Bajaj Allianz Zero Depreciation Add-on

Depreciation of a two-wheeler is the Process of losing the monetary value of the two-wheeler over a period of time because of factors such as age, wear and tear etc. At the time of filing a claim for your two-wheeler you may end up paying a large amount from your own pocket due to depreciation deduction. A zero depreciation cover can be very beneficial under such situations. Zero depreciation cover offers comprehensive coverage considering depreciation. This add-on cover adds more protection to your existing cover and eliminates the risk of receiver lower claim amounts.

Like all other assets, bikes also go depreciates or lose its value over time due. A standard comprehensive or standalone own-damage insurance policy does not cover depreciation. Thus, the insurance provider deducts the depreciation amount from the claim amount at the time of claim settlement. However, the Bajaj Allianz Zero Depreciation add-on cover helps the policyholders to do away with the depreciation expenses incurred by their bike.

With a Zero Depreciation cover, policyholders can claim the complete amount in case of any damage. The policyholders can get coverage for repairing and replacement of parts. Hence, policyholders can avoid loss in the value of the bikes.

Benefits of Bajaj Allianz Zero Depreciation Add-On Cover

You can enjoy the following benefits with zero depreciation add-on cover offered by the Bajaj Allianz General Insurance:

• Maximum Claim: With the zero depreciation add-on cover added to the comprehensive or standalone own-damage bike insurance policy, policyholders can claim the complete sum insured without facing any deduction for depreciation charge.
• Helps Save Money: The zero depreciation add-on cover provides protection against depreciation and damages caused to the bikes. By paying a little extra amount of premium, the policyholders can easily get the entire amount of claim for their damage. The amount of depreciation which you get in claim with this cover is generally more than the premium amount to opt for zero depreciation add-on cover. Thus, it can be concluded that this add-on cover helps in saving money.
• Eliminates the Risk of Lower Claim Amount: When you choose to opt Zero depreciation cover it expands the power of the base coverage. This add-on cover minimizes the out of pocket expenses that you may have to bear at the time of claim. Zero depreciation cover not only adds more protection to your existing cover but also eliminates the risk of lower claim amount as claim amount for a two-wheeler insurance policy with a zero depreciation cover is calculated without considering depreciation.

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

What is Included under a Bajaj Allianz Two-Wheeler Insurance Policy with Zero Depreciation Cover?

Below mentioned aspects shall be covered under a Bajaj Allianz Two-Wheeler Insurance policy with Zero Depreciation Cover:

• Compensation or Coverage for depreciable parts is provided to the policyholder for depreciable parts such as nylon, rubber, fiberglass and plastic parts.
• Cost of repairs or replacement beared by the policyholder at the time of claim settlement shall be provided to the policyholder.
• Two-wheeler policy with a zero depreciation cover may also cover partial damages to the battery and tyres without considering the depreciation.
• You add the zero depreciation cover at the time of renewal of purchase of the policy.

What is not Included under a Bajaj Allianz Two-Wheeler Insurance Policy with Zero Depreciation Cover?

Below mentioned are the aspects which shall not be covered under a Bajaj Allianz Two-Wheeler Insurance policy with Zero Depreciation Cover:

• Damage to insured vehicles caused due to mechanical faults/failure
• Routine ageing/wear and tear will not covered under a two-wheeler insurance policy with zero depreciation cover
• Loss or total damage to the insured vehicle shall be covered or compensated for.
• Damage to the uninsured items such as tires, gas kits or b-fuel kit of the two-wheere shall not be covered or compensated for.

The zero depreciation add-on cover offered along with the Bajaj Allianz comprehensive bike policy has many perks, but there are a few conditions that need to be kept in mind, which are as follow:

• This cover can be availed by bikes with a maximum age of 2 years.
• The zero depreciation can be claimed only twice during the policy period.
• It does not include damage caused due to mechanical slip-up, common wear and tear.
• It does provide coverage in case of complete damage/loss.