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Oriental Zero Depreciation Car Insurance
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Depreciation in the context of motor insurance refers to the decrease in the value of an asset over time as a result of age, wear and tear, and obsolescence. Cars lose value over time. Similarly, the materials that make up the car, such as glass, plastic and metal, are subject to depreciation. So, you have the option of Oriental zero depreciation car insurance cover that helps you get the full claim without any deduction for depreciation. Of course, one needs to shell out extra premium for getting this add-on cover. But given the high rates of depreciation, it only makes sense to have Oriental zero depreciation car insurance cover. Let’s read more about it.
How does the Oriental Zero Depreciation Car Insurance Cover Work?
A normal Oriental car insurance policy provides protection against losses and liabilities but does not protect you against depreciation. On the other hand, a car insurance policy of Oriental with zero depreciation can get you the entire reimbursement amount. You can opt for Oriental car insurance zero depreciation cover while buying the base policy or at the time of renewal. Ensure your car’s age is not more than five years.
Benefits of Oriental Zero Depreciation Car Insurance Cover
- As depreciation costs are not taken into account when filing for an Oriental insurance claim settlement, your out-of-pocket expenses get reduced.
- The majority of your claims involving insured parts are settled without taking depreciation into account.
- It increases the value of ordinary car insurance while lowering your outlay to almost nothing.
- You may rest easy knowing that this cover has your back.
Depreciation Rate Applicable on Car with and without Zero Depreciation Add-on
|Age of the Car||Rate of Depreciation without Zero Depreciation Cover||Rate of Depreciation with Zero Depreciation cover|
|Below 6 months||Nil||Nil|
|6 months to 12 months||5%||Nil|
|Above 10 yrs||50%||Nil|
|Car Parts||Rate of Depreciation (No zero dep cover)||Rate of Depreciation (with zero dep cover)|
|Paint Work /Rubber/Nylon/Plastic parts||50%||Nil|
Oriental Zero Depreciation Cover vs Normal Car Cover
Let's have a look at how an Oriental zero depreciation policy differs from its normal car insurance:
- Depreciation has no bearing on claim settlement. And the insured receives the full reimbursement, in the case of zero depreciation coverage. However, the claim amount is received after a standard depreciation deduction under a conventional car insurance policy.
- The premiums are costlier in the case of zero depreciation add-on coverage than solo insurance covers.
What is Covered Under Oriental Car Insurance Policy with Zero Depreciation Cover?
- Vehicles aged below five years are covered under Oriental car insurance zero depreciation add-on cover.
- Policyholders will get reimbursed for the parts repaired or replaced fully. These include parts made of rubber, fiberglass, nylon, and other plastic components.
- tyers, tubes and batteries will be covered, albeit at 50% depreciation
Factors Affecting Oriental Zero Depreciation Cover
- Consider how old your car is. Cars that are less than five years old are eligible for zero depreciation coverage.
- In terms of price, Oriental zero depreciation car insurance will be slightly more expensive than normal car insurance. If you own a premium car or reside in a high-risk region, you should consider adding zero depreciation coverage to your Oriental car insurance policy. Three major elements influence the cost of zero depreciation insurance: the model & age of the car, and your location.
- The 0 depreciation car insurance allows you to make a limited number of claims.
Who Should Purchase Oriental Zero Depreciation Car Insurance?
It is advisable to choose a zero depreciation cover to safeguard your fresh new car from any unforeseen circumstances. Purchasing zero depreciation car insurance in India is beneficial in many ways for
- People who own new cars.
- Those who own fancy cars.
- New drivers.
- People who live in hazardous environments.
- Those who are concerned about little dings and dents.
- If you own a vehicle that requires expensive spare components.
Where Can I Purchase Oriental Zero Depreciation Car Insurance Cover?
Follow the procedures below to buy Oriental zero depreciation insurance:
- First, visit an Oriental insurance office or browse its website.
- For your base insurance, select the zero-dep add-on cover option.
- Provide your basic policy information while filling out the form.
- Submit all the documents.
- Choose a preferable quote.
- Pay the premium.
- Get confirmation and further details on your email.
Oriental Zero Depreciation Car Insurance Cover Review
The Oriental insurance company is known for providing exceptional service when it comes to policy benefits and savings. You can dial the 24x7 customer care service team to get all your queries or doubts regarding Oriental zero depreciation car insurance resolved.
Add ons for your Car Insurance
Oriental Zero Depreciation Car Insurance FAQs
1. What is excluded from Oriental zero depreciation coverage?
Damage caused by oil leakage or water entry is excluded from this policy add-on. It also excludes coverage for electrical and mechanical failure, and the use of consumables.
2. Is it true that only new cars with 0% depreciation are covered by Oriental Insurance?
Is it true that only new cars with 0% depreciation are covered by Oriental Insurance?
3. Who would benefit from Oriental zero depreciation car insurance?
A zero depreciation policy is especially recommended for people who drive in high-accident zones, those who have new & expensive cars, new chauffeurs, etc.
4. To which Oriental car insurance policy can I add zero depreciation cover?
You can do so with either a comprehensive or standalone car insurance policy of Oriental.
5. Is it worth adding zero depreciation cover to my Oriental car insurance policy?
Yes, you can consider purchasing a zero depreciation add-on cover to prevent yourself from paying something towards the parts to be repaired or replaced in case of a claim.
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