What is Zero Depreciation in Bike Insurance?
A bike or two wheeler gradually depreciates in monetary value over time due to factors like normal wear and tear, age etc. This process is basically known as depreciation. During the time of claim, due to the depreciation factor, people end up paying a larger amount of the overall claim from their own pocket. This is when zero depreciation cover comes to the rescue of a bike insurance policyholder.
What is Zero Depreciation in Bike Insurance
Zero depreciation bike insurance provides comprehensive and complete coverage regardless of depreciation. For example – if your bike is involved in an accident and the collision has caused extensive damage and if you have zero depreciation cover then the insurance provider will cover the full cost of the damage. Zero depreciation bike insurance is expensive compared to standard bike insurance for additional coverage.
Zero depreciation is for new bikes and cover is available between a maximum age of 2 years to 5 years. There is also a limit on the number of claims in a year which may vary from company to company. Damages due to mechanical breakdown or normal wear and tear are excluded from zero depreciation bike insurance. Zero depreciation bike insurance is best suited for people who have expensive spare parts, an area or travel route that is prone to accidents, new bikes or luxury bikes for amateur riders.
Depreciation in Bike Insurance
The cost of repair or replacement of bike’s metal, plastic, nylon, rubber and such other depreciable parts are not fully covered. The depreciated cost of such parts must be borne by the policyholder at the time of claims.
The depreciated cost that a policyholder pays varies with the material. The following table shows the percentage that a policyholder will pay in case of repair or replacement at the time of claims:
Consider a case where there is a need to replace bike’s nylon parts. Only 50% of the cost will be paid by the insurance company and the rest of the cost will be paid by the policyholder.
But…if you have a zero depreciation add-on cover, you don’t have to pay a penny for such depreciable parts.
Know the difference between a comprehensive policy and zero depreciation insurance for bike
Here’s the table that shows clearly the differences between a comprehensive policy with and without a zero depreciation add-on cover.
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Difference between a comprehensive policy with zero dep cover and without zero dep cover
Consider a bike having an IDV as Rs. 58,870. The premium for a comprehensive policy is Rs. 1,285 and comprehensive policy with a zero depreciation cover is Rs. 1,635 (i.e. just Rs. 350 extra).
without zero dep cover
The total repair cost comes up as Rs. 4,000 including repair and replacement cost of depreciable parts as Rs.800.
This is where the real value of zero depreciation add-on cover in bike insurance comes into picture. As you can see that the zero depreciation cover helps in saving money at the time of claims, because the insurance company pays the cost of depreciable parts.
The above example shows a saving of Rs.450, those figures are indicative and subject to change with respect to various factors.
This is where the real value of zero depreciation add-on cover in bike insurance comes into picture. As you can see that the zero depreciation cover helps in saving money at the time of claims, because the insurance company pays the cost of depreciable parts.
The above example shows a saving of Rs.450, those figures are indicative and subject to change with respect to various factors.
How does a policyholder of a bike insurance policy with zero dep add-on cover benefit?
The repair/replacement cost of depreciable parts are fully covered. So, out-of-pocket expenses come down to a bare minimum.
Receive complete payment of garage repair bills at the time of claim. So, there is no worry or apprehension and you experience complete peace of mind.
Should You Buy an add-on Zero Depreciation Cover?
- You should buy if you own a new and/or expensive bike.
- You should buy if your two-wheeler is not older than 2 years.
- You should buy if you are located in an accident-prone area.
- You should buy if you don’t want to end up paying hefty garage bills pertaining to the repair or replacement of depreciable bike parts at the time of claim.
- You should buy if you love your bike and wish to save money.
Zero Depreciation Cover
Here’s a list of few exclusions under a zero depreciation bike insurance cover:
- Any wear and tear of bike’s depreciable parts due to ageing is not covered.
- Damage caused by an uninsured peril.
- Damage to items that are not insured like bi-fuel kit, tyres and gas kits.
- Damage due to a mechanical breakdown.
Also, a zero-depreciation cover is available for bike age up to 2 years. And maximum 2 claims are accepted during a policy period.
