ICICI Lombard Zero Depreciation Bike Insurance

ICICI Lombard's Zero depreciation coverage, sometimes referred to as nil depreciation, is an add-on for comprehensive bike insurance policies and standalone own-damage policies. It allows policyholders to claim the entire cost of replacing bike parts in case of an accident. Here we’ll see its functioning, the key aspects of ICICI Lombard's policy, steps for purchase, essential documentation, and procedures for making claims and renewals.

What is Zero Depreciation Bike Insurance?

A zero depreciation bike insurance cover provides coverage without reducing the claim amount by the depreciation value of the damaged parts. With zero depreciation coverage, if your bike gets damaged in an accident, you can get the full cost of replacing its parts without any deduction for depreciation. Choosing zero-depreciation bike insurance is always advised, as it enables policyholders to increase their coverage by providing maximum reimbursement at the time of claim.

Benefits of Purchasing ICICI Lombard Zero Depreciation Bike Insurance

Listed below are some benefits of purchasing ICICI Lombard Zero Depreciation Bike Insurance:

• Claim Reimbursement: Without zero depreciation, your claim payout is calculated based on the depreciated value at the time of claim. However, zero depreciation cover ensures you receive the full replacement cost without any depreciation deduction, leading to higher payouts.

• Financial Stability: By opting for zero depreciation cover, you can avoid significant expenses for repaired parts, as the higher payouts alleviate the burden on your finances.

• Cost-Effectiveness: While many assume that zero depreciation coverage is expensive, its benefits outweigh the cost, making it a budget-friendly option when considering the increased reimbursements it provides.

• Peace of Mind: With zero depreciation add-on in your car insurance, you're covered for accidental damages without any reduction in value. This assurance allows you to drive without concerns about potential financial setbacks.

How to Buy ICICI Lombard Zero Depreciation Bike Insurance?

Nowadays it's easy to buy extra protection like bumper-to-bumper bike insurance with your basic plan. You can get this extra cover online when you first buy insurance or renew it. Just pick the zero depreciation bike insurance option when you're getting your full bike insurance plan.

Purchase ICICI Lombard Zero Dep Bike Insurance with InsuranceDekho

• Visit InsuranceDekho’s Website: Head to the InsuranceDekho website and locate the car insurance form on the homepage.
• Enter Your Vehicle Number: Fill in the required details, including your car's vehicle number (e.g., DLXXABXXXX), in the provided form.
• Select the ICICI Lombard Plan: After entering your vehicle details, you'll see various insurance plans from different companies. Choose the comprehensive plan offered by ICICI Lombard.
• Choose Desired Add-ons: While opting for the ICICI Lombard plan, select any additional features you want to include, bearing in mind that each add-on increases the premium. Click "continue" to proceed.
• Optional: Connect with an InsuranceDekho Advisor: If you have questions or need assistance, select the "request a call back" option to speak with an InsuranceDekho advisor.
• Complete Your KYC Process: Enter your identification details, such as Aadhar card or PAN card number, along with your mobile number, to proceed.
• Verify Your Details: Review the pre-filled form with your vehicle details. If any information is incorrect, make necessary changes and continue.
• Complete the Payment Process: Finally, make the payment using a credit/debit card, UPI, or net banking to finalise your insurance purchase.

From Insurer

Getting zero depreciation coverage is essential for increasing the benefits of your car insurance. You can obtain it through ICICI’s official website with just four simple steps.

• Step 1 (Share): Firstly you have to get a quote by providing your vehicle registration details and contact information here.
• Step 2 (Select): Now you are supposed to choose the plan that suits you best and includes zero depreciation cover.
• Step 3 (Complete Payment): After selecting the plan, securely make your payment online through our trusted payment gateway.
• Step 4 (Receive Policy): Finally, you will instantly receive your car insurance policy along with zero depreciation cover.

