my offers

How about checking some pre-approved offers you might be eligible for?

my offers

How about checking some pre-approved offers you might be eligible for?

  • Mobile No.
  • Date of birth

You have a pre approved offer

  • Sum Assured
    Premium
    Persons Covered
  • Rate
    5%

Currently, we do not have a personalized offer for you but don’t be disheartened. Check out our oven fresh deals of the day here!

We have 02 personalised offers for you

Currently, we do not have a personalized offer for you but don’t be disheartened. Check out our oven fresh deals of the day here!

my offers

✓No Inspection Policy Issuance ✓24x7 Assistance ✓Quick Claim Processing | Buy a Acko or Bajaj Allianz Bike Insurance Plan Starting at ₹482/year*

Introduction

The Insured Declared Value of your bike keeps reducing with time owing to the depreciation accumulated on its parts due to age and usage. When you file a claim on your bike insurance policy, you do not receive the entirety of the cost of the damaged parts as compensation. If you wish to receive the entire value of the damage or loss caused to your bike, then you can add a Zero Depreciation Cover to your Comprehensive Bike Insurance Policy.

 

If you opt for a Zero Depreciation Bike Insurance Policy, any damage to your bike's components or a total loss of the bike due to irreversible damage or theft, will be covered and you will receive the total IDV of the damaged parts.

What Is The Depreciation For Two-Wheelers?

The rates of depreciation for two wheelers have been determined and announced by the Insurance Regulatory Development Authority of India (IRDAI). The aforementioned rate is dependent on the age of your bike.

 

Here is a table depicting the rates of depreciation on two-wheelers after the different amounts of time pass-

Age of the Two Wheeler

Depreciation Applicable

0 to 6 months

Nil

6 months to 1 year

5%

1 year to 2 years

10%

2 years to 3 years

15%

3 years to 4 years

25%

4 years to 5 years

35%

5 years to 10 years

40%

More than 10 years

50%

The different components of your bike depreciate at different rates. These rates, as defined and shared by the IRDAI, have been presented in the following table.

Two-wheeler components

Depreciation Applicable

Nylon, Rubber, Batteries, Tyres, Tubes, and Plastic Components

50%

Fibreglass Components

30%

Other components made from glass

Nil

Regular Bike Insurance vs Zero Depreciation Bike Insurance

By opting for Zero Dep insurance for a bike instead of a regular bike insurance policy, you can enjoy an enhanced coverage for the vehicle. The following table highlights how Zero Depreciation Two-Wheeler Insurance is a better option for your bike than a regular insurance policy without a zero depreciation cover.

Criteria

Zero Depreciation Insurance For Bike

Comprehensive Bike Insurance Policy

Claim Settlement

If you have a Zero Depreciation Bike Insurance Policy, then you shall be eligible to receive the total value of the damaged components of the bike or the Insured Declared Value of the bike (in case of theft or irreversible).

If you have a Comprehensive Bike Insurance Policy without a zero depreciation cover, then you will receive the value of the damaged components of your bike after a reduction for the depreciation accumulated on those components.

Premium

Although the premium for a Zero Depreciation Bike Insurance Policy is higher than that of a Comprehensive Bike Insurance Policy, the associated benefits provide you with better coverage for your bike.

The premium for a Comprehensive Bike Insurance Policy is lower than that of a Zero Depreciation Two Wheeler Insurance Policy.

Repairing expenses for Plastic Fibre

With a Zero Dep Bike Insurance Policy, you get coverage for the damage caused to the parts of your bike that are made from plastic or fibre.

With a Comprehensive Bike Insurance Policy, you do not get coverage for the damage caused to the parts of your bike that are made from plastic or fibre.

What are The Benefits of Zero Depreciation Bike Insurance?

There are several benefits 0f opting for Zero Depreciation Insurance for your bike. Some of these benefits have been discussed below.

1. Enhanced Coverage For Your Bike

With a Zero Depreciation Cover for your bike, you can get extensive financial protection for your bike. In addition to this, you can claim the cost of the damages caused to the parts of the bike that are made from plastic and fibreglass.

