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Most of the assets experience devaluation in their value throughout use due to their normal wear and tear. The devaluation of an asset is called depreciation. In the case of cars, depreciation is high despite the best insurance policies you have taken for protection. As a result of this, the coverage against the claim gets lesser year after year.
To overcome this loss, you must consider buying an HDFC ERGO zero dep car insurance which gives you complete coverage of expenses incurred out of damage despite the devaluation in the car. It gives protection to all your car parts which are made of fiber, plastic, wood, and metal. It may also cover the cost of painting depending upon the policy terms.
You get a bundle of advantages if you buy the HDFC ERGO zero dep car insurance. The benefits include-
The comparison chart is as discussed below-
Car Age | Depreciation Rate Without Zero Depreciation Cover | Depreciation Rate With Zero Depreciation Cover |
0-6 months | Nil | 0% |
6 months-1 year | 5% | 0% |
1-2 years | 10% | 0% |
2-3 years | 15% | 0% |
3-4 years | 25% | 0% |
4-5 years | 35% | 0% |
5-10 years | 40% | 0% |
Above 10 years | 50% | 0% |
Car Parts | Depreciation Rate Without Zero Depreciation Cover | Depreciation Rate With Zero Depreciation Cover |
Paint Work/ Nylon/ Rubber/ Plastic Parts, Tyires and Tubes, Batteries and Airbags | 50% | 0% |
Fiberglass portions | 30% | 0% |
Glass portions | Nil | 0% |
Unluckily, you won't find the below coverage in an HDFC ERGO four-wheeler zero dep insurance –
If you buy HDFC ERGO zero dep four-wheeler insurance online then the following factors are going to affect your insurance-
No, number of claims on your zero dep insurance are covered as long as the total amount of claims is less than the sum insured.
Yes, a zero dep cover can be obtained only for a new car or a car less than 5 years old.
You need to pay only a few service charges or a base deduction as described in your policy.
Yes, you are eligible for a no-claim bonus for every claim-free year on an accumulated basis.
Follow the steps below-