[bmuser]

Hi everyone,

I'm visiting team-bhp for many years though I'm not that active on posting part.

My current insurer under maruti insurance (New India) is not providing a zero dep policy for my Alto K10 which is completing 5 years. I understand there are other insurers which offer zero dep policy for cars older than 5 years, I have a query on whether it makes sense to opt for a zero dep insurance for cars older than 5 years or can I opt for a regular one itself?


Also, people having more knowledge could comment on whether it would be possible to again take a zero dep policy next year with new insurer if I opt for a regular one with existing insurer this year?

Thank you for your time!

[GTO]

Maybe not required for an Alto which has such cheap parts anyway, but I usually take zero-dep for all my cars, no matter how old they are. For my 8-year old German ride, the zero-dep component costs as much as the comprehensive insurance itself, but I'd rather not worry about the expensive part costs. So it's a no-brainer for me and I will take it till as long as any insurance company is willing to give zero-dep coverage to my older car.

[SmartCat]

Originally Posted by bmuser

Also, people having more knowledge could comment on whether it would be possible to again take a zero dep policy next year with new insurer if I opt for a regular one with existing insurer this year?

Decide based on answers to these questions:

1) How is your past claim history? If you have a history of taking in some damage frequently, it is quite likely that this will continue in the future too

2) How damaging will it be to your wallet if there is an accident? Do you worry about a fender bender hurting your financials?

[Rajeevraj]

Actually there are very few insurers who provide Zero Dep post 5 years. I had a Bajaj Allianz insurance for all of my first 5 years and they still did not give a Zero Dep for the 6th year. If you switch providers also, there are very few that do give it.

But if you are able to get it, it would definitely good to have. Having said that maybe does not make sense to go completely out of the way and pay a large premium to get it though.

[BoneCollector]

My Brezza completed 5 years this May. For insurance renewal, I opted for zero depreciation of ICICI through Maruti Insurance. My earlier provider was National Insurance through Maruti Insurance but they don't offer zero dep after 5 years. On the other hand, ICICI was offering zero dep till 7 years so opted for it. My car had a bad shunt in December last year where it was rear ended by a truck and it rammed into another vehicle in front due to it. Thanks to zero dep, I paid only the processing fee. Total bill came to nearly 1.25L. Had it not been for zero dep, I would have been . In my nearly 23 years of driving, this was the first shunt and I hope it stays like that. Even if you're a very cautious driver, you can't stop morons on the road.

So my advice would be to opt for zero dep till it can be availed. It solves a lot of hassle. The premium will be more but there is no substitute for peace of mind.

[Storme5257]

You might find this surprising but my 2007 santro xing still has zero dep insurance.
I do not have any claim history, nor my car has expensive spares but it is a peace of mind and I wouldn't have to shell out much money in case of major work at the company service centre. Hyundai labour and part charges are absurd at times.

Guess I will take 3rd party insurance this time the zero dep one expires.

[Maky]

Originally Posted by Rajeevraj

Actually there are very few insurers who provide Zero Dep post 5 years. I had a Bajaj Allianz insurance for all of my first 5 years and they still did not give a Zero Dep for the 6th year. If you switch providers also, there are very few that do give it.

But if you are able to get it, it would definitely good to have. Having said that maybe does not make sense to go completely out of the way and pay a large premium to get it though.

I was told there would be no zero-depreciation insurance provided for my Maruti Swift anymore because it was past the warranty period, but you say this has more to do with a specificed time duration rather than warranty reasons.

One was Royal Sundaram and the other cars is Bajaj Allianz.

[mercedised]

Originally Posted by Storme5257

Guess I will take 3rd party insurance this time the zero dep one expires.
Edit: One benefit from the zero dep insurance i can claim currently is that I can repaint the car under insurance from the company service centre.
Is this applicable with other insurance too?

Can you share from which Insurance company is your car Insured?

[Storme5257]

Originally Posted by mercedised

Can you share from which Insurance company is your car Insured?

