It can be tough to select bike insurance for your prized vehicle that meets all your requirements while fitting into your budget. The insurance market is filled with options offering bike insurance at different premium rates and with different advantages.
Two popular types of bike insurance coverage are zero-depreciation and comprehensive two-wheeler insurance.
Both covers have benefits and limitations. Below, we have compared zero-depreciation two-wheeler insurance and comprehensive bike insurance to help you make an informed decision about your final choice.
What is Comprehensive Bike Insurance Cover?
The comprehensive bike insurance is the perfect insurance cover for your bike, and most insurance experts suggest bike owners opt for comprehensive insurance instead of third-party insurance. Comprehensive insurance protects you in case of accident, theft, or natural calamity while also protecting you from third-party liabilities.
A comprehensive insurance for bike provides complete coverage. The policy takes care of any monetary liability you owe to the third party and provides coverage in case your vehicle is damaged.
What is Zero Depreciation Bike Insurance Cover?
The value of your bike depreciates or decreases over some time and usage, and this decline in the value of your two-wheeler is known as depreciation. A basic bike insurance policy will cover the damage or repairs of the various components, but the incurred amount does not include depreciation.
The financial cover provided to you is only done after deducting the depreciation value, and you pay the deducted depreciation value as a policyholder.
To help you deal with this problem, several insurance companies provide add-on covers for their bike insurance policies. These add-ons provide extra protection not covered in basic insurance policies.
A zero depreciation bike insurance cover is an add-on with a basic bike insurance policy, offering comprehensive protection on your bike without considering the vehicle’s depreciation. If your bike suffers any damage due to unforeseen events, you will get the repair amount without considering any bike depreciation.
Comprehensive vs Zero Depreciation Bike Insurance Cover- A Comparison
If you’re planning to buy bike insurance online, below is a comparison between zero-depreciation two-wheeler insurance and comprehensive bike insurance to make an informed choice:
| Factors | Comprehensive Bike Insurance | Zero Depreciation Bike Insurance |
| Depreciation | Is considered during claim settlement | Is not considered |
| Rate of Premium | Lower premium rate | Slightly higher premium rate |
| Claim Settlement Amount | The amount will be lower as depreciation is considered | The amount will be higher as depreciation is not considered |
| Repair Cost | The policyholder covers part of the repair bill as depreciation is considered
. |
The total repair bill is covered except for voluntary deductibles |
| Coverage Period | Coverage protection for bikes up to 15 years | Coverage protection for bikes up to 5 years |
Which one is better- Comprehensive or Zero Depreciation Cover?
When it comes to choosing between zero-depreciation bike insurance and comprehensive insurance, it entirely depends on your requirements. A comprehensive bike insurance policy is suitable for anyone who wants complete financial protection for his/her bike while not being concerned with the vehicle’s depreciation rate.
On the other hand, zero-depreciation two-wheeler insurance is perfect for you if you wish to save money and depreciation value matters to you.
Conclusion
Comprehensive insurance and zero-depreciation bike insurance are two different types of car insurance with their own benefits and limitations. Consider your bike’s age, model, and usage, and choose a policy that best meets your budget and needs.
No matter the type of insurance you choose, it is crucial that it provides you with adequate coverage to protect yourself and your bike from unforeseen events.
