If your bike’s insurance is going to lapse, then you can think of buying a zero depreciation bike insurance. Now you must be thinking what zero depreciation insurance means? Or what is a zero depreciation bike insurance? Or what are the zero depreciation bike insurance’s advantages?
Here we are telling you every major thing related to this policy:
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WHAT IS ZERO DEPRECIATION BIKE INSURANCE?
- 1 WHAT IS ZERO DEPRECIATION BIKE INSURANCE?
- 2 IS ZERO DEPRECIATION BIKE INSURANCE WORTH THE MONEY?
- 3 WHO SHOULD BUY ZERO DEPRECIATION BIKE INSURANCE?
- 4 WHAT IS THE COST OF ZERO DEPRECIATION BIKE INSURANCE?
- 5 THINGS TO CHECK BEFORE BUYING ZERO DEPRECIATION BIKE INSURANCE
Under this policy, depreciation is not included in the value of the bike. If this causes damage to your bike due to an accident or other reason, then the insurance company pays the full amount of the claim.
Insurance companies believe that the price of the bike is fixed after one year. Insurance companies decide the different value of the bike for each Year. When the owner of the bike is claiming a loss in the bike, the team reduces the value of the bike due to the company’s depreciation.
IS ZERO DEPRECIATION BIKE INSURANCE WORTH THE MONEY?
- At first glance, you will find that zero depreciation bike insurance policy is better than ordinary bike insurance. But everything is worth a price. The premium of Zero Deposit Cover can be up to 20% expensive by general bike insurance.
- Under zero depreciation, you have to spend about 20 percent more but if you see its advantages, it gives you a lot of benefits in the long term. In the general policy, you have to spend 25 to 50 percent of the cost on your own.
- This means that even if you do not need a claim, you will have to pay more premiums. It can also be assumed that you have already paid the future loss.
- Zero depreciation cover should be carefully selected to customers. In this zero depreciation policy there are many terms and different rules, so the customer should be careful while taking a particular product.
- In addition, it should also be noted that your claim number can also be limited to Zero Depp Cover. In fact, many people used to throw small dents to claim. Due to this, due to inadequate claims, zero depreciation bike insurance companies have now limited the number of claims.
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WHO SHOULD BUY ZERO DEPRECIATION BIKE INSURANCE?
If you are buying a new bike, then buying zero depreciation bike insurance will be beneficial for you. Apart from this, many people believe that zero depreciation bike insurance is for new drivers, who have recently learned to drive.
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WHAT IS THE COST OF ZERO DEPRECIATION BIKE INSURANCE?
Zero depreciation insurance means or depreciation means that the price of the vehicle has decreased due to a loss in the price of a specified period. Depreciation rates vary according to different parts of the car. It is settled in accordance with the insurance policy.
Standard rates of zero depreciation bike insurance are as follows:
- The rate of 0 to 50 percent is linked to the metallic part, which is determined by the purchase time of the bike, i.e. how old the bike is.
- The rate of depreciation of 50 percent is linked to the fiberglass part.
- The rate of depreciation is 50 percent for those parts of the bike which are connected to high wires and tiers such as plastic and rubber products, batteries, tires or tubes etc.
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THINGS TO CHECK BEFORE BUYING ZERO DEPRECIATION BIKE INSURANCE
Before buying zero depreciation bike insurance, make sure to compare it with the premium of general insurance. It is possible that you can be cheated by the zero depreciation bike insurance policy company.
Also, keep in mind that how many claims you can get in a year. Even if your zero depreciation bike insurance company is offering a maximum number of claims, do not take any claim for every little thing as there is a limit now.