2. Higher Claim Amount

If you buy a Zero Depreciation Bike Insurance Policy, then you can get a higher amount on the settlement of your bike insurance claims. This is because the insurer will not deduct the amount of the depreciation accumulated on the damaged parts of the bike.

 

Although a Zero Depreciation Two-Wheeler Insurance Policy enhances the coverage of your bike insurance policy, it also has an additional cost associated with it. If you include the Zero Depreciation Cover in your bike insurance policy, then you will end up paying a 10 to 15% higher premium than a regular bike insurance policy.

To Sum It Up

It is advisable to add the Zero Depreciation add-on cover to your bike insurance policy to have a higher degree of financial protection for your bike. A Zero Depreciation Bike Insurance Policy essentially negates the impact of depreciation on your bike insurance claims. 

Check Out Bike Insurance Plans Available at Bajaj MARKETS

FAQs on Zero Depreciation Bike Insurance

  • ✔️Can I buy a Zero Depreciation Bike Insurance Policy for a bike that is older than five years?

    No, you cannot purchase Zero Depreciation insurance for your bike if the age of the bike is more than five years. The aforementioned cover is available only for bikes that are less than five years old. 

  • ✔️Can I purchase a Zero Depreciation Cover with a Third-party Bike Insurance Policy?

    No, you cannot purchase a Zero Depreciation Cover with a Third party Bike Insurance Policy. The aforementioned cover is available to be purchased only with a Comprehensive Bike Insurance Policy. 

  • ✔️How much additional premium would I need to pay if I add a Zero Depreciation Cover to my Comprehensive Bike Insurance Policy?

    If you choose to add a Zero Depreciation Cover to your Comprehensive Bike Insurance Policy, then you would need to pay an additional premium of 10 to 15% as compared to a regular bike insurance policy. 

  • ✔️Aside from a Zero Depreciation Cover, what are some of the other add-on covers that I can add to my two-wheeler insurance policy?

    Aside from a Zero Depreciation Cover, you can add the following covers to your bike insurance policy.

    • Roadside Assistance Cover

    • Return to Invoice Cover

    • Consumables Cover

    • Engine Protection Cover, etc. 

  • ✔️Is it advisable to purchase a Zero Depreciation Cover with my bike insurance policy?

    Yes, it is advisable to add a zero depreciation two-wheeler insurance. Such a cover will enable you to have a higher degree of financial protection for your vehicle. Furthermore, you shall also have the ability to claim the full cost of the damaged parts of the bike in your two-wheeler insurance claim/s.

Happy Customers of Finserv MARKETS

Getting a loan to take care of my wedding and relieving my parents to enjoy the occasion was the best decision I ever made. Easy-to-apply, amazing interest rate and quick disbursal, what more can one ask for!

I am passionate about the vehicle I drive. I want to protect it with the best available option. What amazed me was the full transparency, quick quotes and the attractive discount on the premium while choosing the annual payment option!

Check your personal loan eligibility in seconds!

My husband and I will finally move into our own house this Diwali. All thanks to Bajaj Finserv, with competitive interest rates, minimal processing fees and easy to repay EMIs, our dream saw the light of reality in no time!

Get the best FD interest rates starting @ 8.40%. Let's start!

Kids grow up fast and to fulfill their dream trip to Disneyland I had everything but instant funds. With no collateral or guarantor required and a hassle-free processing, I gifted my family a memorable trip to Orlando with just a click!

Get sum insured up to 1 Crore! Let's start!

The best way to start looking for health insurance is to do a close study of the coverage needs and checking the insurance company's claim ratio. No unnecessary jargons, easy to apply claims process and choice of premia!

Zero additional charge on part-payment option on Business loans! Let's start!

I bought my first iPhone using my Bajaj Finserv EMI Network Card. Zero downpayment with a No cost EMI on Bajaj Finserv EMI store just made my day!

Get home loan sanctioned online in 72 hours! Let's start!