United India Zero Depreciation Bike Insurance
A zero depreciation cover provides extended coverage to an existing bike insurance policy. In case of an accident or vehicle theft, the bike owner with a comprehensive insurance plan gets the claim only after subtracting the depreciation value from the original value of the bike. The depreciation leads to a considerable loss to the policyholder during the claim settlement. Hence, a zero depreciation cover is necessary to prevent the losses due to the two-wheeler’s depreciation.
United India Zero Depreciation Bike Insurance Cover
United India zero depreciation bike insurance policy has been designed to cover the depreciation cost of the insured two wheeler. The value of a two-wheeler decreases as time passes. To shield themselves from the depreciation costs, the bike owners can buy the United India zero dep bike insurance.
Zero depreciation bike insurance of United India Insurance Company Limited eliminates the problem of reduction in the value of a bike due to its ageing by considering the invoice value of the two wheeler at the time of claim settlement. It covers both the own damages and third party liabilities of the policyholder without deducting the depreciating value of the insured bike. As a result, the insured bike is protected against depreciation and you can avail the insured declared value (IDV) of the bike as the maximum claim amount in case of adversity.
The zero depreciation add-on cover is available under United India comprehensive bike insurance plans but at a higher premium amount.
Benefits of United India Zero Depreciation Bike Insurance Policy
Following are the benefits of buying the zero depreciation policy of bike insurance renewal:
- Bike owners need not worry about depreciation value costs that can significantly reduce the claim amount.
- The policyholder gets a higher claim due to eliminating the depreciation factor, which will significantly increase there imbursement amount.
- This policy covers certain vehicle parts and accessories usually not covered under the comprehensive plan.
- It is cost-effective and helps the bike owner to cut down the out-of-pocket expenses at the time of a claim.
Depreciation Rates on Bike Parts With and Without Zero Depreciation Cover
Under ordinary circumstances, the bike owner with a comprehensive plan cannot claim expenses for the damaged parts of the bike, such as fibre bodies, nylon materials, etc. However, the zero depreciation add-on cover under United India Two Wheeler Insurance ensures that the bike owner is covered for different kinds of damaged vehicle parts. The depreciation rate for bike parts is as follows:
Two-wheeler Parts | Depreciation Rate with Zero Depreciation Cover | Depreciation Rate without Zero Depreciation Cover |
Rubber, nylon, and plastic parts | 0% | 50% |
Fiberglass parts | 0% | 30% |
Glass parts | 0% | Nil |
Depreciation Rates on Bike With and Without Zero Depreciation Cover
The depreciation rate applicable as per the age of the two wheeler is as follows:
Age of the two-wheeler | Depreciation Rate with Zero Depreciation Cover | Depreciation Rate without Zero Depreciation Cover |
Below 6 months | 0% | Nil |
6 months to 12 months | 0% | 5% |
Above 1 year to below 2 years | 0% | 10% |
Above 2 years to below 3 years | 0% | 15% |
Above 3 years to below 4 years | 0% | 25% |
Above 4 years to below 5 years | 0% | 35% |
Above 5 years to below 10 years | 0% | 40% |
Above 10 years | 0% | 50% |
Factors that Affect the United India Bike Insurance Zero Depreciation Cover
Some of the factors that affect the United India bike insurance zero dep add-on cover are:
- The policy holder can get United India zero depreciation cover only if the bike is less than two years old.
- You can claim the zero depreciation cover only two times in the entire policy tenure.
- The policy does not provide coverage for costs arising due to the wear and tear of the bike.
- The expenses arising from the total loss of the bike are not covered under this policy.
FAQs
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Q. Does the United India zero depreciation bike insurance policy cover the electrical and mechanical breakdown of the two-wheeler?
No, the United India zero depreciation add-on cover does not provide coverage for vehicle breakdown related to electrical and mechanical malfunctioning.
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Q. What is the replacement cost of the depreciated metallic parts of the bike?
United India Insurance Company offers the replacement parts for depreciated metallic parts free of cost without charging any extra money.
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Q. Can a person buy the United India zero depreciation add-on cover online?
Yes, you can get the zero depreciation add-on cover online on the website of United India Insurance Company.
^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