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Reliance Zero Depreciation Car Insurance
Reliance Zero Depreciation Car Insurance is an add-on cover that protects you from the depreciation cost of your car’s parts during a claim. Normally, when your car gets damaged, the insurer deducts a certain percentage for depreciation before paying for repairs. With Zero Depreciation cover, Reliance pays the full cost of approved parts without reducing any amount for wear and tear.
This means you get a higher claim amount and spend very little or nothing from your pocket during repairs.
Benefits of Reliance Zero Depreciation Car Insurance
Here are the benefits of Reliance Zero Depreciation:
- 01
Higher claim amount with no depreciation deduction
- 02
Minimum out-of-pocket expenses during repairs
- 03
Better protection for new, luxury, or high-value cars
- 04
Ideal for areas with heavy traffic or accident chances
- 05
Keeps your savings safe even during major repairs
- 06
Enhances your standard comprehensive or own damage policy
Motor Insurance Plans By Reliance
Inclusions and Exclusions of Reliance Zero Depreciation Car Insurance
What it Covers
This add-on covers the depreciation cost of many essential car parts, such as:
Plastic parts like bumpers and trims
Glass and fiber components
Rubber parts such as tires, tubes, and seals
Metal body parts
Paint and coating costs
Full settlement of approved parts without depreciation deductions
You pay almost nothing for part replacement during a valid claim.
What Does it not Cover
This add-on does not cover:
Engine damage caused by oil leakage or water ingression (unless you have an engine protection add-on)
Mechanical or electrical breakdowns not due to an accident
Wear and tear from normal usage
Damage due to illegal driving (no license, drunk driving)
Damage outside the covered geographical area
More claims than the allowed limit in a policy year
Very old vehicles beyond the age limit defined by Reliance
Depreciation Rates Considered by Reliance Car Insurance
Below are the depreciation rates that the Reliance Car insurance company considered while giving zero depreciation benefits:Depreciation Rate for Different Car Parts
| Parts | % of Depreciation |
|---|---|
| For all rubber/plastic parts/nylon, tubes and tyres, airbags and batteries | 50% |
| For fibreglass components | 30% |
| For all parts made of glass | Nil |
| For paint jobs | 50% |
Note: Depreciation tax rates for paint jobs are applicable only to the material cost of total painting charges.
Depreciation for All Other Parts (Including Wooden Parts)
| Age of Vehicle | % of Depreciation |
|---|---|
| Less than 6 months | Nil |
| More than 6 months but less than 1 year | 5% |
| More than 1 year but less than 2 years | 10% |
| More than 2 years but less than 3 years | 15% |
| More than 3 years but less than 4 years | 25% |
| More than 4 years but less than 5 years | 35% |
| More than 5 years but less than 10 years | 40% |
| More than 10 years | 50% |
Depreciation Rate for Determining IDV
| Age of Vehicle | % of Depreciation for Determining IDV |
|---|---|
| Less than 6 months | 5% |
| More than 6 months but less than 1 year | 15% |
| More than 1 year but less than 2 years | 20% |
| More than 2 years but less than 3 years | 30% |
| More than 3 years but less than 4 years | 40% |
| More than 4 years but less than 5 years | 50% |
| More than 5 years but less than 8 years | 55% |
| More than 8 years | Decided mutually by the insured and the insurer |
Easy Steps to Buy a Reliance Zero Depreciation Car Insurance Policy
Step 1
Visit the Reliance General Insurance website or mobile app.
Step 2
Enter your car details or vehicle registration number.
Step 3
Choose a comprehensive or your own damage insurance plan.
Step 4
Select the Zero Depreciation Add-On from the list of add-ons.
Step 5
Review the premium amount and coverage benefits.
Step 6
Make the payment online to complete the purchase.
Step 7
Receive your policy instantly in your email or via SMS.
FAQs
Zero Depreciation add-on with Reliance Car Insurance allows you to claim the full cost of repaired or replaced parts without deducting depreciation. This means you get a higher claim amount.
Because you don’t have to pay depreciation charges from your pocket during a claim. It helps in reducing your repair expenses and enhances financial protection.
It is best for:New car ownersLuxury or high-value carsPeople in accident-prone areasCars with costly parts or paintwork
It is generally available for cars up to a specific age (usually up to 5 years). Older vehicles may not be eligible based on the insurer's policy.
Reliance usually allows limited claims under this add-on in a policy year. Check your policy schedule for the exact number of claims.