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*TP price for less than 1000cc four-wheeler. All savings/offers are provided by the Insurers which are subject to modification. Terms and conditions apply
Bajaj Allianz Car Insurance Zero Depreciation
As car parts depreciate with age, policyholders need to pay a higher amount as claim settlement since, the insurance company factors in depreciation costs while calculating the claim amount. This explains why policyholders must opt for the “Zero Depreciation” add-on cover that ensures a comprehensive car insurance cover without deducting the depreciation from the claim amount. Instead, if you opt for a standard comprehensive cover without zero depreciation cover, your insurer will hand over the claim amount based on the “current value” of your vehicle.
However, nothing comes for free and this is true for add-on covers too. To avail the benefits of a Zero Depreciation cover, you need to pay 15-20% added premiums over and above the basic premium charges. Despite being costly, the idea of zero depreciation cover appeals to most customers owing to the peace of mind that it promises.
Benefits Offered Under Bajaj Allianz Zero Depreciation Add-On Cover
- Complete Claim Amount Without Depreciation: When you include a zero depreciation cover alongside your basic car insurance plan then it enhances the coverage of your existing car insurance policy. With the help of this add-on cover, the chances for the policyholder to pay depreciation expenses from their own pockets decreases when registering a claim for their car insurance cover.
- Enhanced Protection: A zero depreciation add-on cover is designed to offer added insurance coverage to your existing car insurance plan. It offers enhanced protection to the policyholder at the cost of a little additional premium over and above the premium paid towards standard car insurance plans. It offers coverage towards the depreciation part of the insured car.
- Economical: Although a zero depreciation additional cover can increase the premium payable towards the car insurance plan, however, it is a very beneficial add-on cover as it offers enhanced coverage. It helps the policyholder in saving money while availing a claim for car insurance plan as it assists the policyholder in availing the amount of claim without including any type of depreciation cost.
Depreciation Rate Applicable on Car With And Without Zero Depreciation Add-on
Age of Car
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
Parts of Car
Rate of Depreciation Without Zero Depreciation
Rate of Depreciation With Zero Depreciation
Paint Work/Rubber/Nylon/Plastic Parts, Tires and Tubes, Batteries and Airbags Parts
What All is Included Under a Bajaj Allianz Car Insurance Plan With a Zero Depreciation Cover?
Following coverages are offered under a Bajaj Allianz car insurance plan with a zero depreciation add-on cover:
- It offers compensation for the replacement or repair cost of the depreciable parts beared by the policyholder while claiming settlement.
- This cover may even include partial damages to the tyres and battery.
- This cover offers compensation for car’s depreciable parts like fiberglass, nylon, rubber or plastic parts of the car.
What All is Not Included Under a Bajaj Allianz Car Insurance Plan With a Zero Depreciation Cover?
Following aspects are not offered coverage under Bajaj Allianz Car Insurance Plan with a zero depreciation cover:
- Total damage or loss of the insured vehicle is not offered coverage under a zero depreciation add-on cover.
- Normal ageing or wear and tear of the car would not be offered coverage under a car insurance plan with zero depreciation add-on cover.
- Own damages incurred by the insured car because of mechanical failure or fault.
- Loss or damage of the uninsured car items like tyres, bi-fuel kit or or gas kits.
Factors Affecting Bajaj Allianz Zero Depreciation Cover
Buying comprehensive car insurance does not always make you eligible to opt for Zero Depreciation Cover too. Some factors affecting zero depreciation cover include:
- Opt for this cover only if you are ready to pay additional premium charges.
- If your car is less than five years old, then you can buy zero depreciation cover.
- Damages to car’s engine, batteries or other parts can also be claimed subject to certain conditions.
- With a basic zero depreciation cover in place, you can get only the damaged car parts repaired or replaced.
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Must Read Articles before buying Bajaj Allianz Car Insurance
- The Government of India amended the Motor Vehicle Act in 2019 as part of an endeavor to reduce the incidence of deadly road accidents and irresponsibl
- This post will explain the various Bajaj Allianz auto insurance coverage.
- Modifying cars results in changes in premiums. Read this article to know how car modifications can impact your Bajaj Allianz car insurance plans.
- Read this article to understand the benefits of purchasing the private car package policy with Bajaj Allianz General Insurance.
- A cashless car insurance claim refers to a car insurance claim in which the insured does not need to pay anything out of their own pocket during the r
Bajaj Allianz Car Insurance User Reviews
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Bajaj Allianz Zero Depreciation Cover FAQs
How do I know if I must opt for a regular cover or a comprehensive policy with zero depreciation cover?
A lot depends on your willingness to take risks or preference of claim amounts on the investment made. A Zero Depreciation cover is preferred in the following cases:
- If you have a car that is less than five years old.
- If you drive a luxury car, the repairs of which are costly and can be done at authorised dealers only.
Can I get my No Claim Bonus (NCB) migrated if I am planning to change my insurer?
Your NCB and its benefits get transferred to another insurance company sans any added costs. When you renew your policy through us, you may leave the transfer of the NCB benefits to the new insurance company to us.
Is service tax applicable on the premium charges that I pay on my car insurance?
As with other purchases, service tax is applicable to insurance prices too. The insurance company charges the service tax as per the prevailing rules and regulations.
What is the “Certificate of Insurance” under the Motor Vehicles Act?
The insurance company, post acceptance of the car insurance proposal submitted by its interested customers, issue a “Certificate of Insurance” to them, thereby, accepting to bear the risk associated with their cars. Policyholders must ensure that they carry this insurance document with them while driving.
Can one have the insurance and vehicle ownership under different names?
One must remember that the insurance is on the car that the owner buys. This means that it is imperative that the insurance is bought in the same name as the car. This ensures hassle-free claim payment. Any discrepancy regarding the name or address of the car owner may result in the insurance company rejecting the claim out-rightly.
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