Can I get zero depreciation insurance beyond 7 years?
Asked by: Skye Kozey | Last update: April 19, 2023Score: 5/5 (61 votes)
Generally, the zero-depreciation add-on isn't available after the age of the car crosses 5 years. In some cases, the same is available until the age of seven years.
Can we get zero depreciation insurance?
Yes, as long as your car is below 5 years old – you can opt for a zero depreciation add-on in your comprehensive car insurance policy. Yes, as long as your car is below 5 years old – you can opt for a zero depreciation add-on in your comprehensive car insurance policy.
What is not covered by zero depreciation insurance?
Zero depreciation car insurance policy offers 100% coverage for all fibre, rubber and metal parts without deduction of depreciation. It does not cover engine damage due to water ingression or oil leakage. Any mechanical breakdown, oil change or consumables are also not covered in this policy.
Can I get zero depreciation insurance beyond 5 years?
However, for vehicles older than five years, or the models that are discontinued by the manufacturer, such an IDV is decided mutually by the insurance company and you, the policyholder. Thus, the cover for zero dep car insurance after 5 years is not available generally.
Is zero depreciation Same as Bumper to Bumper?
Zero depreciation cover and bumper to bumper cover are the same thing. They are just two names for a car insurance add-on which insures a policyholder against the depreciation cost of his/her insured's car. Zero Depreciation or Bumper to Bumper plan covers the full cost of replacement.
Can I get a zero depreciation car insurance after 7 years
Which company gives zero DEP insurance after 10 years?
IFFCO Tokio offers its zero depreciation cover for all cars not older than 10 years.
Which insurance company gives zero DEP after 5 years?
TATA AIG Zero Depreciation Cover
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.
Is it worth taking zero depreciation?
Zero-depreciation is a good deal even if you have to pay a little extra. It will pay for itself many times over when you meet with an accident. You will be glad you decided on the zero-depreciation policy when you are presented with a bill from the garage.
Can I get a zero depreciation car insurance after 10 years?
1. Cars older than 10 years old. This is one of the first things that are excluded from the cover of zero depreciation car insurance policies. If your car is older than 10 years old, it cannot be covered by a zero dep car insurance policy.
How many times can claim car insurance?
Generally, there are no restrictions on the number of claims you can make under the car insurance policy in a year. However, one should remember that the car insurance claim affects the NCB (No Claim Bonus). Repeated claims in a year may also increase the premium when you renew the policy.
Is battery covered under zero dep insurance?
A zero depreciation add-on covers all parts of your car at 100% except tyres, tubes and batteries which are covered at 50%.
How many times can you claim zero DEP?
You can claim zero depreciation car insurance a maximum of two times during the tenure of your car insurance plan.
Can we do Bumper to Bumper insurance after 5 years?
Since the depreciation of a car is directly related to its age and usage, the older a car, the higher the premium that you shall have to shell out for its bumper to bumper cover. It is important to note here that you cannot purchase bumper to bumper insurance for cars that are older than 5 years.
Does IDV reduce every year in zero depreciation?
Premium of a Zero Depreciation Car Policy
IDV is the maximum amount that you can claim against total damage, loss or theft of your car. Thus, the more is the IDV, the more will be the premium towards a zero depreciation add-on cover.
Which insurance company provides zero depreciation after 7 years?
At present, two motor insurance companies in India offers zero depreciation cover for 7-year-old. Royal Sundaram General Insurance Company and Edelweiss General Insurance Company offers zero dep cover for 7-year-old cars under their car insurance plans.
Is ACKO insurance reliable?
Is ACKO General Insurance reliable? Yes, ACKO General Insurance is reliable when it comes to insurance purchase or claims. The company has an impressive claim settlement ratio of 95% for FY 19-20. The claim settlement is quick and hassle-free as the entire process can be completed online.
Is painting covered in car insurance?
Various factors go into deciding whether you can or should claim insurance on your car body/paint repairs namely: Extent of damage: as a thumb rule, consider insurance claims only if repair and painting is needed for more than 2 body panels (or Rs 6000+ in repair charges)
Is clutch plate covered under insurance?
The policy does not cover damage to the car engine due to water ingression or oil leakage, and standard wear and tear to components such as tyres, clutch plates, bearings, etc.
Is depreciation reimbursement same as zero depreciation?
Depreciation Reimbursement is when insurer does not deduct any depreciation amount from spare parts while reimbursing. For Example: In HDFC ERGO under the Zero Depreciation like loss to rubber, nylon, glass etc are fully payable except tyres and batteries.
Does zero DEP cover paint?
If you have opted for an add-on cover such as zero depreciation also known as 'Nil-Dep cover', you need not pay for any depreciation charges towards motor repairs which include painting, rubber part replacement, glass or fiber replacement.
Can I increase IDV of my car?
IDV cannot be increased more than 10% of the previous IDV, others pls correct me if am wrong. Do not increase IDV more than the present market value of your vehicle. Insurance companies always look into their own rule books and then decide the compensation, hence increasing IDV more than 50% is not recommended.
Is zero dep the same as RTI?
While the Zero Depreciation Add-on cover also sounds like it's got your back, it only pays you back the Ex-Showroom Price, but the RTI insurance also covers road tax and registration charges you had paid.
Is bumper covered in zero depreciation?
Bumper to bumper car insurance or full-body insurance provides full coverage for all rubber, fibre, and metal parts of your car without deducting the depreciation value. However, it will not cover engine damage resulting from oil leakage or water ingression.