What is the benefit of zero DEP?
Asked by: Alexandra Russel | Last update: June 26, 2023Score: 4.6/5 (62 votes)
With zero depreciation coverage, the insured does not have to pay the depreciation value of the damaged or replaced parts and the policyholder can claim. It applies to vehicles that are less than 5 years old and the policyholder can avail of it twice during the policy tenure.
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.
Do we need zero DEP insurance?
A zero depreciation cover is an optional addon you can opt for in your car insurance policy. Having this addon in your plan ensures your insurer won't charge for your car's depreciation during claims and hence, you won't be liable to pay for the cost of depreciation of your car's parts during claims.
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.
Is zero DEP and bumper to bumper same?
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.
Zero Dep Insurance क्या होता है ? No Claim Bonus क्या होता है? Zero Dep| Sumit Choudhary
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.
How many times can you claim 0 DEP?
You can claim zero depreciation car insurance a maximum of two times during the tenure of your car insurance plan.
Are Tyres covered in 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%.
Is TYRE covered under insurance?
Is tyre and tube repair cost covered under comprehensive car insurance? Motor insurance covers tyre and tube when the vehicle has met with an accident. However, comprehensive car insurance doesn't cover tyre and tube damages when the vehicle has not met with an accident.
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.
Can 0 DEP be insured 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.
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.
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)
Which company gives zero DEP insurance after 10 years?
IFFCO Tokio offers its zero depreciation cover for all cars not older than 10 years.
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.
Does bumper cover under insurance?
Damage to the car bumper is covered only under the Comprehensive Insurance Plan and not under the Third-party Insurance Plan.
Can we claim insurance for car scratches?
Yes, you can claim insurance for car scratches and dents in India. However, it is advisable not to do so as it may become an expensive deal for your future motor insurance premiums.
Is bike rim covered in insurance?
Does Insurance Cover Rim Damage? Rim damage is usually not covered by most insurance plans. Most vehicles are prone to damaged rims due to the impact of road debris or driving over potholes so it is recommended to buy insurance with rim damage cover.
Can we reduce IDV value of car?
This is because the IDV of your vehicle depends not only on its depreciated value but also its market value. Therefore, you have the option of choosing a slightly lower IDV so as to reduce the premium payable. You can either do it by visiting the insurance company's portal or tell your adviser to do it for you.
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 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.
What Does zero Dep means?
In a zero depreciation car insurance policy, the entire claim amount is paid by the Car Insurance Company without considering the depreciation on the value of the car. Obviously, you have to pay slightly more in terms of your premium.
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.