ICICI Lombard General Insurance on Thursday said it has started offering zero depreciation add-on cover and consumable items add-on cover for motor insurance products.
"Add on covers like zero depreciation and consumable items are designed such that a customer paying full premium, gets a full claim too," ICICI Lombard General Insurance head (customer service), Ajay Shah, said in a statement.
In a regular scenario, in case of a claim, an insurance policy covers only part of the spare part expense and certain deductions are made by the company on the total parts cost admitted, he said.
In zero depreciation add on cover, customers can limit their liability towards depreciation in case of an accident claim which results in partial loss or damage to the insured vehicle.
In this cover customers do not have to bear any cost of depreciation, which otherwise gets reduced from the claim amount at the point of claim settlement. They can enjoy complete cashless service at the network garages.
The consumable items add on comes with coverage of consumable items like nut and bolt, screw, washer, grease, lubricant, clips and A/C gas, among others which otherwise get reduced from the claim amount at the time of claim settlement.
