ICICI Lombard Zero Depreciation Add-On Cover
As your car gets older, it loses value, and this reduced value affects how much money you can get from an insurance claim. The Zero Depreciation add-on means the insurance company covers this loss of value, not you, so you get more money if you need to make a claim. ICICI Lombard also guarantees the quality of repairs for six months. However, adding this Zero Depreciation cover does increase your insurance costs a bit.
Depreciation Rate of Car- Without and With ICICI Lombard Zero Depreciation Add-On
| Age of Car | 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% |
| More than 10 years | 50% | 0% |
Depreciation Rates According to the Parts of the Car
| Parts of 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 above tables are indicative. Check your policy document to get exact terms and conditions.
Benefits of ICICI Lombard Zero Depreciation Add-On Cover
By paying a little extra, you can get these benefits with the Zero Depreciation add-on:
- Higher Claim Amount: This add-on helps you get a bigger claim amount compared to standard comprehensive insurance. It removes the depreciation cost from your claim, so the company pays more.
- Full Coverage for Car Parts: The insurance covers 100% of the cost for most car parts. For tyres, tubes, and batteries, coverage is given at 50%.
FAQs
Yes, it covers 100% of most car parts. However, tyres, tubes, and batteries are covered at 50%.
Yes, since this add-on provides extra benefits, it increases the total premium amount.
No, it is usually available for new or fairly new cars. Older cars may not qualify for this add-on.
The number of claims allowed depends on your policy terms. Some policies may have a limit on how many times you can use this add-on.
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