Is zero depreciation required after 5 years?

Asked by: Madisen Fadel III  |  Last update: July 3, 2023
Score: 4.1/5 (49 votes)

Yes, a zero depreciation cover is only applicable for new or cars less than 5 years old. Yes, a zero depreciation cover is only applicable for new or cars less than 5 years old.

Is zero dep not available after 5 years?

Depreciation for calculating IDV

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 cover necessary?

As far as possible it is advisable for new cars (up to three years) to opt for zero-depreciation car policy. Better to pay a little more (premium) than to pay a lot more (repairs). Zero-depreciation is a good deal even if you have to pay a little extra.

Is bumper to bumper same as zero depreciation?

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 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.

Zero Depreciation Car Insurance Hidden Terms in Hindi

18 related questions found

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 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 you claim zero DEP?

You can claim zero depreciation car insurance a maximum of two times during the tenure of your car insurance plan.

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 provides 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 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%.

Does zero Dep cover engine?

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.

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 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)

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 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.

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.

How many insurance claims is too many?

Filing too many claims in a short amount of time can cause issues with your insurer, however. In general, there is no set amount to home insurance claims you can file. However, two claims in a five year period can cause your home insurance premiums to rise.

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 comprehensive or zero dep better?

The comprehensive insurance plan offers extensive coverage that even protects the car from third party damages. It is beneficial to have Zero Depreciation if you stay in a risk-prone zone where there is a higher likelihood of damage to your car.

Does IDV matter in car insurance?

The IDV is the key to the amount of motor insurance premium that you will pay for your car insurance. This is because IDV reflects the current market value of your car and mirrors the liability of your motor insurance company at the time of claim settlement.

What is ZD EP and RTI in car insurance?

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 it good to take bumper to bumper insurance?

Here are the main benefits of bumper to bumper car insurance: Complete or 100% coverage while settling claims. Gain immunity from depreciation except for certain damages. Beneficial, especially to first-time and luxury car owners.