Navi Zero Depreciation Add-on

The procedure of a two-wheeler losing its monetary value over a period of time due to certain factors such as the age of the two-wheeler or wear and tear of the two-wheeler etc is called depreciation. At the time of claim settlement sometimes the insurance company can consider depreciation deductions while calculating the claim amount and in that case, the policyholder may have to pay a large sum from his/her own pocket due to depreciation deductions. The zero depreciation add-on cover can help the policyholder save money under circumstances.

With every passing day, depreciation applies and lessens the market value of every two-wheeler. This reduction in the value of the scooter or bike tends to be taken into consideration by every insurance company during the claim settlement. The insurers deduct the depreciation charges from the claim amount for the two-wheeler at the time of claim settlement. To avoid this reduction, the policyholders can include a Zero Depreciation Cover with their standalone own damage or a comprehensive bike insurance policy. Navi Zero Depreciation add-on precludes the loss of claim amount in lieu of depreciation. Availing Navi Zero Depreciation cover helps you receive the maximum claim amount irrespective of the depreciation factor.

Navi General Insurance offers a Zero Depreciation Cover add-on along with a two-wheeler standalone own-damage or comprehensive insurance policy. A zero depreciation cover helps the policyholder avail complete coverage as this add-on cover lets the policyholder avail the full claim amount without depreciation deductions. It provides the facility of free of cost repair and replacement of the depreciable parts of the insured’s bike.

Benefits of Navi Zero Depreciation Cover

Below mentioned are some benefits of opting for a Zero Depreciation Add-on Cover with your comprehensive/standalone own-damage two-wheeler insurance policy:

• Helps Save Money: A zero depreciation add-on cover can increase the premium of your two wheeler insurance policy but with a slight increase in premium it is capable of providing extensive coverage. This cover helps the policyholder to save money at the time of filing a claim for the two wheeler insurance policy. This add-on cover eliminates the risk of availing a claim amount with depreciation deductions.
• Provides More Protection: Opting for a zero depreciation cover will add more protection to the existing two-wheeler insurance policy. This add-on increases the scope of coverage under an existing two-wheeler insurance policy. Zero depreciation cover provides compensation for depreciable parts of the two-wheeler
• Full Claim Settlement: A two-wheeler insurance policy with zero depreciation add-on cover not only provides extensive coverage but also helps the policyholder to avail a full claim settlement amount. This add-on cover reduces the chances of receiving a claim amount with depreciation as this add-on cover provides compensation for depreciable parts of the vehicle.

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

Navi Zero Depreciation comes with multiple benefits provided that the following conditions are fulfilled:

• The age of the bike should not exceed 3 years.
• This cover can be claimed only twice in the entire policy tenure.
• Repair and replacement due to common wear and tear do not get covered.
• Coverage is not provided in cases of a total loss, mechanical and electrical breakdown of the insured’s bike.

What is Included under a Navi Two-Wheeler Insurance Policy with Zero Depreciation Cover?

Below mentioned aspects shall be covered under a Navi Two-Wheeler Insurance policy with Zero Depreciation Cover:

• This add-on cover provides coverage for depreciable parts such as nylon, rubber, fibreglass and plastic parts of the insured two-wheeler.
• In some situations coverage for partial damages of the battery and tyres under a zero depreciation cover.
• Compensation for the cost of repairs/replacements bore by the policyholder shall be provided to the policyholder at the time of filing the claim.

What is not Included under a Navi Two-Wheeler Insurance Policy with Zero Depreciation Cover?

Below mentioned are some things that shall not be covered under a Navi Two-Wheeler Insurance policy with Zero Depreciation Cover:

• Damages to the insured two-wheeler caused due to mechanical failure or fault.
• Loss/Total damage to the insured two-wheeler is not included under the zero depreciation add-on cover.
• Wear and tear or routine ageing is not included under a zero depreciation add-on cover.