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Shriram Zero Depreciation Cover
The depreciation charges for the reduction in the value of bike with time is deducted from the claim amount. To avoid this deduction, the policyholders can opt for Zero Depreciation add-on cover along with a standalone own damage or a comprehensive policy. Shriram Zero Depreciation cover ensures that depreciation charges are not deducted from the claim amount at the time of claim settlement.
Shriram Zero Depreciation add-on enables the policyholders to receive maximum claim amount. Availing this cover, with a slight increase in premium, assures free of cost repair and replacement of the depreciable part of the insured’s bike.
Benefits of Shriram Zero Depreciation Cover
- Higher Claim: By opting for Zero Depreciation cover, the policyholders can enjoy maximum claim. As no depreciation charge gets deducted with the Zero Depreciation cover, the policyholders can claim the maximum assured sum from the insurance company.
- Helps in Saving Money: The Shriram Zero Depreciation add-on cover bears the expense of repairing and replacing of the depreciable parts of the insured’s bike. Thus, the policyholders can save money which is to be spent on repairing and replacing the depreciable bike parts.
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
Factors Affecting Shriram Zero Depreciation Cover
Here are the factors which affect Shriram Zero Depreciation Cover and the add-on can be availed only by abiding the below mentioned conditions:
- It can be availed by bikes with a maximum age of 5 years.
- You can claim this cover only twice in the entire policy period.
- The repair and replacement due to common wear and tear are exclusions under this cover.
- No coverage is provided in cases of a total loss, mechanical and electrical breakdown of the bike.
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Shriram Zero-Depreciation Add-on Cover FAQs
Who should opt for the Zero Depreciation cover?
It is always advisable to opt for Zero Depreciation cover to receive the maximum claim amount. However, it is best suited for the following:
- New bike owners
- Inexperienced bike drivers
- Luxury bike owners
- Owners living in the accident-prone zones.
Does the Zero Depreciation cover provide coverage for plastic parts of bikes?
Yes, the Zero Depreciation add-on 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 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 insurance company to check the condition of the insured’s bike before including this add-on to the policy.
Do I need to renew the Zero Depreciation cover every time I renew my Shriram comprehensive bike insurance policy?
Yes, you need to renew the Zero Depreciation cover every time you renew your Shriram comprehensive bike insurance policy provided it satisfies the conditions of Zero Depreciation cover at the time of renewal.
I don’t own a luxury bike, do I still need to add the Zero Depreciation cover to my policy?
You can add the Zero Depreciation cover to your policy even if you don’t own a luxury car for the maximum protection. It will help you to get the depreciable parts of your bike repaired or replaced without costing you any money.
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