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Home / Two-wheeler Insurance / Zero Depreciation Bike Insurance
What is Zero Depreciation Bike Insurance?
Zero Depreciation Bike Insurance (commonly abbreviated to Zero-Dep, Nil Depreciation or Bumper-to-Bumper Cover) is an add-on that you can buy along with your bike insurance policy. It essentially makes sure that you get the utmost claim payout in case of your bike damage through a claim as the depreciation deductions on the bike parts are totally removed from the claim settlement.
Whenever your bike gets damaged due to a crash, fire, theft, or a natural disaster, the standard insurance settlement includes depreciation deductions. This means you get paid less than the actual cost of the parts/replacements. Zero Depreciation Cover takes away that deduction completely, meaning that you get nearly the full cost of the part repairs/replacements.
Simply put:
Standard policy: Claim amount, depreciation = less payout
With Zero Dep: No depreciation deduction = more payout
This option has to be purchased along with a Comprehensive or Own-Damage Bike Insurance policy only. It is not available for third-party only insurance.
Benefits of Buying Zero Depreciation Cover for Bike Insurance
Zero Depreciation Cover enhances your bike insurance by offering stronger financial protection.
Maximum Claim Value
With zero depreciation cover, you can get a claim for the entire amount of the repair and replacement of the damaged parts without any depreciation deductions.
Higher Claim Payout
The insurance company pays a comparatively higher amount for the repair and replacement costs since depreciation is not considered in such cases.
Lower Repair Expenses
This add-on helps a lot in lowering the repair expenses since it completely removes the depreciation cost.
Protection for Expensive Parts
The costly parts such as plastic, rubber, and fibre are covered in this cover without any depreciation deductions.
Ideal for New and Premium Bikes
The cover is especially beneficial for new and expensive bikes, the repairs of which generally cost a lot.
Better Repair Quality
When the total repair costs are covered, then it becomes easy to use standard quality spare parts without any compromise in the quality of the repair.
Stronger Financial Protection
If you have a zero depreciation cover, you won't be bothered with the high repair charges after an accident as you are financially secured with this cover.
Confidence While Riding
Knowing that your repair costs will be fully covered, you are likely to ride your bike with a lot of confidence and peace of mind.
Flexibility in Purchase
The add-on is available for purchase either at the time of a new policy or a renewal of the existing one.
Additional Coverage for Select Parts
In certain policies, a limited range of parts, like tyres or batteries, may be covered without depreciation.
Coverage of Zero Depreciation Bike Insurance
What is covered
Plastic, rubber & fibre parts
Paint damage
Accident-related own damage
Fire or explosion damage
Damage due to natural calamities
Damage due to man-made calamities
What is NOT covered
Mechanical or electrical breakdown
Normal ageing of the bike
Total loss or constructive total loss
Theft of the bike
Consumables (nuts, bolts, engine oil, etc.)
Mandatory deductibles
Depreciation Rate on Bike Parts With and Without Zero Depreciation
Including a zero depreciation add-on cover with your bike insurance policy is certainly a wise move as it will enable you to receive a higher claim amount from the insurer. Let us examine how the zero dep bike insurance cover impact the depreciation rate of bike parts through the table below.
Depreciation Rates Based on Bike Age With and Without Zero Depreciation
The vehicle's age certainly has an impact on the insurance policy for the same. Let's check the table below, which shows how a zero depreciation bike insurance add-on cover is advantageous concerning the age of the two-wheeler.
Choosing the Right Cover: Regular Bike Insurance vs Zero Depreciation Cover
By understanding how a Zero Depreciation add-on can alter your bike insurance, you will certainly be able to take a smarter decision. Below is a straightforward comparison that indicates how both options vary in actual usage.Â
Other Add-Ons for Bike Insurance from ACKO
You can use Zero Depreciation along with other add-ons for broader coverage.Â
How to Buy Zero Depreciation Bike Insurance
Zero Depreciation Cover can be added to the insurance policy for your bike either at the time of purchase or renewal. With ACKO, it is a smooth, paperless, and effortless journey. Get zero dep insurance for bike in a few moments by simply following these steps:
Step 1: Visit ACKO or Open the ACKO App
Go to the top of this page or get the ACKO app on your smartphone.
Step 2: Enter Your Bike Details
Type your bike registration number, verify the vehicle information that appears on your screen, and tap on "View Plans".
Step 3: Choose a Plan with Zero Depreciation
Pick a Comprehensive Bike Insurance plan or an Own Damage Bike Insurance plan and get Zero Depreciation Cover. Secure the deal by paying the premium online.
Things to Consider Before Buying Zero Depreciation Cover
Below are a few points to consider before buying zero depreciation cover for your bike insurance
Age of the bike: Zero Depreciation Cover is generally available only for bikes of a certain age, often 5 years. Bikes beyond this age range may not qualify for this add-on.
Number of Claims: It is common for insurers to allow only a limited number of Zero Depreciation claims in one policy year. It is best to confirm the exact number of claims covered.
Compulsory Deductibles: Even when you have Zero Depreciation Cover, you are still required to pay compulsory deductibles. These are the normal amounts that you have to pay on every claim.
Use of Vehicle: If you use your bike very often or as a daily vehicle, the chance of getting minor damage is high. In such situations, Zero Depreciation Cover is more beneficial.
Price vs Utility: The add-on will make your premium a little more expensive, but in general, it is worth investing the money for new, high-end, or regularly used bikes because the claim amount savings are higher.
Frequently Asked Questions on Zero Depreciation Bike Insurance
FAQs
What is Zero Depreciation in bike insurance?
Zero Depreciation bike insurance is a type of insurance cover which reduces the effect of depreciation on your bike parts in case you make a claim. Thus, the claim amount you get for repairs or replacement of damaged parts is substantially increased.
Can I buy Zero Depreciation cover with third-party bike insurance?
No. Zero Depreciation Cover is only available with Comprehensive Bike Insurance or Own Damage Bike Insurance and not with third-party-only policies.
Does Zero Depreciation mean I won't pay anything during a claim?
No. Zero Depreciation merely eliminates the deduction of depreciation, mandatory deductibles and policy exclusions still exist. Therefore, you may have to bear these costs when the claim is settled.
Is Zero Depreciation cover worth buying?
Yes. Zero Depreciation two wheeler insurance cover is worth considering because it saves a considerable amount of money for new, premium, or frequently used bikes and hence, out-of-pocket expenses will be minimal, and claim payouts increased.
Can I add Zero Depreciation cover later?
Yes, you have the option of adding Zero Depreciation Cover at the moment of purchasing a new policy or during renewal, depending on the age of your bike and other eligibility criteria.
Is Zero Depreciation available for all bikes?
Zero Depreciation Cover is usually provided for the bikes up to a certain age, mostly up to 5 years. However, this may depend upon the insurance company and policy terms
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