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Digit Zero Depreciation Bike Insurance
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Human nature is to protect the things they love, especially if it's their motor vehicles. Imagine if someone can ensure you safeguard your newly bought bike, and it will always stay with you. Digit zero dep two-wheeler insurance is doing for you – ensuring your new bike is always protected. Insurers charge a higher premium to protect old bikes and reduce the claim amount as the worth of a bike depreciates with time. But with Digit zero dep bike insurance, you can avoid this situation.
It is advisable to go for Digit zero dep bike insurance policy if you are a new bike owner. It offers coverage against the default devaluation applicable to insured two-wheeler vehicles and their parts, which helps you get a higher claim. For more details regarding the same, keep reading on.
How does Digit Two Wheeler Insurance Policy with Zero Depreciation Cover Work?
To understand the zero depreciation cover, you must know what depreciation is. Depreciation is the devaluation of your bike as it gets older. This means if your bike is worth INR 1 lakh currently, it will be INR 90,000 after 1 year, So INR 10,000 is the depreciation you get to suffer on the bike and this depreciation will keep on increasing year after year. And so, zero depreciation, as the name suggests, means no effect of depreciation on a vehicle. Usually, the claim amount of bike insurance you receive, accounts for the factor of depreciation, the depreciation accumulated on the bike with age and usage if your bike gets damaged. However, you receive the entire value of your insured bike's components with a Digit zero dep bike insurance while filing an insurance claim without any depreciation amount deductions.
Adding a Digit zero dep two-wheeler insurance policy, therefore, increases the coverage of your comprehensive insurance and stretches the financial protection for your bike.
Benefits of Digit Two Wheeler Insurance with Zero Depreciation Add-on Cover
Digit zero dep bike insurance policy offers a lot of advantages to the policyholders. Check out them below.
- Saves money
- Higher claim amount
- Smartphone-enabled self-inspection
- paperless claims
- Super-fast claims
- Cashless repairs
- Customize your vehicle IDV
- Saves you from the stress of paying a heavy sum for repairing several bike parts & components
- Enhances the overall coverage
Depreciation Rate Applicable on Bike With and Without Zero Depreciation Add-on
|Age of Bike||Rate of Depreciation Without Zero Depreciation Cover||Rate of Depreciation With Zero Depreciation Cover|
|Up to 6 months||Nil||Nil|
|6 months to 1 year||5%||Nil|
|1 year to 2 years||10%||Nil|
|2 years to 3 years||15%||Nil|
|3 years to 4 years||25%||Nil|
|4 years to 5 years||35%||Nil|
|5 years to 10 years||40%||Nil|
|More than 10 years||50%||Nil|
|Part of Bike||Rate of Depreciation Without Zero Depreciation Cover||Rate of Depreciation With Zero Depreciation Cover|
|Paint work / Rubber / nylon / plastic parts, tyres and tubes, batteries and airbags parts||50%||0%|
What is Included Under a Digit Two Wheeler Insurance Policy with Zero Depreciation Cover?
Zero depreciation policy of Digit bike insurance policy covers the following risks:
- Depreciable bike parts, i.e., nylon, fiberglass, plastic, rubber, parts
- Tyres and tubes
- All parts repairing and replacement
What is Excluded Under a Digit Two Wheeler Insurance Policy with Zero Depreciation Cover?
Digit Zero Dep two-wheeler insurance policy does not provide coverage in these cases:
- Bike more than 5 years old
- Gas kit, bi-fuel kit
- A bike that has traveled a specific number of kilometers
- Bike engine damage resulting from oil leakage or water ingression
- Bike traveling touring out of the geographical area
- Usual depreciation to clutch plates or other parts
- Electrical failures
- Mechanical failures
- Accident occurred due to intoxicated driver
- Mishaps occured due to illicit driving
- Parts that are damaged intentionally
Factors Affecting Digit Zero Two Wheeler Insurance Policy with Depreciation Cover
These are the factors that are taken account of while availing of Digit zero dep two wheeler insurance policy:
- Bike’s age, i.e vehicle should not be more than 5 years old
- Bike’s model
- Location of the policyholder
How to Buy a Digit Two Wheeler Insurance Policy with Zero Depreciation Cover?
By following the below-mentioned steps a two-wheeler owner can purchase the Digit two-wheeler zero dep insurance online:
- Go to the official portal of Digit General Insurance.
- To purchase the Digit comprehensive bike insurance online go to the menu bar, and please select ‘Motor Insurance’ from there.
- There, you must select the 'two-wheeler/bike' option.
- Provide the necessary details related to your two-wheeler along with your address, contact number, email ID etc., in the policy form.
- Choose ‘comprehensive bike insurance' and then select add-ons.
- From there, select the add-on ‘zero depreciation cover' and make the payment for the stipulated premium amount.
- Payment can be made online through net banking, debit card, or credit card.
Digit Two Wheeler Insurance Zero Depreciation Cover Review
When it comes to availing zero depreciation, quick service is offered by Digit General Insurance. Owning this cover would be of great help as it helps you in receiving the full claim amount from the insurer. Digit helps you in every step of the process hence has become the most preferred insurer in the market today.
Add ons for your Two Wheeler Insurance
Digit Zero Depreciation Bike Insurance FAQs
1. I bought a second-hand 3-year-old bike. Am I eligible for a Digit zero dep bike insurance policy?
Though this add-on is highly recommended for new bikes, however, as your second-hand bike is only three years old, which is less than 5 years, you can opt for zero depreciation bike insurance Digit.
2. Can I opt for only Digit two-wheeler zero depreciation insurance add-on with my third-party insurance policy?
No, with a third party insurance policy, no Digit two-wheeler zero depreciation insurance add-on is available.
3. Who should purchase a Digit zero dep bike insurance?
A person who has a new bike, a sports bike, or an expensive two-wheeler, must purchase Digit zero depreciation cover add-on. Those who live in accident-prone areas should also opt for this cover.
4. What are the conditions for availing Digit of zero-depreciation bike insurance cover?
The only condition that allows you to buy a Digit zero-depreciation bike insurance cover is that you must have a comprehensive bike insurance policy. The second one is your bike’s age. It should not be older than five years
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