Shriram Zero Depreciation Add-on
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Shriram Zero Depreciation Add-on
All commodities including your car is subject to depreciation i.e., devaluation of a commodity over its age due to wear and tear. Besides affecting the market value of your car, depreciation also affects the claim amount disbursed to you during a claim settlement. The insurer factors in the cost of depreciation of the car and its replaced parts at the time of a claim resulting which you get a lesser claim amount. This heavy liability can be put aside with the Shriram Zero Depreciation Add-on cover. By purchasing the Shriram zero depreciation add-on, you get claims without subtraction of depreciation cost from it.
Benefits of Shriram Zero Depreciation Add-on Cover
Lesser Liability And Higher Claims: The Shriram Zero Depreciation add-on cover spares the policyholder from paying the cost of depreciation during a claim settlement. This lowers the liability on the side of a policyholder which helps him/her get higher claim amounts.
Availability of 2 Claims: Shriram General Insurance allows you to make up to 2 zero depreciation claims during the policy period.
Zero Depreciation Cover vs Normal Insurance
Age of Car | Depreciation Rate Without Zero Depreciation Cover | Depreciation Rate With Zero Depreciation Cover |
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)
Conditions for Shriram Zero Depreciation Add-on Cover
- A maximum of only 2 claims is accepted under the zero depreciation cover during the policy period.
- It is not applicable in case of constructive total loss, total loss and theft of the insured vehicle.
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Shriram Zero Depreciation Cover FAQs
How would I know if my vehicle has suffered constructive total loss and zero depreciation cover is not applicable for claims?
Constructive total loss (CTL) is declared when the repair cost of your vehicle is more than 75% of the actual value of your car. In this case and as well as in the case of total loss (100% damage) or theft, the claim amount would be standard without the waiver of liability of depreciation cost.
Can I choose the claim in which I want the waiver for the depreciation cost or not?
Yes, it solely depends on the policyholder whether he wants to have the benefit of the zero depreciation add-on cover for a particular claim or not.
Why the premium of my zero depreciation cover increases every year?
The premium of your zero depreciation cover increases because the company has to bear more liability every year owing to the continuous depreciation of the insured car.
When can I include zero depreciation cover with my Shriram comprehensive car insurance policy?
You can include zero depreciation cover along with your car insurance plan either at the time of buying or renewing your insurance plan.
What factors are responsible for determining the cost for my zero depreciation cover?
Factors responsible for determining the cost of zero depreciation cover are as follows:
- Age of car
- Model of car
- Registered location of car, etc.
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