The insurance company is GoDigit general insurance Limited.

[Samfromindia]

My 2014 Ecosport have crossed 7 yrs. On 8th year I renewed zero dep insurance from IFFCO Tokio, however they limited IDV of my car to 43% of original ex showroom price, down from 50% last year.

Following are the insurance providers whose zero dep policies I have taken so far:

0-1 Yrs : Future Generali
1-6 Yrs : HDFC Ergo
6-8 Yrs : Iffco Tokio

[ghodlur]

Originally Posted by bmuser

I have a query on whether it makes sense to opt for a zero dep insurance for cars older than 5 years or can I opt for a regular one itself?

It makes absolute sense to opt for a zero dep add on for a car with any years of ownership. As mentioned by others its a must for that extra peace of mind. Generally Insurers offer the zero dep add on for a customer based on the risk perception. Even with one clain car owner can be perceived as a high risk customer and hence its upto them to offer the add on. If you are a safe customer for the Insurance co they can offer you the add on with every passing year.

My car is in the 8th year of ownership and I do have the zero dep add on. If you are a safe driver, you may never need to use the add on and the Insurance co benefits from the extra premium. In case you had to use, you are at advantage for the lowest repair liability.

[aneesh2M]

Yes you should opt for zero dep insurance as long as you can get one. Usually you can get it for 10 years of car age. Even if the parts are cheap for alto, a major damage like front end which may require many parts like bumper, headlights, etc. Which comes under 50% dep. Straight away in case it's not zero dep. May give you a major hit. Which will be saved in case of zero dep.

[shansundar]

Hi Experts,

I need some help with my insurance purchase. I complete 5 years with my ecosport this month. Ford says I cannot opt for zero depreciation insurance as age of the car is greater than 5 years. However, I am able to get it from godigit for a decent price on policybazaar. Interestingly, it is lesser than what the dealer quotes. Dealer quotes approximately 9000 for a policy without zero depreciation and godigit provides a policy with zero depreciation at around 8000 rupees. I am inclined to buy the godigit one. Is there something I need to look out for ? Thank you.

[250Nm]

Originally Posted by shansundar

Dealer quotes approximately 9000 for a policy without zero depreciation and godigit provides a policy with zero depreciation at around 8000 rupees. I am inclined to buy the godigit one. Is there something I need to look out for ? Thank you.

I recommend to buy the godigit option from PB, but ensure to check if there is a higher voluntary deductible (fine up to 5K though) or limited running of car during the policy period (5000km, 7500km etc).

As with the previous replies, we should try and get zero dep for as long as possible. It need not always be from the dealership, even if it is not cashless eligible (reimbursement claim). The additional insurance cost is peanuts when compared to tens of thousands of body shop bills without having zero dep.

[s-k1]

Originally Posted by shansundar

Hi Experts,

I need some help with my insurance purchase. I complete 5 years with my ecosport this month. Ford says I cannot opt for zero depreciation insurance as age of the car is greater than 5 years. However, I am able to get it from godigit for a decent price on policybazaar. Interestingly, it is lesser than what the dealer quotes. Dealer quotes approximately 9000 for a policy without zero depreciation and godigit provides a policy with zero depreciation at around 8000 rupees. I am inclined to buy the godigit one. Is there something I need to look out for ? Thank you.

I would definitely not recommend buying godigit insurance. I had an experience with godigit where they denied a claim to a back bumper damage (which had to be replaced due to a minor accident) and the reason they quoted is that the back bumper damage was already pre-existing! And when I asked how they concluded that, they asked me to refer to a photo I had uploaded at the time of purchase and when I looked at the photo at the approx place they referred to, I could'nt find anything. Then I zoomed in quite a bit and I found a tiny scratch, which I am sure any car in India would have due to driving in city conditions for about a year. I argued with them for about a week and they finally agreed to pay for 50% only. I took what I got and never renewed my car policies with them again. Incidentally, the next 4 years I didn't have a single claim on both my cars and they lost out on all those premiums!