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Edelweiss Zero Depreciation Add-on

189 reviews Rate This
    Network Garages1,500+
    Claim Settlement Ratio84.52% in FY20
    Policies Issued (FY-19)1 Crore+
    Zero DepreciationAvailable
    AwardsSAP ACE
    Emergency Assistance24/7
    Third Party CoverAvailable

    Edelweiss Zero Depreciation Cover

    With time, the value of your bike depreciates. A standard standalone own-damage bike insurance policy or comprehensive bike insurance covers your damages or losses but offers compensation after deducting depreciation from the claim amount at the time of bike insurance claim settlement. In simple terms, the Edelweiss zero depreciation add-on cover helps the policyholders to do away with the depreciation expenses incurred by their bike. It allows policyholders to receive the complete amount of claim in case of any damage for the replacement of parts of the insured bike or scooter. However, this add-on cover is not applicable to total loss, constructive total loss, or theft of the insured vehicle.

    Benefits of Edelweiss Zero Depreciation Add-On Cover

    You can avail the below-given benefits with zero depreciation add-on covers provided by the Edelweiss General Insurance:

    • Maximum Claim Amount: With the zero depreciation add-on cover added to a standalone own-damage bike insurance policy or a comprehensive bike insurance policy, policyholders can claim the complete sum insured amount without facing any deduction for depreciation charge.
    • Helps Save Money: The zero depreciation add-on cover is designed to protect your claim amount against depreciation. By paying an additional amount of premium, the policyholders can avail this benefit to get a complete claim amount. The depreciation amount which you get in a claim with this cover is generally more than the amount of premium to opt for zero depreciation add-on cover, which ultimately helps in saving money.

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

    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

    Rate of Depreciation With Zero Depreciation

    Rubber/ Nylon/ Plastic parts

    50%

    0%

    Fiberglass parts

    30%

    0%

    Glass parts

    Nil

    0%

    Factors Affecting Edelweiss Zero Depreciation Cover

    The Edelweiss zero depreciation add-on cover comes with several and huge benefits, but there are a few conditions that policyholders should keep in mind while availing this facility such as:

    • This add-on cover is applicable only for a bike less than 7 years old
    • The cover is applicable only for the first 2 claims during the policy period.
    • The first 10% of the claim amount will be deducted if the bike is repaired at a non-network garage.

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    When did you buy your bike?
    20052019
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    Must Read Articles before buying Edelweiss Bike Insurance

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    Edelweiss Zero Depreciation Cover FAQs

    • Can I take a zero depreciation add-on cover for my old bike?

      You can avail this zero-depreciation add-on cover offered by Edelweiss General Insurance for your bike only if its age is not more than 7 years.

    • How many times can a customer claim for the benefit?

      Edelweiss General Insurance allows its customers to make 2 claims during the policy period.

    • How can I benefit by purchasing zero-depreciation add-on cover?

      The zero depreciation add-on cover allows the policyholder to claim the original value of their bike without any deduction for depreciation. The amount depends on the Insured Declared Value (IDV) which is finalised at the time of policy purchase or during the renewal.

    • Will zero-depreciation add-on cover provide coverage for total damage?

      The Edelweiss zero depreciation add-on cover will not provide coverage for the total damage of the insured bikes. The case of a total loss is also excluded from this add-on coverage.

    • With which insurance cover can I buy a zero depreciation cover?

      The zero depreciation add-on cover can be bought only along with a standalone own-damage bike insurance policy or a comprehensive bike insurance policy.

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    Edelweiss Bike Insurance Contact Details

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