If you are a two-wheeler owner, you know that saving to buy
a two-wheeler and the business/lifestyle impact from damage to the vehicle are
significant. Buying any automobile is a serious expense for which you need to
earmark your savings and plan your finances. The costs involved in the repair
of the vehicle, in case of an accident or replacement of the vehicle (if it
gets lost or stolen), are too high. This makes choosing an appropriate and
comprehensive motor insurance cover an absolute necessity whether you own a car
or a two-wheeler.
Recently, several insurers have introduced Nil Depreciation
cover for two-wheeler insurance. This is an add-on cover that ensures you get
shielded from the depreciation factor at the time of claims by choosing to go
for a slightly higher premium
Let us see what the cover has in store for the
policyholders.
It offers coverage on all Rubber, Nylon and Plastic parts
and also on all fiber glass components. The cover is valid for select makes and
models. One can opt for a Nil Depreciation Cover in case of brand new vehicles
or at subsequent renewals. There is no need to panic if you forgot to take this
cover for your brand new vehicle; you may opt to go in for Nil Depreciation
cover at the time of renewal. The add-on cover is meant for vehicles with
maximum age up to 2 years and operates for maximum of 2 claims during the
policy period.
Benefits to Customers:
There are various benefits of availing the nil depreciation
add on-cover.
You experience security & complete peace of mind after
opting for this cover. There is no worry or apprehensions regarding the
protection of your vehicle.
Your out of pocket expenses come down to a bare minimum if
you sign up for nil depreciation. The need to buy online
two wheeler insurance is defeated if you end up spending out of pocket for
your insured vehicle. With the addition of this cover, you can heave a sigh of
relief as your out of pocket expenses become almost negligible.
Goes without saying, the nil depreciation cover adds value
to the Basic Cover- Most claim settlements seem meaningless to the customers as
they observe deductions in actual loss amount assessed.
A major deduction happens due to Depreciation charged on
parts requiring replacement after accident. By going for this Value Added Cover
you can avoid this irritant
What are the conditions upon which Nil Depreciation Cover
can be availed?
The word additional suggests that something extra is on
offer for which you might have to pay a little more than usual. Because of
which, one must carefully scan the details of coverage provided, as there are
conditions imposed and are meant to be fulfilled, to avail these add-on
benefits.
The Insured Vehicle has to be repaired only at company’s
authorized Dealer/Repairer.
Nil depreciation cover will stay active only for maximum 2
claims during the policy term.
No indemnity shall be provided to Total Loss/ Constructive
Total Loss/ Theft claims.
Exclusions to this cover are:
Parts which are not approved for replacement under motor
insurance policy are not entitled to receive claim for any damages.
Tyres and tubes are not included in the coverage for nil
depreciation.
In this age of inflation, it is impossible to control your
expenses. While the essential expenses (a two-wheeler in particular) are
unavoidable, there is a way to curb the menace that devalues (depreciates) your
vehicle. That way is called a Nil Depreciation cover, you may have to pay some
extra amount but the result of that extra payment saves you expenses in case of
damages and buys you peace of mind.
[Source: http://www.policybazaar.com/motor-insurance/two-wheeler-insurance/expert-speak/nil-depreciation-cover-for-two-wheeler-insurance/]
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