ICICI Lombard Zero Depreciation Add-on
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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 ICICI Lombard Zero Depreciation Add-on Cover
By paying an extra premium over the standard premium, you can avail the benefits of Zero Depreciation add-on cover:
- Higher Claim Amount Received - 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.
- Get the Complete Coverage - With the zero depreciation add-on the insurer provides coverage for your car and all its parts at 100% except tyres, tubes and batteries for which the cover is provided at 50%.
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 ICICI Lombard Zero Depreciation Cover
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.
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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 a 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 the 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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