To buy or not to buy a zero depreciation cover is a question that all bike owners ask themselves. However, all bike owners who love their bike and wish to save money, opt for a zero depreciation cover when buying a bike insurance policy.
Hey, but if you are still not sure and have any questions, please feel free to ask us in the comments section. We would be glad to help!
What Does Depreciation Mean?
Depreciation is a phenomenon that refers to the decrease of the value of an asset over a period of time, such as a decrease in the value of an asset each year as it is used. Just like any other asset, the value of a two wheeler also decreases with time and its use. The responsibility to bear the cost of depreciation on the two wheeler falls on to the owner by default.
Therefore, at the time of making a claim for a two wheeler insurance policy, the insurer can deduct the cost of depreciation incurred by the insured’s two-wheeler from the claim amount. This makes the policyholder get a lesser amount of compensation from the insurer. However, a policyholder can shift the burden of bearing the cost of depreciation from himself/herself to the insurance company with the help of a zero depreciation cover.
What is Zero Depreciation Bike Insurance Cover?
Zero Depreciation two wheeler insurance is also known as ‘Nil Depreciation’ and is one of a popular two-wheeler insurance add-on covers. Zero Depreciation add-on cover can be opted with a comprehensive and a standalone own-damage two-wheeler insurance policy. It provides 100% depreciation coverage for all the parts of your two-wheeler except tyres, tubes and batteries which are covered at 50%. Most Insurance companies allow 2 zero depreciation claims during the tenure of a policy, however, there are some exceptions like IFFCO Tokio General Insurance, Royal Sundaram General Insurance Company, New India Assurance Company which allow the unlimited number of zero depreciation claims during the tenure of a policy.
Zero Depreciation Bike Insurance Cover should ideally be opted by the following:
- New drivers
- New two-wheeler owners
- People living in accident-prone areas
- People who have luxury two-wheeler which has expensive parts.
Depreciation in Two Wheeler Vehicles
| Age of Vehicle | % of Depreciation |
| Not Exceeding 6 months | 5% |
| Exceeding 6 months but not exceeding 1 year | 15% |
| Exceeding 1 year but not exceeding 2 years | 20% |
| Exceeding 2 years but not exceeding 3 years | 30% |
| Exceeding 3 years but not exceeding 4 years | 40% |
| Exceeding 4 years but not exceeding 5 years | 50% |
Benefits of zero depreciation bike insurance cover
The benefits of a two-wheeler insurance policy with zero depreciation cover are highlighted below:
High claim amount
Before giving the claim amount for the repair of your two wheeler, the insurance company considers the depreciation rate for different parts of the two wheeler. Different bike parts have different depreciation rates, moreover, claim rates are also affected depending on the age of your two-wheeler.
Coverage is increased
Adding zero depreciation on cover increases the basic coverage of your two-wheeler insurance policy and reduces your costs to almost zero. By investing a small amount for add-on cover, you get a better claim amount which also increases your savings.
Repair cost without depreciation value
Any expenses arising out of repair of the insured parts of the two wheeler are borne irrespective of the value of wear and tear.
Save more money
With zero depreciation add-on cover, the premium amount goes up a bit, but, in case of an accident or mishap, no depreciation will be imposed on your bike and the claim amount will be calculated without depreciation, which helps you get more compensation. . The amount of compensation you get with this cover is usually much higher than the premium paid for this add-on, helping you save more money in the long run.
High return
The maximum claim amount that you are entitled to get for your bike is determined by the IDV of the bike insurance policy. The amount of compensation is directly affected by the rate of depreciation applied to the bike parts. So, with a zero depreciation bike insurance add-on cover, you can claim without being affected by any depreciation rate of the bike which ultimately helps you get more of your claim amount.
peace of mind
Bike insurance protects you and your bike against any damage, loss, injury, etc., which brings peace of mind. Your compensation amount is further enhanced by zero-depreciation add-on cover as it negates the rate of wear and tear applicable to various parts of your bike. Hence, riding a bike will definitely give you peace of mind knowing that you will be fully compensated for any mishap.
