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Magma HDI Zero Depreciation Bike Insurance
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Insurers deduct a charge from the policyholder's claim amount to account for the two-wheeler loss in value over time. Zero Depreciation is an optional cover that you can add to a standalone or comprehensive two-wheeler insurance policy to prevent deducting depreciation charges at the time of claim settlement. The Magma HDI zero depreciation add-on protects policyholders from claim amounts lost due to depreciation charges.
The Magma HDI zero depreciation cover ensures that policyholders receive the maximum claim amount. In addition, it gives the insured the right to repair and replace depreciable parts of their two-wheeler at cashless garages, regardless of the value's depreciation.
How does Magma HDI Two Wheeler Zero Depreciation Cover Work?
Zero depreciation covers the entire cost of your two-wheeler, including depreciation. In contrast to a standard insurance policy, which considers the vehicle's depreciated value (i.e., the present value), this add-on guarantees the total claim amount with no deduction for depreciation.
Benefits of Magma HDI Two Wheeler Insurance Zero Depreciation Add-on Cover
Customers who purchase zero depreciation add-on cover of Magma HDI two wheeler insurance will receive the following benefits:
- Higher Claim: Insurance holders who choose zero depreciation receive a higher claim on the assured amount because no charges are deducted for the insured's two-wheeler depreciation in value. It guarantees the maximum claim amount to the policyholders.
- Saves Money: A slight rise in the premium amount due to the zero depreciation cover helps save money on repairing and replacing the insurance holder's two-wheeler depreciable parts.
- Increases Coverage: A zero depreciation add-on cover supplements the basic coverage of your two-wheeler insurance policy and nearly eliminates your expenses. By investing a small amount for the add-on cover, you will receive a higher claim amount, which will increase your savings.
- Repair Costs without Depreciation: Any expenses incurred due to the repair of the insured two-wheeler's parts are calculated without taking depreciation into account.
- Increased Compensation: The IDV of your bike insurance policy determines the maximum amount of claim you are entitled to receive for your two-wheeler. As a result, with the zero depreciation bike insurance add-on cover, you can make claims without being affected by the bike's depreciation rate, allowing you to receive a higher claim amount.
- Mindfulness: Two-wheeler insurance provides an additional layer of protection for you and your bike against damage, loss, injury, and so on, providing peace of mind. A zero-depreciation add-on cover boosts your compensation even more by negating the depreciation rate.
Depreciation Rate With and Without Zero Depreciation Additional Coverage
|Age of Two-wheeler||Rate of Depreciation Without Zero Depreciation Cover||Rate of Depreciation With Zero Depreciation Cover|
|6 months to 1 year||5%||0%|
|Part of Two-wheeler||Rate of Depreciation Without Zero Depreciation Cover||Rate of Depreciation With Zero Depreciation Cover|
What is Included Under Magma HDI Two Wheeler Insurance Policy With Zero Depreciation Cover?
- Depreciable parts of the two-wheeler, such as fiberglass, rubber, plastic, etc.
- During the claim settlement process, compensation is provided for the repairs and replacements of the two-wheeler's parts.
- A zero depreciation add-on cover is available during both the purchase and renewal process.
- Specific insurance policies cover partial tyre and battery damage without taking depreciation.
What is not Included Under Magma HDI Two Wheeler Insurance Policy With Zero Depreciation Cover?
- Damage or loss caused by an uninsured risk or hazard
- The normal wear and tear on insured vehicles
- Mechanical breakdown causes damage or loss
- Items that are not insured, such as tyres, bi-fuel kits, and gas kits, may be lost or damaged.
Factors Affecting Magma HDI Two Wheeler Insurance Zero Depreciation Cover
It is critical to carefully read the policy document and understand the conditions associated with each add-on cover. In general, a zero depreciation cover is affected by:
- Your bike’s age
- Your location
- Your bike’s make and model
- Policy type
How to Buy Magma HDI Two Wheeler Insurance Zero Depreciation Cover?
With the advancement of technology, purchasing a zero depreciation cover in addition to the basic policy for your two-wheeler has never been easier. When purchasing or renewing your two-wheeler insurance policy, the policyholder can easily purchase the add-on cover online. Likewise, when purchasing a comprehensive policy for your two-wheeler insurance, you can select the zero depreciation cover.
Magma HDI Two Wheeler Insurance Zero Depreciation Cover Review
The Magma HDI zero depreciation cover reduces the policyholder's liability. In addition, it absolves the insurer of the liability for depreciation costs. This enables the insured to receive more significant claim amounts.
Add ons for your Two Wheeler Insurance
Magma HDI Zero Depreciation Bike Insurance FAQs
1. Can I convert third-party insurance to a zero-dep insurance?
You can convert a third-party bike insurance policy into a zero-depreciation policy. However, you need to port your policy into comprehensive insurance as then only you can purchase zero-dep insurance.
2. Is bike insurance with Magma HDI zero depreciation required?
A zero depreciation bike insurance add-on is not required, but it is recommended. This add-on allows you to receive a higher claim amount while also preventing you from incurring high depreciation costs on your bike.
3. Is Magma HDI zero depreciation policy guaranteed to pay the full claim amount?
No, zero depreciation coverage does not guarantee a full claim amount because deductibles are considered when calculating the claim amount. However, zero depreciation waives only the depreciation charges, ensuring that the claim amount is maximized.
4. Is Magma HDI zero depreciation available outside of the city limits?
The Magma HDI zero depreciation will only provide coverage within the geographical zone specified. The insurer will not pay for any damage to the insured's bike outside the area.
5. What factors influence the rate of increase in the premium amount when choosing Magma HDI zero depreciation coverage?
The following factors influence the rate of increase in the premium amount when choosing zero depreciation coverage:
- Vehicle year of manufacture
- Vehicle's model
- Residential location
- Policy type
Before adding zero depreciation coverage to your bike insurance policy, the insurer may conduct an inspection.
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