Zero Depreciation Bike Insurance

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Zero Depreciation Two Wheeler Insurance

It’s human nature. We all want to protect the things that we love. Especially if it’s your two wheeler and especially if it’s only been a short while since you bought one! Imagine if there was something that could ensure that the things dearest to us always stayed as good as new.

Of course, magic doesn’t exist but in Comprehensive bike insurance, we have something called the zero depreciation cover, and that kind of aims to do something like that. To keep your bike as good as new, as young as it was when you just got it. Think of it as your bike’s very own anti-ageing cream. Don’t get it? Hang on, we’ll explain.

What is Zero Depreciation Bike Insurance?

Before we explain what zero depreciation means, let’s first learn what depreciation means. Depreciation is the decrease in the value of your bike as it gets older. So, if your bike was worth Rs. 1 lakh when it was new and is worth Rs. 50,000 now, Rs. 50,000 is the depreciation you’ve suffered on the bike.

Depreciation is the decrease in the value of your bike as it gets older. So, if your bike was worth Rs. 1 lakh when it was new and is worth Rs. 50,000 now, Rs. 50,000 is the depreciation you’ve suffered on the bike.

But if you have zero dep insurance for your bike, the insurance company will pay almost the entire cost of the parts to be replaced with nothing (zero) deducted for depreciation. In simple words, having a zero-depreciation cover means in the eyes of your insurer, your bike will remain as good as new.

Check: Use Bike Insurance Calculator to calculate the premium with different add-ons

Depreciation in Two Wheeler Vehicles

Age of Vehicle	% of Depreciation
Not Exceeding 6 months	5%
Exceeding 6 months but not exceeding 1 year	15%
Exceeding 1 year but not exceeding 2 years	20%
Exceeding 2 years but not exceeding 3 years	30%
Exceeding 3 years but not exceeding 4 years	40%
Exceeding 4 years but not exceeding 5 years	50%

Compare: Bike Insurance with & without Zero Dep Cover

	Bike Insurance with Zero Dep Cover	Bike Insurance without Zero Dep Cover
Bike Insurance with Zero Dep Cover	Amount is higher as depreciation is not considered at the time of claim payment.	Amount is lower as your two-wheeler and its parts' depreciation is calculated too.
Depreciation on parts	Covered	Not Covered
Age of two wheeler	With this addon, the age of your two-wheeler doesn’t have any impact as depreciation isn’t accounted for.	Depreciation is based on how old your two-wheeler is.

Applicable Rate of Depreciation on Two Wheeler Parts

Bike components	Depreciation applicable (in percentage)
Nylon/rubber/tyres and tubes/plastic parts /batteries	50%
Fibre/Glass materials	30%
All other parts made of glass	Nil

More about Zero Depreciation Bike Insurance

What is Included?

Amount of compensation for depreciable bike parts i.e nylon, rubber, fibreglass and plastic parts.
Your zero-depreciation cover is applicable on all your bike insurance claims, as long as your bike insurance is valid.
If you don’t have a zero depreciation cover currently, you can include it during your renewal too.

What is Excluded?

This cover is not applicable for bikes that are more than 5 years old
It doesn’t cover damages of your bike or its parts due to the bike’s wear and tear or mechanical faults.
It doesn’t cover for your bike’s tyre, bi-fuel kit and gas kit

Benefits of Zero Depreciation Bike Insurance

Maximize your savings during bike insurance claims as you won’t be spending much from your pocket.
You will benefit from receiving your complete claim amount (after compulsory deductions), since your insurer will no longer subtract your depreciation from your claim amount.
Acts a layer of protection for your new bike and its spare parts.

FAQ's about Zero Depreciation Bike Insurance

What factors affect the zero dep cover premium?

Several factors affect your Zero Dep premium including the age of your vehicle, the make and model, and the location where you are based.

Is the zero-depreciation add-on useful for a new bike owner?

Yes, the zero-depreciation cover is extremely useful if your bike is new, or less than five years old. Know more about New bike insurance.

Is the zero-depreciation cover for bike insurance useful for an old bike owner?

This depends on how old your bike is! We wouldn’t recommend opting for a zero-depreciation cover if your bike is close to, or more than five years old. Know more about Old bike insurance.

What are the conditions for availing the zero-depreciation bike insurance cover?

The only conditions are, you can only opt for it in a comprehensive bike insurance policy and, only if your bike is less than five years old.

I am buying three-year old secondhand bike. Should I opt for the zero-dep cover?

We usually recommend a zero-dep cover for new bikes. However, since your secondhand bike is less than five years old, you can still opt for a zero cover if the spare parts are expensive. If not, then it’s better that you don’t opt for a zero-dep cover. Know more about second-hand bike insurance.

Can I buy a zero-depreciation cover with a third-party bike insurance?

No, you can buy a zero-depreciation cover with a third-party bike insurance. A zero-depreciation add-on cover is only applicable in a comprehensive bike insurance.