IFFCO Tokio Zero Depreciation Add-On Cover
When you decide to buy bike insurance, it's important to choose the right add-ons to get the benefits of extra protection. One useful add-on from IFFCO Tokio that you can choose is the Nil Depreciation or Zero Depreciation cover. You can get this add-on when you buy a comprehensive bike insurance policy or standalone own-damage cover from IFFCO Tokio.
Over time, the value of your bike naturally decreases due to wear and tear, a process called depreciation. With IFFCO Tokio’s Zero Depreciation cover, you can claim the full value of your bike without worrying about depreciation. This add-on helps you get the original value of your bike in case of an accident, offering better protection.
Depreciation Rate of Bike - Without and With IFFCO Tokio Zero Depreciation Add-On
| Age of Bike | Without Zero Depreciation add on | With Zero Depreciation add on |
|---|---|---|
| Under 6 months | Nil | 0% |
| 6 months to 1 year | 5% | 0% |
| 1 to 2 years | 10% | 0% |
| 2 to 3 years | 15% | 0% |
| 3 to 4 years | 25% | 0% |
| 4 to 5 years | 35% | 0% |
| 5 to 10 years | 40% | 0% |
| ore than 10 years | 50% | 0% |
Depreciation Rates According to the Parts of the Bike
| Parts of Bike | Without Zero Depreciation | With Zero Depreciation |
|---|---|---|
| Rubber/Nylon/Plastic parts | 50% | 0% |
| Fibre Glass Parts | 25% | 0% |
| Glass Parts | Nil | 0% |
Disclaimer: The given depreciation rates in above tables are indicative. Check your policy document to get exact terms and conditions.
Benefits of IFFCO Tokio Zero Depreciation Bike Insurance Add-On
- This add-on lets you get a full claim settlement without considering depreciation on the replaced bike parts.
- It covers parts made of plastic, rubber, fibre, and metal.
- It reduces your out-of-pocket costs for repairs.
- Since it covers the full replacement cost, it helps maintain the value of your bike.
- You can add this to your standard comprehensive bike insurance plan.
- It can be used multiple times during the policy period, based on the terms and conditions.
- You also get expert support from IFFCO Tokio’s customer service team.
What is Not Covered Under IFFCO Tokio Zero Depreciation Bike Insurance Policy?
- This add-on is available only for vehicles up to 5 years old.
- It does not cover total loss or mechanical and electrical breakdowns.
- Regular wear and tear repairs or replacements are not included.
- You can only make two claims with this cover during the policy period.
FAQs
Most insurance companies allow customers to claim zero depreciation benefits only twice. However, IFFCO Tokio offers unlimited claims throughout the policy period.
You can get Zero Depreciation coverage by purchasing a comprehensive or standalone own-damage bike insurance policy from IFFCO Tokio.
If your bike is less than five years old, you can get Zero Depreciation coverage. IFFCO Tokio offers this advantage for bikes up to 5 years old. It gives added protection in your policy that can help you in riding safely.
Yes, you can get zero depreciation cover at the renewal time only, if your two-wheeler is between 0 to 5 years old.
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