Royal Sundaram Zero Depreciation Bike Insurance

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Royal Sundaram Two Wheeler Insurance Highlights

Royal Sundaram (Two Wheeler Insurance)
"Royal Sundaram General Insurance Co. Limited (formerly known as Royal Sundaram Alliance Insurance Company Limited), is the first private sector general insurance company in India to be licensed in October 2000 by the Insurance Regulatory and Development Authority of India. The company was initially promoted as a joint venture by Sundaram Finance, one of the most respected non-banking financial institutions (NBFCs) in India and other Indian Shareholders. Royal Sundaram has been providing innovative general insurance solutions to individuals, families and businesses directly as well as through its intermediaries and affinity partners. The company offers Motor, Health, Personal Accident, Home and Travel Insurance to individual customers and offers specialized insurance products in fire, marine, engineering, liability and business interruption risks to commercial customers. Royal Sundaram also offers specially designed products to the small and medium enterprises and rural customers as well. The company is a pioneer in bancassurance in India, having long-standing tie-ups with reputed banks and NBFCs."
Claim Settlement Ratio

Bike values depreciate with time, just like any other item. Depreciation is the term for this decrease in value. At the time of claim settlement, the insurance providers account for this loss and deduct the depreciation fee from the claim amount. A normal comprehensive or standalone own-damage plan does not cover the depreciation fee by default; however, a zero depreciation cover helps eliminate this penalty. The Royal Sundaram zero depreciation bike insurance add-on cover eliminates the depreciation charge for policyholders.

How does Royal Sundaram Two Wheeler Insurance Zero Depreciation Cover Work?

When it comes to bike insurance, zero depreciation means that the insurance company will cover the depreciation of the bike parts when settling the claim. Royal Sundaram zero depreciation two-wheeler insurance provides comprehensive coverage without taking into account their depreciation value. If your bike is injured in a traffic accident, for example, your insurance company will cover all damages or losses incurred during claim settlement. As a result, zero depreciation bike insurance provides a higher claim amount for incurred damage while also saving you money.

Benefits of Royal Sundaram Two Wheeler Insurance Zero Depreciation Add-on Cover

With the addition of Royal Sundaram zero dep bike insurance to the comprehensive coverage, the insurer does not deduct any money from the claim amount for depreciation. As a result, policyholders can claim the whole amount at the time of claim settlement.

Helps policyholders save money: Because the replacement of depreciated bike parts is covered under the zero depreciation of Royal Sundaram two-wheeler insurance policies, policyholders can save money on bike parts replacement.

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

Bike AgeDepreciation Rate With Zero Depreciation CoverDepreciation Rate Without Zero Depreciation Cover
0-6 months0%Nil
6 months-1 year0%5%
1-2 years0%10%
2-3 years0%15%
3-4 years0%25%
4-5 years0%35%
5-10 years0%40%
Above 10 years0%50%
Bike PartsDepreciation Rate With Zero Depreciation CoverDepreciation Rate Without Zero Depreciation Cover
Rubber/ Nylon/ Plastic parts0%50%
Fiberglass parts0%30%
Glass parts0%Nil

What is Included Under a Royal Sundaram Two Wheeler Insurance Policy with Zero Depreciation Cover?

Royal Sundaram zero depreciation two-wheeler insurance covers the following aspects:

  • Depreciable parts of the two-wheeler, such as rubber, fiberglass, plastic, and nylon, are compensated.
  • During the claim settlement process, compensation is granted for the repairs and replacements of the two parts. 
  • During both, purchase and renewal, a zero depreciation add-on cover is available.

What is not Included Under a Royal Sundaram Two Wheeler Insurance Policy with Zero Depreciation Cover?

Royal Sundaram zero depreciation two wheeler insurance does not cover the following conditions:

  • Damage or loss caused by an uninsured risk or danger.
  • Wear and tear on insured automobiles regularly.
  • Mechanical failure causes damage or loss.
  • Items not covered by insurance, such as tyres, bi-fuel kits, and gas kits, are lost or damaged.
  • The majority of zero depreciation add-on insurance in the industry lasts around a year, and the policyholder must renew it annually to continue receiving the advantages. If you don't already have a zero depreciation add-on cover, you can get one when you buy your two-wheeler insurance or when you renew your policy.

Factors Affecting Royal Sundaram Two Wheeler Insurance Zero Depreciation Cover

The Royal Sundaram zero depreciation two-wheeler insurance cover is very useful; however, policyholders should be aware of the following conditions:

  • This cover does not cover normal wear and tear of the bike.
  • In the event of total loss or damage, this add-on is not applicable.
  • The zero depreciation cover is available for bikes up to 5 years of age.
  • Policyholders are only allowed to claim the zero depreciation benefit twice during their policy's lifetime.

Royal Sundaram Zero Depreciation Bike Insurance FAQs

  • 1. Does Royal Sundaram zero depreciation cover any damage that occurs outside of the geographical zone?

    The Royal Sundaram two-wheeler zero depreciation insurance coverage will only cover incidents that occur within the geographical area and will not cover incidents that occur outside of that area. For each policyholder, the Royal Sundaram comprehensive bike insurance policy, with or without the zero depreciation add-on, has a pre-determined geographical limitation.

  • 2. Is it possible to convert my bike's third-party insurance to zero-depreciation insurance?

    No, a third-party bike insurance policy cannot be converted to a Royal Sundaram zero depreciation bike insurance. A 0% depreciation add-on, like all other add-ons, can be purchased along with a comprehensive or standalone own-damage bike insurance policy.

  • 3. Which is preferable: zero-depreciation or full coverage insurance?

    A Royal Sundaram zero depreciation bike insurance cover is an add-on that compensates for the repair and replacement of depreciable bike parts by providing the full claim settlement value. A comprehensive insurance policy is a type of bike insurance that covers the owner-rider for own damage, third-party liability, and personal injury. It is preferable to purchase a complete motor insurance policy and supplement it with a Royal Sundaram zero depreciation two-wheeler insurance cover.

  • 4. Is it possible to purchase Royal Sundaram zero depreciation bike insurance coverage without first purchasing a full bike insurance policy?

    No, a person has to buy comprehensive/own damage bike insurance to opt for Royal Sundaram zero depreciation bike insurance coverage.

  • 5. What add-on covers can I opt for while buying Royal Sundaram zero dep two-wheeler insurance?

    Other add-ons that a person can opt for while buying Royal Sundaram zero dep bike insurance are mentioned below.

    • No-Claim Bonus (NCB) protection
    • Roadside assistance 
    • Protection for the engine
    • Consumables cover
    • Return to invoice

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