HDFC ERGO Zero Depreciation Car Insurance

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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. 

Benefits of HDFC ERGO Zero Depreciation Add-on Cover

You get a bundle of advantages if you buy the HDFC ERGO zero dep car insurance. The benefits include-

  • Enhancement in claim amount- After the basic deduction payable from your end, the claim settlement amount is closest to the overall cost incurred in an accident.
  • Money saver- The HDFC ERGO four-wheeler insurance zero dep is designed to make sure you pay the least cost of repairs and maintenance after the accident occurrence.
  • Overall coverage of repair costs- All the costs related to repair are paid by the HDFC ERGO so that you do not need to worry about expenses.
  • Peace of mind with little extra premium- If you purchase HDFC ERGO zero dep car insurance online, all you are needed to do is pay a little more premium for your insurance. Therefore, you will be at peace of mind and save yourself from a lot of hassles caused by accidents.

Depreciation Rate Applicable on Car With and Without Zero Depreciation Add-on

The comparison chart is as discussed below-

Car AgeDepreciation Rate Without Zero Depreciation CoverDepreciation Rate With Zero Depreciation Cover
0-6 monthsNil0%
6 months-1 year5%0%
1-2 years10%0%
2-3 years15%0%
3-4 years25%0%
4-5 years35%0%
5-10 years40%0%
Above 10 years50%0%
Car PartsDepreciation Rate Without Zero Depreciation CoverDepreciation Rate With Zero Depreciation Cover
Paint Work/ Nylon/ Rubber/ Plastic Parts, Tyires and Tubes, Batteries and Airbags50%0%
Fiberglass portions30%0%
Glass portionsNil0%

What is Included Under HDFC ERGO Four Wheeler Insurance Policy with Zero Depreciation Cover?

  • Partial damages- Damages of tyres, and batteries are protected in a zero dep cover.
  • Replacement and repair- During the claim settlement, any expenses incurred in the replacement and repair of the car's parts will be financed by the zero dep cover.
  • Compensation- Damaged parts like plastic-made parts, fiber parts, and glass parts are covered by the insurance provider.

What is not Included under HDFC ERGO Four Wheeler Insurance Policy with Zero Depreciation Cover?

Unluckily, you won't find the below coverage in an HDFC ERGO four-wheeler zero dep insurance –

  • Costs of oil - A zero dep insurance is not able to cover the costs related to your car's engine oil, coolant, clutch oil, etc.
  • Driving when on intoxication - People who drive under the influence of drugs and alcohol will not get coverage from a zero dep insurance add-on.
  • Old car (more than 5 years) - You cannot obtain zero dep insurance for your car if it is old for more than 5 years.
  • Mechanical/Electrical breakdowns - Normal wear and tear or the mechanical/electrical breakdowns are not eligible for protection from a zero dep insurance.
  • Illegal driving - If you are driving your car without a proper valid driving licence then you won’t be able to get the benefits of a zero dep insurance add-on.

Factors Affecting HDFC ERGO Zero Depreciation Cover

If you buy HDFC ERGO zero dep four-wheeler insurance online then the following factors are going to affect your insurance-

  • Car’s age- The age of your car and its parts are directly proportionate with its zero depreciation add- on. Hence, the age of the car and parts will play an important role while determining the cost of your zero dep cover for your four-wheeler.
  • Car’s model- The car's model and type are one of the major factors in any car insurance policy. The costs of a car's parts will too depend upon its model as a result. Hence, the car's type and model for which you are paying a premium is a major factor while determining the zero depreciation cover cost.
  • Car’s location- The risk associated with every city is different. Hence an insurance cover premium including the extra premium you are paying for zero dep add-on will depend upon the city where your car is being driven.

HDFC ERGO Zero Depreciation Car Insurance FAQs

  • 1. Are there any limits on the number of claims if I buy my HDFC ERGO four-wheeler zero dep online?

    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.

  • 2. Is HDFC ERGO zero dep cover only applicable exclusively for new cars?

    Yes, a zero dep cover can be obtained only for a new car or a car less than 5 years old.

  • 3. How much cost is required to obtain a zero dep add-on?

    You need to pay only a few service charges or a base deduction as described in your policy.

  • 4. Can I get a no-claim bonus in HDFC ERGO zero depreciation add-on cover?

    Yes, you are eligible for a no-claim bonus for every claim-free year on an accumulated basis.

  • 5. How can I renew my HDFC ERGO zero dep add-on insurance?

    Follow the steps below-

    • Follow the track of renewal dates
    • Submit the policy details
    • Follow the instructions at HDFC ERGO’s website
    • Pay for the premium
    • Renewal gets started

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