Liberty Zero Depreciation Car Insurance

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​A car is a depreciating asset whose value goes on a decline with time. Depreciation causes an immense impact on your claims amount in case of an accident. You might think that a comprehensive car insurance policy will eliminate any out-of-pocket expenses, but that is wrong. Liberty General Insurance, whose car insurance policy if you have bought, will apply rates of depreciation on the damaged parts at the time of claim. This means you must pay a fraction of the total expense incurred for replacing the car parts during repair. To ensure that the effect of depreciation does not lessen your claim amount, it is recommended that you opt for a Liberty car insurance zero depreciation cover.

How does Liberty Zero Depreciation Car Insurance Cover Work?

With regular usage, the value of your car depreciates over a period of time. Devaluation of the car's value is primarily caused due to the normal wear and tear of its parts. As the car's market value decreases, so do the amount of the claims filed against it. In case your car is damaged in an accident, your insurer will cover the repair expenditures after subtracting the depreciation of its parts which have been repaired or replaced.

However, by opting for Liberty zero depreciation car insurance, you can get sufficient coverage. Suppose you own the zero depreciation add-on cover for your car. In that case, you become eligible to request a claim against the depreciation value, which can save your out-of-pocket expenses. This add-on can be purchased for up to five years from the date of buying the car. Insurance companies typically limit the number of claims you can file against zero depreciation and basic insurance during a year. Even under Liberty zero depreciation car insurance cover, you will need to pay necessary and voluntary deductibles. Voluntary deductibles, as the name suggests, are opted by policyholders themselves in a bid to reduce their car insurance premium amount.

Benefits of Liberty Zero Depreciation Add-on Cover

Liberty zero dep car insurance policy gives several advantages to the insured, including -

  • Helps you avoid incurring high expenses on repairing various parts and components of your car.
  • Enhances the total coverage of your standard car insurance plan.
  • Makes you get a higher claim amount.
  • Enables you to prevent out-of-pocket expenses at the time of claim settlement.
  • Makes your investment almost nil.
  • Two permissible claims within a year.

Depreciation Rate Applicable on Car with And without Zero Depreciation Add-on

Age of CarsRate of Depreciation without Zero Depreciation CoverRate of Depreciation with Zero Depreciation Cover
Up to 6 months NilNil
6 months to 1 year 5%Nil
1 year to 2 years 10%Nil
2 years to 3 years15%Nil
3 years to 4 years25%Nil
4 years to 5 years35%Nil
5 years to 10 years40%Nil
More than 10 years50%Nil
Car PartsRate of Depreciation without Zero Depreciation CoverRate of Depreciation with Zero Depreciation Cover

Paint Work

Rubber/Nylon/Plastic Parts,

Tires and Tubes, 

Batteries and Airbags Parts

50%Nil
Fibreglass parts30%Nil

What is Included Under a Liberty Car Insurance Policy with Zero Depreciation Cover? 

Liberty zero dep car insurance policy provides coverage for the following risks:

  • 100% compensation for fibreglass parts, paintwork, rubber parts, metal parts, nylon parts and plastic parts
  • 50% compensation for tube, tyres, batteries and airbags

What is not Included Under Liberty Car Insurance Policy with Zero Depreciation Cover? 

Liberty zero depreciation car insurance policy does not offer coverage for the following:

  • Cars more than 5 years old.
  • Engine damage due to water ingress or oil leakage.
  • Tyres and gas kits.
  • Insured car when used for commercial or illegal purposes.
  • Normal wear and tear.
  • Mechanical or electrical failures.
  • Intentionally damaged parts.
  • Intentional negligence.

Factors Affecting Liberty Zero Depreciation Cover

The following factors need to be considered while buying Liberty Zero Dep Car insurance policy:

  1. Insured Declared Value (IDV) of your car.
  2. Car's age.
  3. Car's make and model.
  4. Your area of residence.

How to Buy Liberty Zero Depreciation Cover? 

Buying Liberty zero dep car insurance online is made easy. It requires you to enter some of your and your car's basic details. Check the steps given below:

  • Visit the official website of Liberty General Insurance.
  • Select car insurance policy.
  • Enter your car number, name, mobile number and email id.
  • After clicking on ‘next’, check your car details such as make and model, registration city, etc.
  • Select the basic policy as comprehensive or standalone car policy whichever you find suitable.
  • Go on to ‘add-on covers’
  • Select Liberty zero dep car insurance policy.
  • Pay the premium with NEFT transfer, debit or credit card, Paytm wallet or BHIM UPI, etc.

Liberty Zero Depreciation Car Insurance Cover Review

Liberty zero depreciation car insurance cover is impressive as it saves you from paying a huge amount towards repairing the depreciable parts. You can compare the coverage premiums of others with that of the Liberty insurance policy online.

Liberty Zero Depreciation Car Insurance FAQs

  • 1. Am I free from paying anything during claim settlement against Liberty zero dep car insurance?

    Even after buying Liberty zero dep car insurance cover, you will have to pay some compulsory and voluntary deductibles.

  • 2. What is the premium amount for Liberty zero dep car insurance?

    Liberty zero depreciation car insurance premium amount depends on various factors such as the car's age, its make and model, IDV of your car, your area of residence, etc.

  • 3. Who should opt for the Liberty zero depreciation car cover?

    The zero depreciation car insurance cover from Liberty is best suited for those who have a new or a luxury car, those who are not such experienced drivers, and those who live in the accident-prone zones.

  • 4. What are the benefits of owning a zero depreciation Liberty car insurance if there is no replacement of parts done during repair?

    In such scenarios, the claim settlement is done without the Liberty zero depreciation cover benefits, so you can save the number of claims remaining against it.

  • 5. Can I avail Liberty zero dep car insurance benefits in case of a stolen car?

    No, Liberty zero depreciation car insurance does not provide coverage against theft.

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