Download the Policybazaar app
to manage all your insurance needs.
Universal Sompo Zero Depreciation Bike Insurance Policy
Bike insurance is necessary for all two-wheeler owners. In terms of ensuring security at the time of any unfortunate incident, a bike insurance policy also comes with several advantages through add-on covers such as zero depreciation.
-
Home
-
Two Wheeler Insurance
-
Universal Sompo Two Wheeler Insurance
- Universal Sompo Zero Depreciation Bike Insurance
Universal Sompo Zero depreciation Bike Insurance covers the insured vehicle’s depreciation costs for its customers. It enables the customer to get the vehicle’s damaged parts repaired without factoring in the cost of depreciation.
Universal Sompo Bike Insurance Zero Depreciation Add on Cover
A comprehensive bike insurance policy can be enhanced with a zero depreciation add-on cover. It will help in enhancing the coverage without any deductions.
Every vehicle gets older with time due to wear and tear or any other reason. This is called depreciation which reduces the value of the two-wheeler. At the time of the claim, the insurer provides the amount after deduction of the depreciation charges. But with zero depreciation cover, the insurer pays off the entire amount during any mishap or accident without deduction.
Benefits of Universal Sompo Bike Insurance Zero Depreciation Add on Cover
Adding Zero Depreciation into a bike insurance policy has the following benefits:
- No Deduction during a Claim: Depreciation on vehicle parts is not considered at the time of claim settlement. A normal bike insurance policy would factor in the depreciation for maintenance of the two-wheeler while processing a claim.
- Claim the Total Cost of Replacement: The add-on cover includes the total cost of repair and replacement of even the depreciated parts in case of an accidental damage. The policyholder doesn’t have to pay from his own pocket
Depreciation Rate with and without Zero Depreciation Add-on Cover
|
Age of the Two-wheeler |
Rate of depreciation with Zero Dep. |
Rate of depreciation without Zero Dep. |
|
Less than 6 months |
0% |
Nil |
|
6 -12 months |
0% |
5% |
|
Above 1 year to below 2 years |
0% |
10% |
|
Above 2 years to 3 years |
0% |
15% |
|
Above 3 years to 4 years |
0% |
25% |
|
Above 4 years to 5 years |
0% |
35% |
|
Above 5 years to 10 years |
0% |
40% |
|
Above 10 years |
0% |
50% |
|
Parts of Two-wheeler |
Rate of depreciation with Zero Dep |
Rate of depreciation without Zero Dep |
|
Rubber/ Nylon/ Plastic parts |
0% |
50% |
|
Fiberglass parts |
0% |
30% |
|
Glass parts |
0% |
Nil |
Factors that affect Universal Sompo Zero Depreciation Cover
You need to adhere to certain conditions while availing the benefits of Universal Sompo zero depreciation bike insurance cover.
The conditions include:
- The zero depreciation add-on cover is only available for two-wheelers up to the age of 5 years
- Although zero depreciation cover comes with effective benefits, it can be used only twice a year during claims
- Only major damages and repairs can be covered through the zero depreciation cover, but the minor or typical wear and tear aren’t counted in the claim settlement
- There’s no coverage if the two-wheeler has any internal issues, including electrical or mechanical breakdown
Universal Sompo Two Wheeler Insurance Plans
FAQs
-
Q: Can I avail myself of a zero depreciation cover with basic Universal Sompo bike Insurance?
Universal Sompo bike insurance provides zero depreciation add-on cover with its comprehensive bike insurance policy.
-
Q: Does Universal Sompo zero depreciation cover various parts of two-wheelers?
Yes, Universal Sompo zero depreciation add-on cover includes maintenance and repair of all parts of a two-wheeler without factoring in the cost of depreciation.
-
Q: Can I get a complete claim reimbursement with zero depreciation policy?
Zero Depreciation add on cover ensures that the policyholder gets the maximum claim amount as per the IDV of the insured vehicle without deducting the depreciation value of the vehicle parts.
Two Wheeler Insurers
Bajaj Allianz Two Wheeler Insurance
Digit 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
SBI Two Wheeler Insurance
Shriram Two Wheeler Insurance
Tata AIG Two Wheeler Insurance
United India Two Wheeler Insurance
Zuno Two Wheeler Insurance
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Two Wheeler insurance articles
Recent Articles
Popular Articles
24 Mar 2023
To ride your bike legally on the Indian roads, you have to abide
23 Mar 2023
A hit-and-run case refers to a road accident where the driver
23 Mar 2023
Did you know that you can extract vehicle owner details with the
23 Mar 2023
A two-wheeler loan is the best way to buy a dream bike at
21 Mar 2023
As per NFHS (National Family Health Survey), 54% of IndianUniversal Sompo Zero Depreciation Bike Insurance Policy Reviews & Ratings
(Showing Newest 9 reviews)