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Liberty Zero Depreciation Add-on

Liberty Car Insurance

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  • ​More than 3,500 network workshops offering cashless claim settlement​
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Liberty Zero Depreciation Add-on

Like all other commodities your car is also subject to depreciation. Depreciation does not only lowers down your car’s market value but also affects the amount which you receive at the time of claim settlement. In the absence of this add-on in your comprehensive policy, the insurer is not liable to bear the cost of depreciation for the replaced parts of your car. This results in lower claim amounts during the claim settlement.

The Liberty zero depreciation add-on cover allows the policyholder to get full claim amount without the subtraction of any depreciation cost from it.

Benefits Of Liberty Zero Depreciation Insurance

Higher Claim Amounts: The zero depreciation add-on cover bundled with the standard comprehensive car insurance policy allows the policyholder to enjoy higher claim amounts. The cover makes the insurer liable to bear the cost of depreciation and not the policyholder.

Multiple Claims: Liberty General Insurance allows you to file up to 2 claims with a zero depreciation cover during the policy tenure.

Zero Depreciation vs Normal Insurance

Age of Car

Rate of Depreciation Without Zero Depreciation

Rate of Depreciation Without Zero Depreciation

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%

Part of Car

Rate of Depreciation Without Zero Depreciation

Rate of Depreciation Without Zero Depreciation

Paint work /Rubber/nylon/ plastic parts, tires and tubes, batteries and airbags parts

50%

0%

Fibre glass parts

30%

0%

Glass parts

Nil

0%

Conditions of Liberty Zero Depreciation Add-on Cover

  • A maximum of 2 claims is admissible in a policy period.
  • It is not applicable for theft, CTL and TL of the insured vehicle.
  • The damaged vehicle must be repaired at the company authorised workshop.

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Liberty Zero Depreciation Cover FAQs

  • What does it mean that only 2 claims are admissible under the zero depreciation policy?

    This means that a policyholder will get the benefits of depreciation cover up to 2 times during the policy tenure. The third and subsequent claims will be entertained as per the policy but the policyholder will have to bear the cost of depreciation in them.
  • Can I choose the claim in which I want to avail the zero depreciation cover benefits?

    Yes, the policyholder can decide in which claims he/she wants to bear the cost of depreciation of the replaced parts or not for a particular claim.
  • What is the premium of the zero depreciation add-on cover?

    There is no fixed premium for the zero depreciation add as the premium amount depends on factors such as Insured Declared Value (IDV) of your vehicle, its age, model, etc.

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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.