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Digit Zero Depreciation Car Insurance
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Just like every other product's value, the cars also decrease over the years because of the years of use. This becomes a crucial issue at the time of claiming insurance. The base policy does not usually include the wear and tear of the vehicle. This could result in an excess amount that you are required to pay. By adding a zero depreciation add-on, you can save putting a financial burden on yourself.
How does Digit Car Insurance Zero Depreciation Cover Work?
When you avail of Digit four-wheeler insurance comprehensive policy, you can add in Digit car insurance zero depreciation cover. After adding this cover, your vehicle will be insured 100%. This cover provides coverage against the wear and tear of the parts that are made up of degradable material such as nylon or plastic.
Benefits of Digit Car Insurance Zero Depreciation Add-On Cover
Adding Digit car insurance zero depreciation add-on cover comes with multiple benefits, some of which are listed below:
- Additional protection to your vehicle: Your claim settlement amount will eventually lower after depreciation deductibles are considered. Your base car insurance policy will be enhanced by adding Digit car insurance zero depreciation add-on cover. While settling the claim, you do not have to worry about the depreciation cost.
- Allows higher claims: While claiming the insurance amount, the insurer considers all things. All the excess amount goes from your pocket. However, with the Digit car insurance zero depreciation add-on cover, insurance amount is calculated without deducting the depreciation cost, and you get more coverage.
- Additional savings: Digit car insurance zero depreciation add-on cover is an add-on that can be included in your insurance policy. Therefore, adding it to your policy can increase your insurance premium slightly. However, you save more money as the claim amount is calculated without considering depreciation costs.
Depreciation Rate Applicable on Car with And Without Zero Depreciation Add-on
Following is the tabular representation of the Depreciation rate applicable with and without add-on cover.
|Age of Car||Rate of Depreciation Without Zero Depreciation Add-on Cover||Rate of Depreciation With Zero Depreciation Add-on Cover|
|Under 6 months||Nil||0%|
|6 months to 1 year||5%||0%|
|Above 10 years||50%||0%|
|Part of Car||Rate of Depreciation Without Zero Depreciation Add-on Cover||Rate of Depreciation With Zero Depreciation Add-on Cover|
|Paint Work /Rubber/Nylon/Plastic parts, tyres and tubes, batteries, and airbags parts||50%||0%|
What is Included Under a Digit Four-Wheeler Insurance Policy with Zero Depreciation Cover?
Following things, you avail after purchasing Digit car insurance zero depreciation add-on cover:
- Financial coverage is only extended to parts made up of nylon, rubber, fiberglass, and other plastic parts.
- Parts that are replaced or repaired are all included in the claim settlement and are provided to the policyholder.
- Partial damages to the tyres and battery are also considered depreciation and, therefore, are included in the insurance cover.
- This add-on cover is transferrable from the new policy at the time of policy renewal.
What is Not Included Under a Digit Four-Wheeler Insurance Policy with Zero Depreciation Cover?
The following things are not included in the Digit car insurance zero depreciation add-on cover:
- Driving without a valid licence: If an accident occurred while you were driving without a valid driving licence, Digit car insurance zero depreciation add-on cover would not provide any financial cover to you.
- A car that is more than 5 years old: If your vehicle is more than 5 years old, you can not opt for the zero depreciation add-on cover.
- Driving under the influence of the intoxicants: Suppose your vehicle incurs damages while driving under the influence of intoxicants such as alcohol or other drugs. In that case, you can not avail the benefits of the Digit car insurance zero depreciation add-on cover.
- Compulsory deductions: All the compulsory deductions included in the base policy are considered while calculating the insurance amount at the time of claim settlement.
- Mechanical breakdowns: Mechanical breakdowns over the years and the normal wear and tear of the vehicle are not covered under the Digit car insurance zero depreciation add-on cover.
- Cost of engine oil: Although partial damage to the battery and engine are included in the cover, stuff required for maintaining those parts such as engine oil, clutch oil, and coolants are not included in the cover.
Factors Affecting Digit Car Insurance Zero Depreciation Cover
Following are the conditions that you must adhere to before purchasing Digit car insurance zero depreciation add-on cover:
- If the age of your car is more than 5 years, then you are not eligible to purchase this cover.
- Depending upon the model of your car, your depreciation cover will change, as different cars require different parts values which is different.
- The city in which you live not only influences your premium amount. City roads, traffic, and other external factors contribute greatly to the wear and tear of the vehicle.
Digit Zero Depreciation Car Insurance FAQs
1. How many times during the insurance tenure of Digit car insurance zero depreciation add-on cover have I been allowed to make claim?
You can make twice for a zero depreciation claim throughout the tenure of your insurance policy.
2. Can I get the Digit car insurance zero depreciation add-on cover for the second-hand car?
Yes, you can get Digit car insurance zero depreciation add-on cover on the second-hand car only if the vehicle is below 5 years old.
3. Can I choose the claim in which I wish to use Digit car insurance zero depreciation add-on cover?
Yes, you get complete autonomy here. You can pay depreciation charges if you wish to at the time of claim settlement.
4. Are tyres covered in the zero depreciation add-on cover?
Tyres are not usually included in the zero depreciation add-on cover. However, it differs from insurer to insurer and the damage stood by the tyre.
5. Can I claim zero depreciation if I damage my own car?
Yes, you can claim zero depreciation if you damage your own car. However, the damage must be involuntary.
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