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Shriram Zero Depreciation Add-on

Shriram Car Insurance

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Highlights
  • The company has more than 2,000 cashless network garages across India
  • Offers multiple add-ons with the comprehensive policy
  • 24*7 claim service assistance
  • Commendable claim settlement ratio of 94.56%
  • Awarded “Excellence in Growth Award” for two consecutive years in 2011 and 2012

Shriram Zero Depreciation Add-on

All commodities including your car is subject to depreciation i.e., devaluation of a commodity over its age due to wear and tear. Besides affecting the market value of your car, depreciation also affects the claim amount disbursed to you during a claim settlement. The insurer factors in the cost of depreciation of the car and its replaced parts at the time of a claim resulting which you get a lesser claim amount. This heavy liability can be put aside with the Shriram Zero Depreciation Add-on cover. By purchasing the Shriram zero depreciation add-on, you get claims without subtraction of depreciation cost from it.

Benefits of Shriram Zero Depreciation Add-on Cover

Lesser Liability And Higher Claims: The Shriram Zero Depreciation add-on cover spares the policyholder from paying the cost of depreciation during a claim settlement. This lowers the liability on the side of a policyholder which helps him/her get higher claim amounts.

Availability of 2 Claims: Shriram General Insurance allows you to make up to 2 zero depreciation claims during the policy period.

Zero Depreciation Cover 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%

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%

Conditions for Shriram Zero Depreciation Add-on Cover

  • A maximum of only 2 claims is accepted under the zero depreciation cover during the policy period.
  • It is not applicable in case of constructive total loss, total loss and theft of the insured vehicle.

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Shriram Zero Depreciation Cover FAQs

  • How would I know if my vehicle has suffered constructive total loss and zero depreciation cover is not applicable for claims?

    Constructive total loss (CTL) is declared when the repair cost of your vehicle is more than 75% of the actual value of your car. In this case and as well as in the case of total loss (100% damage) or theft, the claim amount would be standard without the waiver of liability of depreciation cost.
  • Can I choose the claim in which I want the waiver for the depreciation cost or not?

    Yes, it solely depends on the policyholder whether he wants to have the benefit of the zero depreciation add-on cover for a particular claim or not.
  • Why the premium of my zero depreciation cover increases every year?

    The premium of your zero depreciation cover increases because the company has to bear more liability every year owing to the continuous depreciation of the insured car.

Why to Buy Car Insurance Policy from InsuranceDekho?

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Contact Details

  • InsuranceDekho

    7551196989Mon to Sun 10 AM to 7 PM
  • Shriram General Insurance Contact Details

    (Toll-free): 1800-300-30000, 1800-103-3009(7 Days in week 4:00 AM to Midnight 12:00), (7 Days in week 9:30 am to 5:30 pm)

Latest Car Insurance News

#Applicable on non-inspection cases i.e. existing policy has not expired or when buying a policy for a new vehicle.