ICICI Lombard Zero Depreciation Bike Insurance

ICICI Lombard Zero Depreciation cover is a bike insurance add-on which can be opted with ICICI Lombard comprehensive and standalone own-damage bike insurance policies. This add-on helps you get complete coverage without deduction of the depreciation expense incurred by your bike.

By default, the liability of the depreciation expenses incurred by the insured’s bike rests with the vehicle’s owner. However, by opting for the ICICI Lombard zero depreciation cover, a policyholder can shift this burden to the insurance company.

When a policyholder opts for the ICICI Lombard Zero Depreciation cover, no amount is deducted as depreciation charge on replaced parts from the claim amount issued by the insurance company. Thus, the ICICI Lombard zero depreciation cover prevents loss of claim amount caused by depreciation to policyholders.

Benefits of ICICI Lombard Zero Depreciation Add-on Cover

• Higher Claim Amount Received - The policyholders get a higher claim amount as no depreciation expense is deducted from the claim amount.
• Get the Complete Coverage - With the zero depreciation add-on the insurer provides coverage for your bike and all its parts at 100% except tyres, tubes and batteries for which the cover is provided at 50%.

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

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.