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Oriental Zero Depreciation Add-on

Oriental Car Insurance

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Highlights
  • Network of 31 regional offices and more than 1,800 active branches
  • A huge number of network garages, which offer direct cashless claim
  • Total strength of 14,000+ employees and well established in the rural parts of the country.
  • Overseas operations in countries like Nepal, Kuwait and Dubai

Oriental Zero Depreciation Add-on

During a claim settlement, an insurance company deducts the depreciation amount applicable on the insured’s car, thereby reducing the claim amount. However, a car insurance policyholder can get a complete cover including the depreciation cost by purchasing a zero depreciation cover with a comprehensive/standalone own damage car insurance policy.

Oriental Zero Depreciation Add-on Benefits

Higher Claim Amount: The zero depreciation add-on cover exempts the policyholder from bearing the cost of depreciation. Thereby enabling him/her to get higher claim amounts.

Multiple Claims: Like most of the other car insurance companies, Oriental General Insurance allows up to 2 zero depreciation claims.

Zero Depreciation vs Normal Insurance

Age of Car

Depreciation Rate Without Zero Depreciation Cover

Depreciation Rate 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%

Depreciation Rate Applicable on Different Parts of Car Without Zero Depreciation Cover

Part of Car

Depreciation Rate Without Zero Depreciation Cover

Depreciation Rate With Zero Depreciation Cover

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

50%

0%

Fibre glass parts

30%

0%

Glass parts

Nil

0%

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Oriental Zero Depreciation Add-on FAQs

  • What is not covered under Zero Depreciation Cover?

    Zero Depreciation Cover does not secure the vehicle against engine damage due to oil spillage or water ingression. In addition, it does not cover against mechanical breakdown, consumption of consumables.
  • Is it true that insurance companies allow zero depreciation cover to new cars only?

    Most insurance companies prefer to avail zero depreciation cover only to new cars or those that are less than five years old. However, different insurance companies allow different car age limits for zero depreciation cover.
  • Who should buy a zero depreciation cover?

    Every car owner is advised to opt for a zero depreciation cover, however, it is more advisable for the following: New car owners New drivers People driving in accident prone areas People who get bothered by even small scratches Owners of car with expensive parts.

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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.