Zero Depreciation Insurance vs Normal Car Insurance


Which insurance

  • Zero Dep

    Votes: 28 93.3%
  • Normal insurance

    Votes: 3 10.0%

  • Total voters
    30
Thread Starter #1
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Would you prefer zero dep insurance or normal insurance ?
Pros and cons of both the insurance ?
Which is best ? Money wise and resale value wise ?
 
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Zero Dep ofcourse. With just premium more of say 2-3K, my entire car (from end to end) gets covered. With normal insurance you need to pay some amount from your pocket and plastic items are not covered under insurance claims.

Zero Dep is best as per me. Zero Dep has nothing to do with resale value IMO.
 
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Sorry to hijack Shail1061,but wanted some answer from techies.i Have bought my car with comprehensive insurance,is it possible to convert it into zero dep after policy expires,will i lose NCB.
 
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Zero Dep is on & above comprehensive insurance as far as I know & there is zero liability to the insured which means in case of any damage all one has to do is handover the keys/vehicle to the garage/ASC & take it back once done, absolutely zero copay not even for plastic rubber & glass parts. It is also called as bumper to bumper coverage in commercial vehicles. It is usually done for new vehicles & cost me about 2K extra above comprehensive insurance premium.

I got a direct hit check out the link below.

http://flame.org.in/KnowledgeCenter/Zerodepreciationcoverforvehicleinsurance.aspx
 
Last edited:

sethumurugan

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Okie guys, First tell me what is Zero Depreciation and Normal insurance. I think I have normal one if i understand based on previous posts.

BTW, if it is normal insurance is it possible to convert into Zero Depreciation Insurance.
 
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every insurance company will have some of their own strategy on how old a vehicle they should offer zero dep on. IRDA just gives high level guidelines I am guessing. It also does not make sense on older vehicles as it will increase premium! check out the link in my previous post it is quite explanatory!

Just one thing I am now confused about is NCB because article vaguely talks about NCB too but is not clear about what exactly happens to NCB. In my opinion NCB is a totally different thing & should be granted as long as there is no claim in previous year & whether its zero dep or normal comprehensive!
 
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Okie guys, First tell me what is Zero Depreciation and Normal insurance. I think I have normal one if i understand based on previous posts.

BTW, if it is normal insurance is it possible to convert into Zero Depreciation Insurance.
Can we transfer the NCB of Normal insurance to NCB of zero depreciation insurance.?
 
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To my knowledge zero depreciation can be availed to vehicles not more than 5 years old
I heard it was 3. Let's wait for some other member to confirm.
I too heard it to be only up to 3 years when I checked online after my last claim. Experts can confirm it though.

Zero Dep is on & above comprehensive insurance as far as I know & there is zero liability to the insured which means in case of any damage all one has to do is handover the keys/vehicle to the garage/ASC & take it back once done, absolutely zero copay not even for plastic rubber & glass parts. It is also called as bumper to bumper coverage in commercial vehicles. It is usually done for new vehicles & cost me about 2K extra above comprehensive insurance premium.

I got a direct hit check out the link below.

Flame > Knowledge Center > Zero depreciation cover for vehicle insurance
To what I heard, the owner don't have to pay anything other than the deductible which is generally 1K. It would be nice if someone having Zero Dep policy and "used it" earlier to share the experience. So that we can get a better picture as what's the Myth and Fact about it, especially with bigger claims.

After all, you never can understand about these insurances and how it turns out in reality [lol] Out of experience [frustration]
 
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OK there is at least three more months left before my vehicle's first year insurance gets over and I am already being chased by insurance companies.

What I am trying to figure out now is how is NCB calculated? Believe it or not when I bough this car last year I had an NCB of 50% since never made a claim since 2005.

OK anyways so I am just trying to understand what will be my NCB for next year? Anybody know how this is calculated?
 
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Friends, my car is not yet 2yrs old. I renewed insurance last through my dealer M/s Mohan Motor Udyog and it was of Royal Sundaram. As far I understand it was normal insurance. The zero depreciation from its name indicates that depreciation of the car for each year is not charged. Obviously this sounds good. I request my friends to discuss the+ve and -ve sides of this type of insurance.
 

vijay

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Friends, my car is not yet 2yrs old. I renewed insurance last through my dealer M/s Mohan Motor Udyog and it was of Royal Sundaram. As far I understand it was normal insurance. The zero depreciation from its name indicates that depreciation of the car for each year is not charged. Obviously this sounds good. I request my friends to discuss the+ve and -ve sides of this type of insurance.
0 dept insurance means that you car would be covered from bumper to bumber and while claiming for any damage, value would be payable for plastics, glasswares as they are on the regular insurance.
While on zero plan you dont need to pay the depreciated value as glassware, plastics would not be fully covered under insurance in regular policy claim.
 
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