Best Car Insurance with Unlimited Zero Depreciation
Depreciation is a natural phenomenon that takes place with time and eventually decreases the value of your asset. The price of a new car does not remain the same after it is out of the showroom. It keeps decreasing day by day.
A standard car insurance cover does not provide insurance against depreciation by default. However, there is an add-on called the zero depreciation cover which helps a car owner to get insurance for the depreciation cost incurred by his/her car. Therefore every car insurance policyholder should opt for a zero depreciation add-on cover along with their comprehensive policy or standalone own-damage policy as It helps to eliminate the depreciation factor from the overall coverage.
Car Insurance With Zero Depreciation v/s Car Insurance Without Zero Depreciation
Age of Car |
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 Car | Rate of Depreciation Without Zero Depreciation cover | Rate of Depreciation With Zero Depreciation cover |
Paint work /Rubber/nylon/ plastic parts, tires and tubes, batteries and airbags parts | 50% | 0% |
Fibre glass parts | 30% | 0% |
Glass parts | Nil | 0% |
Different insurance companies allow a different numbers of zero depreciation claims during the validity of the cover. There are some insurance companies which allow their policyholders to claim twice or thrice during the policy period while other insurance providers allow unlimited zero depreciation claims.
1. IFFCO Tokio Car Insurance
Highlights
Enjoy seamless free service at 4300+ garagesCheck in your CityAvail perks of zero dep without any limits1,00,000+ happy customers and countingRenew your car insurance policy in minutes95.30% Claim settlement ratioIFFCO Tokio General Insurance
Read MoreIFFCO Tokio provides a wide array of benefits with its car insurance policy. One of the most exclusive benefits is that it has not set any limitation on the number of claims that a policyholder can make during a policy period against its zero depreciation cover.
Iffco Tokio Car Insurance User Reviews
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2. Royal Sundaram Car Insurance
Highlights
3300+ Avail prompt services at authorized cashless garagesCheck in your City4 working hours Claim Survey is done92.66% Recorded claim settlement ratioRound the clock assistance and emergency services providedRoyal Sundaram General Insurance
Read MoreOne of the most amazing services offered by Royal Sundaram is that it allows its policyholders of zero depreciation cover to make an unlimited number of claims during the validity of the add-on. This allows its policyholders to get full claim benefit at the time of each claim settlement.
Royal Sundaram Car Insurance User Reviews
3. New India Car Insurance
Highlights
Only direct insurer in India to be rated A-(Excellent) by AM BEST Company since 2007Check in your CityPan India operation with 2452 officesPioneer in the non-life insurance segment for more than 40 yearsRound the clock supportNew India Assurance Company
Read MoreNew India Assurance Company allows an unlimited number of claims against a zero depreciation cover for the insured’s car. That is every time when a claim is made by the policyholder, the cost of depreciation is borne by the insurer.
New India Car Insurance User Reviews