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Regardless if you believe in God or not, read this message!!!
Throughout history, we can see how we have been slowly conditioned to come to this point where we are on the verge of a cashless society. Did you know that the Bible foretold of this event almost 2,000 years ago?
In the book of Revelation 13:16-18, we read,
“He (the false prophet who deceives many by his miracles–Revelation 19:20) causes all, both small and great, rich and poor, free and slave, to receive a mark on their right hand or on their foreheads, and that no one may buy or sell except one who has the mark or the name of the beast, or the number of his name.
Here is wisdom. Let him who has understanding calculate the number of the beast, for it is the number of a man: His number is 666.”
Referring to the last generation, this could only be speaking of a cashless society. Why? Revelation 13:17 tells us that we cannot buy or sell unless we receive the mark of the beast. If physical money was still in use, we could buy or sell with one another without receiving the mark. This would contradict scripture that states we need the mark to buy or sell!
These verses could not be referring to something purely spiritual as scripture references two physical locations (our right hand or forehead) stating the mark will be on one “OR” the other. If this mark was purely spiritual, it would indicate both places, not one OR the other.
This is where it really starts to come together. It is shocking how accurate the Bible is concerning the implantable RFID microchip. These are notes from a man named Carl Sanders who worked with a team of engineers to help develop this RFID chip
“Carl Sanders sat in seventeen New World Order meetings with heads-of-state officials such as Henry Kissinger and Bob Gates of the C.I.A. to discuss plans on how to bring about this one-world system. The government commissioned Carl Sanders to design a microchip for identifying and controlling the peoples of the world—a microchip that could be inserted under the skin with a hypodermic needle (a quick, convenient method that would be gradually accepted by society).
Carl Sanders, with a team of engineers behind him, with U.S. grant monies supplied by tax dollars, took on this project and designed a microchip that is powered by a lithium battery, rechargeable through the temperature changes in our skin. Without the knowledge of the Bible (Brother Sanders was not a Christian at the time), these engineers spent one-and-a-half-million dollars doing research on the best and most convenient place to have the microchip inserted.
Guess what? These researchers found that the forehead and the back of the hand (the two places the Bible says the mark will go) are not just the most convenient places, but are also the only viable places for rapid, consistent temperature changes in the skin to recharge the lithium battery. The microchip is approximately seven millimeters in length, .75 millimeters in diameter, about the size of a grain of rice. It is capable of storing pages upon pages of information about you. All your general history, work history, criminal record, health history, and financial data can be stored on this chip.
Brother Sanders believes that this microchip, which he regretfully helped design, is the “mark” spoken about in Revelation 13:16–18. The original Greek word for “mark” is “charagma,” which means a “scratch or etching.” It is also interesting to note that the number 666 is actually a word in the original Greek. The word is “chi xi stigma,” with the last part, “stigma,” also meaning “to stick or prick.” Carl believes this is referring to a hypodermic needle when they poke into the skin to inject the microchip.”
Mr. Sanders asked a doctor what would happen if the lithium contained within the RFID microchip leaked into the body. The doctor replied by saying a terrible sore would appear in that location. This is what the book of Revelation says:
“And the first (angel) went, and poured out his vial on the earth; and there fell a noisome and grievous sore on the men which had the mark of the beast, and on them which worshipped his image” (Revelation 16:2).
You can read more about it here–and to also understand the mystery behind the number 666: https://2ruth.org/rfid-mark-of-the-beast-666-revealed/
The third angel’s warning in Revelation 14:9-11 states,
“Then a third angel followed them, saying with a loud voice, ‘If anyone worships the beast and his image, and receives his mark on his forehead or on his hand, he himself shall also drink of the wine of the wrath of God, which is poured out full strength into the cup of His indignation. He shall be tormented with fire and brimstone in the presence of the holy angels and in the presence of the Lamb. And the smoke of their torment ascends forever and ever; and they have no rest day or night, who worship the beast and his image, and whoever receives the mark of his name.'”
