IFFCO Tokio Car Insurance Zero Depreciation Add-On
Your car loses value over time because of regular use and wear and tear. This is called depreciation. When your car’s value goes Read More
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This add-on makes sure you do not have to pay for the loss in value when you make a claim. It helps you get a higher claim amount. You can buy this add-on for cars up to 10 years old, and it can save you a lot of money over time.
With the Zero Depreciation Cover, you get the full claim for your car’s repair without any depreciation deduction. In short, IFFCO Tokio pays for the full repair cost, not you.
Depreciation Rate of Car- Without and With IFFCO Tokio 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 only. Check your policy document to get the exact terms and conditions.
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Benefits of Zero Depreciation Add-On Cover
The Zero Depreciation Add-On Cover gives you many money-saving benefits that help increase your claim amount:
- 01
Higher Claim Amount
With this cover, you get the full claim amount without any deduction for your car’s age or part wear and tear. IFFCO Tokio pays for the depreciation cost, not you.
- 02
Covers Cars Up to 10 Years Old
You can buy this add-on for cars that are up to 10 years old. So, even if your car is a few years old, you can still get full claim benefits.
- 03
Unlimited Claims
IFFCO Tokio lets you make as many claims as needed under this cover, unlike some other insurers.
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