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SBI Car Insurance Zero Depreciation Add-On
Depreciation means the value of your car parts goes down over time as they get older. With a regular car insurance policy, you only get the value of the parts after they have lost some of their worth. This can lower how much money you get for a claim, especially for older cars.
But with Zero Depreciation insurance from SBI General, you can get the full cost to replace broken parts with new ones, without any deduction for depreciation. This means the insurance company pays a higher amount when you make a claim.
Benefits of Purchasing SBI Zero Depreciation Car Insurance
- 01
Full Claim for New Parts
With Zero Depreciation insurance, you get the full amount to replace damaged car parts with new ones. There's no deduction for how old the parts are.
- 02
Higher Claim Amount
Since you are not losing money for depreciation, you’ll receive a higher payout when you make a claim.
- 03
Better Protection for Your Car
Your car parts will be covered for their full value, so you don’t have to worry about paying extra from your pocket if something gets damaged.
- 04
Ideal for Older Cars
If your car is older, Zero Depreciation insurance is especially helpful, as regular policies will give you less money due to depreciation.
- 05
Peace of Mind
Knowing that you will get the full cost to replace damaged parts gives you more confidence and less stress when something happens to your car.
Motor Insurance Plans By SBI
Depreciation Rate of Car- Without and With SBI 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
It’s better not to file a claim for small damages. You can only file up to two claims with the Zero Dep add-on during the policy period.
Depreciation is when something loses its value over time. Your car loses value as it gets older, just like anything else. The loss happens at a set rate.
Not exactly. The Zero Dep add-on only means you don’t have to pay for the loss in value (depreciation) of your car parts. You still need to pay for things that your insurance does not cover.
Don’t worry about doing the calculations. SBI General will handle everything and let you know the details. However, you only need to know the age of your car and the depreciation rate to understand how it works.