“The coming of the lawless one (the Antichrist) is according to the working of Satan, with all power, signs, and lying wonders, and with all unrighteous deception among those who perish, because they did not receive the love of the truth, that they might be saved. And for this reason God will send them strong delusion, that they should believe the lie, that they all may be condemned who did not believe the truth but had pleasure in unrighteousness.” (2 Thessalonians 2:9-12)”
Who is Barack Obama, and why is he still involved in politics?
So what about his name? The meaning of someone’s name can say a lot about a person. God throughout history has given names to people that have a specific meaning tied to their lives. How about the name Barack Obama? Let us take a look at what may be hiding beneath the surface.
Jesus says in Luke 10:18, “…I saw Satan fall like lightning from heaven.”
The Hebrew Strongs word (H1299) for “lightning”: “bârâq” (baw-rawk)
In Isaiah chapter 14, verse 14, we read about Lucifer (Satan) saying in his heart:
“I will ascend above the heights of the clouds, I will be like the Most High.”
In the verses in Isaiah that refer directly to Lucifer, several times it mentions him falling from the heights or the heavens. The Hebrew word for the heights or heavens used here is Hebrew Strongs 1116: “bamah”–Pronounced (bam-maw’)
In Hebrew, the letter “Waw” or “Vav” is often transliterated as a “U” or “O,” and it is primarily used as a conjunction to join concepts together. So to join in Hebrew poetry the concept of lightning (Baraq) and a high place like heaven or the heights of heaven (Bam-Maw), the letter “U” or “O” would be used. So, Baraq “O” Bam-Maw or Baraq “U” Bam-Maw in Hebrew poetry similar to the style written in Isaiah, would translate literally to “Lightning from the heights.” The word “Satan” in Hebrew is a direct translation, therefore “Satan.”
So when Jesus told His disciples in Luke 10:18 that He beheld Satan fall like lightning from heaven, if this were to be spoken by a Jewish Rabbi today influenced by the poetry in the book of Isaiah, he would say these words in Hebrew–the words of Jesus in Luke 10:18 as, and I saw Satan as Baraq O Bam-Maw.
The names of both of Obama’s daughters are Malia and Natasha. If we were to write those names backward (the devil does things in reverse) we would get “ailam ahsatan”. Now if we remove the letters that spell “Alah” (Allah being the false god of Islam), we get “I am Satan”. Coincidence? I don’t think so.
Obama’s campaign logo when he ran in 2008 was a sun over the horizon in the west, with the landscape as the flag of the United States. In Islam, they have their own messiah that they are waiting for called the 12th Imam, or the Mahdi (the Antichrist of the Bible), and one prophecy concerning this man’s appearance is the sun rising in the west.
“Then I saw another angel flying in the midst of heaven, having the everlasting gospel to preach to those who dwell on the earth—to every nation, tribe, tongue, and people— saying with a loud voice, ‘Fear God and give glory to Him, for the hour of His judgment has come; and worship Him who made heaven and earth, the sea and springs of water.'” (Revelation 14:6-7)
Why have the words of Jesus in His Gospel accounts regarding His death, burial, and resurrection, been translated into over 3,000 languages, and nothing comes close (the Quran about 110 languages)? Because the same Spirit of God (YHVH) who created all people likewise transcends all people; therefore the power of His Word is not limited by people; while all other religions are man-made, therefore they tend to primarily stay within their own culture. The same God who speaks to all people through His creation of the heavens and earth that draws all people around the world likewise has sent His Word to the ends of the earth so that we may come to personally know Him to be saved in spirit and in truth through His Son Jesus Christ.
Jesus stands alone among the other religions that say to rightly weigh the scales of good and evil and to make sure you have done more good than bad in this life. Is this how we conduct ourselves justly in a court of law? Bearing the image of God, is this how we project this image into reality?
Our good works cannot save us. If we step before a judge, being guilty of a crime, the judge will not judge us by the good we have done, but rather by the crimes we have committed. If we as fallen humanity, created in God’s image, pose this type of justice, how much more a perfect, righteous, and Holy God?
