Zero Depreciation Car Insurance
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Note: The above data is till 30th Sep, 2024
What is Zero depreciation?
Purchasing a car is a significant financial investment, and it's only natural that you want to protect it against any potential risks and damages. Car insurance plays a crucial role in this protection, offering coverage for accidents, theft and damages but one important aspect of car insurance coverage that every car owner should consider is the option of zero depreciation.
Zero depreciation, also known as "zero dep", is an add-on feature offered in car insurance policies. In traditional car insurance policies, the depreciation amount was deducted at the time of claim settlement. However, with zero depreciation coverage, you can enjoy a higher claim payout without considering the depreciation factor. It provides comprehensive coverage for your vehicle without factoring in the depreciation value.
Zero depreciation coverage ensures that the full cost of replacing damaged car parts is reimbursed with new ones during a claim settlement. With zero depreciation coverage, you can avoid bearing the depreciation cost and receive a higher claim payout. Typically, car parts undergo depreciation over time due to wear and tear, reducing their value.
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How does zero depreciation coverage work?
Suppose you have a zero depreciation add-on and your car sustains damage in an accident. In a regular policy, Zurich Kotak General Insurance would consider the depreciation factor while calculating the claim amount. However, with zero depreciation coverage, Zurich Kotak General Insurance will cover the entire cost of replacing damaged parts with new ones, regardless of their depreciation value. This means you will receive a higher claim settlement amount.
For instance, if you have zero depreciation coverage and your car requires a part replacement that costs Rs. 1,000, a standard policy might deduct 20% depreciation, leaving you with Rs. 800 and the remaining Rs. 200 as your responsibility. With zero depreciation coverage, the insurance company covers the entire Rs. 1,000 repair cost.
However, it's important to note that zero depreciation coverage usually comes with a slightly higher premium than a standard policy. Additionally, there might be limitations on the age of the vehicle or a cap on the number of zero depreciation claims you can make within a specific timeframe.
Steps to buy car insurance online from Zurich Kotak General Insurance
Hassle-free insurance at your fingertips with our easy and fast online process
Get All-round protection for your precious vehicle in a few steps. We at Zurich Kotak General Insurance understand the value of your time and have simplified the car insurance buying process to a few simple steps.
Click on the "Get a Car Insurance Quote" button on the Zurich Kotak Car Insurance Page
Fill in your car details such as registration number, model, make etc.
Fill in you personal details and make the payment online.
How to get an online quote for car insurance
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Visit Zurich Kotak General Insurance website
Log in to your Zurich Kotak General Insurance profile using the OTP sent to your mobile number
Fill in your details such as car registration number, mobile number and email id (optional).
Click on the "Get A Quick Quote" button on the Zurich Kotak Car Insurance Page and review coverage
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Click on the "Get a Car Insurance Quote" button on the Zurich Kotak Car Insurance Page
Fill in the required details such as registration number, model, make, etc.
Fill in you personal details and make the payment online.
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Steps to renew car insurance policy online from Zurich Kotak General Insurance
Follow these quick steps to renew your car insurance policy and keep your car protected always
Your car insurance is just a click away. Visit the Zurich Kotak Car Insurance page to get your car insurance quote.
Visit https:www.zurichkotak.com/renewal and choose the car insurance policy that you want to renew
Enter your policy number and mobile number and click on ‘Submit’.
Your policy number will be verified and you will be able to check the details of your existing policy. You can continue to renew renew the existing policy or make changes.Your policy number will be verified and you will be able to check the details of you
Pay the renewal premium and your policy will be done instantly!
How to file a car insurance claim at Zurich Kotak General Insurance
Filing a claim has never been this easy – we made sure of it
Call us on 1800 266 4545 (8 a.m. – 8 p.m.) and intimate us about your claim with the details of your policy.
Once your claim is registered, our customer support executive will provide you with a Claim Reference Number.
You will be required to submit the relevant documents, which may include your Driving License, RC Copy, and Policy FIR Copy, in accordance with the Policy terms and conditions.
An arrangement will be made by us for an inspection, it will be conducted within 24 hours if a claim is reported on a working day, or the next working day if the claim is reported on a Sunday or a public holiday.
On cashless facility confirmation, the vehicle can be repaired at a preferred network garage, on payment made directly to the garage.
You will only be required to pay the deductible as mentioned in the policy, and the depreciation value, salvage, etc., as informed by the surveyor.
Call us on 1800 266 4545 (8 a.m. – 8 p.m.) and intimate us about your claim with the details of your policy.
Once your claim is registered, our customer support executive will provide you with a Claim Reference Number.
You will be required to submit the relevant documents, which may include your Driving License, RC Copy, and Policy FIR Copy, in accordance with the Policy terms and conditions.
An arrangement will be made by us for an inspection, it will be conducted within 24 hours if a claim is reported on a working day, or the next working day if the claim is reported on a Sunday or a public holiday.
The vehicle can then be repaired by the insurer followed by the payment for the same by the insurer.
Submit all bills, payment receipt along with your policy details to us, and we will make the payment within 7 working days of completion of the documentation
List of documents required for filing a car insurance claim
Get familiar with the documents needed for speedy claim process
Documents required for car insurance claim
To raise a motor insurance claim under different situations mentioned above, you will require the following documents.
Registration Certificate (RC) Copy
Policy Copy
Policy holder's valid ID proof
Drivers Driving license
FIR Copy (In case of theft and TP claim)
Duly filled Claim form
Any further requirements will be conveyed basis inspection
How to download your policy copy
Here is your step-by-step guide to access your policy copy
Losing your car insurance policy may lead you to pay heavy fines, although you have one. But now, you can immediately download your car insurance policy copy from our website.
Enter your policy number
Enter your registered mobile number Or your registered email Id
Click on Get OTP
Type the OTP and click on download car insurance policy document
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Buying a car insurance gives access to cashless network garages which provides convenience and hassle-free car repairs covered by Zurich Kotak General Insurance without the need for upfront payment.
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RTO stands for Regional Transport Office and is a government body responsible for vehicle registration and issuance of driver’s licenses. Also, the RTO in each state is responsible for maintaining the database of its drivers and vehicles.
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Important Blogs about Car Insurance
Your car deserves the best insurance
Zero dep cover is an extremely useful add-on. It ensures you get higher payouts in case of a claim and ensures that repair costs do not burn a hole in your pocket.
No, bumper-to-bumper cover and zero depreciation cover in car insurance are not different. These are just different names for the same car insurance add-on cover. This add-on protects you from the depreciation value of your insured car.
Generally, the zero-depreciation add-on is no longer applicable after the age of the car passes five years. Though some insurers do offer the benefit for up to the age of seven years. However, there is no general rule fixed on limitation of such cover.
Cost of oil, such as gear oil, clutch oil, brake oil, engine oil, coolant, etc. are not covered. Compulsory deductibles are not covered under a zero depreciation plan.
A zero depreciation insurance gives coverage for the depreciable parts in case of an accident or theft. Usually, insurers deduct the car's depreciating value from the claim amount when settling the claim.
Own damage insurance vs zero depreciation car insurance. You can get car insurance coverage for own damage only if you buy a Comprehensive Plan. On the other hand, you need to separately buy the Zero Depreciation car insurance add-on to get coverage against depreciation on the vehicle
A zero depreciation policy is usually not available as a standalone policy, but rather as an add-on cover. You may not be able to buy it separately or with a third-party liability policy alone. Instead, you can add it to your comprehensive coverage.