United India Zero Depreciation Bike Insurance Policy
A Zero Depreciation cover adds extra protection to your existing bike insurance policy. Usually, in case of theft or damage, the insurance payout received is not equal to the original value of the bike because they subtract some portions from that value, which is called depreciation. In most cases, that may convert to a big loss when making claims. With the help of zero depreciation cover, this loss can be avoided, where your bike's depreciation is not considered and you get a higher payout.
Depreciation Rate of Bike - Without and With United India Zero Depreciation Add-On
| Age of Bike | Without Zero Depreciation add on | With Zero Depreciation add on |
|---|---|---|
| Under 6 months | Nil | 0% |
| 6 months to 1 year | 5% | 0% |
| 1 to 2 years | 10% | 0% |
| 2 to 3 years | 15% | 0% |
| 3 to 4 years | 25% | 0% |
| 4 to 5 years | 35% | 0% |
| 5 to 10 years | 40% | 0% |
| More than 10 years | 50% | 0% |
Depreciation Rates According to the Parts of the Bike
| Parts of Bike | Without Zero Depreciation | With Zero Depreciation |
|---|---|---|
| Rubber/Nylon/Plastic parts | 50% | 0% |
| Fibre Glass Parts | 30% | 0% |
| Glass Parts | Nil | 0% |
Benefits of United India Zero Depreciation Add-On
Here are some benefits that you can get after buying the United India zero depreciation add-on:
- With the help of a zero depreciation add-on, the bike owner will not be affected by the depreciation costs that normally reduce the claim amounts.
- The removal of the depreciation factor brings out the higher payouts to the policyholder.
- The policy covers some bike parts and accessories that are not covered under comprehensive plans.
- It saves money because it reduces the out-of-pocket expenses at the time of claim for the bike owner.
What is Not Covered Under United India Zero Depreciation Add-On?
1Limited Availability
The cover is only available for certain types and models of bikes.
2Claim Limits
A maximum of only two Zero Depreciation claims can be made during the active policy period.
3Age Limit for Bikes
This Zero Depreciation cover will be available for only those bikes which have less than two years of age.
4Exclusions
This cover does not include normal damages or wear and tear caused other than accidents.
FAQs
Zero Depreciation cover is available for most bikes but can be subject to bike age or model restrictions. It is better to check with United India Insurance directly.
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