Offline

Alternatively, you can take 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 ICICI Zero Dep Insurance Policy

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

• Vehicle Registration Certificate (RC): This document is proof of ownership and provides details about your bike, such as the registration number, model, and engine number.
• Identity Proof: A government-issued ID card such as an Aadhaar card, PAN card, passport, or driver's license is usually required for identification purposes.
• Address Proof: Documents like an Aadhaar card, passport, utility bills, or voter ID card that confirm your residential address may be needed.
• Previous Policy Documents: If you're renewing your bike insurance or switching providers, having your previous policy documents handy can ease the process.
• Vehicle Inspection Report: In some cases, insurers may require a physical inspection of your bike to assess its condition before issuing the policy.
• Bank Account Details: You'll need to provide your bank account information if you're making the payment online or opting for auto-renewal.

ICICI Lombard 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: (1)

• Step 1 - You have to inform your insurer about the damage occurrence to avoid potential claim rejection. In case of an accident, ensure to file an FIR.
• Step 2 - An inspecting officer designated by your insurer will assess the damage and loss. Subsequently, a detailed report will be prepared and forwarded to the claim department.
• Step 3 - Following approval of the report by the claim department, arrange for your bike to be transported to the network garage for necessary repairs.

Documents Required

When making a claim under a zero depreciation bike insurance policy, you typically need the following documents:

• Duly filled Claim Form: This form contains important details about the claim, including the circumstances of the incident and the extent of the damage.
• Copy of Bike Insurance Policy: You need to provide a copy of your zero depreciation bike insurance policy document to verify your coverage and policy details.
• First Information Report (FIR): If the incident includes theft, vandalism, or a third-party, you may need to file an FIR at the nearest police station and provide a copy as part of your claim documentation.
• Vehicle Registration Certificate (RC): This document is proof of ownership and provides details about your bike, including the registration number, model, and engine number.
• Identity Proof: A government-issued ID card such as Aadhaar card, PAN card, passport, or driver's license is usually required for identification purposes.
• Estimate of Repair Costs: You will be required an estimate of the repair costs from authorised repair centers detailing the damages and the associated expenses.
• Bank Account Details: You'll need to provide your bank account information for reimbursement of the claim amount.

Claim Assistance

For assistance with any of these issues and more, you can reach out to an InsuranceDekho advisor by calling 0755-1196989 or emailing us at support@insurancedekho.com. If your concern remains unresolved, our Grievance Redressal team is available to assist you. You can contact them by emailing grievance@insurancedekho.com.

Covered Vs Not Covered Under ICICI Lombard Zero Depreciation Insurance

Here are the inclusions and exclusions under ICICI Lombard Zero Depreciation Car Insurance:

Inclusions

An ICICI Lombard zero depreciation bike insurance policy involves the following features:

• Depreciable bike parts i.e. nylon, fibreglass, plastic, or rubber parts
• Tyres and tubes partially
• Batteries
• All parts repair and replacement

Exclusions

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

• Bike more than 5 years old
• Bike tyres
• Bi-fuel and gas kit
• Bike engine
• Normal wear and tear
• Mechanical or electrical failures
• More than 2 claims
• Intentionally damaged parts
• Total constructive loss

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

Applicable Rate of Depreciation on Two Wheeler Parts (2)

ICICI Lombard Zero Dep Bike Insurance Support

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

• Calling on +91-7551196989
• Emailing at support@insurancedekho.com

The ICICI Lombard Zero Depreciation Cover provides many benefits to the policyholders, however, it is available with the following terms and conditions:

• This add-on can be availed by insured bikes with a maximum age of 2 years
• This add-on shall not be applicable in the event of a total loss of the insured’s bike
• The policyholder shall be liable for a voluntary deductible amount as opted for this add-on, for each payable claim under this add-on
• The Zero Depreciation cover is only applicable on the first two claims during the policy tenure. Any subsequent claims shall be subject to deduction for depreciation as per the rates stated in the policy terms and conditions.