Royal Sundaram Zero Depreciation Add-on

Royal Sundaram Car Insurance

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Royal Sundaram Zero Depreciation Add-on

Your car, just like any other commodity, loses value with age. This devaluation with time is known as depreciation. When you buy a car insurance policy, there is a condition, with which you need to comply. It is that the insurer will not bear the cost of depreciation while settling claims. This means that the insurance company will factor the depreciation from the claim amount and you would receive a lesser claim amount.

Opting for a Zero Depreciation add-on cover from Royal Sundaram with its comprehensive policy protects you from the liability of bearing the cost of depreciation and enable you to claim a higher amount at the time of settlement.

Benefits of Royal Sundaram Zero Depreciation Cover

In lieu of an extra premium, a zero depreciation add-on cover offers you the following benefits:

Higher Claim Amount: Zero Depreciation add-on cover exempts you from bearing the cost of depreciation. It makes the company liable to sanction claims without the deduction of depreciation. This enables you to get a higher claim amount, which would not have been possible otherwise. Compared to the cost of availing this add-on, the claim amount is much more and makes the entire claim highly cost-effective.

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%.

Unlimited Claims: Unlike most of the other insurers, Royal Sundaram allows you to make an unlimited number of claims under the zero depreciation cover.

Free Consumable Add-on: Royal Sundaram offers free consumable add-on with the purchase of its zero depreciation add-on.

Conditions of Zero Depreciation Add-on Cover

  • The Zero Depreciation add-on cover is offered on an annual basis, which means, it needs to be renewed along with the comprehensive policy cover.
  • Vehicles older than 5 years are not eligible for this cover.
  • It is not available for imported vehicles or whose production had ceased or whose parts are not available.
  • Claims made under Self Authorization mode- when the vehicle is repaired without proper consultation from the insurer.
  • The pricing is based on Insured Declared Value (IDV), age, engine displacement and make of the insured car.

Depreciation Rate Applicable on Cars Without Zero Depreciation Add-on

Age of Car

Rate of Depreciation

Under 6 months

Nil

6 months to 1 year

5%

1-2 years

10%

2-3 years

15%

3-4 years

25%

4-5 years

35%

5-10 years

40%

Above 10 years

50%

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

Car Part

Depreciation Rate

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

50%

Fibre glass parts

30%

Glass parts

Nil

Royal Sundaram Zero Depreciation Cover FAQs

  • What is the minimum premium for the zero depreciation add-on cover?

    The minimum premium amount for Royal Sundaram zero depreciation add-on cover is Rs 100. However, the amount of exact premium depends on the type of add-on cover availed.
  • How can I buy the zero depreciation add-on cover?

    If you are a new car owner then you can purchase the add-on cover while buying the comprehensive insurance policy. However, if you have an existing insurance policy without zero depreciation cover, then you can avail the add-on while renewing your policy and get an inspection done for your vehicle.
  • What is not covered under the zero depreciation add-on cover?

    The following are not covered under the zero depreciation add-on: Deductibles (compulsory and voluntary) Damage caused by perils Mechanical breakdowns Uninsured accessories and fuel kit Claims made under self-authorisation mode Theft of car parts/accessories

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