Magma HDI Zero Depreciation Add-on
|Claim Settlement Ratio||79.60% in FY20|
|Policies Issued (FY-19)||16 Lakh+|
|Accreditation||CRISIL A1+ Rating|
|Third Party Cover||Available|
Magma HDI Zero Depreciation Cover
Insurance companies deduct a depreciation charge from the claim amount due to the loss in the value of the insured’s bike over time. Zero Depreciation is an add-on cover that can be opted along with standalone own damage or a comprehensive bike insurance policy to prevent the deduction of depreciation charges at the time of claim settlement. Magma HDI Zero Depreciation add-on shields its policyholders from the loss of claim amount in lieu of depreciation charges.
Magma HDI Zero Depreciation cover ensures maximum claim amount to the policyholders. It provides the privilege to repair and replace depreciable parts of the insured’s bike at the cashless garages irrespective of the depreciation in the value.
Benefits of Magma HDI Zero Depreciation Add-on Cover
Magma HDI Zero depreciation add-on cover offers the following benefits to its customers:
- Higher claim: The policyholders opting for the Zero Depreciation enjoy a higher claim on the assured amount as the insurer does not deduct any charges for the depreciation in the value of the insured’s bike. It ensures the policyholders to enjoy the maximum claim amount.
- Saves money: A slight increase in the premium amount due to Zero Depreciation cover helps to save the expenses on the repair and replacement of the depreciable parts of the insured’s bike.
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
6 months to 1 year
Above 10 years
Part of Bike
Rate of Depreciation Without Zero Depreciation
Rate of Depreciation With Zero Depreciation
Fibre glass parts
- Save upto 75%*Lowest Bike Premiums
- 11.5 Lakh+Happy Customers
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*TP price for less than 75cc two wheeler. All savings/offers are provided by the Insurers which are subject to modification. Terms and conditions apply
Factors Affecting Magma HDI Zero Depreciation Cover
To avail the benefits of Magma HDI Zero Depreciation cover, the policyholders need to abide by the conditions mentioned below:
- Any damage due to the normal wear and tear is excluded.
- This cover can be claimed only twice in the entire policy period.
- It can be availed only if the age of the bike does not exceed 2 years.
- The insurer does not cover total loss, mechanical and electrical breakdown of the bike.
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Magma HDI Zero Depreciation Add-on Cover FAQs
Which depreciable bike parts are covered under Magma Zero Depreciation cover?
Magma HDI Zero Depreciation add-on provides coverage for the repair of the following bike parts:
Does a Zero Depreciation cover ensure full claim amount?
No, Zero Depreciation cover does not ensure full claim amount as deductibles are factorized while calculating the claim amount. Zero Depreciation waivers only the depreciation charges ensuring maximum claim amount.
What are the factors that decide the rate of increase in the premium amount for opting Zero Depreciation cover?
The factors that decide the rate of increase in the premium amount for opting Zero Depreciation cover are as follows:
- Age of the vehicle
- Model or variant of the vehicle
- Area of residence.
An inspection may be conducted by the insurer before adding the Zero Depreciation cover to your bike insurance policy.
Is the Zero Depreciation cover available only for new bikes?
Magma HDI Zero Depreciation cover is available for new as well as old bikes. However, the age of the bike should not exceed 2 years.
Does Zero Depreciation provide coverage beyond the city limits?
The Magma HDI Depreciation will only provide coverage within the predetermined geographical zone. The insurer will not bear the expense of any damage incurred by the insured’s bike outside the area.
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