Insurance plays a vital role in deciding the fate of you and your assets. This includes you and your bike, car, home, and other belongings. A planned purchase of an insurance policy assures a stress-free utilization of your life and resources.
In India, there are many insurance companies, plans, and offers, and choosing the right one is crucial. The insurance sector overall has a market size of around INR 7.9 trillion ($100.4 billion). Among these, car insurance is among the important decisions one has to make.
The two most popular ones are comprehensive insurance and zero depreciation insurance. Each of the policies has its own set of benefits, features, prices, and reviews. So here, we are providing you with a detailed comparison between comprehensive and zero depreciation insurance, their benefits, and much more.
What is Comprehensive Insurance?
As the name says, comprehensive insurance is a ‘complete package’ that protects your motor vehicles such as both cars and bikes. It’s a premium insurance policy that provides complete protection to your motor vehicle from any damage that might occur due to accidents, natural disasters, or theft.
Also, it covers damages caused to third-party vehicles and even property. To an extent, it also protects against personal accidents. So, overall a complete insurance policy for overall protection.
Top Comprehensive Insurance Companies In India
- HDFC Ergo
- TATA AIG
- Reliance General
- ICICI Lombard
- IFFCO Tokio
- SBI General
- Acko General
Read more: All About Comprehensive Vehicle Insurance
What is Zero Depreciation Insurance?
Zero depreciation insurance primarily acts as an add-on to the comprehensive insurance policy. Also known as ‘bumper-to-bumper’ insurance, you can avail of this policy by simply paying a slight premium over the basic insurance policy cost.
This policy covers you in the case of an accident. It also ensures that the insurer pays the full cost of repairs or replacements without any depreciation. So, as a highlight, no depreciation is considered while settling the claim, including 100% claim settlement.
Read more: All You Need To Know About Zero Depreciation Add-On Cover
Difference between Comprehensive and Zero Depreciation Insurance
Technically, both insurance covers focus on the common agenda of saving the consumer from damage. But, at the base level, one is complete insurance and the other is an add-on. For more specific information on this, check the difference table below.
What are the Benefits of Adding Zero Depreciation to Comprehensive Car Insurance?
While comprehensive insurance covers everything, the add-on of zero depreciation acts as a cherry on the cake. Adding zero depreciation to comprehensive car insurance covers the consumer totally.
This will allow the consumer to be entirely tense-free by covering the depreciation issues while settlement. Meaning, including comprehensive insurance coverage, a consumer can easily avail of the claim of “bumper-to-bumper” insurance, while avoiding any depreciating loss. This results in 100% settlement.
Frequently Asked Questions (FAQs)
Is adding zero depreciation to comprehensive car insurance worth it?
Yes, adding zero depreciation to a comprehensive car insurance policy is totally worth it. It acts as an added benefit. From comprehensive to ‘bumper-to-bumper,’ everything gets covered.
Who should get zero depreciation car insurance with comprehensive car insurance for their vehicle?
Anyone who purchases a new car should definitely get the zero depreciation car insurance along with comprehensive car insurance. This will cover everything regarding damage to the car.
Can I change my comprehensive policy to one with zero depreciation?
No, you can’t change your comprehensive policy to zero depreciation. This is mainly because zero depreciation is an add-on compared to the complete comprehensive car policy. And an add-on can’t be opted for instead of the complete coverage.
