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HDFC Ergo Car Insurance Zero Depreciation Add-On
The zero depreciation add-on is also called bumper-to-bumper or nil depreciation insurance. It is extra coverage you can add to your car insurance, whether it’s standalone own damage insurance or comprehensive insurance.
Usually, without this add-on, your insurance company reduces some money for the wear and tear (depreciation) of your car and pays you less. But with the zero depreciation add-on, the full value of your car or its repaired/replaced parts is covered. This means you get the entire amount without any deductions for depreciation.
Benefits of Purchasing HDFC ERGO Zero Depreciation Car Insurance
Here are the benefits of buying HDFC ERGO’s zero depreciation add-on for your car insurance:
- 01
Higher Claim Amount
You pay a little extra for this add-on, but it ensures you get more money when you make a claim. This means the cost of replacing any parts is fully covered.
- 02
Save Money
With this add-on, you don’t have to pay extra from your own pocket during a claim. Without it, you would need to pay for some of the repairs yourself.
- 03
Protect Yourself from Big Expenses
This add-on increases the amount you get during claim settlements. Without it, you might have to spend a lot of money on repairs or damage.
Motor Insurance Plans By HDFC Ergo
Depreciation Rate of Car- Without and With HDFC Ergo Zero Depreciation Add-On
| Age of Car | Without the Zero Depreciation add-on | With the 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% |
| More than 10 years | 50% | 0% |
Depreciation Rates According to the Parts of the Car
| Parts of a Car | Without Zero Depreciation | With Zero Depreciation |
|---|---|---|
| Rubber/Nylon/Plastic parts | 50% | 0% |
| Fibre Glass Parts | 30% | 0% |
| Glass Parts | Nil | 0% |
Disclaimer: The given depreciation rates in the above tables are indicative. Check your policy document to get the exact terms and conditions.
FAQs
A zero depreciation add-on is an extra cover you can buy with your car insurance. It ensures you get the full value of your car parts during a claim without any deduction for depreciation.
This add-on is available for new cars or cars that are less than 5 years old. Check with HDFC Ergo for your car.
Yes, you need to pay extra for zero depreciation cover.
Without this add-on, you have to pay some amount yourself for depreciation. With zero depreciation, the insurer pays the full cost of repairs or replacement, which saves you money.
You can add it to your standalone own damage car insurance or comprehensive car insurance. It cannot be purchased alone.