Royal Sundaram Car Insurance Zero Depreciation

Just like any other commodity, your car also depreciates with time and hence loses its value as it ages. This devaluation of the car is known as car depreciation. When you purchase a Royal Sundaram Car Insurance policy or any other insurance policy for your car, there is a condition and you have to comply. This condition is that the insurance company will not bear the depreciation cost of your car at the time of claim settlement. This simply means that Royal Sundaram Company will deduct the amount of depreciation from the claim amount and you will get a lesser amount at the time of settlement.

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To get the coverage against applicable depreciation on your insured car and its various parts, Royal Sundaram provides a Zero Depreciation add-on cover. Same as other add-on covers, you can get zero depreciation or nil depreciation cover by paying some extra premium and add it to your comprehensive car insurance policy. In this way, you can protect your car from the liability of bearing the cost of depreciation.

Benefits of Buying Royal Sundaram Car Insurance Zero Depreciation Cover

By paying an extra premium for Royal Sundaram Car Insurance Zero Depreciation cover, you not only get coverage against the depreciation of your car, but you get the following benefits:

  • Enhanced Coverage: With zero depreciation add-on, you can enhance the coverage of your Royal Sundaram Car Insurance policy. For example, you get the complete coverage for your car and all its parts except for the coverage for tubes, tyres, and batteries for which the insurer provides coverage for up to 50%.
  • Higher Claim Amount: This add-on cover bears the depreciation cost and hence makes the insurer liable for sanctioning the claims without deducting the depreciation. This makes you eligible to get a higher claim amount, which is not possible otherwise. In this way, with this add-on, the claim amount is much more cost-effective and higher as compared to the one without it.
  • Free Consumable Add-On: With the Royal Sundaram Zero Depreciation add-on cover you get a free consumable add-on cover also.
  • No Limit on Claims: Unlike most of the other car insurance providers, Royal Sundaram does not have any limit on the claims that you make for the zero-depreciation cover.

Special Conditions Applicable to Royal Sundaram Car Insurance Zero Depreciation Cover

Some special conditions apply to the Royal Sundaram Car Insurance Zero Depreciation add-on cover. Mentioned below are these special conditions:

  • Cars that are older than five years are not eligible to get the zero-depreciation cover.
  • The zero-depreciation cover is not available for the cars whose production has ceased or those cars that are imported or the cars whose parts are not available.
  • The pricing of your zero-depreciation cover depends on the age of your vehicle, its Insured Declared Value (IDV), its make, and its engine displacement.  
  • This cover is offered annually, which means, you have to renew this cover along with your comprehensive car insurance policy every year.
  • Claims that you have made under the self-authorization mode, that is, when your car is repaired without making any proper consultation from the insurance provider are not covered.

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Note: This is your car’s recommended IDV as per IRDAI’s depreciation guidelines.asdfsad However, insurance companies allow you to modify this IDV within a certain range (this range varies from insurer to insurer). Higher the IDV, higher the premium you pay.

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