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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 more 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.
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
Rubber/nylon/ plastic parts
Fibre glass parts
Factors Affecting Universal Sompo Zero Depreciation Cover
To avail the benefits of Universal Sompo Zero Depreciation cover, you need to abide by the conditions mentioned below:
- 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
- The Zero Depreciation cover can be availed by bikes with a maximum age of 5 years
- No coverage is provided in cases of a total loss, mechanical and electrical breakdown of the bike.
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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.
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