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ACKO Zero Depreciation Bike Insurance
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The continuous use of the vehicle over the years can reduce the vehicle's price. This reduction is known as the depreciation of the vehicle. No insurance provides 100% insurance as at the time of the claim settlement insurer also considers the depreciation of the vehicle. This results in the deduction of the claim amount. The wear and tear of any product is normal over its use. These deductible parts can amount to a hefty sum at the time of evaluation. This will go from your pocket as the insurer will not cover it. You do not have to worry about paying the deductibles; with zero depreciation cover, your insurer will take care of it.
ACKO Bike Insurance Zero Depreciation Cover
At the time of the claim settlement, the insurer assesses the vehicle and then settles on the claim amount. Parts made up of nylon or plastic are bound to lose their value. However small change it might be, it could become a huge burden on you. ACKO two-wheeler zero depreciation cover ensures that all the deductibles are included in the cover so that policyholders can get full protection. This cover is not available for the customers who have purchased or planning to purchase ACKO two-wheeler third-party insurance.
Benefits of ACKO Two Wheeler Insurance Zero Depreciation Add-on Cover
Out of the multiple benefits of zero depreciation add-on cover of ACKO two-wheeler insurance, some of which are listed below:
- High Claim Amount:
The insurer thinks about all the factors while settling the claim. At the time of the repair of the vehicle, the cost of the deductibles is also added to the total cost of repairs. If you have to purchase ACKO two-wheeler zero depreciation cover, the insurer will deduct the amount of the deductible and settle your claim. But with ACKO two-wheeler zero depreciation cover, you can put rest to the worry of paying the deductible amount. Ultimately, this covers aids you in getting a higher claim amount.
- Money Saver:
ACKO two-wheeler zero depreciation cover is an add-on. Therefore, you will have to pay an extra amount in the insurance premiums. This change in the premium amount is slight compared to the cost of repairing or replacing the deductibles. In the end, you save more money than you spend.
Depreciation Rate Applicable on Two Wheeler With and Without Zero Depreciation Add-on
Mentioned below in the table, you will find the vehicle's depreciation rate.
| Age of Two Wheeler | Rate of Depreciation Without Zero Depreciation Add-on Cover | Rate of Depreciation With Zero Depreciation Add-on Cover |
| Above 10 years | 50% | 0% |
| 5-10 years | 40% | 0% |
| 4-5 years | 35% | 0% |
| 3-4 years | 25% | 0% |
| 2-3 years | 15% | 0% |
| 1-2 years | 10% | 0% |
| 6 months to 1 year | 5% | 0% |
| Under 6 months | Nil | 0% |
| Parts of Two Wheeler | Rate of Depreciation Without Zero Depreciation Add-on Cover | Rate of Depreciation with Zero Depreciation Add-on Cover |
| Glass Parts | Nil | 0% |
| Rubber/Nylon/Plastic Parts | 50% | 0% |
| Fiberglass Parts | 30% | 0% |
What is Included Under ACKO Two Wheeler Insurance Policy with Zero Depreciation Cover?
ACKO two-wheeler insurance zero depreciation add-on cover includes:
- Policyholders are provided with monetary compensation for the replacement of all the rubber, nylon, fiberglass, and plastic parts.
- All the amount that two wheeler insurance policyholders pay for the change of the depreciating parts will be reimbursed later at the time of claim settlement.
- 50% damage to the tyres is included in ACKO two-wheeler zero depreciation add-on the cover.
What is Excluded Under ACKO Two Wheeler Insurance Policy with Zero Depreciation Cover?
ACKO two-wheeler insurance zero depreciation add-on cover does not include:
- Policyholders are not eligible to get compensation for the damages incurred because of the mechanical or electrical breakdown of the vehicle.
- Repetitive aging or the wear and tear of the depreciating parts is not included in the ACKO two-wheeler zero depreciation insurance.
- If the bike is more than 5 years at the time of policy purchase, then the zero depreciation cover is not applicable.
Factors Affecting ACKO Two Wheeler Insurance Zero Depreciation Cover
ACKO two-wheeler insurance zero depreciation add-on cover requires you follow the following are the conditions to adhere to before purchasing:
- Theft or the complete damage to the vehicle will not be covered under the ACKO two-wheeler zero depreciation cover.
- ACKO two-wheeler zero depreciation add-on cover is plausible only if the vehicle is below 5 years old.
- Either at the time of policy purchase or at the time of policy renewal, you can opt to purchase the ACKO two-wheeler zero depreciation add on the cover
Add ons for your Two Wheeler Insurance
ACKO Zero Depreciation Bike Insurance FAQs
1. What is the limit on the number of times during the insurance tenure of ACKO two-wheeler insurance zero depreciation add-on cover have I been allowed to make a claim?
ACKO two-wheeler zero depreciation cover allows you to file insurance claims twice throughout the tenure of the policy.
2. Can I get the ACKO two-wheeler insurance zero depreciation add-on cover for the second-hand bike?
Yes, you are allowed to add ACKO two-wheeler zero depreciation add-on cover for second-hand bike. However, the bike's model must not be more than 5 years old.
3. Are the rubber and plastic parts covered in the ACKO two-wheeler zero depreciation add-on cover?
Yes, compensation for the partially damaged rubber and plastic parts is included in the ACKO two-wheeler zero depreciation cover.
4. Are tyres covered in ACKO zero depreciation add-on cover?
Inclusion of the tyres in the zero depreciation add-on cover varies from insurer to insurer. However, almost all insurers compensate for the partial damage to the tyres.
5. Is there any geographical limit to avail of the benefits of the ACKO zero depreciation cover?
When you avail an insurance policy for a vehicle, it has a geographical limitation that is included in the base policy. If the vehicle breaks down or gets damaged in an accident outside the limit, you do not get any compensation for it. This clause is applicable to the ACKO zero depreciation cover as well.