HDFC ERGO Zero Depreciation Add-on

HDFC ERGO offers a Zero Depreciation coverage, also known as nil depreciation, as an additional feature for both comprehensive bike insurance policies and standalone own-damage policies. This add-on enables policyholders to receive full reimbursement for replacing bike parts in the case of an accident. In this article, we'll check how it operates, the important features of HDFC ERGO's policy, the purchasing process, necessary documentation, and the procedures for filing claims and renewing the policy.

What is Zero Depreciation Bike Insurance?

Zero depreciation bike insurance removes the factor of depreciation from the insurance equation for your bike or scooter. This means that your vehicle's Insured Declared Value (IDV) remains equivalent to that of a new vehicle. With zero depreciation bike insurance, you receive comprehensive coverage for your bike or scooter without any depreciation deductions.

In case of an accident, you're eligible for full repair coverage without any depreciation deductions applied to your claim. The zero depreciation insurance for bikes ensures superior claims coverage for damages and minimises your out-of-pocket expenses.

Benefits of Purchasing HDFC ERGO Zero Depreciation Bike Insurance

Listed below are some benefits of purchasing HDFC ERGO Zero Depreciation Bike Insurance:

• Claim Reimbursement: With standard insurance, your claim payout is based on the depreciated value at the time of the claim. However, zero depreciation cover ensures full replacement cost without any depreciation deduction, resulting in more substantial payouts.

• Financial Stability: Opting for zero depreciation cover helps you avoid significant expenses for repaired parts, as the higher payouts ease the strain on your finances.

• Cost-Effectiveness: Despite assumptions about its expense, zero depreciation coverage proves to be cost-effective due to the enhanced reimbursements it offers, making it a financially wise choice.

• Peace of Mind: The inclusion of zero depreciation add-on in your car insurance provides coverage for accidental damages without decreasing the value. This peace of mind allows you to drive without worrying about potential financial setbacks.

How to Buy HDFC ERGO Zero Depreciation Bike Insurance?

If you have two-wheeler insurance, you can acquire a zero depreciation add-on for your policy. You just have to simply visit the HDFC Ergo website, go to the two-wheeler insurance section, and input your bike's details. From there, select the appropriate add-on to include the zero depreciation coverage. Upon purchasing this add-on, you will get the benefit of making claims with zero depreciation applied.

Purchase HDFC ERGO Zero Dep Bike Insurance with InsuranceDekho?

• Step 1: Go to InsuranceDekho’s Website: Begin your journey by visiting the InsuranceDekho website and locating the car insurance form conveniently situated on the homepage.
• Step 2: Provide Vehicle Information: Start filling the form with essential details, including your car's vehicle number (e.g., DLXXABXXXX), to initiate the process.
• Step 3: Select the HDFC ERGO Plan: After entering your vehicle details, browse through various insurance plans available from different providers. Opt for the comprehensive plan provided by HDFC ERGO.
• Step 4: Customise with Add-ons: Tailor your HDFC ERGO plan by selecting desired add-ons, keeping in mind that each addition impacts the premium. Click "continue" to proceed once you've made your selections.
• Step 5: Take Assistance (Optional): If you require guidance or have inquiries, use the "request a call back" option to connect with an InsuranceDekho advisor for support.
• Step 6: Complete KYC Formalities: Proceed by furnishing identification details such as your Aadhar card or PAN card number, along with your mobile number, to fulfill the KYC requirements.
• Step 7: Review and Confirm: Thoroughly examine the pre-filled form containing your vehicle details. If any information requires correction, make necessary adjustments before advancing.
• Step 8: Finalise Payment: Conclude the process by completing the payment using your preferred mode, be it credit/debit card, UPI, or net banking, to solidify your insurance purchase.

From Insurer

• Purchasing zero depreciation coverage is important for increasing the advantages of your car insurance. You can easily get it via HDFC's official website following a streamlined four-step process.
• Step 1 (Provide Details): Start the process by obtaining a quote. Simply fill in your vehicle registration particulars and contact information to proceed.
• Step 2 (Customise): Next, tailor your insurance plan to your preferences. Select the option that best aligns with your needs, ensuring it covers zero depreciation coverage.
• Step 3 (Make Payment): Once you've settled on a plan, securely conduct your payment online through our payment gateway to finalise the process.
• Step 4 (Policy Receipt): As the final step, receive your car insurance policy complete with zero depreciation coverage, providing you with comprehensive protection for your vehicle.

Offline

Alternatively, you can get assistance from InsuranceDekho by contacting us at support@insurancedekho.com. You can also call us at +91-7551196989 to get an agent for a physical visit.

