- Save upto 75%*Lowest Car Premiums
- 11.5 Lakh+Happy Customers
- Claim Support7 days a week
*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
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
6 months to 1 year
Above 10 years
Depreciation Rate Applicable on Different Parts of Car Without Zero Depreciation Cover
Part of Car
Paint work / Rubber / nylon / plastic parts, tires and tubes, batteries and airbags parts
Fibre glass parts
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.
Calculate Your Car Insurance
Explore Cholamandalam Car Insurance
Must Read Articles before buying Cholamandalam Car Insurance
- HDFC ERGO offers a wide range of products. Car insurance, motorcycle insurance, health insurance, vacation insurance, etc.
- Read this article to know how to reduce the premium of Cholamandalam car insurance.
- There are many benefits of the Cholamandalam MS insurance policy. Read this article to take a note of them.
- Read this article to find out the 5 most common mistakes that you should avoid while renewing your car insurance with Cholamandalam MS.
- What is No Claim Bonus (NCB) in Car Insurance? What is No-Claim Bonus Protector? Let's explore.
Cholamandalam User Reviews
- Most Helpful
- Cashless Garages
- Add On
Faster and easier process
Easier and the best site for insurance renewal Thank You for helping out in making my insurance renewal proc...
Thrid Party Car Insurance
Hassle free and all details were easily captured. Easy to make payment and download the policy details. No nee...
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.
Why to buy from InsuranceDekho?
- Instant policy # within 5 mins
- More than 45 Lac happy customers
- Claim Support available all 7 days of the week
Car Insurance News
- Everything You Need to Know About Car Insurance's...
Here's everything you need to know about vehicle insurance'...26 May 2022
- Why Should You Purchase Long-Term Car Insurance?
Long-term or multi-year car insurance policies allow policyh...26 May 2022
- What You Should Know About Total Loss Car Insuranc...
Continue reading to learn about total loss car insurance cla...25 May 2022
- How Do I Renew My Car Insurance Policy Immediately...
How do I Immediately renew my car insurance policy? To learn...25 May 2022
- Why and How is a Car Insurance Background Check Pe...
Motorists benefit from car insurance since it financially pr...24 May 2022
- The Advantages of Buying HDFC ERGO Car Insurance O...
In the market, HDFC ERGO offers a wide range of products.04 April 2022
- What Should I Do If I Get Into A Car Accident?
Do you want to know what to do if you are involved in a vehi...27 March 2022
- What Is IDV and How Does It Work?
The IDV Calculator is an online tool that determines the mar...30 March 2022
- Some Car Insurance Add-On Covers to Think About
Car insurance add-ons are available from one insurer to the ...02 April 2022
- Changing Car Insurance: A Step-by-Step Guide
It might be an expensive error to keep paying your vehicle i...28 March 2022