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SBI General Zero Depreciation Bike Insurance Policy
SBI General Zero Depreciation Bike Insurance is a type of two-wheeler insurance policy in which the insurance company does not take into charge the depreciation on the bike parts at the time of claim settlement. The depreciation value is not applicable and the insured receives the full compensation amount. Having zero depreciation bike insurance helps an individual save out-of-the-pocket expenses.For example, if the insured bike gets damaged in a road accident, then the insurer will pay off the complete claim amount for the losses or damages incurred.
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- Sbi General Bike Insurance Zero Depreciation
SBI General Zero Depreciation Cover
SBI zero depreciation bike insurance policy is an add-on cover that covers the depreciation value on the insured bike parts. SBI General zero dep cover guarantees that the depreciation charges on your bike parts are not deducted from the amount of claim.
For instance, if a bike gets damages in an accident, the SBI General zero depreciation bike insurance policy will cover the entire amount of damages while settling the claims. The cost of these losses is very high, and the SBI General Bike insurance add-on cover allows you to claim the cost of the damaged parts to be replaced without any deductions.
Benefits of SBI General Zero Depreciation Add-On Cover
There are various benefits that the SBI General Bike insurance add on cover has to offer:
- A zero dep policy reduces the cost of depreciation at the time of claim, which is usually very high
- SBI General zero dep bike insurance covers depreciable parts like plastic, nylon, and rubber part
- The insured can get SBI bike insurance add-on cover for both new and old bikes
Depreciation Rates Applicable on Bikes With and Without Zero Depreciation Add-On Cover
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Age of the Insured Bike |
Depreciation Rate without zero deprecation |
Depreciation Rate with zero deprecation cover |
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Less than 6 months |
Nil |
0% |
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6 months – 1 Year |
5% |
0% |
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1-2 Years |
10% |
0% |
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2-3 Years |
15% |
0% |
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3-4 Years |
25% |
0% |
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4-5 Years |
35% |
0% |
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5-10 Years |
40% |
0% |
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More than 10 Years |
50% |
0% |
Factors affecting SBI General Zero Depreciation Cover
Following are the factors that need to be taken into consideration while opting for SBI General Zero Depreciation Bike Coverage:
- The coverage only allows you to claim the costs twice during the policy term
- Only customers with bikes that are 2 years or less are allowed to avail the benefits of zero depreciation cover
- If the bike is in no shape to be fully recovered or in a case of a total loss, no coverage will be provided to the policyholder
- Only losses caused due to road accidents will be covered. The customer's bike will not be repaired due to regular wear and tear of the bike.
FAQs
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Q: What is not covered by SBI General zero depreciation bike insurance policy?
SBI General Zero depreciation bike insurance policy does not cover the following claims–
- No compensation will be offered in case of total damage or loss of the individual’s bike
- 50% coverage rate is provided for tubes, tires, and batteries of the customer's bike
- Damage caused to uninsured parts of the bike such as gas kits, bi-fuel kits, etc. is not covered
- Damage incurred by the bike due to faults in the mechanics of the bike is excluded
- The bike's wear and tear due to normal aging are also not covered under this insurance policy
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Q: What are the conditions to avail of the SBI General Zero Depreciation Bike Insurance policy benefits?
There are several conditions that one has to keep in mind while purchasing zero depreciation insurance.
- During the total duration of the policy, the zero depreciation coverage can only be availed of two times
- The customer's bike should be sent to the SBI General Insurance Company’s Network garage if the accident and the bike incurred damages.
- In case of theft or total damage, compensation under the zero depreciation policy will not be provided.
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Q: Is it mandatory to have the SBI General Insurance Zero Depreciation Bike Insurance cover?
No, it is not mandatory to get this cover. You can get this add-on cover with a comprehensive bike insurance policy only.
Two Wheeler Insurers
Bajaj Allianz Two Wheeler Insurance
Bharti AXA Two Wheeler Insurance
Digit Two Wheeler Insurance
Edelweiss Two Wheeler Insurance
IFFCO Tokio Two Wheeler Insurance
Kotak Mahindra Two Wheeler Insurance
Liberty Two Wheeler Insurance
National Two Wheeler Insurance
Navi Two Wheeler Insurance
New India Assurance Two Wheeler Insurance
Oriental Two Wheeler Insurance
Reliance Two Wheeler Insurance
Shriram Two Wheeler Insurance
Tata AIG Two Wheeler Insurance
United India Two Wheeler Insurance
Universal Sompo Two Wheeler Insurance
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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