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Starting at only ₹1.5 per Day*
Depreciation refers to the reduction in the cost of the bike over the years. It becomes crucial at the time of settling the claim. The wear and tear of the vehicle machinery can reduce the vehicle's value and performance. Some insurers provide cover for replacing the small parts, but it is not included in the depreciation cover. The expense of replacing or repairing it is called the deductible. These deductibles are not included in the claim settlement amount. Instead, they will go from your pocket.
When you purchase your bike insurance policy, you get financial protection but not 100%. Wear and tear of the small parts, such as parts made up of nylon or plastic, is inevitable. These small changes can reduce your claim significantly. Therefore, adding Zero depreciation cover while purchasing the HDFC ERGO two-wheeler comprehensive insurance policy can help you reduce the financial burden on you. Also, your vehicle will be 100% insured.
The zero depreciation add-on cover of HDFC ERGO two wheeler insurance comes with multiple benefits, some of which are listed below:
The insurer looks at the total cost of the repairs of the product at the time of settling the claim. If you do not have zero depreciation cover, repair and replacement of the deductible will be deducted from the final amount, and then your claim will be settled. You get the full claim amount in return with the zero depreciation cover.
Most insurers set the limit on the number of zero depreciation claims you can make during the insurance policy term. HDFC ERGO allows policyholders to make unlimited depreciation claims throughout the policy tenure.
For every add-on cover, your insurance premium will slightly increase. However, at the time of settling the claim insurer will make a payment of the whole amount. So on the broader prospect, you save more money, and in the time of a crisis, you do not have to worry about additional costs.
Following is the tabular representation of the depreciation rate applicable with and without add-on cover.
Age of Two Wheeler | Rate of Depreciation Without Zero Depreciation Add- on Cover | Rate of Depreciation With HDFC ERGO Two Wheeler Insurance Zero Depreciation Add-on Cover |
Under 6 months | Nil | 0% |
6 months to 1 year | 5% | 0% |
1-2 years | 10% | 0% |
2-3 years | 15% | 0% |
3-4 years | 25% | 0% |
4-5 years | 35% | 0% |
5-10 years | 40% | 0% |
Above 10 years | 50% | 0% |
Parts of Two Wheeler | Rate of Depreciation Without Zero Depreciation Add-on Cover | Rate of Depreciation With HDFC ERGO Two Wheeler Insurance Zero Depreciation Add-on Cover |
Rubber/Nylon/Plastic parts | 50% | 0% |
Fiberglass parts | 30% | 0% |
Glass parts | Nil | 0% |
Following things, you avail after purchasing HDFC ERGO two wheeler insurance zero depreciation add-on cover:
The following things are not included in the HDFC ERGO two wheeler insurance zero depreciation add-on cover:
Following are the conditions that you must adhere to before purchasing HDFC ERGO two wheeler insurance zero depreciation add-on cover:
You can make limitless zero depreciation claims throughout the tenure of the insurance plan.
Yes, you are allowed to add HDFC ERGO two wheeler zero depreciation add- on the cover for the insurance purchased for a second-hand vehicle. However, the two-wheeler must not be more than 5 years old.
Yes, you can get compensation for the replacement of the partially damaged rubber or plastic parts after the claim settlement. Without this add-on the cover, you will be charged a 50% amount as a depreciation amount.
It depends on the insurer to provide compensation for the tyres. Sometimes partial damage to the tires is included in the depreciation cover.
You can avail HDFC ERGO two wheeler zero depreciation add-on cover while purchasing HDFC ERGO comprehensive policy or HDFC ERGO two-wheeler standalone policy.
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