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Magma HDI Zero Depreciation Add-on

Every commodity loses monetary value over its age due to regular wear and tear. This process of devaluation is known as depreciation. Your car, also being a commodity, is subjected to depreciation and loses value over time. As a result, you receive a lesser claim amount during claim settlement because of the fact that your insurer factors the depreciation cost from the sanctioned claim amount.

However, availing the Magma HDI Zero Depreciation add-on cover along with the comprehensive car insurance policy or the standalone own-damage car insurance will allow you to do away with the burden of bearing the liability of depreciation.

Benefits Of Magma HDI Zero Depreciation Insurance

Less Liability For The Insured: The Magma HDI Zero Depreciation add-on cover reduces the liability of the policyholder. It waives off the liability of paying the cost of depreciation and makes the insurer liable to bear the same. This allows the insured to enjoy higher claim amounts.

Costless Replacement of Depreciated Car Parts: When you opt for the Magma HDI zero depreciation add-on, the depreciated parts of your car get replaced in a costless manner.

Zero Depreciation Insurance v/s Normal Insurance

Age of Car

Rate of Depreciation Without Zero Depreciation cover

Rate of Depreciation With Zero Depreciation cover

Under 6 months



6 months to 1 year



1-2 years



2-3 years



3-4 years



4-5 years



5-10 years



Above 10 years



Part of Car

Rate of Depreciation Without Zero Depreciation

Rate of Depreciation With Zero Depreciation

Rubber/nylon/ plastic parts



Fibre glass parts



Glass parts



Conditions of Magma HDI Zero Depreciation Add-on Cover

  • Claim with zero depreciation benefits are not applicable for theft, CTL and TL of the insured vehicle.
  • The benefit is only rendered if the damaged vehicle is repaired at the company authorised workshop.

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Magma HDI Car Insurance FAQs

  • Why does the premium of zero depreciation add-on cover increase with the insured car’s age?

    The premium for the zero depreciation cover increases with the car’s age as the vehicle loses its value every year due to depreciation, which shifts greater liability to the insurer if the policyholder has opted for the zero depreciation add-on cover.

  • Do I need to pay anything at the time of claim settlement if I purchase Magma HDI zero depreciation cover?

    You will be liable to pay for the compulsory deductible and voluntary deductible (if opted) at the claim settlement along with the applicable depreciation on tyres, tubes and batteries at 50%.

  • Is there any difference in the claim filing process for a car Zero Depreciation cover?

    No, there is no difference in the claim filing process for a car with a Zero Depreciation cover. The difference is only in the claim amount.

  • 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 s/he wants to have the benefit of the zero depreciation add-on cover for a particular claim or not.

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#Applicable on non-inspection cases i.e. existing policy has not expired or when buying a policy for a new vehicle.