Documents Required to Buy HDFC Zero Dep Insurance Policy

To purchase a zero-depreciation bike insurance policy, you need the following documents:

• Ownership Verification: The Vehicle Registration Certificate (RC) is evidence of ownership and contains vital details about your bike, including its registration number, model, and engine number.
• Identification Verification: A government-issued ID card such as an Aadhaar card, PAN card, passport, or driver's licence is typically necessary to establish your identity.
• Residential Address Confirmation: Documents like an Aadhaar card, passport, utility bills, or voter ID card are often required to verify your residential address.
• Insurance History: For insurance renewal or switching providers, keeping your previous policy documents accessible can streamline the process.
• Vehicle Condition Assessment: Insurers may conduct a physical inspection of your bike to evaluate its condition before issuing the policy, in some instances.
• Payment Information: If opting for online payment or auto-renewal, be prepared to provide your bank account details for a seamless transaction.

HDFC ERGO Zero Dep Bike Insurance Claim Process

How to File a Claim (Step-by-Step Process)

Listed below are the steps to be followed to file a claim for HDFC ERGO Zero Depreciation Bike Insurance:

• Step 1 - The first step is to notify your insurer quickly about any damage to prevent potential claim rejection. In case of an accident, ensure to file an FIR as part of the process.
• Step 2 - Inspection and evaluation is an important step. Here, an inspecting officer assigned by your insurer will evaluate the extent of damage and losses incurred. Subsequently, a comprehensive report will be compiled and forwarded to the claim department for further processing.
• Step 3 - Upon approval of the assessment report by the claim department, make arrangements for your bike to be transported to the network garage for essential repairs to begin.

Documents Required

When making a claim under a zero depreciation bike insurance policy, you typically need some important documents. These are as follows:

• Completed Claim Form: This document consists of vital information concerning the incident, detailing its circumstances and the extent of damage sustained.
• Insurance Policy Copy: Provide a copy of your zero depreciation bike insurance policy document to validate your coverage and other policy specifics.
• First Information Report (FIR): If the incident involves theft, vandalism, or a third-party, initiating an FIR at the nearest police station is necessary, and submitting a copy forms part of your claim documentation.
• Vehicle Registration Certificate (RC): This is a proof of ownership and offers comprehensive details about your bike, including its registration number, model, and engine specifications.
• Proof of Identity: Provide a government-issued ID card such as an Aadhaar card, PAN card, passport, or driver's licence for identification verification.
• Repair Cost Estimate: Obtain an estimate of repair costs from authorised repair centers, outlining the damages incurred and associated expenses.
• Bank Account Information: Ensure to provide your bank account details to facilitate reimbursement of the claim amount.

Claim Assistance

If you need help with any of these matters or others, don't hesitate to get in touch with an InsuranceDekho advisor. You can reach them by dialling 0755-1196989 or sending an email to support@insurancedekho.com. If your issue is still not resolved, our Grievance Redressal team is here to help. Feel free to contact them at grievance@insurancedekho.com.

Covered Vs Not Covered Under HDFC ERGO Zero Depreciation Insurance

Listed below are the inclusions and exclusions under HDFC ERGO Zero Depreciation Bike Insurance:

Inclusions

An HDFC ERGO zero depreciation bike insurance policy involves the following features:

• Full coverage for depreciable bike spare parts like rubber, nylon, fibreglass, plastic parts, etc.
• Full claim amount as the IDV value is the highest.
• If you don't buy a zero depreciation cover, you can purchase it as a top-up as well.

Exclusions

The below-mentioned features are not included under an HDFC ERGO zero dep two-wheeler insurance policy:

• The cover is not valid for bikes of more than five years.
• The wear and tear of the bike parts are not covered under zero depreciation cover.
• Some bike parts, like fuel kits, gas kits, tyres, etc., are not covered.

Depreciation Rate Applicable on Bike With and Without Zero Depreciation Add-on

The following tables show the depreciation rate applicable on your bike with and without zero depreciation add-on. Let us take a look at them for a better understanding.

Applicable Rate of Depreciation on Two Wheeler Vehicle’s Age

Applicable Rate of Depreciation on Two Wheeler Parts

HDFC ERGO Zero Dep Bike Insurance Support

For assistance with purchasing, renewing, processing claims, or porting your HDFC ERGO zero dep bike insurance, reach out to an InsuranceDekho customer service representative by:

• Phone No. - Calling on +91-7551196989
• Email Id - Emailing at support@insurancedekho.com

There are certain conditions set by the insurer to avail the zero depreciation cover.

• You cannot avail zero depreciation cover if the bike is completely damaged or stolen
• You can opt for the zero depreciation add-on only if the bike you are insuring is not more than 5 years old.
• You can only avail zero depreciation add-on cover 2 times during the entire policy tenure.