ICICI Lombard Two Wheeler Insurance Zero Depreciation Add-On Cover

Zero depreciation coverage offered by ICICI Lombard, commonly known as nil depreciation, is an add-on for comprehensive bike insurance policies and standalone own-damage policies. A zero-depreciation bike insurance cover gives you complete compensation without deducting the depreciation value of the damaged part from the claim amount. Under zero depreciation coverage, if your bike meets with an accident and gets damaged, you will receive the entire claim to replace its parts without any deduction of depreciation.

It is always recommended to buy ICICI Lombard two wheeler insurance zero depreciation add-on cover since it allows the policyholder to increase his coverage by providing maximum reimbursement at the time of claim.

Depreciation Rate of Bike - Without and With ICICI Lombard 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%

Disclaimer: The given depreciation rates in above tables are indicative. Check your policy document to get exact terms and conditions. 

Benefits of Purchasing ICICI Lombard Zero Depreciation Bike Insurance

Here are some benefits of buying ICICI Lombard Zero Depreciation Bike Insurance:

1Full Claim Reimbursement

Without zero depreciation, the claim amount is reduced based on the bike’s age and wear. With zero depreciation cover, you get the full cost of repairs or replacement without any deduction for depreciation, meaning a higher claim payout.

2Protects Your Finances

With zero depreciation cover, you don’t have to worry about paying for part replacements. The higher payouts mean you spend less from your own pocket.

3Value for Money

While people may think zero depreciation cover is expensive, the extra cost is worth it because of the bigger claim amounts you get, making it a smart and affordable choice.

4Peace of Mind

With zero depreciation, you’re fully covered for accidental damage without worrying about your bike’s reduced value. This gives you confidence and comfort while riding.

What is Not Covered Under ICICI Lombard Bike Insurance Policy

Here are some important exclusions that you keep in mind:

  • Bikes that are more than 5 years old
  • Damage to bike tyres
  • Bi-fuel and gas kits
  • Damage to the bike engine
  • Parts that are intentionally damaged
  • Total constructive loss (when the repair cost is higher than the bike's value)
  • Normal wear and tear
  • Mechanical or electrical breakdowns
  • More than 2 claims

FAQs

You can simply add the Zero Depreciation Cover while purchasing either the ICICI Lombard comprehensive bike insurance or the standalone own-damage bike insurance plan. For this, just log on to the official website of ICICI Lombard or call their customer care at 1800-209-8888 for support.

You can make two claims of Zero Depreciation coverage during the policy period. After that, all further claims will be under standard deduction conditions.

Zero Depreciation Cover is not available for bikes older than five years.

No, the insurance policy can not cover tyre damage under Zero Depreciation.

Yes, it’s worth it if you want full coverage for repairs without having to pay out of pocket for depreciation costs. This can save you money on replacement parts and repair bills after an accident.

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