A zero depreciation car insurance policy, quite like the name already suggests is a policy the insurance amount of which does not deduct the depreciation amount at the time of claim. We all know that a car’s value tends to depreciate as the car gets older and thus if the insurance claim is made during that time then the amount received is usually less than the actual amount invested because of the deduction of depreciation. But if the insurance chosen by you is a zero depreciation insurance then such a thing is not likely to happen to you.

Under a zero depreciation insurance policy each and every aspect of your car is covered. It gives your car full coverage and thus you do not need to pay any extra money. In fact the extra premium money which you have paid, as in tone with all the other standard policies, will be something of an extra gain during the time of claim.

Just like any other policy a zero depreciation one covers the damage made to your car during the accident, the injuries you have received during the accident, the injuries that any third party might have received during the accident and even repairs damaged parts. And even after all these have been dealt with you might as well still have a good amount in your hands thanks to the regular payment of premium money which might help you recover from the financial blow.

Because this insurance is one which provides the maximum number of benefits to the buyer there are these two important rules which needs to be followed by them and which is always kept in check by ICICI Lombard. Thus availing this insurance is not as easy as the results of the claim seem to be.

• Number of claims made in a year policy – Just because you have the zero insurance policy with ICICI Lombard does not mean that you will be allowed to make as many claims as possible in a year and you will be reimbursed with the whole insurance amount every time. No it does not work that way. You can claim zero insurance money once a year. And also just claiming it will not do, you have to prove to the officials that you were in an actual accident and that some or the other serious damage has been caused to you because of which now you need to claim your insurance money.
• Only cars as old as 0-3 years of age can be insured under this policy – Yes this policy does not deduct depreciation but that does not mean that you can insure any car. A certain age limit is maintained for the cars which are eligible to be insured and that age limit is 0-3 years. Thus if your car is older than 3 years it will not be eligible to be insured via this insurance policy and you will have to go for a standard insurance policy instead.