Oriental Zero Depreciation Cover
The loss of value of a bike over time is inevitable. The insurance companies consider this depreciation and deduct a depreciation charge from the claim amount at the time of claim settlement. However, this deduction can be eliminated by opting for Zero Depreciation covers along with the comprehensive bike insurance policy. Oriental General Insurance offers Zero Depreciation cover to stretch the coverage of the comprehensive bike insurance and standalone own damage bike insurance plans at an affordable rate.
Availing the Zero Depreciation cover along with Oriental bike insurance policy ensures that you do not lose claim amount in lieu of depreciation expense. The claim amount is calculated without factorizing the depreciation amount in the presence of a Zero Depreciation cover.
Benefits of National Zero Depreciation Cover
- Higher claim: Zero Depreciation cover ensures a higher claim amount as the insurer does not deduct any depreciation value. The policyholders can avail the maximum claim amount with Zero depreciation cover with a slight increase in the premium.
- Saves money: Oriental Zero Depreciation add-on cover bears the expense of repair and replacement of the parts of the insured’s bike irrespective of the depreciation factor. Thus, the policyholder can save money to be spent on the damaged or depreciated parts of the insured’s bike.
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
Oriental Zero Depreciation Cover Conditions
Oriental Zero Depreciation cover provides multiple benefits provided that the following conditions are fulfilled.
- The age of the bike should not exceed 2 years.
- Policyholders can claim this cover twice in the entire policy tenure.
- It does not cover the repair and replacement due to common wear and tear.
- In cases of the total loss, mechanical and electrical breakdown of the bike, coverage is not provided.
Oriental Bike Insurance User Reviews
Oriental Zero-Depreciation Add-on Cover FAQs
Does the Zero Depreciation cover provide for plastic parts of bikes?
Yes, the Zero Depreciation provides coverage for the plastic parts of the insured’s bike. The rate of depreciation for plastic parts without the Zero Depreciation charge is 50%, but in presence of the Zero Depreciation cover, the depreciation charge is not taken into account.
What are the advantages of Oriental Zero Depreciation cover?
The Oriental Zero Depreciation cover comes with the following advantages.
- It helps to save significant cost on the repairs and maintenance of the insured’s bike parts.
- It ensures the full IDV amount as the claim amount.
- It provides full coverage for the cost of depreciable bike parts.
Do I need to opt for Zero Depreciation cover for my luxury bike?
Yes, it is recommended to opt for Zero Depreciation cover for your luxury bike as it helps to prevent financial expenditure on depreciable parts of the bike.
Does Zero Depreciation provide cover for any damage beyond city limits?
Zero Depreciation cover will provide coverage only in the geographical area and not for any incident occurred outside the area. The Oriental comprehensive bike insurance policy with or without the Zero Depreciation add-on has a predetermined geographical limitation for each policyholder.
How can I add the Zero Depreciation cover to my policy?
You can add this cover to your comprehensive bike insurance policy at the time of purchase, renewal or in the middle of the tenure in the following ways.
- Visit their official website
- Dial its helpline numbers 1800 118485 and 011-33208485 (chargeable)
- Visit the nearest branch