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Written by Amit Jain

Updated Nov 30, 2020

ICICI Lombard Zero Depreciation Car Insurance

ICICI Lombard offers third-party car insurance as well as Comprehensive car insurance policies. In addition, it also offers add-on covers that can be purchased over the standard policy. Zero Depreciation is one such add-on cover, which entitles the insurance company to pay full claim amount without taking depreciation in account.

Depreciation reduces the value of the car with age and this amount is factored while the claim is being settled by the company. Zero Dep cover basically shifts this liability from the policyholder to the insurer, allowing the vehicle owner to get a higher claim amount. Also, ICICI Lombard offers 6-months quality assurance on all repairs. This being said, purchasing a Zero Dep cover also increases the premium by a fair bit, making the policy marginally expensive.

Benefits of ICICI Lombard Zero Depreciation Add-on Cover

By paying an extra premium over the standard premium, you can avail the benefits of Zero Depreciation add-on cover:

  • Higher Claim Amount Received - ICICI Lombard Zero Depreciation Insurance offers you a considerably higher claim amount than the standard comprehensive car insurance policy. It eliminates the chipping of depreciation from the claim amount and shifts this liability to the company.
  • Get the Complete Coverage - With the zero depreciation add-on the insurer provides coverage for your car and all its parts at 100% except tyres, tubes and batteries for which the cover is provided at 50%.

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

Age of Car

Rate of Depreciation Without Zero Depreciation Cover

Rate of Depreciation 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)

Factors Affecting ICICI Lombard Zero Depreciation Cover

Although a Zero Depreciation insurance policy enhances the coverage of a standard car insurance policy, there are a couple of factors affecting its availability and eligibility:

  • Age of the car: Majority of insurers including ICICI Lombard do not offer zero dep cover for cars above 5 years of age. Zero Dep add-on cover makes your insurer liable to pay claim amount without factoring depreciation. To make sure that they don’t have to carry a huge liability with them, insurance companies (including ICICI Lombard) offer Zero Dep add-on to cars not older than 5 years.
  • Number of claims: There is also a limitation on the number of claims that can be filed with a policy having Zero Dep add-on cover as the policyholder, may at times, lodge claims even for minor dents on the car’s body.
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Written by Amit Jain

Amit is an upcoming name in the motor industry be it new cars/ bikes or used ones. Amit in his last stint worked as a consultant for major Fortune 500 companies across the globe. Read More

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Icici Lombard Car Insurance User Reviews

4.9
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301 User reviews
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  • Smooth Third-Party Accident Cl...

    Last week my car hit a pedestrian by accident, and it injured him severely. After taking him to the hospital emergency, I was quick with my action to inform ICICI Lombard, who was my insurer. They handled the whole case from start to end and settled the third-party claim efficiently. I’m thankful for their support during this stressful time and I'm glad that I sought advice from InsuranceDekho while selecting ICICI Lombard as my insurer.

    Read More

    P
    By Padmashree Saini
    On: July 2, 2024
  • Smooth claim process

    My new car was damaged due to a local case of riots and it made me really depressed. Thanks to ICICI Lombard for the extraordinary repair service at one of the cashless garages. My car was repaired and no one can tell that it was damaged a few days ago. Credits to InsuranceDekho for helping to choose a car insurance provider quickly.

    Read More

    S
    By Sunidhi Rawat
    On: July 1, 2024
  • Excellent customer support

    I needed some help with my reimbursement claim process in regard of the documents required. I contacted ICICI Lombard customer care and they helped me out quickly after paying genuine attention to my problem. Have to give credit to InsuranceDekho for helping in make a wise decision while purchasing car insurance.

    Read More

    V
    By Vaishnavi Makhija
    On: June 28, 2024
  • Easy endorsement process

    Since shifting to a different city kept me busy, I almost forgot to endorse my car insurance policy. The moment I reached out to ICICI Lombard customer care for endorsement, I was told that it is a simple process which I had thought will be full of papers and will take a long time. Surprisingly it took a few documents to be submitted online and my policy was endorsed within few days. Im very satisfied with the service and will recommend InsuranceDekho to everyone reading this as they helped me select the insurance provider which met my required needs.

    Read More

    A
    By Arsalan Jamal
    On: June 26, 2024
  • Bumper repair service

    I had a small accident while coming back from work and my bumper was damaged so badly that my car was not in a condition to be driven back home. Thankfully I had ICICI Lombard car insurance which covered my bumper damage and had a roadside assistance cover as well. The support team arrived and my car was towed to a garage my car was delivered the next morning. Insurance really helped me saving cost and credits to InsuranceDekho for suggesting a roadside cover.

    Read More

    G
    By Gurpriya Singh
    On: June 26, 2024
  • Cashless claim

    I purchased ICICI Lombard car insurance and I am satisfied with the cashless claim process. My car was repaired without any delay and I didn't had to pay anything in the process which prevented me from cashing out my investments—credits to InsuranceDekho in helping to compare different quotes efficiently and choosing the best one.

    Read More

    N
    By Nora Javed
    On: June 24, 2024
  • Claim Assistance

    I live outside India and my parents were facing problems while contacting ICICI Lombard customer support during the claim settlement process of my car insurance. Thanks to InsuranceDekho, a relationship manager assisted my parents with the claim process and everything went smoothly then. Thanks to InsuranceDekho!

    Read More

    S
    By Simran Kaur
    On: June 19, 2024
  • In app experience

    IL Take Care app is very efficient and makes the process a whole lot easier. The Instaspect feature enables a super quick survey and gets the approval done in no time. Credit goes to InsuranceDekho for giving me the opportunity to switch my insurer.

    Read More

    S
    By Sameer Masood
    On: June 13, 2024
  • Superb Services

    I have always been loyal to a particular insurer for all my policies but this time I tried InsuranceDekho to purchase car insurance for my brand new Volkswagen. I was thrilled by the comparisons InsuranceDekho provided and helped me get a wider perspective on insurers. I went on with ICICI Lombard car insurance and have been highly satisfied with their services.

    Read More

    N
    By Niyati Sharma
    On: June 11, 2024
  • Loyal brand

    I have been a loyal customer of InsuranceDekho and ICICI Car Insurance since 2017, and they have never disappointed me. Their customer service is exceptional, and I have only had positive experiences with them. I recommend it to everyone!

    Read More

    N
    By Nikhil Gera
    On: June 7, 2024
Icici Lombard Reviews

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ICICI Lombard Zero Depreciation Cover FAQs

  • How much do I need to pay for Zero Dep add-on cover?

    This solely depends on a number of factors, like the age of your car, IDV, etc. However, you can click here and get a quote for your vehicle after filling in a few details.

  • Will I get a discount if no claim is filed by me during the policy tenure?

    Yes, you are liable to get No Claim Bonus for every claim-free year, up to 5 years. However, there is no other discount offered by ICICI Lombard exclusively for Zero Dep add-on cover.

  • My car has Zero Dep cover, but the garage manager is asking me to pay the entire claim amount.

    This happens when you have opted for reimbursement claim, instead of cashless claim settlement. Don’t worry, you will be reimbursed with the total claim amount (including the depreciation amount) by the company.

  • What remains as my liability in the claim amount after purchasing Zero Dep add-on cover?

    There are still a few liabilities on your side even after having a Zero Dep add-on. There are a number of things not covered under a comprehensive insurance policy and any repairs made to them would go from your pocket.

  • What if the claim amount is more than the Sum Insured?

    If the claim amount surpasses the Sum Insured it is a case of the total loss of your vehicle. Such a case is investigated by the insurance company and claim is paid as per the sum insured.

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