The Two-Wheeler Insurance market in India is flooded with innumerable options. As a responsible bike owner, you would definitely want to secure the best coverage for your precious bike. Out of the numerous options available in the market, the Zero Depreciation Insurance Cover and Comprehensive Two-Wheeler Insurance cover are the most popular. Each of these policies has its own advantages and disadvantages, hence choosing the right one can be confusing. This article explores both Zero Depreciation Cover and Comprehensive cover in detail, to help you choose the right Bike Insurance plan.
What is Zero Depreciation Cover?
As you may already know, your scooter or bike is a depreciating asset. In simpler terms, the market value of your bike reduces with time. Under a basic Bike Insurance policy, the insurance company provides coverage for damage repairs or replacement of various components only after deducting the applicable depreciation. When you choose a Zero Depreciation Cover for your bike, you can secure the entire coverage without bearing the losses of depreciation.
What is a Comprehensive Insurance Cover?
Unlike the basic third-party insurance, a Comprehensive Cover offers a wide coverage against numerous risks on the road such as accidents, theft, natural calamity, in addition to third-party liability coverage. In other words, a Comprehensive Two-Wheeler Insurance plan offers complete coverage against major risks.
Zero Depreciation Cover Vs Comprehensive Cover
- Premium: Generally comprehensive insurance cover is offered at a relatively lower premium by insurance companies when compared to zero depreciation cover.
- Claim Settlement: In case of a comprehensive insurance policy, the policyholder must bear losses caused due to depreciation at the time of claim settlement. However, with a zero depreciation cover, the policyholder need not worry about depreciation.
- Repairs: Under zero depreciation insurance, the insurer provides total coverage for repair expenses incurred inclusive of plastic parts. In case of a two-wheeler comprehensive insurance, the policyholder must bear the extra costs for plastic parts from his/her own pockets.
- Period of Coverage: A zero depreciation cover offers coverage for a period of up to 5 years while a comprehensive cover provides coverage for two-wheelers up to 15 years.
- Suitability: A comprehensive Two-Wheeler Insurance cover is suitable for anyone who wants complete protection. On the other hand, a two-wheeler zero depreciation add-on cover is suitable for policyholders who wish to save on depreciation.
As you can see, both zero depreciation cover and comprehensive cover for Two-Wheeler Insurance have their own advantages and disadvantages. Hence making the right choice completely depends on personal preference and needs. With Bajaj Bike Insurance, you can avail both the benefits together if you wish. However, you would need to pay an additional Bike Insurance premium. Regardless, every penny spent on securing extra coverage is worth it! So buy Bajaj Two-Wheeler Insurance online with Finserv Markets and give your two-wheeler the protection it needs.
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