repairing your car.
      • Reliance zero-depreciation insurance absorbs the depreciation cost of your car’s parts by so that you end up with a higher amount with your claim at the time of settlement
      • All of your vehicle's parts are included in this cover, from fiberglass material to the bumpers and the bonnet. However, please note that this add-on will not include the tires and tubes.

      Factors Affecting Reliance Zero Depreciation Add-on Cover

      Reliance Zero Depreciation Cover is affected by the following factors:

      • Age of the car:While, only new cars are eligible for 0% depreciation on parts, the upper limit for Reliance Zero Depreciation Cover is 3 years
      • Registered location of the car: In case you own a luxury vehicle located in a high-risk region, prone to theft or damage due to natural/man-made disasters, it would be generally advised to opt for a zero depreciation add-on cover.
      • Model of the car: Paying an extra premium for a car that is older than 3 years in age is of no use as you won't be eligible for benefits under the Reliance Zero Depreciation Insurance
      • Number of claims: Only a limited number of claims can be settled in a car policy period to restrict customers from making claims for trivial accidents.

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      #Rs 2094/- per annum is the price for third-party motor insurance for private cars (non-commercial) of not more than 1000cc

      *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. Actual time for transaction may vary subject to additional data requirements and operational processes.

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