Royal Sundaram Zero Depreciation Add-on
| CASHLESS GARAGES | 3,300 |
| CLAIMS SETTLED | 99% |
| ZERO DEP. CLAIMS | UNLIMITED |
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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.
Depreciation Rate Applicable on Car With And Without Zero Depreciation Add-on
Age of Car | Rate of Depreciation Without Zero Depreciation | Rate of Depreciation With 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 With 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% |
Factors Affecting Digit Zero Depreciation Cover
Royal Sundaram Zero Depreciation comes with multiple benefits provided that the following conditions are fulfilled:
- 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.
- The pricing is based on Insured Declared Value (IDV), age, engine displacement and make of the insured car.
- Claims made under Self Authorization mode- when the vehicle is repaired without proper consultation from the insurer.
- 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.
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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 points that are not covered under the zero depreciation add-on are Deductibles (compulsory and voluntary), Damage caused by perils, Mechanical breakdowns, Uninsured accessories and fuel kit, Claims made under the self-authorisation mode, and Theft of car parts/accessories.
Who should opt for the Zero Depreciation Cover?
Any car owner should opt for the Zero Depreciation add-on to avoid the depreciation charge and the expense of repairing or replacing car parts. However, it is best suited for luxury car owners and new drivers.
Does the Zero Depreciation cover provide for plastic parts of cars?
Yes, the Zero Depreciation provides coverage for the plastic parts of the insured car. The rate of depreciation for plastic parts without the Zero Depreciation charge is 50%. But with the Zero Depreciation cover, the charges become nil.
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