HDFC ERGO Zero Depreciation Bike Insurance

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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.

HDFC ERGO Bike Insurance Zero Depreciation Cover

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.

Benefits of HDFC ERGO Two Wheeler Insurance Zero Depreciation Add-on Cover

The zero depreciation add-on cover of HDFC ERGO two wheeler insurance comes with multiple benefits, some of which are listed below: 

  • Full Claim:

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.

  • Limitless Claims:

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. 

  • Money Saver:

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.

Depreciation Rate Applicable on Two Wheeler With and Without Zero Depreciation Add-on

Following is the tabular representation of the depreciation rate applicable with and without add-on cover. 

Age of Two WheelerRate of Depreciation Without Zero Depreciation Add- on CoverRate of Depreciation With HDFC ERGO Two Wheeler Insurance Zero Depreciation Add-on Cover
Under 6 monthsNil0%
6 months to 1 year5%0%
1-2 years10%0%
2-3 years15%0%
3-4 years25%0%
4-5 years35%0%
5-10 years40%0%
Above 10 years50%0%
Parts of Two WheelerRate of Depreciation Without Zero Depreciation Add-on CoverRate of Depreciation With HDFC ERGO Two Wheeler Insurance Zero Depreciation Add-on Cover
Rubber/Nylon/Plastic parts50%0%
Fiberglass parts30%0%
Glass partsNil0%

What is Included Under an HDFC ERGO Two Wheeler Insurance Policy with Zero Depreciation Cover?

Following things, you avail after purchasing HDFC ERGO two wheeler insurance zero depreciation add-on cover:

  • Monetary compensation is provided to replace all the rubber, nylon, fiberglass, and plastic parts to the policyholder.
  • The amount spent on replacing the depreciating parts will be reimbursed to the policyholder at the time of claim settlement.
  • Partial damage to battery and tyres is sometimes included in HDFC ERGO two-wheeler zero depreciation add-on cover.

What is not Included Under an HDFC ERGO Two Wheeler Insurance Policy with Zero Depreciation Cover?

The following things are not included in the HDFC ERGO two wheeler insurance zero depreciation add-on cover: 

  • All the damages that are incurred to your two-wheeler because of a mechanical failure.
  • Routine aging or the wear and tear of the degradable products is not included in the HDFC ERGO two-wheeler zero depreciation insurance.
  • Theft of the vehicle or complete damage to the vehicle is not covered under the policy.
  • If the claim is made for uninsured items, such as gas kits or bi-fuel kits, they are not settled by the insurer.

Factors Affecting HDFC ERGO Two Wheeler Insurance Zero Depreciation Cover

Following are the conditions that you must adhere to before purchasing HDFC ERGO two wheeler insurance zero depreciation add-on cover:

  • The depreciation amount will not be included in your claim amount if the vehicle is stolen or if it is damaged beyond repairs.
  • HDFC ERGO two wheeler zero depreciation add-on cover can be added to the insurance policy only if the vehicle is below 5 years old.
  • You can opt to add the HDFC ERGO two wheeler zero depreciation add-on the cover, either at the time of policy purchase or at the time of policy renewal.

HDFC ERGO Zero Depreciation Bike Insurance FAQs

  • 1. How many times during the insurance tenure of HDFC ERGO two wheeler insurance zero depreciation add-on cover have I been allowed to make a claim?

    You can make limitless zero depreciation claims throughout the tenure of the insurance plan.

  • 2. Can I get the HDFC ERGO two wheeler insurance zero depreciation add-on cover for the second-hand bike?

    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.

  • 3. Are the rubber and plastic parts covered in the HDFC ERGO two wheeler zero depreciation add-on cover?

    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.

  • 4. Are tyres covered in the zero depreciation add-on cover?

    It depends on the insurer to provide compensation for the tyres. Sometimes partial damage to the tires is included in the depreciation cover.

  • 5. With which policies can I avail of zero 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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