Chola MS Zero Depreciation Bike Insurance Policy

Zero Depreciation add-on, also called bumper-to-bumper insurance, covers the complete cost of bike parts damaged against a claim without considering the depreciation. Otherwise, at the time of claim, the insurance provider deducts the depreciation value of the plastic, rubber, and metal-made parts of the vehicle, and you get a lesser amount on the actual repair charges. Zero depreciation add-on gives you the complete value for the damaged parts, which means you only need to pay the deductibles.

Chola MS provides Zero Depreciation as an add-on with a comprehensive bike insurance product to provide maximum financial coverage in case of any damage. Under this add-on, Chola MS covers the complete cost of replacement parts without deducting depreciation, thus saving the policyholder from the added expenses in case of any damage. 

Depreciation Rate of Bike - Without and With Chola MS Zero Depreciation Add-On

Age of BikeWithout Zero Depreciation add onWith Zero Depreciation add on
Under 6 monthsNil0%
6 months to 1 year5%0%
1 to 2 years10%0%
2 to 3 years15%0%
3 to 4 years25%0%
4 to 5 years35%0%
5 to 10 years40%0%
More than 10 years50%0%

Depreciation Rates According to the Parts of the Bike

Parts of BikeWithout Zero DepreciationWith Zero Depreciation
Rubber/Nylon/Plastic parts50%0%
Fibre Glass Parts30%0%
Glass PartsNil0%

Benefits of Chola MS Zero Depreciation bike Insurance Add-On

  • This add-on offers full claim settlement without taking any depreciation of the replaced parts of the bikr.
  • All the components made from plastic, rubber, fibre, and metal are included in this add-on.
  • It reduces the out-of-pocket expenses of policyholders at the time of repairs.
  • As all the replacement cost is covered, this add-on maintains the value of your vehicle.
  • You can include this as an add-on to the standard comprehensive bike insurance plan.
  • It can be availed multiple times in the policy period as per terms and conditions.
  • You can also get expert support from Chola MS's reliable and customer-focused service.

What is Not Covered Under Cholamandalam Zero Depreciation Bike Insurance Policy?

Policyholders get several advantages with the Cholamandalam Zero Depreciation cover, but here are a few conditions apply:

  • It's available only for bikes that are up to 5 years old.
  • It doesn't cover total loss or mechanical and electrical failures.
  • Regular wear and tear repairs or replacements aren't covered.
  • You can file only two claims during the entire policy period.

FAQs

The Zero Depreciation cover can be taken by anyone who wants to recover the maximum claim amount. However, this is highly useful in the case of:

  • New bike owners
  • Less experienced riders
  • Owners of luxury or high-end bikes
  • People living in areas with a higher risk of accidents

You can add the Zero Depreciation cover to your policy in several ways:

  • Visit the official website
  • Call the toll-free number: 1800 208 554
  • Visit a nearby branch
  • This cover can be added when you buy, renew, or during the middle of your comprehensive bike insurance policy.

Yes, you need to renew the Zero Depreciation coverage every time you get your comprehensive bike insurance renewed. It will make sure that your bike is still eligible for this cover.

No, this facility of Zero Depreciation cover is only available for bikes that are not older than 5 years. If your bike is older than that, this cover is not available.

You are allowed to make only a maximum of two claims in the entire policy period under the Zero Depreciation cover. 

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