Owning a car comes with responsibilities, and car insurance is one of the most important. While standard car insurance policies cover damage to your car, they usually deduct depreciation on parts while calculating the claim. This is where the ICICI Lombard Zero Depreciation Add-On Cover comes in. It provides full coverage for your car parts without depreciation deductions, ensuring you get maximum claim benefits.
In this blog, we will explain what
ICICI Lombard Zero Depreciation Add-On Cover is, how it works, its benefits, its cost, and why it is a smart choice for car owners. The language is simple, easy
to understand, and designed to help you make an informed decision.
What Is ICICI Lombard Zero
Depreciation Add-On Cover?
ICICI
Lombard Zero Depreciation Add-On Cover
is an optional add-on that can be purchased along with your comprehensive car
insurance policy. Normally, when a claim is made, insurance companies deduct
depreciation on car parts like tires, batteries, bumpers, and engine components.
With this add-on, depreciation is
not applied to your claim for replaced parts. This means you get full claim
value without any deductions, which can save a significant amount of money,
especially for new cars.
Who Should Buy Zero
Depreciation Cover?
This add-on is particularly
beneficial for:
- Owners of new
cars (up to 5 years old)
- Owners who want full
claim benefits for minor or major damages
- Car owners looking to reduce out-of-pocket expenses in case of repairs
- People who live in areas prone to accidents, natural disasters, or theft
Essentially, if you want complete
protection for your car parts, this add-on is a must-have.
Coverage Offered by ICICI
Lombard Zero Depreciation Add-On Cover
The ICICI Lombard Zero Depreciation Add-On Cover provides protection
for:
1. Replacement of Car Parts
Without Depreciation
All plastic, metal, rubber, and
electronic parts are covered without deducting depreciation. Parts covered
typically include:
- Bumpers, mirrors, and fenders
- Tires and battery
- Engine components and gearbox
- Electrical parts like lights and sensors
2. Accidental Damage
Covers damage caused to your car in
case of an accident. This is in addition to your comprehensive car insurance
policy.
3. Fire and Natural
Disasters
Damage caused due to fire, floods,
storms, earthquakes, and other natural or man-made disasters is included.
4. Theft or Burglary
If your car or parts are stolen, the
add-on ensures the full claim amount without depreciation deductions.
5. Optional Personal
Accident Cover
Some plans may include optional
personal accident cover for the owner or driver while driving the car.
Key Benefits of ICICI
Lombard Zero Depreciation Add-On Cover
Choosing this add-on with your car
insurance policy comes with several benefits:
1. Full Claim Benefits
Without depreciation deductions, you
get the complete cost of replacement parts, which can save a substantial amount
during repairs.
2. Peace of Mind
You don’t have to worry about
depreciation reducing your claim amount. Your car is fully protected financially.
3. Ideal for New Cars
New cars depreciate quickly, and
standard insurance policies may not cover full repair costs. This add-on
ensures maximum protection in the first few years.
4. Covers Most Car Parts
From tires to engine components,
almost all critical car parts are covered under this add-on.
5. Minimal Out-of-Pocket
Expenses
Since depreciation is not deducted,
your own expenses during repair are significantly reduced.
6. Can Be Combined with
Other Add-Ons
You can use it with other optional
covers like engine protection, roadside assistance, or return-to-invoice cover
for complete car protection.
Cost of ICICI Lombard Zero
Depreciation Add-On Cover
The premium for this add-on depends
on several factors:
- Car Age:
Usually available for cars up to 5 years old. Newer cars may have higher
add-on premium.
- Car Make and Model:
Premium varies based on the value and type of your vehicle.
- Insured Declared Value (IDV): Higher IDV results in higher premium.
- Add-Ons Selected:
Choosing multiple add-ons increases the premium slightly.
- Location:
City and area of registration may affect the premium due to risk factors.
On average, this add-on may cost 15% to 30% of your comprehensive car insurance
premium, but the financial protection it offers is often worth the extra
cost.
How to Buy ICICI Lombard
Zero Depreciation Add-On Cover
Buying this add-on is simple and can
be done online. Follow these steps:
- Visit the ICICI
Lombard official website or use a trusted platform.
- Select “Car Insurance” and then “Comprehensive Policy.”
- Enter your car details: registration number, model,
year of manufacture, and fuel type.
- Choose the Zero
Depreciation Add-On along with other optional covers if needed.
- Check your total premium and compare plans.
- Enter your personal details and make the payment
online.
- Download your policy document instantly.
Documents Required
To buy this add-on, you generally
need:
- Vehicle Registration Certificate (RC)
- Previous insurance policy (if renewing)
- Valid driving license
- Personal contact details (mobile number and email)
No physical documents are required
if you purchase online.
How to File a Claim with
Zero Depreciation Add-On
ICICI Lombard ensures a smooth claim
process:
- Inform ICICI Lombard immediately after the accident or
damage.
- Register your claim online or via the ICICI Lombard
app.
- Upload photos and required documents of the damaged
parts.
- Visit a cashless garage if applicable, or get
reimbursement after repairs.
- Claim is processed and settled quickly without
depreciation deductions.
Who Should Buy ICICI
Lombard Zero Depreciation Add-On Cover?
This add-on is ideal for:
- Owners of new
cars (up to 5 years old)
- People who want full
claim benefits without depreciation deductions
- Car owners who want extra protection for costly parts
- Individuals who live in areas prone to accidents, theft, or natural disasters
If you want maximum protection and
peace of mind for your car, this add-on is a perfect choice.
Benefits Summary
- Full claim without depreciation
- Covers most car parts
- Reduces out-of-pocket repair costs
- Ideal for new cars
- Can be combined with other add-ons
- Easy online purchase and renewal
Cost vs Benefit
Although this add-on increases your
premium, it protects your car’s value fully in case of an accident or theft.
The extra cost is often worth it because depreciation can significantly reduce
your claim amount, especially for new or high-value cars.
Conclusion
The ICICI Lombard Zero Depreciation Add-On Cover is a smart addition
to your comprehensive car insurance policy. It ensures full protection for your
car parts without depreciation deductions, reduces out-of-pocket expenses, and
provides peace of mind.
If you own a new car or want full
financial protection for costly repairs, this add-on is highly recommended.
With easy online purchase, optional add-ons, and quick claim settlement, ICICI
Lombard makes car insurance convenient and reliable.
Special Note
To make managing your insurance even
easier, download our app:
"Square
Insurance POS – Apps on Google Play"
With this app, you can:
- Compare car insurance plans
- Buy and renew policies
- Track your policies
- Get claim support
- Manage all your insurance needs in one place
The app is secure, user-friendly,
and designed to give you a smooth and hassle-free insurance experience anytime,
anywhere.
