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Future Generali Zero Depreciation Car Insurance
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Depreciation in car insurance refers to the loss of value of a car over time because of various factors such as age, obsolescence, and every day wear & tear. Cars, in general, are devaluing assets. For instance, a new vehicle always costs more than an older one of the same model and make. Furthermore, there is an obvious depreciation related to all the car's elements, such as plastic, glass, metal, etc. Each of the components or parts has a varied rate of depreciation.
In the incident of an accident, therefore, if your car gets damaged, you will not be able to recover the entire price incurred on the component's replacement. The insurer only pays for the replaced parts by subtracting the depreciation amount. Therefore, you have to pay the difference in amount between the depreciated function and the market value of the new part. So, it is a good idea to avail of Future Generali zero dep car insurance, with the help of which you will be able to get maximum reimbursement during a claim.
How does Future Generali Car insurance Zero Depreciation Cover Work?
Future Generali car insurance with zero depreciation cover protects you against all the physical damages sustained by your car without considering the depreciation of the vehicle and its parts. A zero depreciation add-on cover can fetch you the total compensation amount. A zero depreciation add-on cover offered by Future Generali can be availed easily for brand new cars. Obviously, you will have to pay a little more premium. However, this Future Generali zero dep car insurance feature is highly recommended to those who have recently bought a new car or own a luxury or sports car.
Benefits of Future Generali Car Insurance Zero Depreciation Add-on Cover
Future Generali zero dep car insurance policy offers a number of benefits to the insured, including:
- It frees you from the worry of paying a high price for repairing various parts and components of your car.
- The hassle-free claim settlement process.
- Adds more value to your basic Future Generali car insurance coverage.
- Paperless purchasing process.
- Roadside assistance 24/7.
- Helps curb out-of-pocket expenses during claim settlement.
- 2500+ partner workshops across India.
- It makes your investment almost nil.
- Multiple permissible claims.
Depreciation Rate Applicable on Car With and Without Zero Depreciation Add-on Cover
| Age of Car | Rate of Depreciation With Zero Depreciation Cover | Rate of Depreciation Without Zero Depreciation Cover (in %) |
| Up to 6 months | 0 | Nil |
| 6 months to 1 year | 0 | 5 |
| 1 year to 2 years | 0 | 10 |
| 2 years to 3 years | 0 | 15 |
| 3 years to 4 years | 0 | 25 |
| 4 years to 5 years | 0 | 35 |
| 5 years to 10 years | 0 | 40 |
| More than 10 years | 0 | 50 |
Paint Work, Plastic Parts, Tyres and Tubes, Rubber/Nylon/ Batteries and Airbags Parts | Nil | 50 |
| Fiberglass Parts | Nil | 30 |
What is Included Under Future Generali Car Insurance Policy With Zero Depreciation Cover?
Future Generali zero dep car insurance policy covers the following damages:
- 100% compensation for paintwork.
- 100% compensation for rubber parts.
- 100% compensation for fibreglass parts.
- 100% compensation for nylon and plastic parts.
- 100% compensation for metal parts.
- 50% compensation for tube and tyres.
- 50% compensation for batteries and airbags
What All is not Included Under Future Generali Car Insurance Policy with Zero Depreciation Cover?
Future Generali zero dep four-wheeler insurance policy does not cover the following damages:
- Cars more than 5 years old
- Generic damage to tyres and gas kits
- Engine damage due to water ingression or oil leakage
- Normal wear and tear
- Mechanical or electrical failures
- Intentional negligence
- Intentionally damaged parts
- Insured car used for commercial purposes
- Mishaps involving illegal driving
Factors Affecting Future Generali Car Insurance Zero Depreciation Cover
The following factors are considered while availing Future Generali zero dep car insurance policy:
- Car's age
- Location of the policyholder
- Car's model/varaint
- Add-on covers
How to Buy Future Generali Car Insurance Zero Depreciation Cover?
Buying Future Generali zero dep car insurance online is more accessible than buying a policy from other insurers. Check the steps below:
- Visit the website of Future Generali.
- Click on Motor insurance. Click on private car insurance.
- Enter car information such as year of manufacturing, make and variant, registration number, etc.
- Click on 'show add-on covers' and choose Future Generali zero dep car insurance.
- Review the premium quotes for your car.
- Select the best-suited quote.
- Pay the premium.
- You will receive the policy documents on the email ID provided by you as soon as you pay.
Future Generali Car Insurance Zero Depreciation Cover Review
An easy and quick way to secure yourself against the devaluation of your car. After availing this cover from Future Generali, you must be happy with the policy and zero depreciation add-on for your newly bought car.
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Future Generali Zero Depreciation Car Insurance FAQs
1. Do I still need to pay anything during claim settlement if I have bought Future Generali zero depreciation cover?
You are still required to pay for the compulsory deductible at the claim settlement even after purchasing the zero depreciation cover.
2. What is the premium amount for Future Generali zero dep car insurance?
The premium amount of Future Generali zero dep car insurance depends on several factors such as the IDV of your car, age, and model and make. Usually, it costs up to 15%-20% of the base policy premium.
3. How much liability do I need to bear even after purchasing for Future Generali zero depreciation add-on cover?
Future Generali Zero Dep cover waives off only the depreciation cost of replaced car parts. So, there remain some liabilities for you to pay in compulsory and voluntary deductibles.
4. What if no car parts replacement are done during repairs, but I own Future Generali zero depreciation add-on cover?
In such a case, the claim settlement will be done without the Future Generali zero depreciation cover benefits, and therefore, you can maintain the number of remaining zero depreciation claims.
5. Can I avail of Future Generali zero depreciation cover benefits in case of theft?
No, Future Generali zero depreciation cover benefits don't include the coverage against theft.