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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

485 reviews
Know more about IFFCO Tokio Bike Insurance
  • Highlights

    Cosmic network garages 4300+ garages
    Check in your City
    PAN India help desk with 24x7 service
    Unlimited Zero depreciation claim
    90.69% Claim Settlement Ratio
  • IFFCO Tokio General Insurance Company

    IFFCO 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.

    Read More
  • Iffco Tokio Bike Insurance User Reviews

    Great team support

    This was my first time checking out insurance from any websi...

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    M
    On: December 24, 2019

2. Royal Sundaram Bike Insurance

418 reviews
Know more about Royal Sundaram Bike Insurance
  • Highlights

    Pioneer of bancassurance in India
    Check in your City
    92.66% Claim Settlement Ratio as per the FY20
    24*7 Emergency Assistance
    Coverage of up to 15 lakhs in accidental cases
    More than 3300 network garages
  • Royal Sundaram General Insurance Company

    The 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.

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  • Royal Sundaram Bike Insurance User Reviews

    Affordable two-wheeler insurance

    Found affordable bike insurance with the help of insurance d...

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    A
    On: December 24, 2019

3. New India Bike Insurance

481 reviews
Know more about New India Bike Insurance
  • Highlights

    Only Indian General Insurance Company operating in 28 countries
    Check in your City
    Claim settlement ratio 93.96% as on FY 18
    24*7 Customer assistance
    More than 588 branches nationwide
  • New India Assurance Company

    The 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.

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  • New India Bike Insurance User Reviews

    Suits Customer Needs

    The company offers bike insurance plan at affordable premium...

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    R
    On: December 24, 2019