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Future Generali Zero Depreciation Add-on

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Highlights
    Network Garages3,500+
    Claim Settlement Ratio88.69%
    Emergency AssistanceAvailable 24/7
    Policies Issued18 lakh+ in FY19
    Customers16 lakh+
    Presence125+ branches

    Future Generali Zero Depreciation Cover

    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 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

    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%

    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

    50%

    0%

    Fiberglass Parts

    30%

    0%

    Glass Parts

    Nil

    0%

    Factors Affecting Future Generali Zero Depreciation Cover

    Below are some factors which affects the 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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    When did you buy your car?
    20062019
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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 factors like IDV of your vehicle, Age of the insured vehicle, and 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 leftover zero depreciation claims as before the claim initiation.

    • Can I avail Zero Depreciation cover in case of theft of the insured’s car?

      No, you cannot avail zero depreciation cover in case of theft of the insured’s car.

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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.