Compare Zero Depreciation Bumper to Bumper Car Insurance against Comprehensive Insurance Policy in India. Review Features, Covers, Claim Deductibles
Zero Depreciation Vs Comprehensive Insurance
With Zero Depreciation Policy getting Popular in India - the additional Premium for add on Zero Dep Policy is approx .8% to .9% of IDV Value of the Vehicle.
Thus for a 5 Lakh Car - add on premium for zero dep policy would be approx Rs 4000 - 4500 or for a Mid Sedan priced at Rs 10 Lakh - add on premium would be approx Rs 8000
Also known as Bumper to Bumper Insurance - know about difference between Zero Dep and Comprehensive Policy including
» Addon Covers are available in Zero Dep Policy
» Deductions in Event of Claim Settlement
» Parts not covered under Zero Dep
» Restrictions in Number of Claims
Features Differences in Comprehensive Policy and Zero Dep Policy
| Comprehensive Policy Coverage | Zero Dep Policy Coverage | |
| Maximum Number of Claims In 1 Year | No Such Restriction | Generally 2 Claims are settled a year in Zero Dep and any further claims as per standard policy. However - thats not a rule, you can pre hand check on same |
| Available till | All Cars - New Car till 15 yr Old Car | Zero Dep Coverage Provided for First 5 yrs only, However, some Insurance companies basis track record may offer an extension of 6th year too |
| Coverage | ||
| Plastic Parts (Bumper, Fender to Door Panels) - all made up of Plastic | 50% Depreciation is Deducted | 100% |
| Paint Cost for Painting Plastic Parts | 50% of Paint cost is marked Depreciation- where breakup given. In case of a consolidated bill for painting charges, 25% of total part cost will be taken up as depreciation. Labor cost though is 100% covered | 100% |
| Labor Charges and Non Deductible Spare Parts / Items | 100% Cover / Actuals | 100% Cover / Actuals |
| Glass - Windshield, Side Window Glass | 100% cover | 100% |
| Metal & Wooden Parts | In 1st Year of Car - 95%, 2nd Year - 90%, 3rd Year - 85%, 4th Year - 75%, 5th Year - 65%, < 10 yrs - 50% | 100% |
| Fibre Item, Battery and Tyres - Claim Permissible only if vehicle is also damaged in accident - Else Claim not acceptable only for Tyres & Battery | 50% Value is Eroded as Depreciation | 100% |
| Airbags - only in event of Deployment due to Accident. Some Airbags have deployed due to mechanical fault - its not covered in Insurance | 50% Value is Eroded as Depreciation | 100% |
| HydroStatic Lock - when water enters in engine or Engine Seize due to Oil Leak after Accident - when attempted to drive Car | Not Covered | Not Covered - unless an add on cover taken |
| Theft Protection | Equivalent to IDV Value | Equivalent to IDV Value |
| Deductible | Comprehensive Policy Coverage | Zero Dep Policy Coverage |
| Compulsory Excess Deductible in case of Claim | Rs 1000 as Compulsory Deductible if Engine < 1.5 Litre, else Rs 2000 | Rs 1000 as Compulsory Deductible if Engine < 1.5 Litre, else Rs 2000 |
| Salvage Value | Salvage Value of Old Spare Parts - upto 5% value is deductible from claim settlement amount. Though this can be negotiated to cover | Salvage Value of Old Spare Parts - upto 5% value is deductible from claim settlement amount. Though this can be negotiated to cover |
| Oil Change and Consumable costs- even if due to Accident | Deductible as per Cost | Deductible as per Cost |
| Premium Difference | ||
| Premium Calculation | Regular Comprehensive Policy Premium | Add on Zero Depreciation Cover Premium is around Rs 3000- 3500 in Hatch, Rs 4000 to 5000 in Mid Sedan, Rs 5000 to 7000 in Mid Range SUV Cars in India |
Disclaimer:- Indicative Percentage taken for Calculation of Premium.
You can now Calculate Car Insurance Premium in Seconds
IDV Depreciation Slabs in India
Do note that there are Many Add on Covers which can be taken in Zero Dep Plans too - branded as Gold Protection or Titanium Protection Plan having
» 100% Invoice Value covered in 1st Year
» Cover for Hydrostatic Lock and Engine Protection Cover
» Coverage for Consumable items too in event of Claim
Premium ofcourse would be on higher side over and above Zero Dep Plans
