Best Bike Insurance with Unlimited Zero Depreciation
When it comes to bike insurance, depreciation is an inevitable phenomenon. With time, the value of your bike will reduce for sure due to the default depreciation which tends to apply every year. It means the cost of your bike will start changing every day, in fact decreasing, the moment you purchase it and bring it on the road. This reduction in the value of your bike will lead to lessening the claim amount of your insurance policy.
No bike insurance policy offers any coverage against the default depreciation amount. However, an add-on cover known as zero depreciation cover is designed to compensate for the depreciation amount. This cover will enhance your claim amount as the depreciation of your bike would not be taken into account while settling your claim. You can avail of this add-on cover only with the standalone own-damage policy or comprehensive bike policy and not with third-party policy. All you need to do is to pay an additional premium to enjoy this premium cover.
Bike Insurance With Zero Depreciation v/s Bike Insurance Without Zero Depreciation
Age of Bike | Rate of Depreciation Without Zero Depreciation cover | Rate of Depreciation With Zero Depreciation cover |
Under 6 months | Nil | 0% |
6 months to 1 year | 5% | 0% |
1 – 2 years | 10% | 0% |
2 – 3 years | 15% | 0% |
3 – 4 years | 25% | 0% |
4 – 5 years | 35% | 0% |
5 – 10 years | 40% | 0% |
Above 10 years | 50% | 0% |
Part of Bike | Rate of Depreciation Without Zero Depreciation cover | Rate of Depreciation With Zero Depreciation cover |
Paint Work / Rubber/ Nylon/ Plastic Parts, Tires and Tubes, Batteries and Airbags Parts | 50% | 0% |
Fiberglass parts | 30% | 0% |
Glass parts | Nil | 0% |
Even after purchasing the zero depreciation add-on cover, different insurers allow the different number of zero depreciation claims during the policy term. Some offer claims twice or thrice a year, while some extend their support to another level by allowing their policyholders to make unlimited zero depreciation claims.
Top 3 Bike Insurance Companies For Unlimited Zero depreciation Bike Insurance As Per Own Damage Claim Settlement Ratio
Insurance Company | Claim Settlement Ratio for FY 2018-19 |
IFFCO Tokio | 96.44% |
Royal Sundaram | 94.07% |
New India | 92.23% |
(Source: IBAI’s General Insurance Claim Insights Handbook For Policyholders - 4th Edition)
As per the claim settlement ratio of FY 2018-19 for own-damage bike insurance, these are the best 3 insurance providers that offer an unlimited zero depreciation add-on cover.
1. IFFCO Tokio Bike Insurance
Highlights
Cosmic network garages 4300+ garagesCheck in your CityPAN India help desk with 24x7 serviceUnlimited Zero depreciation claim90.69% Claim Settlement RatioIFFCO Tokio General Insurance Company
Read MoreIFFCO Tokio is one of the best insurers available in the nation. It offers various additional features with its bike insurance plans. The best of its offerings comprise zero depreciation add-on cover for up to 10 years old bikes, where it allows its policyholders to make an unlimited number of claim requests in a policy term.
Iffco Tokio Bike Insurance User Reviews
2. Royal Sundaram Bike Insurance
Highlights
Pioneer of bancassurance in IndiaCheck in your City92.66% Claim Settlement Ratio as per the FY2024*7 Emergency AssistanceCoverage of up to 15 lakhs in accidental casesMore than 3300 network garagesRoyal Sundaram General Insurance Company
Read MoreThe Royal Sundaram holds a great claim settlement record by providing a swift and seamless service. It gives zero depreciation add-on cover to secure bikes up to 5 years of age. Royal Sundaram has allowed its customers to make an unlimited number of claims and promises to settle those claims within 10 working days.
Royal Sundaram Bike Insurance User Reviews
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3. New India Bike Insurance
Highlights
Only Indian General Insurance Company operating in 28 countriesCheck in your CityClaim settlement ratio 93.96% as on FY 1824*7 Customer assistanceMore than 588 branches nationwideNew India Assurance Company
Read MoreThe New India Assurance Company Limited is one of the largest public sector general insurance firms which operates both in India and abroad. Apart from attaining an impressive claim settlement ratio, it allows its policyholders to make an unlimited amount of claims for zero depreciation add-on cover for their bike insurance plans.
New India Bike Insurance User Reviews