Brand new Bike
It's in our nature to keep the things we care for safe. Especially if it's your first ever bike. Maybe you bought it with your hard-earned money just a few months back. Consider what it would be like if there was a way to make sure that the bike you value so much remains in perfect condition at all times.
Well, technically, this is absolutely possible! We do have an amazing solution for you which is known as zero-depreciation bike insurance. It keeps your bike in a new-like condition as if you just bought it. Let us know more about this bike insurance add-on in detail.
Zero Depreciation Two Wheeler Insurance – What does it mean?
Let's start with a definition of depreciation before moving on to zero depreciation. Depreciation refers to the loss in the price of your bike as it ages. So, if your bike was initially worth Rs. 90,000, when it was new and is now worth Rs. 30,000, the depreciation you've experienced is around Rs. 60,000.
However, if you have zero depreciation insurance for your motorcycle, the insurance company will cover practically the whole cost of replacing the parts, with no deduction for depreciation. Simply put, having a zero-depreciation policy means that your bike will be as good as new in the eyes of your insurer.
Difference between zero depreciation bike insurance and standard two-wheeler insurance
Let's find out the difference between standard bike insurance and a zero depreciation one:
In the case of conventional motorcycle insurance coverage, the claim settlement will be determined by the age of the vehicle as well as the amount of depreciation for different parts of the bike. But if you opt for bike insurance with zero depreciation, you will obtain full compensation on filing a claim.
Even while a zero depreciation two-wheeler insurance plan is costlier and has a significantly higher premium than a conventional policy, it provides many superior long-term profits.
In normal circumstances, the insured is responsible for the expenses related to the repair and replacement of plastic fiber parts of the bike. But, when he chooses bike insurance 0 depreciation policy, the insurer pays for it, making the policyholder's expenditures substantially lower.
The zero dep insurance for bike-only covers cars up to a certain age because the insurance plan compensates two claims during the policy period. A standard two-wheeler insurance policy, on the other hand, never considers the age factor for your motorcycle. Therefore, in case your motorcycle has been used for a certain number of years, opting for standard coverage is the most suitable choice.
Why should you get zero depreciation bike insurance?
Things covered by a zero-depreciation bike insurance policy
Things not covered under zero depreciation cover for two-wheeler
Frequently Asked Questions (FAQs)
Your Zero Dep premium is influenced by several criteria, including the age of your car, its brand and model, and your location.
Yes, if your bike is new or less than five years old, the zero-depreciation coverage is highly beneficial.
This is dependent on the age of your bike! If your bike is near to or more than five years old, we don't recommend opting for a zero depreciation policy.
The only condition is that you must purchase it as part of a complete bike insurance policy and that your bike must be less than five years old.