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Tata Aig Zero Depreciation Add-on

TATA AIG Car Insurance

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TATA AIG Zero Depreciation Cover

Every auto insurance policy comes with add-on covers. The most popular one among them is the zero depreciation add-on. The zero depreciation add-on, also known as bumper to bumper add-on and nil depreciation add-on, provides coverage against the depreciation applicable on your car and its parts.

In case of no zero depreciation, like all other insurer TATA AIG also deducts the depreciation amount on your car and its parts before acknowledging a claim and thus the cost of depreciation is borne by the policyholder.

Features of Zero Depreciation Cover

  1. The zero depreciation add-on is available only for cars up to 5 years old. If the insured vehicle has a minimum NCB of 20% then the zero depreciation add-on is available for vehicles aged up to 7 years.
  2. A maximum of 2 zero depreciation claims are allowed during the policy period.

Benefits of Zero Depreciation

The TATA AIG Zero Depreciation add-on provides you with the following benefits:

  • Higher Claim Amount: The TATA AIG zero depreciation enables you to claim a higher amount as it covers the 100% depreciation for all rubber, fibre, plastic and nylon parts of your vehicle. Please note that for tyres, tubes and batteries only 50% of the depreciation value will be covered by the insurer.
  • Saves Money: The TATA AIG zero depreciation add-on helps you save money. As the premium charged for this add-on is any day less than the depreciation incurred on a vehicle and its parts.

Depreciation Rate Applicable on Car Without Zero Depreciation Cover

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

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TATA AIG Zero Depreciation Cover FAQs

  • How to know if I should opt for a zero depreciation add-on?

    The zero depreciation add-on is an apt option in the following cases:
    • Inexperienced/new drivers
    • luxurious cars
    • New cars
  • Is Zero Depreciation add-on same as Nil Depreciation add-on?

    Yes, the zero depreciation is also known as nil depreciation.
  • Does a comprehensive auto insurance policy comes with the zero depreciation add-on?

    No, the zero depreciation add-on is not a part of the comprehensive auto insurance policy. You need to opt for it separately.
  • Can I opt for zero depreciation cover with a third party insurance policy?

    No. Insurers do not provide any add-on with third party auto insurance policy. If you wish to opt for zero depreciation or any other add-on, you need to purchase a comprehensive auto insurance policy.

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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.