Oriental Zero Depreciation Bike Insurance

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A zero-depreciation bike insurance policy refers to no general depreciation being taken into account throughout the insurance period by the insurer. If you do not have this cover, your insurance company will deduct the depreciation cost/value of your bike from the final claim settlement amount. Hence, you would be at a loss. 

This is where zero depreciation add-on helps in getting the complete claim amount because once you include this cover to your base policy, your insurer won’t be able to deduct any depreciation cost. So buying Oriental zero depreciation bike insurance is highly advisable especially if you have an expensive bike. 

How does Oriental Two Wheeler Insurance Policy with Zero Depreciation Cover Work?

A bike's worth will inevitably depreciate over time. At the time of claim settlement, insurance companies take into account this depreciation and subtract a depreciation fee from the claim amount. 

However, if you combine zero depreciation bike insurance coverage with a complete bike insurance policy, you may avoid this deduction. At an affordable rate, Oriental Insurance provides zero depreciation coverage to extend the coverage of comprehensive bike insurance and standalone own damage bike insurance policies.

Benefits of Oriental Two Wheeler Insurance with Zero Depreciation Add-on Cover

The following are the major benefits of the zero depreciation add-on of Oriental two-wheeler insurance:

  • Greater Claim: Because the insurer does not subtract any depreciation value, zero depreciation coverage assures a higher claim amount. With a modest increase in the premium, policyholders can get the highest claim amount with zero depreciation coverage. It helps to reduce out-of-pocket payments to practically nothing without taking into account depreciation on the vehicle's parts, hence the name "nil-depreciation insurance."
  • Saves Money: The Oriental zero depreciation add-on insurance pays for the repair and replacement of the insured's bike's parts regardless of depreciation. It safeguards against financial loss and reimburses the entire cost of repair or replacement.

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

Age of the two-wheelerRate of Depreciation Without Zero depreciation CoverRate of Depreciation With Zero Depreciation Cover
Below 6 monthsNA0%
6 months to 1 year5%0%
1 to 2 years10%0%
2 to 3 years15%0%
3 to 4 years25%0%
4 to 5 years35%0%
5 to 10 years40%0%
Above 10 years50%0%

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

  • Nil Depreciation is an optional policy that provides complete coverage for all parts without taking into account depreciation.
  • For two-wheelers, the rate of zero depreciation ranges from 0% to 40%, depending on the vehicle and other circumstances.
  • If you have no depreciation coverage, you can recover the entire cost of replacing auto parts in the event of an accident.
  • The claim amount will not be reduced by the depreciation value of the damaged parts.

What is Excluded Under an Oriental Two Wheeler Insurance Policy with Zero Depreciation Cover?

The following are not included in the Oriental two-wheeler insurance policy with zero depreciation cover:

  • The vehicle is not protected by zero depreciation cover against engine damage caused by oil leakage or water entry. 
  • Furthermore, it excludes coverage for mechanical failure and consumables usage.
  • Bikes above 5 years of age cannot get coverage under zero dep.

Factors Affecting Oriental Two Wheeler Insurance Policy with Zero Depreciation Cover

The factors that need to be considered for the Oriental zero depreciation bike insurance cover are as follows:

  • To be eligible for two-wheeler insurance zero depreciation automobile insurance add-on coverage, the automobile you want to insure must be less than 5 years old.
  • On basic zero depreciation auto insurance policy, just the depreciated value of the automobile parts is replaced.
  • Two-wheeler zero depreciation insurance provides more coverage than standard auto insurance and so commands a higher cost. 
  • The zero-depreciation auto insurance add-on is highly advised for luxury two-wheeler owners. Inhabitants of high-risk areas should also opt for this add- on.
  • On nylon and rubber parts, 30 percent depreciation is deductible.
  • Bike parts that are made of plastics, 50% percent depreciation is deductible on them.
  • You can claim zero depreciation bike insurance coverage to decrease the number of claims that arise from small issues such as dents in the bike, in certain circumstances.
  • The age of the automobile determines the deductible amount for depreciation on wooden parts.

How to Buy Oriental Two Wheeler Insurance Policy with Zero Depreciation Cover?

The buyers can buy the Oriental zero depreciation bike insurance online. Below is the process of opting for Oriental zero depreciation cover.

  • Fill out the online form with the make and model of the insured vehicles.
  • Choose the insurance with no depreciation add-on. 
  • Get bike insurance quotes and premium estimates based on the information you give. 
  • Fill in your name, address, phone number, and other information. 
  • Complete your auto insurance purchase by making a payment online. 
  • You will be intimated via an email by the company.

Oriental Two Wheeler Insurance Policy with Zero Depreciation Cover Review

You can easily buy zero depreciation add-on online from Oriental Insurance. The company has a user-friendly interface which makes your navigation smooth and seamless. The company offers a fast and amazing claim settlement process and settles claims quickly. 

Oriental Zero Depreciation Bike Insurance FAQs

  • 1. Is it true that insurance companies only cover new automobiles with zero depreciation?

    Most insurance firms prefer to offer 0% depreciation coverage solely to new or less than five-year-old vehicles. Varied insurance providers, on the other hand, have different automobile age restrictions for zero depreciation coverage.

  • 2. Who should purchase Oriental zero-depreciation insurance policy?

    A zero-depreciation policy is recommended for all automobile owners. However, it is especially recommended for the following: 

    • Owners of new automobiles. 
    • People who drive in high-accident zones.
    • Those who are disturbed by little scrapes.
    • Two-wheeler owners who have pricey components.
  • 3. What variables influence my Oriental zero-depreciation auto insurance policy?

    It is mostly determined by the bike's age, manufacture, and type, as well as its geographical location.

  • 4. In a nil-depreciation automobile insurance policy, what is the insured declared value?

    IDV is a guaranteed sum that the policyholder receives in case of theft or total loss of the protected vehicle. 

    Bike's original/invoice value - Bike’s registration fee and depreciation value = Insured Declared Value (IDV)

  • 5. Can I still receive Oriental zero depreciation automobile insurance for my vehicle after 5 years?

    No, this add-on coverage is only available if your automobile is less than 5 years old.

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