IFFCO Tokio Zero Depreciation Car Insurance

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The overall value of your car depends on the value of its various parts, which decrease with time. This is because the car parts depreciate as the car becomes old. This depreciation is at different rates for each part. 

In case your insured car gets damaged in an accident, and you file for a claim, the insurer will pay you the claim amount after the deduction of the depreciation value. This means you will have to pay the remaining amount for repairs for your car out of your own pocket. In such cases, IFFCO Tokio Zero Dep car insurance covers the depreciation cost for all replaced car parts.

Benefits of IFFCO Tokio Zero Depreciation Add-on Cover

With IFFCO Tokio Zero Depreciation cover, you get the following benefits:

Higher payout when a claim is made

In the absence of a zero depreciation policy, in case you make a claim, the insurer will pay you the compensation based on the depreciated value of car parts. This will generally be less based on prescribed percentages of the various car parts. 

However, with IFFCO Tokio zero dep car insurance add-on cover, your payouts will be higher if a claim is made. This is because the car insurance will not consider depreciation of car parts for claim settlement.

Minimum out-of-pocket expenses

As a zero depreciation car insurance cover provides the insured with the maximum payout, he has to care for fewer out-of-pocket expenses. Thus, if you make a claim, you don't have to pay hefty sums to cover the part replacement costs.

Affordable premiums

For the benefits that an IFFCO Tokio zero dep car insurance policy provides, it has much affordable premiums to cover your car's depreciation cost. Therefore, adding this add-on cover to your comprehensive car insurance policy enhances its coverage and is also cost-effective in the long run.

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

According to IRDA guidelines, all insurance companies must adhere to the following depreciation rates for various car parts. 

Age of CarDepreciation Rate With Zero Depreciation Add-on Depreciation Rate Without  Zero Depreciation Add-on
Up to 6 months0%0%
More than 6 months but below 1 year0%5%
1-2 years0%10%
2-3 years0%15%
3-4 years0%25%
4-5 years0%35%
5-10 years0%40%
10 years above0%50%

Depreciation rate for all other car parts:

Car PartsDepreciation Rate With Zero Depreciation Add-on Depreciation Rate Without  Zero Depreciation Add-on
Rubber/plastic parts, tires/tubes, etc.0%50%
Glass & Fiber parts0%30%
Metal parts0%0%-50%
Car Paint0%50%

What is Included Under IFFCO Tokio Four Wheeler Insurance Policy with Zero Depreciation Cover?

  • The zero depreciation add-on covers fiberglass, rubber parts, plastic, and nylon parts.
  • The IFFCO Tokio car insurance will take care of 100% coverage for the damages
  • You can avail this add-on option at the time of policy purchase or during the renewal of IFFCO Tokio zero dep car insurance online.

What is not Included Under IFFCO Tokio Four Wheeler Insurance Policy with Zero Depreciation Cover?

IFFCO Tokio four wheeler zero dep insurance policy does not cover the following: 

  • Regular wear and tear of the car
  • Engine damages due to oil leakage
  • Any mechanical breakdown damages
  • Vehicles older than 5 years

Factors Affecting IFFCO Tokio Zero Depreciation Car Insurance Cover

  • Age of Car – The premium of the zero depreciation cover will be higher for older cars due to greater depreciation of their parts because of age. 
  • Car Models- The zero depreciation policy may not cover specific car models or very old models of cars. 
  • Location – The place of stay of the policyholder determines the zero depreciation insurance policy premiums. For accident-prone areas, the premium towards the policy will be greater.

IFFCO Tokio Zero Depreciation Car Insurance FAQs

  • 1. In what scenario is it beneficial to purchase a IFFCO Tokio car zero depreciation add-on cover?

    Individuals with luxury cars or living in accident-prone areas, new drivers not well-versed with driving, can benefit from IFFCO Tokio four wheeler insurance zero dep add-on cover for their car.

  • 2. Is the IFFCO Tokio four wheeler zero dep insurance online cover applicable for cars above 5 years old?

    No, the zero depreciation online cover is not applicable for cars above 5 years old.

  • 3. Does IFFCO Tokio put a restriction on the number of claims to be made in case of a zero depreciation car insurance policy?

    While many insurers restrict the number of claims the policyholder can make against their zero depreciation insurance cover, However, IFFCO Tokio zero dep car insurance policies do not put any limit on the number of claims made. 

  • 4. Is the loss of the vehicle or its theft covered under the IFFCO Tokio zero depreciation policy?

    No, zero depreciation policy insurance only applies to part replacement and is not applicable in case of total loss or theft of the insured vehicle.

  • 5. Can I purchase a IFFCO Tokio zero depreciation add-on cover with my third-party car insurance?

    No, you can only purchase any add-on cover, including zero Depreciation cover, with comprehensive car insurance or standalone /own damage car insurance and not third-party car insurance.

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