ICICI Lombard Zero Depreciation Bike Insurance

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The insurer deducts the depreciation expense on your bike parts for damages to your bike. The zero depreciation bike add-on cover offsets such depreciation charges at the time of a claim settlement. This ICICI Lombard zero dep bike insurance add-on is available at an additional premium.

To those who own a new bike or an expensive sports bike, it is advisable to opt for ICICI Lombard zero dep two-wheeler insurance cover as it provides a complete coverage against the default depreciation applicable on your bike or scooter and its parts, which also helps you to receive a higher claim amount in return. On this page, find more details regarding the same.

How does ICICI Lombard Bike Insurance Policy with Zero Depreciation Cover Work?

At the time of claim settlement, you might know that the insurer deducts the depreciation value on your bike. The zero dep add-on of ICICI Lombard bike insurance cover is an add-on that can be opted with comprehensive and standalone bike insurance policies offered by ICICI Lombard General Insurance. This add-on gives you complete coverage without any deduction of the depreciation cost incurred by your two-wheelers.

Generally, the liability of depreciation costs incurred by the insured’s bike is applicable to the bike’s owner. However, by adding the ICICI Lombard zero dep bike cover, an insured can turn this burden towards the insurance company. With the option of zero depreciation add-on cover, the insured remains not liable to depreciation charges on replaced and repaired parts. And he gets the total claim amount without any deduction of depreciation expense.

Benefits of ICICI Lombard Bike Insurance Zero Depreciation Add-on Cover

ICICI Lombard Zero Dep Bike Insurance Policy offers mainly two benefits to the insured, including

  • Higher Claim Amount – The Insured receives a higher claim amount as depreciation expenses are not deducted from the claim amount.
  • Receive a Complete Coverage – With the ICICI Lombard zero depreciation bike add-on, the insurance company is bound to provide insurance to your bike and all its parts.

Depreciation Rate Applicable on Bike With and Without Zero Depreciation Add-on

Age of BikeRate of Depreciation Without Zero Depreciation CoverRate of Depreciation With Zero Depreciation Cover
Up to 6 months 0%Nil
6 months to 1 year 5%Nil
1 year to 2 years 10%Nil
2 years to 3 years15%Nil
3 years to 4 years25%Nil
4 years to 5 years35%Nil
5 years to 10 years40%Nil
Above 10 years50%Nil

Paint Work

Rubber/Nylon/Plastic Parts,

Tyres and Tubes, 


Fiberglass Parts30%Nil

What is Included Under an ICICI Lombard Bike Insurance Policy with Zero Depreciation Cover? 

The following points are included under an ICICI Lombard zero dep bike insurance policy:

  • Depreciable bike parts i.e. nylon, fibreglass, plastic, or rubber parts
  • Tyres and tubes partially
  • Batteries
  • All parts repairing and replacement

What is Excluded Under an ICICI Lombard Bike Insurance Policy with Zero Depreciation Cover? 

The following are not included under an ICICI Lombard zero dep two-wheeler insurance policy:

  • Bike more than 5 years old
  • Bike tyres
  • Bi-fuel and gas kit
  • Bike engine 
  • Normal wear and tear 
  • Mechanical or electrical failures
  • More than 2 claims
  • Intentionally damaged parts
  • Total constructive loss

Factors Affecting ICICI Lombard Bike Insurance with Zero Depreciation Cover

Following factors need to be considered while availing ICICI Lombard zero dep two wheeler insurance policy:

  • Bike’s age should be less than 5 years
  • Bike’s model and variant
  • Location of the insured

How to Buy ICICI Lombard Bike Insurance with Zero Depreciation Cover? 

A bike owner can buy the ICICI Lombard bike zero dep insurance online by the process given in the below-mentioned steps:

  • Visit the motor insurance page of ICICI Lombard website. 
  • Select two-wheeler insurance.
  • Fill in all the details such as your bike registration number, registration city, date of registration, mobile number, email id, etc.
  • Select the insurance policy from comprehensive or standalone bike insurance policy.
  • After selection, choose to customise your coverage with ICICI Lombard zero dep bike insurance
  • Pay the premium through net banking, debit cards, credit cards, Paytm, etc.
  • You will receive your bike policy documents in your inbox.

ICICI Lombard Bike Insurance with Zero Depreciation Cover Review

Instant service is offered by ICICI Lombard General Insurance when it comes to zero dep. The company with its quick and reliable customer care team will always assist and support you throughout the process.

ICICI Lombard Zero Depreciation Bike Insurance FAQs

  • 1. Can I opt for an ICICI Lombard zero dep bike insurance policy for my 1-year-old second-hand bike?

    Yes, as your second-hand bike is only 1 year old, you can opt for  ICICI Lombard zero depreciation bike insurance along with your standard bike insurance policy.

  • 2. How many garage networks does ICICI Lombard General Insurance have across India?

    ICICI Lombard General Insurance has more than 2500 network workshops to offer a cashless claim settlement service to its policyholders.

  • 3. Can I opt for ICICI Lombard two-wheeler zero depreciation add-on cover if I already have an ICICI Lombard third-party bike insurance policy?

    No, with a third-party bike insurance policy, ICICI Lombard General Insurance does not offer zero depreciation add-on cover.

  • 4. Who should opt for ICICI Lombard zero dep bike insurance?

    Anyone who has bought a new or expensive bike should opt for ICICI Lombard zero dep bike insurance. Also, people whose bike parts are expensive are recommended to have the same.

  • 5. Can I buy ICICI Lombard zero dep bike insurance if I have a standard bike policy from some other insurer?

    If you own a basic bike policy from some other insurer, you can not buy the zero depreciation add-on from ICICI Lombard. To avail of the ICICI Lombard zero dep bike insurance, you must buy a basic ICICI Lombard bike policy, either a standalone or comprehensive plan.

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