TATA AIG Zero Depreciation Bike Insurance

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Depreciation means the decrease in the absolute value of a commodity due to the passage of time. It is generally the result of wear & tear. In-vehicle insurance, depreciation is considered a significant factor in determining the value of a vehicle, and consequently, the coverage is affected. TATA AIG zero depreciation cover comes into play when there is an assessment of the value of your bike. The claim value decreases with depreciation and this is where zero dep cover helps.

How does TATA AIG Bike Insurance Policy with Zero Depreciation Cover Work?

TATA AIG zero dep bike insurance add-on takes care of the potential loss which your insurer company deducts from the final claim settlement amount. If you have the TATA AIG 0 dep bike insurance, the claim settlement amount won’t get slimmer due to depreciation. 

This is how it works. Generally, the insurance providers determine the settlement compensation based on the current market value of your bike. The market value is determined on the basis of IDV (Insured Declared Value).

If you purchase a bike for, say, INR  X and after a certain period of time, its value falls down to INR Y. So, the depreciation is (X-Y). The IDV will be assessed as Y & you will lose Rs (X - Y) as a depreciation deduction.

Zero dep cover prevents this from happening. You get claim settlement on the basis of X only. For TATA AIG, when you buy the TATA AIG 0 dep bike insurance, INR (X – Y) becomes zero and you get INR X as compensation.

Benefits of TATA AIG Bike Insurance Zero Depreciation Add-on Cover

  • Full compensation for depreciable parts replaced.
  • Upon claim settlement, TATA AIG bears the total cost of replacements/repairs.
  • TATA AIG also covers partial damage to battery & tyres, that too, without depreciation.

 You can buy the zero dep add-on of TATA AIG two-wheeler insurance when you buy your bike insurance or at the time of bike insurance renewal.

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

Age of two-wheeler in yearsDepreciation Rate Without Zero Depreciation CoverDepreciation Rate With Zero Depreciation Cover
0 – 0.60%No depreciation
0.6 - 1 year5%No depreciation
1 – 2 years10%No depreciation
2 – 3 years15%No depreciation
3 – 4 years25%No depreciation
4 – 5 years35%No depreciation
5 – 10 years40%No depreciation
10+years50%No depreciation
Parts of Two WheelerRate of Depreciation Without Zero Depreciation Add-on CoverRate of Depreciation with Zero Depreciation Add-on Cover
Glass PartsNil0%
Rubber/Nylon/Plastic Parts50%0%
Fiberglass Parts30%0%

What is Included Under TATA AIG Bike Insurance Policy with Zero Depreciation Cover?

  • Coverage of depreciable parts of your bike including rubber, plastic, etc.
  • Coverage for repair/replacement during claim settlement.
  • Coverage of the battery or tyres (selective/partially).

What is Excluded Under TATA AIG Bike Insurance Policy with Zero Depreciation Cover?

  • Damage due to mechanical faults
  • Regular age-related wear & tear
  • Complete damage or total loss
  • Bikes more than 5 years old

Factors Affecting TATA AIG Bike Insurance Zero Depreciation Cover

Certain conditions apply to the zero dep cover: 

  • The TATA AIG zero dep bike insurance does not apply to all models of bikes.
  • You can claim the zero dep cover only two times during the tenure of your bike insurance policy.
  • You can’t buy the TATA AIG zero dep bike insurance if your bike is older than 5 years.

How to Buy TATA AIG Bike Insurance Policy with Zero Depreciation  Cover Online?

You can very easily buy TATA AIG zero dep two-wheeler insurance online. 

  • You need to go to TATA AIG’s website, put in your registration number and then click on the “Get Price” for buying a new policy. If, however, you wish to renew an already existing policy, click on “Renew”.
  • You will then be prompted to furnish your details. This is the point where you can subscribe to add-ons. You select the TATA AIG zero dep add-on.
  • You will see a premium quote for bike insurance. You can pay online to activate the TATA AIG zero dep add-on.

So, you may purchase the zero dep TATA AIG add-on when you buy a new policy, have an existing policy or wish to renew an old one.

TATA AIG Bike Insurance Zero Depreciation Cover Review

Zero depreciation is an add-on that can be combined with TATA AIG comprehensive or standalone own damage policies to enhance the coverage. If you are a new driver or someone who has an expensive bike, zero dep cover would be beneficial for you to buy. 

TATA AIG Zero Depreciation Bike Insurance FAQs

  • 1. Is it possible to combine TATA AIG two-wheeler zero dep insurance to any TATA AIG bike insurance policy?

    No, you cannot combine the TATA AIG two-wheeler zero dep insurance with the TATA AIG third-party insurance policy.

  • 2. Why do I need TATA AIG zero dep cover if it does not cover my accident or death?

    The TATA AIG zero dep cover increases your coverage and makes you immune to the decrease in IDV with time. Hence, helps in getting a full claim amount from the insurer.

  • 3. Who must choose to get the TATA AIG two-wheeler zero dep insurance?

    Though it is beneficial to all bikers, the zero dep cover is highly recommended for new bikes, new riders, luxury bike owners, etc.

  • 4. Can I buy the TATA AIG two-wheeler zero dep insurance online?

    Yes. In fact, it is the best and the easiest way to do it.

  • 5. Does TATA AIG zero dep add-on cover the tyres of my bike?

    No, the normal wear and tear of bike tyres do not come under the TATA AIG zero dep cover. 

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