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Icici Lombard Zero Depreciation Add-on

ICICI Lombard Car Insurance

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    Network Garages5900+
    Claim Settlement Ratio98.3%
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    ICICI Lombard Zero Depreciation Car Insurance

    ICICI Lombard offers third-party car insurance as well as Comprehensive car insurance policies. In addition, it also offers add-on covers that can be purchased over the standard policy. Zero Depreciation is one such add-on cover, which entitles the insurance company to pay full claim amount without taking depreciation in account.

    Depreciation reduces the value of the car with age and this amount is factored while the claim is being settled by the company. Zero Dep cover basically shifts this liability from the policyholder to the insurer, allowing the vehicle owner to get a higher claim amount. Also, ICICI Lombard offers 6-months quality assurance on all repairs. This being said, purchasing a Zero Dep cover also increases the premium by a fair bit, making the policy marginally expensive.

    Benefits of Zero Depreciation

    By paying an extra premium over the standard premium, you can avail the benefits of Zero Depreciation add-on cover.

    • ICICI Lombard Zero Depreciation Insurance offers you a considerably higher claim amount than the standard comprehensive car insurance policy. It eliminates the chipping of depreciation from the claim amount and shifts this liability to the company.
    • ICICI Lombard also offers 6 months quality assurance on all repairs made in any of the cashless garages.

    Factors affecting Zero Depreciation

    Although a Zero Depreciation insurance policy enhances the coverage of a standard car insurance policy, there are a couple of factors affecting its availability and eligibility.

    Age of the car: Majority of insurers including ICICI Lombard do not offer zero dep cover for cars above 5 years of age. Zero Dep add-on cover makes your insurer liable to pay claim amount without factoring depreciation. To make sure that they don’t have to carry a huge liability with them, insurance companies (including ICICI Lombard) offer Zero Dep add-on to cars not older than 5 years.

    Number of claims: There is also a limitation on the number of claims that can be filed with a policy having Zero Dep add-on cover as the policyholder, may at times, lodge claims even for minor dents on the car’s body.

    ICICI Lombard Zero Depreciation Claim Process

    1) Inform the company

    Inform the insurer as soon as possible after an accident or mishap on road by calling the toll-free number 1800 2666 or SMS “CLAIM” to 575758. Furnish them with the details of the accident and also details of the witnesses (if any).

    2) Lodge an FIR

    In case of grave injury/death of any person (third party or policyholder), immediately seek for medical attention. This should be followed by lodging an FIR at the nearest police station.

    3) Confirmation

    The Customer Service Manager (CSM) will contact you within 24 hours to confirm the initiation of the claim process.

    4) Repair and documentation

    Post survey of the vehicle, CSM will get the estimate for the repairs of your vehicle and give approval after assessment.

    5) Claim settlement

    After completion of documentation, company will inform you about the sum you need to pay (your liability), while the rest (without factoring depreciation) will be paid by the company.

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    ICICI Lombard Zero Depreciation Cover FAQs

    • How much do I need to pay for Zero Dep add-on cover?

      This solely depends on a number of factors, like the age of your car, IDV, etc. However, you can click here and get a quote for your vehicle after filling in few details.
    • Will I get a discount if no claim is filed by me during the policy tenure?

      Yes, you are liable to get No Claim Bonus for every claim free year, up to 5 years. However, there is no other discount offered by ICICI Lombard exclusively for Zero Dep add-on cover.
    • My car has Zero Dep cover, but the garage manager is asking me to pay the entire claim amount.

      This happens when you have opted for reimbursement claim, instead of cashless claim settlement. Don’t worry, you will be reimbursed with the total claim amount (including the depreciation amount) by the company.
    • What remains as my liability in the claim amount after purchasing Zero Dep add-on cover?

      There are still a few liabilities on your side even after having a Zero Dep add-on. There are a number of things not covered under a comprehensive insurance policy and any repairs made to them would go from your pocket.
    • What if the claim amount is more than the Sum Insured?

      If the claim amount surpasses the Sum Insured it is a case of total loss of your vehicle. Such a case is investigated by the insurance company and claim is paid as per the sum insured.

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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.