Hassle-Free Buying Process
24*7 Customer Support
Compare Different Plans Easily
Add-Ons for Customization
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 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.
Motor Insurance Plans By ICICI Lombard
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:
- 01
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.
- 02
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.