God has brought down His moral laws through the 10 commandments given to Moses at Mt. Siani. These laws were not given so we may be justified, but rather that we may see the need for a savior. They are the mirror of God’s character of what He has written in our hearts, with our conscious bearing witness that we know that it is wrong to steal, lie, dishonor our parents, murder, and so forth.
We can try and follow the moral laws of the 10 commandments, but we will never catch up to them to be justified before a Holy God. That same word of the law given to Moses became flesh about 2,000 years ago in the body of Jesus Christ. He came to be our justification by fulfilling the law, living a sinless perfect life that only God could fulfill.
The gap between us and the law can never be reconciled by our own merit, but the arm of Jesus is stretched out by the grace and mercy of God. And if we are to grab on, through faith in Him, He will pull us up being the one to justify us. As in the court of law, if someone steps in and pays our fine, even though we are guilty, the judge can do what is legal and just and let us go free. That is what Jesus did almost 2,000 years ago on the cross. It was a legal transaction being fulfilled in the spiritual realm by the shedding of His blood with His last word’s on the cross crying out, “It is finished!” (John 19:30).
For God takes no pleasure in the death of the wicked (Ezekiel 18:23). This is why in Isaiah chapter 53, where it speaks of the coming Messiah and His soul being a sacrifice for our sins, why it says it pleased God to crush His only begotten Son.
This is because the wrath that we deserve was justified by being poured out upon His Son. If that wrath was poured out on us, we would all perish to hell forever. God created a way of escape by pouring it out on His Son whose soul could not be left in Hades but was raised and seated at the right hand of God in power.
So now when we put on the Lord Jesus Christ (Romans 13:14), where God no longer sees the person who deserves His wrath, but rather the glorious image of His perfect Son dwelling in us, justifying us as if we received the wrath we deserve, making a way of escape from the curse of death; now being conformed into the image of the heavenly man walking in a new nature, and no longer in the image of the fallen man Adam.
Now what we must do is repent and put our trust and faith in the savior, confessing and forsaking our sins, and to receive His Holy Spirit that we may be born again (for Jesus says we must be born again to see and enter the Kingdom of God in John chapter 3). This is not just head knowledge of believing in Jesus, but rather receiving His words, taking them to heart, so that we may truly be transformed into the image of God. Where we no longer live to practice sin, but rather turn from our sins and practice righteousness through faith in Him in obedience to His Word by reading the Bible.
Our works cannot save us, but they can condemn us; it is not that we earn our way into everlasting life, but that we obey our Lord Jesus Christ:
Jesus says,
“Not everyone who says to Me, ‘Lord, Lord,’ shall enter the kingdom of heaven, but he who does the will of My Father in heaven. Many will say to Me in that day, ‘Lord, Lord, have we not prophesied in Your name, cast out demons in Your name, and done many wonders in Your name?’ And then I will declare to them, ‘I never knew you; depart from Me, you who practice lawlessness!’ (Matthew 7:21-23)
“And having been perfected, He became the author of eternal salvation to all who obey Him.” (Hebrews 5:9)
“Now I saw a new heaven and a new earth, for the first heaven and the first earth had passed away. Also there was no more sea. Then I, John, saw the holy city, New Jerusalem, coming down out of heaven from God, prepared as a bride adorned for her husband. And I heard a loud voice from heaven saying, ‘Behold, the tabernacle of God is with men, and He will dwell with them, and they shall be His people. God Himself will be with them and be their God. And God will wipe away every tear from their eyes; there shall be no more death, nor sorrow, nor crying. There shall be no more pain, for the former things have passed away.’
Then He who sat on the throne said, ‘Behold, I make all things new.’ And He said to me, ‘Write, for these words are true and faithful.’
And He said to me, ‘It is done! I am the Alpha and the Omega, the Beginning and the End. I will give of the fountain of the water of life freely to him who thirsts. He who overcomes shall inherit all things, and I will be his God and he shall be My son. But the cowardly, unbelieving, abominable, murderers, sexually immoral, sorcerers, idolaters, and all liars shall have their part in the lake which burns with fire and brimstone, which is the second death.'” (Revelation 21:1-8)
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