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Cholamandalam Zero Depreciation Add-on

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    Cholamandalam Zero Depreciation Add-on

    Every commodity loses value over its age and so does your car. The continuous devaluation of a commodity is known as depreciation. Apart from reducing your car’s market value, depreciation also results in a reduction in the insurance claim amount of your car. This is because at the time of a claim, the insurer factors the depreciation cost in the claim amount.

    Thus, even if your car is only 3-4 years old, your car will be valued at a price 25% less than the invoice price due to depreciation and you will receive a relatively lower claim amount. However, you can do away with the burden of bearing depreciation cost by purchasing the Cholamandalam Zero Depreciation add-on.

    The zero depreciation add-on cover can only be availed with a comprehensive car insurance plan.

    Cholamandalam Zero Depreciation Add-on Benefits

    Higher Claim Amount: The zero depreciation add-on cover exempts the policyholder from bearing the cost of depreciation. It makes the insurer liable to pay for the applicable depreciation. Thus, the policyholder is able to get a higher claim amount.

    Multiple Claims Even For Aged Vehicles: The policyholder can file 2 claims during the tenure of a policy. Also, the cover is available for cars up to 5 years of age. Both these things mean that all new car owners can make a total of 10 claims in a span of 5 years, if opted for 1-year tenure policy.

    ​Depreciation Rate Applicable on Car Without Zero Depreciation Cover

    Age of Car

    Rate of Depreciation

    Under 6 months

    Nil

    6 months to 1 year

    5%

    1-2 years

    10%

    2-3 years

    15%

    3-4 years

    25%

    4-5 years

    35%

    5-10 years

    40%

    Above 10 years

    50%

    Depreciation Rate Applicable on Different Parts of Car Without Zero Depreciation Cover

    Part of Car

    Depreciation Rate

    Paint work / Rubber / nylon / plastic parts, tires and tubes, batteries and airbags parts

    50%

    Fibre glass parts

    30%

    Glass parts

    Nil

    Conditions for Zero Depreciation Add-on Cover

    • A maximum of two claims are permissible during the policy period for vehicles aged not more than 5 years.
    • The company will bear a maximum liability of Rs 20,000 per part to be replaced for vehicles with age not more than 5 years.

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    20062019
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      Tata Tigor 2017-2020 Chennai
      By Karthick Velchami
      On: August 22, 2022
    • fast and perfect

      everything was quick best quotes got zero dep option with ease and much better then policy bazar varierty of...

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      Mahindra E Verito New Delhi
      By PRANAV VIKAS INDIA P LTD
      On: June 22, 2022
    • Faster and easier process

      Easier and the best site for insurance renewal Thank You for helping out in making my insurance renewal proc...

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      Maruti Dzire Periyakulam
      By UMASANKARI V
      On: April 2, 2022
    • Thrid Party Car Insurance

      Hassle free and all details were easily captured. Easy to make payment and download the policy details. No nee...

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      By AMIT KUMAR MALLICK
      On: January 1, 2022
    • Paperless process

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      On: July 10, 2020
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    Cholamandalam Zero Depreciation Cover FAQs

    • How much the Cholamandalam zero depreciation add-on costs?

      The cost of zero depreciation add-on cover depends on the sum insured and the age of the car. Also, irrespective of the cost, the company is liable to pay only a maximum of Rs 20,000 per part for cars not older than 5 years.
    • Is the zero depreciation add-on cover applicable in case of total loss/theft of the insured vehicle?

      No, the zero depreciation add-on cover is not applicable in case of total loss/theft of the insured vehicle. You must have the Invoice Cover add-on to get full showroom price of the vehicle in case of total loss or theft.
    • Are engine parts covered the zero depreciation add-on?

      No, the zero depreciation add-on cover does not offer protection for engine damage. To safeguard your car’s engine against losses/damages, you need to opt for the Engine Cover add-on.
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    #Applicable on non-inspection cases i.e. existing policy has not expired or when buying a policy for a new vehicle.