Navi Zero Depreciation Add-on
- Round the clock support
- Complete digital platform for purchase, claim settlement and renewal of policies
- Wide variety of add-on covers
Calculate Your Car Insurance
Navi Car Insurance Zero Depreciation
With time depreciation reduces the market value of every car. It is a default deduction and therefore, it is considered by every car insurance company during the settlement of the claim. The insurance providers generally make deductions for the cost of depreciation from the car insurance claim amount at the time of claim settlement. If you wish to avoid this reduction, you should include a zero depreciation cover in your standalone own damage car insurance policy or a comprehensive car insurance policy. It is an add-on that precludes the loss of claim amount in lieu of depreciation which ultimately helps you get the maximum amount of claim irrespective of the depreciation factor. In simple terms, it provides repair and replacement of the depreciable parts of the insured’s car free of cost.
Benefits of Navi Zero Depreciation Cover
1. Higher Claim Amount: With the Zero Depreciation Cover offered by Navi General Insurance, the policyholders can get the maximum amount of claim possible. With the inclusion of zero depreciation cover in the policy, no depreciation charge gets deducted due to which policyholders can request a higher amount of claim from their insurance providers.
2. Helps In Saving Money: The Navi Zero Depreciation add-on cover compensates the expenses of repair and replacement of the depreciable parts of the car of the insured person. Therefore, the policyholders can easily save money which otherwise they would have to spend on repairing and replacing the depreciable parts of the car parts.
Depreciation Rate Applicable on Car With And Without Zero Depreciation Add-on
Age of Car | Rate of Depreciation Without Zero Depreciation | Rate of Depreciation With Zero Depreciation |
Under 6 months | Nil | 0% |
6 months to 1 year | 5% | 0% |
1-2 years | 10% | 0% |
2-3 years | 15% | 0% |
3-4 years | 25% | 0% |
4-5 years | 35% | 0% |
5-10 years | 40% | 0% |
Above 10 years | 50% | 0% |
Disclaimer: Battery / Plastic / Nylon / Rubber parts -> 50% covered; Fiberglass -> 70% covered, Wooden & Metallic parts -> Depreciated basis age of vehicle (normal)
Factors Affecting Navi Zero Depreciation Cover
Navi Zero Depreciation add-on cover holds a range of benefits which can be availed under the following conditions:
- The age of the car must not be more than 3 years
- This add-on cover can be claimed only twice a policy year
- No coverage will be provided for repair and replacement required due to wear and tear
- Expenses incurred due to the car's total loss, electrical or mechanical breakdown will not be covered.
Explore Navi Car Insurance
Must Read Articles before buying Navi Car Insurance
Insurance Products by Navi General Insurance
Navi Car Insurance Zero Depreciation FAQs
Which depreciable parts are covered under the Navi Zero Depreciation add-on cover?
Navi Zero Depreciation add-on cover provides you with coverage for the repair and replacement of car parts such as rubber parts, nylon parts, plastic parts, fiberglass parts and glass parts.
Can I get a complete amount of claim with Navi Zero Depreciation Cover?
No, a Navi Zero Depreciation cover is not meant to ensure getting a complete amount of claim as deductibles are considered during the calculation of claim amount. It compensates only the depreciation charges to ensure you get the maximum claim amount.
Can I purchase a Navi Zero Depreciation cover to cover my second-hand car?
Yes, you can buy a Navi Zero Depreciation add-on cover to cover your second-hand car provided its age should not be more than 5 years. However, insurance companies can send someone to inspect the car for the inclusion of this add-on cover.
Will I need to pay an additional premium to buy a Navi zero depreciation cover?
Yes, the car insurance premium amount will increase when you will opt for Navi Zero Depreciation cover either with a standalone car insurance plan or a comprehensive car insurance plan as you will have to pay for the add-on cover along with the standard car insurance policy.
Does Zero Depreciation provide cover outside the city limit?
The Navi Zero Depreciation add-on cover will compensate for your damage or loss expenses incurred only within the pre-specified geographical zone. The insurance company will not be liable to endure the cost of any damage or loss sustained by the insured car outside the geographical location.
Why to buy from InsuranceDekho?
- Instant policy # within 5 mins
- More than 45 Lac happy customers
- Claim Support available all 7 days of the week