Future Generali Zero Depreciation Add-on
Depreciation refers to continuous devaluation of a commodity over its age. Your car, being a commodity, is also subject to depreciation and thus loses value over time. Depreciation of your car reduces the compensation amount which you receive at the time of settlement of a car insurance claim. However, you can do away with this subtraction by purchasing the Future Generali zero depreciation add-on cover. If you opt for it, the insurer becomes liable to bear the cost of depreciation at the time of claim settlement.
Benefits of Future Generali Zero Depreciation Add-on Cover
Higher Claim Amount: With the zero depreciation add-on cover, the policyholder can enjoy higher claim amounts. This is because, the add-on shifts the liability of bearing the cost of depreciation from the policyholder to the insurer.
Multiple Permissible Claims: The benefits of the Future Generali zero depreciation cover can be enjoyed 2 times in each policy tenure.
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 of Future Generali Zero Depreciation Add-on Cover
- The zero depreciation cover is only for cars up to 5 years of age.
- A maximum of 2 claims is permissible under the zero depreciation cover during a policy tenure.
- The add-on cover is not applicable in case of constructive total loss (CTL) or theft of the insured vehicle.
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Future Generali Zero Depreciation Cover FAQs
Do I need to pay anything at the time of claim settlement if I purchase a zero depreciation cover?Yes, you are liable to pay for the compulsory deductible and voluntary deductible (if opted) at the claim settlement.
What is the premium of the zero depreciation cover?There is no fixed premium amount for every policyholder. The premium of a zero depreciation cover depends on the following: IDV of your vehicle Age of the insured vehicle Model and make
How much liability would I have to bear even after opting for zero depreciation add-on cover?Zero depreciation add-on cover only waives off the depreciation cost of the replaced parts. This means that there are still some liability in the form of voluntary (if opted) and involuntary deductibles, which needs to be paid by the policyholder.
What if I have filed a claim and opted for the zero depreciation cover and no replacement of parts was done during repairs?In such a case, the claim will be considered to be done without the zero depreciation benefits and hence, you will maintain the number of left over zero depreciation claims as before the claim initiation.
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