Kotak Zero Depreciation Cover
The reduction in the value of a bike with time is taken into account by the insurance company at the time of claim settlement. The claim amount is calculated factoring the depreciation of the insured’s bike. To avoid this depreciation charge, the policyholders can opt for the Zero Depreciation cover along with the comprehensive policy or the standalone own damage policy. Kotak Zero Depreciation cover helps to prevent the deduction of depreciation charge from the claim amount.
A Zero Depreciation cover enables the policyholders to receive the maximum claim amount as no charges are deducted for depreciation. It even provides repair and replacement of the depreciated parts of the insured’s bike.
Benefits of Kotak Zero Depreciation Cover
- Higher claim: With the Zero Depreciation add-on included in the comprehensive bike insurance policy, the insurer does not deduct any depreciation factor from the claim money. It ensures the policyholders to enjoy the maximum claim amount.
- Helps saves money: Opting for Zero Depreciation may result in a slight increase in premium amount but it ensures maximum coverage. Under this cover, the free repair and replacement of the depreciated bike parts can be availed.
Zero Depreciation Insurance vs Normal Insurance
Age of bike
Rate of Depreciation Without Zero Depreciation cover
Rate of Depreciation With Zero Depreciation cover
Under 6 months
6 months to 1 year
Above 10 years
Part of bike
Rate of Depreciation Without Zero Depreciation
Rate of Depreciation With Zero Depreciation
Rubber/nylon/ plastic parts
Fibre glass parts
Kotak Zero Depreciation Cover Conditions
Policyholders enjoy multiple benefits with the Kotak Zero Depreciation cover; however, the following conditions should be kept in mind.
- It is available for bikes with a maximum age of 2 years
- Policyholders can make only two claims in the entire policy tenure
- Repair and replacement due to common wear and tear are exclusion
- In cases of complete damage, mechanical and electrical breakdown the insurer does not provide coverage.
Kotak Bike Insurance User Reviews
Kotak Zero-Depreciation Add-on Cover FAQs
Who are best suitable for the Zero Depreciation cover?
The Zero Depreciation cover is recommended for anyone who wants to avoid the depreciation charge as well as the repair and replacement cost. However, it is best suited for the following people.
- New bike owners
- New or inexperienced drivers
- Luxury bike owners
- Owners/drivers living in the accident-prone zone
What are the advantages of Kotak Zero Depreciation cover?
The Kotak Zero Depreciation cover provides the following advantages to its policyholders.
- Save significant cost on the repairs and maintenance of the depreciated parts of the insured’s bike.
- Ensures full IDV amount as the claim amount.
- Provides free of cost replacement of depreciated bike parts
Do I have to pay extra for adding the Zero Depreciation to my policy?
Yes, opting for Zero Depreciation cover leads to a slight increase in the premium amount. The rate of increase in premium is based on the model and condition of the bike.
How can I add the Zero Depreciation cover to my insurance policy?
You can add the Zero Depreciation cover to your policy by visiting the official website of Kotak bike insurance or you can dial their toll-free number 1800 266 4545. You can add the Zero Depreciation cover to your comprehensive bike insurance policy at the time of purchase, at the time of the renewal or in the middle of the tenure.
Do I need to renew the Zero Depreciation cover every time I renew my Kotak comprehensive bike insurance policy?
Yes, you need to renew the Zero Depreciation cover every time you renew your Kotak comprehensive bike insurance policy provided it satisfies the conditions of Zero Depreciation cover at the time of renewal.