Universal Sompo Zero Depreciation Add-on

Universal Sompo Bike Insurance

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  • First private-public joint venture company in India
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  • 90.36% Claim Settlement Ratio in FY18
  • 86 branches and 17 Zonal offices across India
  • 24*7 telephonic Customer support
  • Network of more than 3,500 garages

Universal Sompo Zero Depreciation Cover

Reduction in the value of any bikes occurs over time. The insurer takes this reduction into account as a depreciation factor at the time of claim settlement and deducts a depreciation charge from the claim amount. The policyholders can avoid the depreciation charge by opting for Zero Depreciation cover along with a standalone own damage or a comprehensive bike insurance policy. Universal Sompo Zero Depreciation cover enables the policyholder to claim the maximum amount irrespective of the depreciation charges.

Universal Sompo Zero Depreciation add-on provides the facility of free of cost repair and replacement of the depreciable parts of the insured’s bike at the network garages spread all over India.

Benefits of Universal Sompo Zero Depreciation Cover

  • Avail maximum claim amount: With the Zero Depreciation cover added to the comprehensive or standalone own damage bike insurance policy, policyholders can claim the maximum assured sum without factorizing any depreciation charge.
  • Helps Save money: The Universal Sompo Zero Depreciation add-on provides protection against depreciation and damages caused to the depreciable bike parts. The policyholders save up the expenses of the repair and replacement of the depreciable 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

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%

Fibre glass parts

30%

0%

Glass parts

Nil

0%

Universal Sompo Zero Depreciation Cover Conditions

To avail the benefits of Universal Sompo Zero Depreciation cover, you need to abide by the conditions mentioned below.

  • The Zero Depreciation cover 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 not covered.
  • No coverage is provided in cases of a total loss, mechanical and electrical breakdown of the bike.

Universal Sompo Bike Insurance User Reviews

75 reviews Write a Review
  • Many add-on covers available

    I bought a Universal Sompo insurance policy to cover my Honda X Blade bike from InsuranceDekho platform. The portal offered me a wide range of add-on ...

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    R
    Ranjeet Kumar
    On: July 10, 2020 | Views
  • Many types of add-ons

    I bought Universal Sompo insurance policy from InsuranceDekho to secure my Suzuki V-Strom 650XT bike. The plan provided me with a range of add-on opti...

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    S
    Shubham Singh
    On: July 9, 2020 | Views
  • Multiple add-on options

    Universal Sompo insurance offers a wide range of bike insurance add-ons on InsuranceDekho platform. I got several choices to opt for through the platf...

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    H
    Hemant Kohli
    On: July 3, 2020 | Views
  • Complete claim settled

    I got my complete claim amount from Universal Sompo insurance for my TVS Scooty Pep Plus after it got damaged due to an accident. The InsuranceDekho t...

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    S
    Sunil Ahuja
    On: June 26, 2020 | Views
  • Easy to get policy claim

    I have a Universal Sompo insurance plan for my TVS Apache RTR 200 Fi E100 bike. I got a complete claim after the accident without any hassle due to th...

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    V
    Vivek Ranjan
    On: June 25, 2020 | Views

Universal Sompo Zero-Depreciation Add-on Cover FAQs

  • Can I get Zero Depreciation along with the third party insurance policy?

    You can avail the Zero Depreciation cover only with the Universal Sompo comprehensive and standalone own damage bike insurance policies. The third party bike insurance policy does not offer Zero Depreciation or any other add-ons.

  • Do I receive the full claim amount if I opt for Zero Depreciation cover?

    Adding Zero Depreciation cover ensures maximum claim by eliminating the depreciation factor. However, you do not receive the full claim amount as the deductibles will be factorized at the time of claim settlement.

  • Does the Zero Depreciation cover provide for fibre glass parts of bikes?

    Yes, the Zero Depreciation provides coverage for the fibre glass parts of the insured’s bike. The rate of depreciation for fibre glass parts without the Zero Depreciation is 30%. But with the Zero Depreciation cover, no depreciation charges are deducted.

  • Do I have to renew the Zero Depreciation cover each time I renew my policy?

    Yes, you will have to renew the Zero Depreciation cover each time you renew your comprehensive policy. However, you can pay the complete premium of your policy along with the Zero Depreciation cover at the time of purchase. It will free you from the hassle of renewal.

  • Is the Zero Depreciation cover available only for new bikes?

    Universal Sompo Zero Depreciation cover is available for new as well as old bikes. However, the age of the bike should not exceed 5 years.

Universal Sompo Bike Insurance Contact Details

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